The Revolving Credit Facility. (a) On the terms and subject to the conditions contained in this Agreement, each Lender severally, but not jointly, agrees to make loans in Dollars (each a “Revolving Loan”) to the Borrowers from time to time on any Business Day during the period from the date hereof until the Commitment Termination Date for the purpose of acquiring Inventory from the manufacturers and distributors of such Inventory or to refinance Swing Loans as contemplated in this Agreement; provided, however, that at no time shall any Lender be obligated to make a Revolving Loan if after giving effect thereto, (i) the Credit Exposure of such Lender would exceed such Lender’s Commitment, (ii) either the Total Loans or the Total Equipment Loans would exceed the aggregate Commitments, (iii) the aggregate New Equipment Loans would exceed the New Equipment Loan Sublimit, (iv) the aggregate Used Equipment Loans would exceed the Used Equipment Loan Sublimit or (v) a Default shall exist; provided, further, that at no time shall any Lender be required to make any Revolving Loan unless the Administrative Agent, in its sole discretion, has approved any request for Borrowing submitted by the Borrower Representative. Subject to the foregoing, the obligation of each Lender to make its Revolving Loan shall be absolute, unconditional and irrevocable and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever, including (A) the existence of any setoff, claim, abatement, recoupment, defense or other right that such Lender, any Affiliate thereof or any other Person may have against the Administrative Agent, any Borrower or any other Person, and (B) any adverse change in the condition (financial or otherwise) of any Loan Party. Subject to the terms and conditions of this Agreement and within the limits set forth in this clause (a), amounts of Loans repaid may be reborrowed under this Section 2.1.
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The Revolving Credit Facility. (a) On Pursuant to the terms of this Agreement and subject to upon the satisfaction of the conditions contained precedent referred to in this AgreementSection 5 hereof, each Lender severally, but not jointly, the Bank agrees to make loans in available to the Borrower, and the Borrower may borrow from the Bank, Advances for working capital purposes (the "Revolving Credit Facility") not to exceed the lesser of: (A) the Borrowing Base, and (B) the principal amount of Four Million Dollars ($4,000,000.00) (the "Maximum Revolving Credit Facility Amount") (such lesser amount being defined herein as the "Maximum Revolving Credit Facility Limit"), less in each a “instance the aggregate amount any letters of credit issued for the benefit of the Borrower, it being acknowledged and agreed that the aggregate face amount of any such letters of credit shall not exceed One Million Dollars in the aggregate at any one time. The Revolving Loan”) to Credit Facility shall be evidenced by the Borrowers from time to time on Revolving Credit Note, which shall be in substantially the form of Exhibit 2A.1 annexed hereto. If any Business Day Advances are made during the period from the date hereof until June 30, 2004 (as such date may be extended in writing from time to time in the Commitment Termination Date for the purpose of acquiring Inventory from the manufacturers Bank's sole and distributors of such Inventory or to refinance Swing Loans as contemplated in this Agreement; provided, however, that at no time shall any Lender be obligated to make a Revolving Loan if after giving effect thereto, (i) the Credit Exposure of such Lender would exceed such Lender’s Commitment, (ii) either the Total Loans or the Total Equipment Loans would exceed the aggregate Commitments, (iii) the aggregate New Equipment Loans would exceed the New Equipment Loan Sublimit, (iv) the aggregate Used Equipment Loans would exceed the Used Equipment Loan Sublimit or (v) a Default shall exist; provided, further, that at no time shall any Lender be required to make any Revolving Loan unless the Administrative Agent, in its sole absolute discretion, has approved any request for Borrowing submitted by the "Revolving Credit Termination Date"), unless an Event of Default occurs, the Borrower Representative. Subject to the foregoingmay borrow, the obligation of each Lender to make its Revolving Loan shall be absolute, unconditional repay and irrevocable and shall be performed strictly reborrow in accordance with this Agreement. Characterization of any Account Receivable due from an account debtor as an Eligible Receivable in determining the terms Borrowing Base shall not be deemed a determination by Bank as to its actual value nor in any way obligate Bank to accept any Account Receivable subsequently arising from such account debtor to be, or to continue to deem such Account Receivable to be, an Eligible Receivable; it is the Borrower's responsibility to determine the creditworthiness of this Agreement under any account debtors and all circumstances whatsoever, including (A) risks concerning the existence same and collection of any setoff, claim, abatement, recoupment, defense or other right that such Lender, any Affiliate thereof or any other Person may have against the Administrative Agent, any Borrower or any other Person, and (B) any adverse change in the condition (financial or otherwise) of any Loan Party. Subject to the terms and conditions of this Agreement and within the limits set forth in this clause (a), amounts of Loans repaid may be reborrowed under this Section 2.1Accounts Receivable are with Borrower.
