Common use of The Revolving Credit Commitments Clause in Contracts

The Revolving Credit Commitments. On the terms and subject to the conditions contained in this Agreement, each Revolving Credit Lender severally agrees to make loans (each a “Revolving Loan”) in Dollars or an Alternative Currency to the Borrower from time to time on any Business Day during the period from the date hereof until the Revolving Credit Termination Date in an aggregate principal amount at any time outstanding for all such Revolving Loans by such Revolving Credit Lender, the Dollar Equivalent of which shall not exceed such Revolving Credit Lender’s Revolving Credit Commitment; provided, however, that at no time shall any Revolving Credit Lender be obligated to make a Revolving Loan (i) in excess of such Revolving Credit Lender’s Ratable Portion of the Available Credit and (ii) denominated in an Alternative Currency to the extent that, after giving effect to such Revolving Loan, (x) Euro Outstandings would exceed the Euro Sublimit or (y) Sterling Outstandings would exceed the Sterling Sublimit. Within the limits of the Revolving Credit Commitment of each Revolving Credit Lender, amounts of Revolving Loans repaid may be reborrowed under this Section 2.1. Notwithstanding anything herein to the contrary, following the Amendment No. 6 Effective Date, (a) the Borrower will not be permitted to incur any Loans denominated in Sterling unless and until the Eurocurrency Rate for amounts denominated in Sterling has been replaced as contemplated by this Agreement and (b) the Eurocurrency Rate shall cease to be available with respect to amounts denominated in Sterling.

Appears in 1 contract

Samples: Credit Agreement (Tenet Healthcare Corp)

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The Revolving Credit Commitments. On Subject to the terms and subject to the conditions contained in this Agreementhereof, each Revolving Credit Lender Bank, by its acceptance hereof, severally agrees to make a loan or loans (each individually a "Committed Revolving Loan" and collectively "Committed Revolving Loans") in Dollars or an Alternative Currency to the Borrower from time to time on a revolving basis in U.S. Dollars and Alternative Currencies in an aggregate outstanding Original Dollar Amount up to the amount of its revolving credit commitment set forth on the applicable signature page hereof (its "Revolving Credit Commitment and, cumulatively for all the Banks, the "Revolving Credit Commitments"), subject to any Business Day during reductions thereof pursuant to the period from the date hereof until terms hereof, before the Revolving Credit Termination Date in an Date. The sum of the aggregate principal amount Original Dollar Amount of all Loans (whether Committed Revolving Loans or Swing Loans) and of L/C Obligations at any time outstanding for all such Revolving Loans by such Revolving Credit Lender, the Dollar Equivalent of which shall not exceed such the Revolving Credit Lender’s Commitments in effect at such time. Each Borrowing of Committed Revolving Credit Commitment; providedLoans shall be made ratably from the Banks in proportion to their respective Percentages. As provided in Section 1.5(a) hereof, however, the Borrower may elect that at no time shall any each Borrowing of Committed Revolving Credit Lender Loans denominated in U.S. Dollars be obligated to make a Revolving Loan (i) in excess of such Revolving Credit Lender’s Ratable Portion of the Available Credit and (ii) either Domestic Rate Loans or Eurocurrency Loans. All Loans denominated in an Alternative Currency to shall be Eurocurrency Loans. Committed Revolving Loans may be repaid and the extent that, after giving effect to such Revolving Loan, (x) Euro Outstandings would exceed the Euro Sublimit or (y) Sterling Outstandings would exceed the Sterling Sublimit. Within the limits of principal amount thereof reborrowed before the Revolving Credit Commitment of each Termination Date, subject to all the terms and conditions hereof. On the Revolving Credit Lender, amounts of Revolving Loans repaid may be reborrowed under this Section 2.1. Notwithstanding anything herein to the contrary, following the Amendment No. 6 Effective Termination Date, (a) the principal amount of, and all accrued and unpaid interest on, the Loans and L/C Obligations, and all other amounts owed by the Borrower will not hereunder and under the other Credit Documents shall be permitted to incur any Loans denominated in Sterling unless immediately due and until the Eurocurrency Rate for amounts denominated in Sterling has been replaced as contemplated by this Agreement and (b) the Eurocurrency Rate shall cease to be available with respect to amounts denominated in Sterlingpayable.

