Common use of Revolving Credit Commitment Clause in Contracts

Revolving Credit Commitment. The Lender hereby agrees on the terms and conditions of this Agreement to lend to the Borrower the maximum sum of One Million Dollars ($1,000,000) (the “Revolving Credit Commitment”). The Revolving Credit Commitment shall be available to the Borrower, subject to the limitations herein, in whole or part and from time to time until September 30, 2003, and any amounts borrowed may be repaid in whole or in part and reborrowed until such date. Each borrowing under the Revolving Credit Commitment shall be made in accordance with the provisions of this Section 1.1, and shall be subject to the conditions of Article 4 hereof, and shall be in the initial principal amount of $100,000 or any integral multiple of $100,000 (a “Revolving Credit Loan”). Each Revolving Credit Loan to be made in accordance with the provisions of this Section 1.1 shall, at the election of the Borrower, be made either in the form of (i) a Variable Rate Loan (individually, a “Variable Rate Loan” and, collectively, the “Variable Rate Loans”) or (ii) a Eurodollar Rate Loan (individually, a “Eurodollar Rate Loan” and, collectively, the “Eurodollar Rate Loans”); provided, however, that the Borrower shall not be permitted to have outstanding at any time more than a total of eight (8) Eurodollar Rate Loans and Eurodollar Rate Portions of the Tranche A Term Loan, except as otherwise permitted by the Lender in its sole discretion. The aggregate unpaid principal amount of the Variable Rate Loans and the Eurodollar Rate Loans at any one time outstanding shall not exceed the Revolving Credit Commitment. Each Revolving Credit Loan shall be made pursuant to the request of the Borrower to the Lender, which request for a Revolving Credit Loan shall specify (i) the total amount of such Revolving Credit Loan; (ii) the borrowing date (the “Borrowing Date”), which shall be a Business Day in the case of a Variable Rate Loan and a Eurodollar Banking Day in the case of a Eurodollar Rate Loan; and (iii) whether the Revolving Credit Loan is to be a Variable Rate Loan or a Eurodollar Rate Loan (and in the case of a Eurodollar Rate Loan, the length of the Interest Period). Requests for Variable Rate Loans may be made on the applicable Borrowing Date. Requests for Eurodollar Rate Loans shall be made at least two (2) Eurodollar Banking Days prior to the applicable Borrowing Date. In the case of a request for a Eurodollar Rate Loan, the Lender shall, not later than 11:00 a.m., Columbus, Ohio time one (1) Eurodollar Banking Day prior to the Borrowing Date, give notice to the Borrower of the Adjusted Eurodollar Rate (including information as to the calculation thereof) applicable for the period requested by the Borrower. The Borrower shall, not later than 3:00 p.m., Columbus, Ohio time one (1) Eurodollar Banking Day prior to the Borrowing Date, give notice by telephone confirmed in writing to the Lender whether the Borrower wishes (i) to complete such borrowing in the form of a Eurodollar Rate Loan; (ii) to complete such borrowing as a Variable Rate Loan; or (iii) to cancel its request for a Revolving Credit Loan. Failure by the Borrower to timely deliver such notice shall constitute cancellation of such request.

Appears in 1 contract

Samples: Loan Agreement (Security Capital Corp/De/)

