Common use of Revolving Credit Commitment Clause in Contracts

Revolving Credit Commitment. (a) Subject to the terms and conditions set forth in this Agreement and so long as no Default or Event of Default has occurred and is continuing, during the Revolving Credit Period, Lender agrees to make such loans to the Company (individually, a "Revolving Credit Loan" and collectively, the "Revolving Credit Loans") as the Company may from time to time request pursuant to Section 2.04. Each Revolving Credit Loan under this Section 2.01(a) which is a Revolving Credit Prime Loan shall be for an aggregate principal amount of at least $100,000.00 or any larger multiple of $25,000.00. Each Revolving Credit Loan under this Section 2.01(a) which is a Revolving Credit LIBOR Loan shall be for an aggregate principal amount of at least $500,000.00 or any larger multiple of $100,000.00. The aggregate principal amount of Revolving Credit Loans which Lender shall be required to have outstanding under this Agreement as of any date shall not exceed the sum of (i) the lesser of (A) the amount of Lender's Revolving Credit Commitment as of such date or (B) the Borrowing Base as of such date minus (ii) the aggregate undrawn face amount of all Letters of Credit outstanding as of such date plus all unreimbursed drawings with respect thereto. In no event shall the Total Revolving Credit Outstandings as of any date exceed the lesser of (i) the amount of Lender's Revolving Credit Commitment as of such date or (ii) the Borrowing Base as of such date. Within the foregoing limits, the Company may borrow under this Section 2.01(a), prepay under Section 2.11 and reborrow at any time during the Revolving Credit Period under this Section 2.01(a). All Revolving Credit Loans not paid prior to the last day of the Revolving Credit Period, together with all accrued and unpaid interest thereon and all fees and other amounts owing by the Company to Lender with respect thereto, shall be due and payable on the last day of the Revolving Credit Period.

Appears in 1 contract

Samples: Loan Agreement (Labarge Inc)

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Revolving Credit Commitment. (a) Subject to and upon the terms and conditions set forth in of this Agreement and so long as no Default or Event of Default has occurred and is continuingAgreement, during the Revolving Credit Period, (i) each Facility A Lender severally (but not jointly) agrees to make such loans Facility A Loans in Dollars, euros and any Optional Currency to the Company (individually, a "Revolving Credit Loan" and collectively, Borrower and/or the "Revolving Credit Loans") as the Company may Regular Subsidiary Borrowers from time to time request pursuant to Section 2.04. Each Revolving Credit Loan under this Section 2.01(a) which is a Revolving Credit Prime Loan shall be for an aggregate principal amount of at least $100,000.00 or any larger multiple of $25,000.00. Each Revolving Credit Loan under this Section 2.01(a) which is a Revolving Credit LIBOR Loan shall be for an aggregate principal amount of at least $500,000.00 or any larger multiple of $100,000.00. The aggregate principal amount of Revolving Credit Loans which Lender shall be required to have outstanding under this Agreement as of any date shall not exceed the sum of (i) the lesser of (A) the amount of Lender's Revolving Credit Commitment as of such date or (B) the Borrowing Base as of such date minus (ii) the aggregate undrawn face amount of all Letters of Credit outstanding as of such date plus all unreimbursed drawings with respect thereto. In no event shall the Total Revolving Credit Outstandings as of any date exceed the lesser of (i) the amount of Lender's Revolving Credit Commitment as of such date or (ii) the Borrowing Base as of such date. Within the foregoing limits, the Company may borrow under this Section 2.01(a), prepay under Section 2.11 and reborrow at any time during the Revolving Credit Commitment Period under this Section 2.01(a). All Revolving Credit Loans in an aggregate principal amount not paid prior to exceed at any one time the Available Facility A Commitment of such Facility A Lender; provided that, after giving effect to the last day making of such Facility A Loans, the Aggregate Facility A Revolving Extensions of Credit will not exceed the Facility A Commitments; (ii) each Facility B Lender severally (but not jointly) agrees to make Facility B Loans in Dollars, euros, and any Optional Currency to the Borrower and/or the Regular Subsidiary Borrowers from to time during the Revolving Credit Period, together with all accrued and unpaid interest thereon and all fees and other amounts owing by Commitment Period in an aggregate principal amount not to exceed the Company to Available Facility B Commitment of such Facility B Lender with respect thereto, (which for this purpose shall be due computed as though the amount in subclause (b)(i) in the definition thereof is $0); provided that, after giving effect to the making of such Facility B Loans, the Aggregate Facility B Revolving Extensions of Credit will not exceed the Facility B Commitments; (iii) each Facility C Lender severally (but not jointly) agrees to make Facility C Loans in Dollars, euros, and payable on any Optional Currency to the last day of Borrower and/or the Regular Subsidiary Borrowers from to time during the Revolving Credit Period.Commitment Period in an aggregate principal amount not to exceed the Available Facility C Commitment of such Facility C Lender; provided that, after giving effect to the making of such Facility C Loans, the Aggregate Facility C Revolving Extensions of Credit will not exceed the Facility C Commitments (which for this purpose shall be computed as though the amount in subclause (b)(i) in the definition thereof is $0); (iv) each Facility D Lender severally (but not jointly) agrees to make Facility D Loans in Dollars, euros, and any Optional Currency to the Borrower and/or the Regular Subsidiary Borrowers from to time during the Revolving Credit Commitment Period in an aggregate principal amount not to exceed the Available Facility D Commitment of such Facility D Lender (which for this purpose shall be computed as though the amount in subclause (b)(i) in the definition thereof is $0); provided that, after giving effect to the making of such Facility D Loans, the Aggregate Facility D Revolving Extensions of Credit will not exceed the Facility D Commitments; (v) each Sterling Lender, which shall also be a Facility B Lender or an affiliate thereof, severally (but not jointly) agrees to make Sterling Loans in Sterling or euros to each Sterling Subsidiary Borrower from time to time during the Revolving Credit Commitment Period in an aggregate principal amount not to exceed the Available Sterling Commitment of such Sterling Lender in accordance with the terms of Annex B hereto (which for this purpose shall be computed as though the amount in subclause (b)(i) in the definition thereof is $0); provided that, after giving effect to the making of such Sterling Loans, the Aggregate Sterling Revolving Extensions of Credit will not exceed the Sterling Commitments; (vi) each Australian Dollar Lender, which shall be a Facility C Lender or an affiliate thereof, severally (but not jointly) agrees to make Australian Dollar Loans in Australian Dollars to each Australian Subsidiary Borrower from time to time during the Revolving Credit Commitment Period in an aggregate principal amount not to exceed the Available Australian Commitment of such

