Common use of Total Revolving Credit Commitment Clause in Contracts

Total Revolving Credit Commitment. (a) Subject to the terms and conditions set forth herein, each Lender agrees, severally and not jointly, to make, from time to time after the date hereof until the Revolving Credit Termination Date, Revolving Loans to the Borrower in an aggregate principal amount not to exceed its Revolving Credit Commitment Percentage of the Revolving Credit Availability. If at any time the aggregate outstanding amount of the Revolving Loans and the Total Standby L/C Exposure exceeds the lesser of (i) the Total Revolving Credit Commitment and (ii) the Borrowing Base then in effect, the Borrower shall immediately repay the Revolving Loans to the extent of such excess amount. No more than five (5) Revolving Borrowings shall be outstanding at any given time. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, repay and reborrow Revolving Loans. (b) The Borrower shall deliver a Borrowing Base Certificate to the Agent and each Lender sufficiently in advance of the Closing Date to permit the Agent to determine the Borrowing Base to be in effect on the Closing Date and, thereafter, shall deliver Borrowing Base Certificates to the Agent and each Lender at least once a month but no more frequently than on a weekly basis. Promptly following its receipt of each such Borrowing Base Certificate, the Agent shall determine or, as the case may be, redetermine the Borrowing Base in its reasonable discretion and shall notify the Borrower and each Lender of the Borrowing Base so determined or redetermined. Each Borrowing Base so determined or redetermined by the Agent shall remain in effect until notice of a redetermined Borrowing Base shall have been given by the Agent in accordance with the provisions of this Section 2.1.

Total Revolving Credit Commitment. (a) Subject to the terms and conditions set forth herein, each Lender agrees, severally and not jointly, to make, from time to time after the date hereof until the Revolving Credit Termination Date, Revolving Loans to the Borrower in an aggregate principal amount not to exceed its Revolving Credit Commitment Percentage of the Revolving Credit Availability. If at any time the aggregate outstanding amount of the Revolving Loans and the Total Standby L/C Exposure exceeds the lesser of (i) the Total Revolving Credit Commitment and (ii) the Borrowing Base then in effect, the Borrower shall immediately repay the Revolving Loans to the extent of such excess amount. The Borrower shall not permit the aggregate unpaid principal balance of outstanding Revolving Loans to exceed $3,000,000 during the Annual Clean-Up Period. No more than five (5) Revolving Borrowings shall be outstanding at any given time. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, repay and reborrow Revolving Loans. (b) The Borrower shall deliver a Borrowing Base Certificate to the Agent and each Lender sufficiently in advance of the Closing Date to permit the Agent to determine the Borrowing Base to be in effect on the Closing Date and, thereafter, shall deliver Borrowing Base Certificates to the Agent and each Lender at least once a month but no more frequently than on a weekly basis. Promptly following its receipt of each such Borrowing Base Certificate, the Agent shall determine or, as the case may be, redetermine the Borrowing Base in its reasonable discretion and shall notify the Borrower and each Lender of the Borrowing Base so determined or redetermined. Each Borrowing Base so determined or redetermined by the Agent shall remain in effect until notice of a redetermined Borrowing Base shall have been given by the Agent in accordance with the provisions of this Section 2.1.