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Revolving Credit Commitment. The Lender hereby agrees on the terms and conditions of this Agreement to lend to the Borrower Borrowers the maximum sum of One Eight Million Dollars ($1,000,0008,000,000) (the "Revolving Credit Commitment"). The Revolving Credit Commitment shall be available to the BorrowerBorrowers, subject to the limitations herein, in whole or part and from time to time until September 30December 31, 20032002, and any amounts borrowed may be repaid in whole or in part and reborrowed until such date. Each borrowing under the Revolving Credit Commitment shall be made in accordance with the provisions of this Section 1.1, and shall be subject to the conditions of Article 4 hereof, and shall be in the initial principal amount of $100,000 or any integral multiple of $100,000 (a "Revolving Credit Loan"). Each Revolving Credit Loan to be made in accordance with the provisions of this Section 1.1 shall, at the election of the BorrowerBorrowers, be made either in the form of (i) a Variable Rate Loan (individually, a "Variable Rate Loan” and, " and collectively, the "Variable Rate Loans") or (ii) a Eurodollar Rate Loan (individually, a "Eurodollar Rate Loan” and, " and collectively, the "Eurodollar Rate Loans"); provided, however, that the Borrower Borrowers shall not be permitted to have outstanding at any time more than a total of eight (8) Eurodollar Rate Loans and Eurodollar Rate Portions of the Tranche A Term Loan, except as otherwise permitted by the Lender in its sole discretion. Notwithstanding the foregoing, each Eurodollar Rate Loan shall be in the initial principal amount of $1,000,000 or any integral multiple of $100,000. The aggregate unpaid principal amount of the Variable Rate Loans and the Eurodollar Rate Loans at any one time outstanding shall not exceed the Revolving Credit Commitment. Each Revolving Credit Loan shall be made pursuant to the request of the Borrower Borrowers to the Lender, Lender which request for a Revolving Credit Loan shall specify (i) the total amount of such the Revolving Credit Loan; (ii) the borrowing date (the "Borrowing Date"), which shall be a Business Day in the case of a Variable Rate Loan and a Eurodollar Banking Day in the case of a Eurodollar Rate Loan; and (iii) whether the Revolving Credit Loan is to be a Variable Rate Loan or a Eurodollar Rate Loan (and in the case of a Eurodollar Rate Loan, the length of the Interest Period). Requests for Variable Rate Loans may be made on the applicable Borrowing Date. Requests for Eurodollar Rate Loans shall be made at least two three (23) Eurodollar Banking Days prior to the applicable Borrowing Date. In the case of a request for a Eurodollar Rate Loan, the Lender shall, shall not later than 11:00 a.m., Columbus, Ohio time one two (12) Eurodollar Banking Day Days prior to the Borrowing Date, give notice to the Borrower Borrowers of the Adjusted Eurodollar Rate (including information as to the calculation thereof) applicable for the period requested by the BorrowerBorrowers. The Borrower shall, Borrowers shall not later than 3:00 p.m.11:00 a.m., Columbus, Ohio time one (1) Eurodollar Banking Day prior to the Borrowing Date, give notice by telephone confirmed in writing to the Lender whether the Borrower wishes they wish (i) to complete such borrowing in the form of a Eurodollar Rate Loan; (ii) to complete such borrowing as a Variable Rate Loan; or (iii) to cancel its their request for a Revolving Credit Loan. Failure by the Borrower Borrowers to timely deliver such notice shall constitute cancellation of such request.

Appears in 1 contract

Samples: Loan Agreement (Security Capital Corp/De/)