Appears in 1 contract

Samples: Credit Agreement (Scotts Company)

Revolving Credit Commitment. (a) Subject The Borrowers may, upon notice to the terms and conditions set forth in this Agreement and so long as no Default or Event of Default has occurred and is continuingAdministrative Agent from the Borrower Agent, during terminate the Aggregate Revolving Credit Period, Lender agrees to make such loans to the Company (individually, a "Revolving Credit Loan" and collectivelyCommitments, the "Revolving Letter of Credit Loans") as Sublimit or the Company may Swing Line Sublimit, or from time to time request pursuant to Section 2.04. Each permanently reduce the Aggregate Revolving Credit Loan under this Section 2.01(aCommitments, the Letter of Credit Sublimit or the Swing Line Sublimit; provided that (i) which is a Revolving Credit Prime Loan any such notice shall be for received by the Administrative Agent not later than 11:00 A.M. five Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate principal amount of at least $100,000.00 5,000,000 or any larger whole multiple of $25,000.00. Each Revolving Credit Loan under this Section 2.01(a5,000,000 in excess thereof, (iii) which is a Revolving Credit LIBOR Loan shall be for an aggregate principal amount of at least $500,000.00 or any larger multiple of $100,000.00. The aggregate principal amount of Revolving Credit Loans which Lender shall be required to have outstanding under this Agreement as of any date the Borrowers shall not exceed the sum of (i) the lesser of terminate or reduce (A) the amount of Lender's Aggregate Revolving Credit Commitment as of such date or (B) the Borrowing Base as of such date minus (ii) the aggregate undrawn face amount of all Letters of Credit outstanding as of such date plus all unreimbursed drawings with respect thereto. In no event shall Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Revolving Credit Outstandings as of any date would exceed the lesser Aggregate Revolving Credit Commitments, (B) the Letter of Credit Sublimit if, after giving effect thereto, the Outstanding Amount of Letter of Credit Obligations not fully Cash Collateralized hereunder would exceed the Letter of Credit Sublimit, or (iC) the Swing Line Sublimit if, after giving effect thereto and to any concurrent prepayments hereunder, the Outstanding Amount of Swing Line Loans would exceed the Swing Line Sublimit and (iv) if, after giving effect to any reduction or termination of the Aggregate Revolving Credit Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the amount of Lender's the Aggregate Revolving Credit Commitments, such Sublimit shall be automatically reduced by the amount of such excess. The Administrative Agent will promptly notify the Lenders of any such notice of termination or reduction of the Aggregate Revolving Credit Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit. Any reduction of the Aggregate Revolving Credit Commitments shall be applied to the Revolving Credit Commitment as of each Revolving Credit Lender according to its Applicable Revolving Credit Percentage. All fees accrued until the effective date of any termination of the Aggregate Revolving Credit Commitments shall be paid on the effective date of such date or termination. (ii) the Borrowing Base as of such date. Within the foregoing limits, the Company may borrow under this Section 2.01(ab), prepay under Section 2.11 and reborrow at any time during the Revolving Credit Period under this Section 2.01(a). All Revolving Credit Loans not paid prior to the last day of the Revolving Credit Period, together with all accrued and unpaid interest thereon and all fees and other amounts owing by the Company to Lender with respect thereto, shall be due and payable on the last day of the Revolving Credit Period.

