Maximum Revolving Loan Commitment definition
Examples of Maximum Revolving Loan Commitment in a sentence
In addition to the Fee, Borrower shall continue to be obligated to pay the Bank the Unused Commitment Fee in the amount of one-quarter of one percent (1/4%) per annum of the average unused Maximum Revolving Loan Commitment, excluding the LC Reserve, and as otherwise set forth in the Loan Agreement, as amended by this Amendment.
If this Agreement and the Maximum Revolving Loan Commitment are not extended beyond the Maturity Date, upon the occurrence of the Maturity Date, Borrower shall deliver to Agent cash collateral in the amount of the then outstanding Letter of Credit Obligations.
In the event the aggregate outstanding principal balance of all Revolving Loans plus Letter of Credit Obligations exceeds the Maximum Revolving Loan Commitment, the Borrowers shall, without notice or demand of any kind, immediately make such repayments of the Revolving Loans or take such other actions as shall be necessary to eliminate such excess..
No Lender shall be obligated to make Revolving Advances in excess of its Maximum Revolving Loan Commitment.
Less than $10.00 per share, the principal amount of the Loan and the Maximum Revolving Loan Commitment shall, without further notice, be decreased to $0.00 and Borrower shall pay within one business day of Trigger Date, without further notice or demand, amounts necessary to reduce the outstanding principal balance of the Loan to $0.00.
The stated amount of each Letter of Credit issued by the Bank shall reduce the amount of the Maximum Revolving Loan Commitment then in effect in accordance with the terms of this Agreement on a dollar for dollar basis ("LC Reserve").
Less than $12.50 per share but not less than $10.00, the principal amount of the Loan and the Maximum Revolving Loan Commitment shall, without further notice, be decreased to $5,000,000.00 and Borrower shall pay within one business day of Trigger Date, without further notice or demand, amounts necessary to reduce the outstanding principal balance of the Loan to $5,000,000.00.
So long as no Event of Default exists, Borrower through the Representative shall have the one-time option anytime after the Closing Date (subject to Agent’s consent) to elect by written notice to the Agent a single increase to the Maximum Revolving Loan Commitment of up to Twenty Million and 00/100 Dollars ($20,000,000.00), thus making the Maximum Revolving Loan Commitment Seventy Five Million and 00/100 Dollars ($75,000,000).
In the event that the Outstanding Revolving Advances at any time exceed the Maximum Revolving Loan Commitment then in effect, the Borrower shall pay to Lender an amount not less than the excess of the then Outstanding Revolving Advances over such Maximum Revolving Loan Commitment.
The Maximum Revolving Loan Commitment shall also be permanently reduced to an amount not to exceed $15,000,000.00 upon a Voluntary Permanent Reduction (as defined herein) by Borrower pursuant to Section 12.