Revolving Credit Commitment. The Lender hereby agrees on the terms and conditions of this Agreement to lend to the Borrower the maximum sum of One Seven Million Dollars ($1,000,0007,000,000) (the “Revolving Credit Commitment”). The Revolving Credit Commitment shall be available to the Borrower, subject to the limitations herein, in whole or part and from time to time until September 30May 31, 20032006, and any amounts borrowed may be repaid in whole or in part and reborrowed until such date. Each borrowing under the Revolving Credit Commitment shall be made in accordance with the provisions of this Section 1.1, and shall be subject to the conditions of Article 4 hereof, and shall be in the initial principal amount of $100,000 or any integral multiple of $100,000 (a “Revolving Credit Loan”). Each Revolving Credit Loan to be made in accordance with the provisions of this Section 1.1 shall, at the election of the Borrower, be made either in the form of (i) a Variable Rate Revolving Credit Loan bearing interest at the rate specified in Section 1.3(b) (individually, a “Variable Rate Loan” and, and collectively, the “Variable Rate Loans”) or (ii) a Eurodollar Rate Revolving Credit Loan bearing interest at the rate specified in Section 1.3(c) (individually, a “Eurodollar Rate Loan” and, and collectively, the “Eurodollar Rate Loans”); provided, however, that the Borrower shall not be permitted to have outstanding at any time more than a total of eight (8) Eurodollar Rate Loans and Eurodollar Rate Portions of the Tranche A Term LoanLoans, except as otherwise permitted by the Lender in its sole discretion. Notwithstanding the foregoing, each Eurodollar Rate Loan shall be in the initial principal amount of $1,000,000 and any integral multiple of $100,000. The aggregate unpaid principal amount of the Variable Rate Revolving Credit Loans and plus the Eurodollar Rate LOC Obligations (excluding any LOC Obligations that are deemed to be Revolving Credit Loans so as to avoid duplication thereof) at any one time outstanding shall not exceed the Revolving Credit Commitment. Each Revolving Credit Loan shall be made pursuant to the request of the Borrower to the Lender, Lender which request for a Revolving Credit Loan shall specify (i) the total amount of such the Revolving Credit Loan; (ii) the borrowing date (the “Borrowing Date”), which shall be a Business Day in the case of a Variable Rate Loan and a Eurodollar Banking Day in the case of a Eurodollar Rate Loan; and (iii) whether the Revolving Credit Loan is to be a Variable Rate Loan or a Eurodollar Rate Loan (and in the case of a Eurodollar Rate Loan, the length of the Interest Period). Requests for Variable Rate Loans may be made on the applicable Borrowing Date. Requests for Eurodollar Rate Loans shall be made at least two three (23) Eurodollar Banking Days prior to the applicable Borrowing Date. In the case of a request for a Eurodollar Rate Loan, the Lender shall, shall not later than 11:00 a.m., Columbus, Ohio time one two (12) Eurodollar Banking Day Days prior to the Borrowing Date, give notice to the Borrower of the Adjusted Eurodollar Rate (including information as to the calculation thereof) applicable for the period requested by the Borrower. The Borrower shall, shall not later than 3:00 p.m.11:00 a.m., Columbus, Ohio time one (1) Eurodollar Banking Day prior to the Borrowing Date, give notice by telephone confirmed in writing to the Lender whether the Borrower wishes (i) to complete such borrowing in the form of a Eurodollar Rate Loan; (ii) to complete such borrowing as a Variable Rate Loan; or (iii) to cancel its request for a Revolving Credit Loan. Failure by the Borrower to timely deliver such notice shall constitute cancellation of such request. Notwithstanding the foregoing, the parties understand and agree that if and to the extent the Borrower participates in the Lender’s cash management program, Revolving Credit Loans shall be automatically disbursed and repaid on a daily basis based on the cash deposits and disbursements in Borrower’s account with the Lender.

Appears in 1 contract

Samples: Security Agreement (Security Capital Corp/De/)