Appears in 1 contract

Samples: Multicurrency Credit Agreement (Clarcor Inc)

The Revolving Credit Commitments. On Subject to the terms and subject to conditions and relying upon the conditions contained in this Agreementrepresentations and warranties herein set forth, each Bank, severally and not jointly, agrees (such agreements being herein collectively called the "Revolving Credit Lender severally agrees Commitment") to make loans (each a “Revolving Loan”) in Dollars or an Alternative Currency to the Borrower Borrowers (the "Revolving Credit Loans") at any time or from time to time on any Business Day during the period from or after the date hereof until to but not including the Revolving Credit Termination Date in an aggregate principal amount Expiration Date. A Bank shall have no obligation to make any Revolving Credit Loan to the extent that such Bank's Revolving Credit Exposure at any time outstanding for all would exceed such Revolving Loans by such Bank's Revolving Credit LenderCommitted Amount at such time less the sum of such Bank's pro- rata share of all outstanding Swingline Loans and such Bank's Letter of Credit Exposure. Each Bank's "Revolving Credit Committed Amount" at any given time shall be equal to the amount set forth as its "Initial Revolving Credit Committed Amount" in Annex A, as such amount may have been reduced from time to time under Section 2.04(h). The Revolving Credit Committed Amounts of the Dollar Equivalent of which several Banks shall at all times be in proportion to the Revolving Credit Proportions. Each Bank's "Revolving Credit Proportion" at any given time shall be equal to the Proportion set forth in Annex A at such time. The Borrowers hereby covenant and agree that they shall not exceed such Revolving Credit Lender’s Revolving Credit Commitment; providedrequest, howeverand the Banks shall not be obligated to make, that at no time shall any Revolving Credit Lender be obligated to make a Revolving Loan (i) in excess of such to the extent that the aggregate Revolving Credit Lender’s Ratable Portion Exposures of the Available Banks at any time exceed the aggregate Revolving Credit and Committed Amounts of the Banks at such time, or (ii) denominated in an Alternative Currency to the extent that, on or after giving effect to such Revolving Loan, (x) Euro Outstandings would exceed the Euro Sublimit or (y) Sterling Outstandings would exceed the Sterling Sublimit. Within the limits of the Revolving Credit Commitment of each Revolving Credit Lender, amounts of Revolving Loans repaid may be reborrowed under this Section 2.1. Notwithstanding anything herein to the contrary, following the Amendment No. 6 Effective Expiration Date, (a) the Borrower will not be permitted to incur any Loans denominated in Sterling unless and until the Eurocurrency Rate for amounts denominated in Sterling has been replaced as contemplated by this Agreement and (b) the Eurocurrency Rate shall cease to be available with respect to amounts denominated in Sterling.

Appears in 1 contract

Samples: Credit Agreement (C Cor Net Corp)

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The Revolving Credit Commitments. On Subject to the terms and subject to the conditions contained in this Agreementhereof, each Revolving Credit Lender Bank, by its acceptance hereof, severally agrees to make a loan or loans (each individually a "Revolving Loan" and collectively "Revolving Loans") in Dollars or an Alternative Currency to the either Borrower from time to time on any Business Day during the period from the date hereof until the Revolving Credit Termination Date a revolving basis in U.S. Dollars and Alternative Currencies in an aggregate outstanding Original Dollar Amount up to the amount of its revolving credit commitment set forth on the applicable signature page hereof (its "Revolving Credit Commitment" and, cumulatively for all the Banks, the "Revolving Credit Commitments"), subject to any reductions thereof pursuant to the terms hereof, on or after the Effective Date and before the Termination Date. Neither the Original Dollar Amount nor the U.S. Dollar Equivalent of the aggregate principal amount of all Revolving Loans, all Revolving Swing Loans and all L/C Obligations at any time outstanding for all shall exceed the Revolving Credit Commitments in effect at such time. Each Borrowing of Revolving Loans by such Revolving Credit Lendershall be made ratably from the Banks in proportion to their respective Percentages. As provided in Section 1.6(a) hereof, the relevant Borrower may elect that each Borrowing of Revolving Loans denominated in U.S. Dollars be either Domestic Rate Loans or Eurocurrency Loans; provided that neither the Original Dollar Amount nor the U.S. Dollar Equivalent of which the aggregate principal amount of all Eurocurrency Loans (whether Revolving Loans or Short-Term Revolving Loans) shall not exceed such $50,000,000. All Revolving Credit Lender’s Revolving Credit Commitment; provided, however, that at no time shall any Revolving Credit Lender be obligated to make a Revolving Loan (i) in excess of such Revolving Credit Lender’s Ratable Portion of the Available Credit and (ii) Loans denominated in an Alternative Currency to the extent that, after giving effect to such Revolving Loan, (x) Euro Outstandings would exceed the Euro Sublimit or (y) Sterling Outstandings would exceed the Sterling Sublimitshall be Eurocurrency Loans. Within the limits of the Revolving Credit Commitment of each Revolving Credit Lender, amounts of Revolving Loans repaid may be repaid and the principal amount thereof reborrowed under this Section 2.1. Notwithstanding anything herein to before the contrary, following the Amendment No. 6 Effective Termination Date, (a) subject to all the Borrower will not be permitted to incur any Loans denominated in Sterling unless terms and until the Eurocurrency Rate for amounts denominated in Sterling has been replaced as contemplated by this Agreement and (b) the Eurocurrency Rate shall cease to be available with respect to amounts denominated in Sterlingconditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Gallagher Arthur J & Co)

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