Appears in 1 contract

Samples: Credit Agreement (Lifecore Biomedical, Inc. \De\)

Revolving Credit Commitment. (a) Subject to and upon the terms and conditions set forth in of this Agreement Agreement, each Lender severally (but not jointly) agrees to make Revolving Credit Loans to the Borrower and so long as no Default or Event of Default has occurred and is continuing, the Subsidiary Borrowers from time to time during the Revolving Credit Period, Lender agrees to make such loans to the Company (individually, a "Revolving Credit Loan" and collectively, the "Revolving Credit Loans") as the Company may from time to time request pursuant to Section 2.04. Each Revolving Credit Loan under this Section 2.01(a) which is a Revolving Credit Prime Loan shall be for Commitment Period in an aggregate principal amount not to exceed the Available Commitment; provided that, after giving effect to the making of at least $100,000.00 or such Revolving Credit Loans, the Aggregate Outstanding Extensions of Credit will not exceed the Revolving Credit Commitments and provided further that no Lender shall make any larger multiple of $25,000.00. Each Revolving Credit Loan under this Section 2.01(a) which is a in Optional Currencies if, after giving effect to the making of such Revolving Credit LIBOR Loan shall be for an aggregate principal amount of at least $500,000.00 or any larger multiple of $100,000.00. The aggregate principal amount of Revolving Credit Loans which Lender shall be required to have outstanding under this Agreement as of any date shall not exceed the sum of Loan, (i) the lesser sum of (A) the amount Dollar Equivalent of Lender's the then outstanding Revolving Credit Commitment as of such date or (B) Loans in Optional Currencies other than Sterling and the Borrowing Base as of such date minus (ii) the aggregate undrawn face amount of all Letters of Credit then outstanding as of such date plus all unreimbursed drawings with respect thereto. In no event shall the Total Revolving Credit Outstandings as of any date L/C Obligations in Optional Currencies other than Sterling would exceed the lesser Optional Currency Equivalent of (i) the amount of Lender's Revolving Credit Commitment as of such date $50,000,000 or (ii) the Borrowing Base as sum of such datethe outstanding Revolving Credit Loans in Optional Currencies including Sterling and outstanding L/C Obligations in Optional Currencies including Sterling would exceed the Optional Currency Equivalent of $250,000,000. Within the foregoing limits, the Company may borrow under this Section 2.01(a), prepay under Section 2.11 and reborrow at any time during During the Revolving Credit Commitment Period under this Section 2.01(a). All the Borrower and the Subsidiary Borrowers may use the Revolving Credit Commitments by borrowing, prepaying the Revolving Credit Loans not paid prior to in whole or in part, and reborrowing, all in accordance with the last day of terms and conditions hereof. The Borrower and Domestic Subsidiary Borrowers may make ABR Loan and LIBOR Loan borrowings in Dollars and may make LIBOR Loan borrowings in any Optional Currency under the Revolving Credit Period, together with all accrued and unpaid interest thereon and all fees and other amounts owing by the Company to Lender with respect thereto, shall be due and payable on the last day of Facility. Foreign Subsidiary Borrowers may make LIBOR Loan borrowings in Dollars or in any Optional Currency under the Revolving Credit PeriodFacility. Any Revolving Credit Loan which is made to the Borrower or any Subsidiary Borrower, where the Borrower or such Subsidiary Borrower is a resident for taxation purposes in the United Kingdom (i) shall be made by an Eligible U.K. Bank and (ii) any interest payable with respect thereto shall be beneficially owned by such Eligible U.K. Bank, unless such Lender is unable to comply. In such event, the Borrower or the relevant Subsidiary Borrower desiring to make a Revolving Credit Loan borrowing shall state in the notice requesting such advance that it is a resident of the United Kingdom for taxation purposes.