Revolving Credit Commitment. The Lender hereby agrees on Subject to the terms and conditions of this Agreement Agreement, each Lender severally agrees to lend to the Borrower the maximum sum of One Million Dollars ($1,000,000) (the “Revolving Credit Commitment”). The Revolving Credit Commitment shall be available make Advances to the Borrower, subject to the limitations herein, in whole or part and from time to time from the Closing Date until September 30the Revolving Credit Termination Date, 2003, and any amounts borrowed may be repaid in whole or in part and reborrowed until such date. Each on a pro rata basis as to the total borrowing requested by the Borrower under the Revolving Credit Facility on any day determined by its Applicable Commitment shall be made in accordance with Percentage up to but not exceeding the provisions of this Section 1.1, and shall be subject to the conditions of Article 4 hereof, and shall be in the initial principal amount of $100,000 or any integral multiple of $100,000 (a “Revolving Credit Loan”). Each Revolving Credit Loan to be made in accordance with the provisions Commitment of this Section 1.1 shallsuch Lender, at the election of the Borrower, be made either in the form of (i) a Variable Rate Loan (individually, a “Variable Rate Loan” and, collectively, the “Variable Rate Loans”) or (ii) a Eurodollar Rate Loan (individually, a “Eurodollar Rate Loan” and, collectively, the “Eurodollar Rate Loans”); provided, however, that the Borrower shall Lenders will not be permitted required and shall have no obligation to have outstanding at make any time more than a total of eight Advance (8) Eurodollar Rate Loans and Eurodollar Rate Portions i) so long as not all of the Tranche A Term Loanconditions under Section 5.2 hereof have been fulfilled, except (ii) so long as otherwise permitted by a Default or an Event of Default has occurred and is continuing or (iii) if the Lender Administrative Agent has accelerated the maturity of the Revolving Credit Loans as a result of an Event of Default in its sole discretion. The aggregate unpaid accordance with Section 9.1 hereof; provided further, however, that immediately after giving effect to each such Advance, the principal amount of the Variable Rate Loans and the Eurodollar Rate Loans at any one time outstanding Outstanding Credit Obligations shall not exceed the Total Revolving Credit Commitment. Each Revolving Credit Loan shall be made pursuant to the request of Within such limits, the Borrower to the Lendermay borrow, which request for a Revolving Credit Loan shall specify (i) the total amount of such Revolving Credit Loan; (ii) the borrowing date (the “Borrowing Date”)repay and reborrow hereunder, which shall be on a Business Day in the case of a Variable Base Rate Loan and on a Eurodollar Banking Business Day in the case of a Eurodollar Rate Loan; , from the Closing Date until, but (as to borrowings and (iiireborrowings) whether not including, the Revolving Credit Termination Date; provided, however, that (x) no Eurodollar Loan that is a Revolving Credit Loan shall be made which has an Interest Period that extends beyond the Revolving Credit Termination Date and (y) each Eurodollar Loan may, subject to the provisions of Section 2.9, be a Variable Rate Loan or a Eurodollar Rate Loan (and in repaid only on the case of a Eurodollar Rate Loan, the length last day of the Interest Period). Requests for Variable Rate Loans may be made on the applicable Borrowing Date. Requests for Eurodollar Rate Loans shall be made at least two (2) Eurodollar Banking Days prior to the applicable Borrowing Date. In the case of a request for a Eurodollar Rate Loan, the Lender shall, not later than 11:00 a.m., Columbus, Ohio time one (1) Eurodollar Banking Day prior to the Borrowing Date, give notice to Period with respect thereto unless the Borrower of the Adjusted Eurodollar Rate (including information as has paid any amounts due pursuant to the calculation thereof) applicable for the period requested by the Borrower. The Borrower shall, not later than 3:00 p.m., Columbus, Ohio time one (1) Eurodollar Banking Day prior to the Borrowing Date, give notice by telephone confirmed in writing to the Lender whether the Borrower wishes (i) to complete such borrowing in the form of a Eurodollar Rate Loan; (ii) to complete such borrowing as a Variable Rate Loan; or (iii) to cancel its request for a Revolving Credit Loan. Failure by the Borrower to timely deliver such notice shall constitute cancellation of such requestSection 4.5 hereof.

Appears in 1 contract

Samples: Credit Agreement (Autonation Inc /Fl)