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The Revolving Credit Facility. (a) On [SECTION] 2.1. COMMITMENT TO LEND; LIMITATION ON TOTAL COMMITMENT. Subject to the provisions of [SECTION] 2.1, [SECTION] 2.5, [SECTION] 2A and the other terms and subject to the conditions contained set forth in this Agreement, each Lender severally, but not jointly, of the Banks severally agrees to make loans in Dollars (each a “Revolving Loan”) lend to the Borrowers Borrower and the Borrower may borrow, repay, and reborrow from time to time on any Business Day during between the period from Effective Date and the date hereof until Maturity Date upon notice by the Commitment Termination Date for Borrower to the purpose of acquiring Inventory from Agent given in accordance with [SECTION] 2.5, such sums as are requested by the manufacturers and distributors of such Inventory or Borrower up to refinance Swing Loans as contemplated in this Agreement; provided, however, that at no time shall any Lender be obligated to make a Revolving Loan if maximum aggregate principal amount outstanding (after giving effect theretoto all amounts requested) at any one time equal to such Bank's Commitment minus such Bank's Commitment Percentage of the sum of the Maximum Drawing Amount, PROVIDED that the sum of the outstanding amount of the Loans (iafter giving effect to all amounts requested) plus the Credit Exposure of such Lender would Maximum Drawing Amount shall not at any time exceed such Lender’s Commitment, (ii) either the Total Commitment. The Loans or shall be made pro rata in accordance with each Bank's Commitment Percentage and the Total Equipment Loans would exceed the aggregate Commitments, (iii) the aggregate New Equipment Loans would exceed the New Equipment Loan Sublimit, (iv) the aggregate Used Equipment Loans would exceed the Used Equipment Loan Sublimit or (v) a Default Banks shall exist; provided, further, that at no time shall all times immediately adjust inter se any Lender be required to make any Revolving Loan unless the Administrative Agent, in its sole discretion, has approved any inconsistency between each Bank's outstanding principal amount and each Bank's Commitment. Each request for Borrowing submitted a Loan hereunder shall constitute a representation and warranty by the Borrower Representative. Subject to that the foregoing, the obligation of each Lender to make its Revolving Loan shall be absolute, unconditional and irrevocable and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever, including (A) the existence of any setoff, claim, abatement, recoupment, defense or other right that such Lender, any Affiliate thereof or any other Person may have against the Administrative Agent, any Borrower or any other Person, and (B) any adverse change in the condition (financial or otherwise) of any Loan Party. Subject to the terms and conditions of this Agreement and within the limits set forth in [SECTION] 11 have been satisfied (or waived in writing by the Banks) on the date of such request and will be satisfied (or waived in writing by the Banks) on the proposed Drawdown Date of the requested Loan, PROVIDED that the making of such representation and warranty by Borrower shall not limit the right of any Bank not to lend if such conditions have not been satisfied or if the Compliance Certificate delivered in connection with ss.11 is inaccurate. Nothing herein shall prevent the Borrower from seeking recourse (subject to [SECTION] 24 of this clause (a), amounts Agreement) against any Bank that wrongfully fails to advance its proportionate share of Loans repaid may be reborrowed under this Section 2.1.a requested Loan as
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Samples: Revolving Credit Agreement (Bradley Real Estate Inc)
The Revolving Credit Facility. (a) On the terms and subject to the conditions contained in this Agreement, each Revolving A Lender severally, but not jointly, agrees to make loans in Dollars (each a “Revolving A Loan”) to the Borrowers from time to time on any Business Day during the period from the date hereof until the Commitment Termination Date for the purpose of acquiring Inventory from the manufacturers and distributors of such Inventory or to refinance Swing Loans as contemplated in this Agreement; provided, however, that at no time shall any Revolving A Lender be obligated to make a any Revolving A Loan if after giving effect thereto, (i) the Credit Revolving A Exposure of such Lender would exceed such Lender’s CommitmentCommitment A, (ii) either the Total Loans or the Total Equipment Loans would exceed the aggregate Commitments, (iii) the aggregate New Equipment Loans would exceed the New Equipment Loan Sublimit, (iv) the aggregate Used Equipment Loans would exceed the Used Equipment Loan Sublimit or (v) a Default shall exist; provided, further, that at no time shall any Revolving A Lender be required to make any Revolving A Loan unless the Administrative Agent, in its sole discretion, has approved any request for Borrowing submitted by the Borrower