Revolving Loan definition
Examples of Revolving Loan in a sentence
Solely to the extent that Availability is less than the greater of (a) $7,000,0008,750,000 or (b) ten percent (10.0%) of the Aggregate Revolving Loan Commitments, the Credit Parties and their Subsidiaries shall maintain, on a consolidated basis, a Fixed Charge Coverage Ratio, as of the end of the fiscal month most recently ended for which the Administrative Agent has received financial statements, for the period of the immediately preceding twelve (12) months, of not less than 1.00:1.00.
During such period of suspension, the Loans that would otherwise be made by such Revolving Lender as Term SOFR Loans shall be made instead by such Revolving Lender as Base Rate Loans and each Term SOFR Loan made by such Revolving Lender and outstanding will automatically, on the last day of the then existing Interest Period therefor if such Revolving Loan may lawfully remain outstanding until the end of such Interest Period, and otherwise immediately, convert into a Base Rate Loan.
If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Loan included in the relevant L/C Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be.
At any time that there is sufficient Availability and the conditions precedent set forth in Section 4.02 have been satisfied, the Administrative Agent may request the Lenders to make a Revolving Loan to repay a Protective Advance.
Neither the Revolving Facility Agent nor the Revolving Lenders are under any obligation hereunder to inquire into or verify the application of any Revolving Loan but this does not affect or limit any Loan Party’s obligations hereunder or, to the extent applicable, under the Common Terms Agreement.