Revolving Credit Commitment. The Lender hereby agrees on Subject to the terms and conditions of this Agreement hereof, the Bank agrees to lend make revolving credit loans to the Borrower (each a "Loan" and collectively the maximum sum "Loans") during the Commitment Period of One Million Dollars ($1,000,000) (which the “Revolving Credit Commitment”). The Revolving Credit Commitment shall be available to the Borrower, subject to the limitations herein, in whole or part and from time to time until September 30, 2003, and any amounts borrowed may be repaid in whole or in part and reborrowed until such date. Each borrowing under the Revolving Credit Commitment shall be made in accordance with the provisions of this Section 1.1, and shall be subject to the conditions of Article 4 hereof, and shall be in the initial aggregate principal amount of $100,000 or any integral multiple of $100,000 (a “Revolving Credit Loan”). Each Revolving Credit Loan to be made in accordance with the provisions of this Section 1.1 shall, at the election of the Borrower, be made either in the form of (i) a Variable Rate Loan (individually, a “Variable Rate Loan” and, collectively, the “Variable Rate Loans”) or (ii) a Eurodollar Rate Loan (individually, a “Eurodollar Rate Loan” and, collectively, the “Eurodollar Rate Loans”); provided, however, that the Borrower shall not be permitted to have outstanding at any time more than a total of eight (8) Eurodollar Rate Loans and Eurodollar Rate Portions of the Tranche A Term Loan, except as otherwise permitted by the Lender in its sole discretion. The aggregate unpaid principal amount of the Variable Rate Loans and the Eurodollar Rate Loans at any one time outstanding shall not exceed $5,000,000, as such amount may be reduced as provided in this Agreement (the Revolving Credit "Commitment. Each Revolving Credit Loan shall be made pursuant to the request of the Borrower to the Lender"); PROVIDED, which request for a Revolving Credit Loan shall specify THAT, (i) at all times prior to the total Cash Collateral Effective Date the Bank shall have no obligation to make any Loan to the Borrower (A) if, after giving effect thereto, the aggregate principal balance of all outstanding Loans shall exceed $1,000,000, unless and until the Bank shall have filed the Assignment of Leases and shall have a first priority perfected Lien on the Collateral therein specified, (B) if the date such Loan is requested is after June 15, 2001, unless and until the Bank shall have filed the Mortgage and Assignment of Leases and shall have a first priority perfected Lien on the Collateral therein specified and (C) if any Individual Guarantor shall die and the Bank has been granted a first Lien on Cash Collateral in the amount required by Section 8.1(j) hereof, unless and until the Bank has obtained a first priority perfected Lien on Cash Collateral (owned by any Person other than the remaining Individual Guarantor) in an amount not less than 50% of the aggregate principal balance of all outstanding Loans after giving effect to any Loan requested to be made (and the applicable Person pledging such Revolving Credit LoanCash Collateral has executed all documentation reasonably requested by the Bank in order to effectuate same); PROVIDED, THAT, the pledge of Cash Collateral on behalf of a deceased Guarantor shall not limit or otherwise effect the unlimited and unconditional nature of the remaining Guarantor's Guarantee, and (ii) at all times after the borrowing date (Cash Collateral Effective Date the “Borrowing Date”), which Bank shall be a Business Day in the case of a Variable Rate have no obligation to make any Loan and a Eurodollar Banking Day in the case of a Eurodollar Rate Loan; and (iii) whether the Revolving Credit Loan is to be a Variable Rate Loan or a Eurodollar Rate Loan (and in the case of a Eurodollar Rate Loan, the length of the Interest Period). Requests for Variable Rate Loans may be made on the applicable Borrowing Date. Requests for Eurodollar Rate Loans shall be made at least two (2) Eurodollar Banking Days prior to the applicable Borrowing Date. In the case of a request for a Eurodollar Rate Loan, the Lender shall, not later than 11:00 a.m., Columbus, Ohio time one (1) Eurodollar Banking Day prior to the Borrowing Date, give notice to the Borrower unless and until the Bank has obtained a first priority perfected Lien on Cash Collateral in an amount not less than 100% of the Adjusted Eurodollar Rate (including information as aggregate principal balance of all outstanding Loans after giving effect to the calculation thereof) Loan requested to be made (and the applicable for the period Person pledging such Cash Collateral has executed all documentation reasonably requested by the BorrowerBank in order to effectuate same). The Borrower shall, not later than 3:00 p.m., Columbus, Ohio time one (1) Eurodollar Banking Day prior to During the Borrowing Date, give notice by telephone confirmed in writing to the Lender whether Commitment Period the Borrower wishes (i) to complete such borrowing may use the Commitment for obtaining Loans by borrowing, paying, prepaying in whole or in part and reborrowing on a revolving basis, all in accordance with the form of a Eurodollar Rate Loan; (ii) to complete such borrowing as a Variable Rate Loan; or (iii) to cancel its request for a Revolving Credit Loan. Failure by the Borrower to timely deliver such notice shall constitute cancellation of such requestterms and conditions hereof.

Appears in 1 contract

Samples: Loan Agreement (Medis Technologies LTD)