Representative. On the terms and subject to the conditions contained in this Agreement, each Revolving B Lender severally, but not jointly, agrees to make loans in Dollars (each a “Revolving B Loan”) to the Borrowers from time to time on any Business Day during the period from the date hereof until the Commitment Termination Date for the purpose of acquiring Inventory from the manufacturers and distributors of such Inventory; provided, however, that at no time shall any Revolving B Lender be obligated to make any Revolving B Loan if after giving effect thereto, (i) the Revolving A Exposure of all Revolving A Lenders other than the Working Capital Lenders would be less than the Commitments A of such Revolving A Lenders, (ii) the Revolving B Exposure of such Lender would exceed such Lender’s Commitment B, (iii) either the Total Loans or the Total Equipment Loans would exceed the aggregate Commitments, (iv) the aggregate New Equipment Loans would exceed the New Equipment Loan Sublimit, (v) the aggregate Used Equipment Loans would exceed the Used Equipment Loan Sublimit, or (vi) a Default shall exist; provided, further, that at no time shall any Revolving B Lender be required to make any Revolving B Loan unless the Administrative Agent, in its sole discretion, has approved any request for Borrowing submitted by the Borrower Representative. Subject to the foregoing, the obligation of each Lender to make its Revolving Loan shall be absolute, unconditional and irrevocable and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever, including (A) the existence of any setoff, claim, abatement, recoupment, defense or other right that such Lender, any Affiliate thereof or any other Person may have against the Administrative Agent, any Borrower or any other Person, and (B) any adverse change in the condition (financial or otherwise) of any Loan Party. Subject to the terms and conditions of this Agreement and within the limits set forth in this clause (a), amounts of Loans repaid may be reborrowed under this Section 2.1.
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The Revolving Credit Facility. (a) On the terms and subject to the conditions contained in this Agreement, each Lender severally, but not jointly, agrees to make loans in Dollars (each a “Revolving Loan”) to the Borrowers from time to time on any Business Day during the period from the date hereof until the Commitment Termination Date for the purpose of acquiring Inventory from the manufacturers and distributors of such Inventory or to refinance Swing Loans as contemplated in this Agreement; provided, however, that at no time shall any Lender be obligated to make a Revolving Loan if after giving effect thereto, (i) the Credit Exposure of such Lender would exceed such Lender’s Commitment, (ii) either the Total Loans or the Total Equipment Loans would exceed the aggregate Commitments, (iii) the aggregate New Equipment Loans would exceed the New Equipment Loan Sublimit, (iv) the aggregate Used Equipment Loans would exceed the Used Equipment Loan Sublimit or (v) a Default shall exist; provided, further, that at no time shall any Lender be required to make any Revolving Loan unless the Administrative Agent, in its sole discretion, has approved any request for Borrowing submitted by the Borrower Representative. Subject to the foregoing, the obligation of each Lender to make its Revolving Loan shall be absolute, unconditional and irrevocable and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever, including (A) the existence of any setoff, claim, abatement, recoupment, defense or other right that such Lender, any Affiliate thereof or any other Person may have against the Administrative Agent, any Borrower or any other Person, and (B) any adverse change in the condition (financial or otherwise) of any Loan Party. Subject to the terms and conditions of this Agreement and within in reliance upon the limits representations and warranties of the Borrower and the other Loan Parties herein set forth, each Revolving Lender with a Revolving Loan Commitment severally agrees, subject to the limitations set forth below with respect to the maximum amount of Revolving Loans permitted to be outstanding at any one time and from time to time, to lend to Borrower during the period from the Closing Date to but excluding the Stated Maturity Date an aggregate amount not exceeding its Pro Rata Share of the aggregate amount of the Revolving Loan Commitments or, in the aggregate, the Borrowing Availability to be used for the purposes set forth in this clause SECTION 2.6. Notwithstanding anything contained herein to the contrary no Revolving Advance (as defined below) shall be made hereunder unless (a) no Default or Event of Default has occurred and is continuing, and (b) there are no funds available in the Designated Account pursuant to SECTION 2.1(A)(II). The amount of each Revolving Lender's Revolving Loan Commitment is set forth opposite its name on SCHEDULE 2.1 annexed hereto and the aggregate amount of the Revolving Loan Commitments is $18,950,000; PROVIDED, that