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Revolving Credit Commitment. The Lender hereby agrees on Subject to the terms and conditions of this Agreement herein set forth, each Committed Lender severally agrees, on any Business Day during the Availability Period, to lend make Syndicated Loans to the Borrower the maximum sum of One Million Dollars ($1,000,000) (the “Revolving Credit Commitment”). The Revolving Credit Commitment shall be available to the BorrowerParties, subject to the limitations hereinon a several basis, in whole or part at any time and from time to time until September 30, 2003, and any amounts borrowed may be repaid in whole or in part and reborrowed until such date. Each borrowing under the Revolving Credit Commitment shall be made in accordance with the provisions of this Section 1.1, and shall be subject to the conditions of Article 4 hereof, and shall be in the initial an aggregate principal amount of $100,000 or up to such Committed Xxxxxx’s Commitment at any integral multiple of $100,000 (a “Revolving Credit Loan”). Each Revolving Credit Loan to be made in accordance with the provisions of this Section 1.1 shall, at the election of the Borrower, be made either in the form of (i) a Variable Rate Loan (individually, a “Variable Rate Loan” and, collectively, the “Variable Rate Loans”) or (ii) a Eurodollar Rate Loan (individually, a “Eurodollar Rate Loan” and, collectively, the “Eurodollar Rate Loans”)such time; provided, however, that after making any such Loans: (a) such Committed Xxxxxx’s Principal Obligation would not exceed such Committed Xxxxxx’s Commitment as of such date; (b) the Borrower shall not be permitted to have outstanding at any time more than a total Principal Obligation of eight (8) Eurodollar Rate Loans and Eurodollar Rate Portions of the Tranche A Term Loan, except as otherwise permitted by the such Committed Lender’s Lender in its sole discretion. The aggregate unpaid principal amount of the Variable Rate Loans and the Eurodollar Rate Loans at any one time outstanding shall Group would not exceed the Revolving Credit Commitment. Each Revolving Credit Loan shall be made pursuant to the request of the Borrower to the Lender, which request for a Revolving Credit Loan shall specify (i) the total amount aggregate applicable Lender Group Limit of such Revolving Credit Loan; (ii) the borrowing date (the “Borrowing Date”), which shall be a Business Day in the case of a Variable Rate Loan and a Eurodollar Banking Day in the case of a Eurodollar Rate LoanLender Group; and (iiic) whether the Revolving Credit Loan is 4879-7367-7649 v.18 48 4879-7367-7649 v.18 Principal Obligation would not exceed the Available Commitment. Subject to be a Variable Rate Loan or a Eurodollar Rate Loan (and in the case of a Eurodollar Rate Loanforegoing limitation, the length of conditions set forth in Section 7 and the Interest other terms and conditions hereof, the Borrower Parties may borrow, repay without penalty or premium (subject to Section 4.05), and re-borrow hereunder, during the Availability Period). Requests for Variable Rate Loans may be made on the applicable Each Borrowing Date. Requests for Eurodollar Rate Loans pursuant to this Section 2.01 shall be made at least two (2) Eurodollar Banking Days prior funded ratably by each Lender Group in accordance with its Applicable Percentage and, if applicable, by a Committed Lender in a particular Lender Group in accordance with such Committed Lender’s Applicable Percentage. No Lender shall be obligated to fund any Loan if the interest rate applicable Borrowing Date. In thereto hereunder would exceed the case of a request for a Eurodollar Maximum Rate in effect with respect to such Loan, the Lender shall, not later than 11:00 a.m., Columbus, Ohio time one (1) Eurodollar Banking Day prior to the Borrowing Date, give notice to the Borrower of the Adjusted Eurodollar Rate (including information as to the calculation thereof) applicable for the period requested by the Borrower. The Borrower shall, not later than 3:00 p.m., Columbus, Ohio time one (1) Eurodollar Banking Day prior to the Borrowing Date, give notice by telephone confirmed in writing to the Lender whether the Borrower wishes (i) to complete such borrowing in the form of a Eurodollar Rate Loan; (ii) to complete such borrowing as a Variable Rate Loan; or (iii) to cancel its request for a Revolving Credit Loan. Failure by the Borrower to timely deliver such notice shall constitute cancellation of such request.