if, on or before August 16, 2001, the aggregate amount of the funded Term Loan B, by amendment or otherwise, is increased as set forth and pursuant to the terms of Section 2.1(a)(ii), the Revolving Lenders agree to increase, on a pro-rata basis, their Revolving Commitment in an aggregate amount not to exceed the LESSER of (x)$550,000, and (y) the amount of the increase in the funded Term Loan B as referred to above; PROVIDED, HOWEVER, that the Revolving Loan Commitment of each Revolving Lender shall be adjusted to give effect to any assignments of the Revolving Loan Commitments pursuant to SECTION 9.1(B); and PROVIDED, FURTHER, that the amount of the Revolving Loan Commitments shall be reduced from time to time by the amount of any reductions thereto made pursuant to SECTION 2.4(C). Each Revolving Lender's Revolving Loan Commitment shall expire on the Stated Maturity Date and all Revolving Loans and all other amounts of owed hereunder with respect to the Revolving Loans repaid and the Revolving Loan Commitments shall be paid in full not later than the Stated Maturity Date. Amounts borrowed under this SECTION 2.1(C) may be repaid and reborrowed under to but excluding the Stated Maturity Date. Anything contained in this Section 2.1Agreement to the contrary notwithstanding, the Revolving Loans and the Revolving Loan Commitments shall be subject to the limitation, that in no event shall the total amount of outstanding Revolving Loans at any time exceed the Revolving Loan Commitments then in effect (each a "REVOLVING ADVANCE") or the Borrowing Availability.
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The Revolving Credit Facility. 2.1 COMMITMENT TO LEND. ------------------ (a) On the terms and subject to the conditions contained in this Agreement, each Lender severally, but not jointly, agrees to make loans in Dollars (each a “Revolving Loan”) to the Borrowers from time to time on any Business Day during the period from the date hereof until the Commitment Termination Date for the purpose of acquiring Inventory from the manufacturers and distributors of such Inventory or to refinance Swing Loans as contemplated in this Agreement; provided, however, that at no time shall any Lender be obligated to make a Revolving Loan if after giving effect thereto, (i) the Credit Exposure of such Lender would exceed such Lender’s Commitment, (ii) either the Total Loans or the Total Equipment Loans would exceed the aggregate Commitments, (iii) the aggregate New Equipment Loans would exceed the New Equipment Loan Sublimit, (iv) the aggregate Used Equipment Loans would exceed the Used Equipment Loan Sublimit or (v) a Default shall exist; provided, further, that at no time shall any Lender be required to make any Revolving Loan unless the Administrative Agent, in its sole discretion, has approved any request for Borrowing submitted by the Borrower Representative. Subject to the foregoing, the obligation of each Lender to make its Revolving Loan shall be absolute, unconditional and irrevocable and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever, including (A) the existence of any setoff, claim, abatement, recoupment, defense or other right that such Lender, any Affiliate thereof or any other Person may have against the Administrative Agent, any Borrower or any other Person, and (B) any adverse change in the condition (financial or otherwise) of any Loan Party. Subject to the terms and conditions of this Agreement and within the limits set forth in this clause Credit Agreement, each of the Banks severally agrees to lend to the Borrower and the Borrower may borrow, repay, and reborrow from time to time from the Closing Date up to but not including the Revolving Credit Loan Maturity Date upon notice by the Borrower to the Agent given in accordance with ss.2.5, Tranche A Loans in such sums as are requested by the Borrower up to a maximum aggregate amount outstanding (a)after giving effect to all amounts requested) at any one time equal to such Bank's Commitment minus such Bank's Commitment Percentage of the sum of ----- the Maximum Drawing Amount and all Unpaid Reimbursement Obligations; provided -------- that the sum of the outstanding amount of the Tranche A Loans (after giving effect to all amounts requested) plus the Maximum Drawing Amount and all Unpaid Reimbursement Obligations shall not at any time exceed the lesser of (i) the sum of the Total Commitment minus the outstanding amount of Tranche B Loans and (ii) the Tranche A Borrowing ----- Base. The Tranche A Loans shall be made pro rata in accordance with each Bank's --- ---- Commitment Percentage. Each request for a Tranche A Loan hereunder shall constitute a representation and warranty by the Borrower that the conditions set forth in ss.11 and ss.12, amounts in the case of the initial Tranche A Loans repaid may to be reborrowed under this Section 2.1made on the Closing Date, and ss.12, in the case of all other Tranche A Loans, have been satisfied on the date of such request.
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