Appears in 1 contract

Samples: Revolving Credit Agreement (TCW Direct Lending VII LLC)

Revolving Credit Commitment. The Lender hereby agrees agrees, on the terms and conditions of this Agreement Agreement, to lend to the Borrower Borrowers the maximum sum of One Eight Million Dollars ($1,000,0008,000,000) (the “Revolving Credit Commitment”). The Revolving Credit Commitment shall be available to the BorrowerBorrowers, subject to the limitations herein, in whole or part and from time to time until September 30March 31, 20032007, and any amounts borrowed may be repaid in whole or in part and reborrowed until such date. Each borrowing under the Revolving Credit Commitment shall be made in accordance with the provisions of this Section 1.12.1, and shall be subject to the conditions of Article 4 5 hereof, and shall be in the initial principal amount of $100,000 or any integral multiple of $100,000 (a “Revolving Credit Loan”). Each Revolving Credit Loan to be made in accordance with the provisions of this Section 1.1 2.1 shall, at the election of the BorrowerBorrowers, be made either in the form of (i) a Variable Rate Loan (individually, a “Variable Rate Loan” and, and collectively, the “Variable Rate Loans”) or (ii) a Eurodollar Rate Loan (individually, a “Eurodollar Rate Loan” and, and collectively, the “Eurodollar Rate Loans”); provided, however, that the Borrower Borrowers shall not be permitted to have outstanding at any time more than a total of eight (8) Eurodollar Rate Loans and Eurodollar Rate Portions of the Tranche A Term Loan, except as otherwise permitted by the Lender in its sole discretion. Notwithstanding the foregoing, each Eurodollar Rate Loan shall be in the initial principal amount of $1,000,000 or any integral multiple of $100,000. The aggregate unpaid principal amount of the Variable Rate Loans and the Eurodollar Rate Loans at any one time outstanding shall not exceed the Revolving Credit Commitment. Each Revolving Credit Loan shall be made pursuant to the request of the Borrower Borrowers to the Lender, Lender which request for a Revolving Credit Loan shall specify (i) the total amount of such the Revolving Credit Loan; (ii) the borrowing date (the “Borrowing Date”), which shall be a Business Day in the case of a Variable Rate Loan and a Eurodollar Banking Day in the case of a Eurodollar Rate Loan; and (iii) whether the Revolving Credit Loan is to be a Variable Rate Loan or a Eurodollar Rate Loan (and in the case of a Eurodollar Rate Loan, the length of the Interest Period). Requests for Variable Rate Loans may be made on the applicable Borrowing Date. Requests for Eurodollar Rate Loans shall be made at least two three (23) Eurodollar Banking Days prior to the applicable Borrowing Date. In the case of a request for a Eurodollar Rate Loan, the Lender shall, shall not later than 11:00 a.m., Columbus, Ohio time one two (12) Eurodollar Banking Day Days prior to the Borrowing Date, give notice to the Borrower Borrowers of the Adjusted Eurodollar Rate (including information as to the calculation thereof) applicable for the period requested by the BorrowerBorrowers. The Borrower shall, Borrowers shall not later than 3:00 p.m.11:00 a.m., Columbus, Ohio time one (1) Eurodollar Banking Day prior to the Borrowing Date, give notice by telephone confirmed in writing to the Lender whether the Borrower wishes they wish (i) to complete such borrowing in the form of a Eurodollar Rate Loan; (ii) to complete such borrowing as a Variable Rate Loan; or (iii) to cancel its their request for a Revolving Credit Loan. Failure by the Borrower Borrowers to timely deliver such notice shall constitute cancellation of such request. Notwithstanding any other provision of this Agreement to the contrary, the parties understand and agree that if and to the extent the Borrowers participate in Lender’s cash management program, Revolving Credit Loans shall be automatically disbursed and repaid on a daily basis based on the cash deposits and disbursements in the Borrowers’ accounts with the Lender.

Appears in 1 contract

Samples: Loan Agreement (Security Capital Corp/De/)

Revolving Credit Commitment. The Lender hereby agrees on Subject to the terms and conditions of this Agreement, from the date of this Agreement to lend but excluding the Revolving Credit Commitment Termination Date, provided that no Event of Default then has occurred and is continuing, Bank will make one or more revolving loans (collectively, the “Revolving Loans” and individually, a “Revolving Loan”) to Borrower as Borrower may request from time to time; provided, however, that the Borrower the maximum sum aggregate outstanding principal amount of One all such Revolving Loans at any one time shall not exceed Thirty-Five Million Dollars ($1,000,00035,000,000) (the “Revolving Credit Commitment”). The Each Revolving Credit Commitment shall be available to Loan requested and made hereunder which bears interest at a rate based upon the Borrower, subject to the limitations herein, Base Interest Rate (as such term is defined in whole or part and from time to time until September 30, 2003, and any amounts borrowed may be repaid in whole or in part and reborrowed until such date. Each borrowing under the Revolving Credit Commitment shall be made in accordance with the provisions of this Section 1.1, and shall be subject to the conditions of Article 4 hereof, and Note) shall be in the initial a principal amount of not less than Five Hundred Thousand Dollars ($100,000 or any integral multiple of $100,000 (a “Revolving Credit Loan”500,000). Each Revolving Credit Loan to be requested and made in accordance with hereunder which bears interest at a rate based upon the provisions of this Section 1.1 shall, at the election of the Borrower, be made either Reference Rate (as such term is defined in the form of (iRevolving Note) shall be in a Variable Rate Loan (individually, a “Variable Rate Loan” and, collectively, the “Variable Rate Loans”) or (ii) a Eurodollar Rate Loan (individually, a “Eurodollar Rate Loan” and, collectively, the “Eurodollar Rate Loans”); provided, however, that the Borrower shall not be permitted to have outstanding at any time more than a total of eight (8) Eurodollar Rate Loans and Eurodollar Rate Portions of the Tranche A Term Loan, except as otherwise permitted by the Lender in its sole discretion. The aggregate unpaid principal amount of not less than One Hundred Thousand Dollars ($100,000). Within the Variable Rate limits of time and amount set forth in this Section 2.1, Borrower may borrow, repay and reborrow Revolving Loans and the Eurodollar Rate Loans at any one time outstanding shall not exceed under the Revolving Credit Commitment. Each All Revolving Loans shall be requested before the Revolving Credit Loan Commitment Termination Date, on which date all outstanding principal of and accrued but unpaid interest on all Revolving Loans shall be made pursuant due and payable. Borrower’s obligation to repay the request of the Borrower to the Lender, which request for a Revolving Credit Loan shall specify (i) the total outstanding principal amount of such all Revolving Credit Loan; (ii) the borrowing date Loans, together with accrued but unpaid interest thereon, shall be evidenced by a promissory note issued by Borrower in favor of Bank (the “Borrowing DateRevolving Note)) on the standard form used by Bank to evidence its commercial loans. Bank shall enter the amount of each Revolving Loan, which and any payments thereof, in its books and records, and such entries shall be a Business Day in prima facie evidence of the case of a Variable Rate Loan and a Eurodollar Banking Day in the case of a Eurodollar Rate Loan; and (iii) whether principal amount outstanding under the Revolving Credit Loan is Commitment. The failure of Bank to be a Variable Rate Loan or a Eurodollar Rate Loan (make any notation in its books and records shall not discharge Borrower of its obligation to repay in the case of a Eurodollar Rate Loan, the length full with interest all amounts borrowed hereunder. The proceeds of the Interest Period). Requests for Variable Rate Loans may be made on the applicable Borrowing Date. Requests for Eurodollar Rate Revolving Loans shall be made at least two (2) Eurodollar Banking Days prior disbursed pursuant to the applicable Borrowing Date. In the case of a request an Authorization to Disburse, on Bank’s standard form therefor, executed and delivered by Borrower to Bank, and used by Borrower for a Eurodollar Rate Loan, the Lender shall, not later than 11:00 a.m., Columbus, Ohio time one (1) Eurodollar Banking Day prior to the Borrowing Date, give notice to the Borrower any of the Adjusted Eurodollar Rate (including information as to the calculation thereofpurposes set forth in Section 2.3(a) applicable for the period requested by the Borrower. The Borrower shall, not later than 3:00 p.m., Columbus, Ohio time one (1) Eurodollar Banking Day prior to the Borrowing Date, give notice by telephone confirmed in writing to the Lender whether the Borrower wishes (i) to complete such borrowing in the form of a Eurodollar Rate Loan; (ii) to complete such borrowing as a Variable Rate Loan; or (iii) to cancel its request for a Revolving Credit Loan. Failure by the Borrower to timely deliver such notice shall constitute cancellation of such requesthereinbelow.

Appears in 1 contract

Samples: Credit Agreement (Motorcar Parts America Inc)

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