Appears in 1 contract

Samples: Credit Agreement (Scotts Company)

Revolving Credit Commitment. (a) Subject to and upon the terms and conditions set forth in of this Agreement and so long as no Default or Event of Default has occurred and is continuingAgreement, each Revolving Credit Lender severally (but not jointly) agrees to make Revolving Credit Loans to the Borrower and/or the Subsidiary Borrowers from time to time during the Revolving Credit Period, Lender agrees to make such loans to the Company (individually, a "Revolving Credit Loan" and collectively, the "Revolving Credit Loans") as the Company may from time to time request pursuant to Section 2.04. Each Revolving Credit Loan under this Section 2.01(a) which is a Revolving Credit Prime Loan shall be for Commitment Period in an aggregate principal amount of at least $100,000.00 or any larger multiple of $25,000.00. Each not to exceed the Available Revolving Credit Loan under this Section 2.01(a) which is a Commitment of such Revolving Credit LIBOR Loan Lender; provided that, after giving effect to the making of such Revolving Credit Loans, the Aggregate Revolving Extensions of Credit will not exceed the Revolving Credit Commitments and provided further that the Revolving Credit Lenders shall be for an aggregate principal amount of at least $500,000.00 or not make any larger multiple of $100,000.00. The aggregate principal amount of Revolving Credit Loans which Lender shall be required in Optional Currencies if, after giving effect to have outstanding under this Agreement as the making of any date shall not exceed the sum of such Revolving Credit Loan, (i) the lesser sum of (A) the amount Dollar Equivalent of Lender's the then outstanding Revolving Credit Commitment as of such date or (B) Loans in Optional Currencies other than Sterling and the Borrowing Base as of such date minus (ii) the aggregate undrawn face amount of all Letters of Credit then outstanding as of such date plus all unreimbursed drawings with respect thereto. In no event shall the Total Revolving Credit Outstandings as of any date L/C Obligations in Optional Currencies other than Sterling would exceed the lesser Optional Currency Equivalent of (i) the amount of Lender's Revolving Credit Commitment as of such date $120,000,000 or (ii) the Borrowing Base as sum of such datethe outstanding Revolving Credit Loans in Optional Currencies including Sterling and outstanding L/C Obligations in Optional Currencies including Sterling would exceed the Optional Currency Equivalent of $225,000,000 and provided further that no more than the Dollar Equivalent of $75,000,000 in Revolving Credit Loans shall be made on the Closing Date. Within the foregoing limits, the Company may borrow under this Section 2.01(a), prepay under Section 2.11 and reborrow at any time during During the Revolving Credit Commitment Period under this Section 2.01(a). All the Borrower and the Subsidiary Borrowers may use the Revolving Credit Commitments by borrowing, repaying the Revolving Credit Loans not paid prior in whole or in part, and reborrowing, 47 41 all in accordance with the terms and conditions hereof. Each Revolving Credit Lender shall only be required to make Revolving Credit Loans (x) in Dollars (y) in the Optional Currencies listed with its name on Schedule 1 and from the Lending Installation outside of the United States listed with its name on Schedule 1 and (z) in such other Optional Currencies and from such other Lending Installations outside of the United States as it may agree from time to time by notice to the last day Administrative Agent. The Administrative Agent shall use reasonable efforts in designating from time to time which of the Revolving Credit PeriodLenders willing to lend in the requested currency and from Lending Installations in any requested jurisdiction shall participate in the making of any Revolving Credit Loan requested to be made, together with all accrued and unpaid interest thereon in the respective amounts to be lent by them and all fees and other amounts owing by the Company to Lender with respect thereto, shall be due and payable on the last day which of the Revolving Credit PeriodLoans shall be repaid with repayments, in order to accommodate the requests of the Borrower and the Subsidiary Borrowers with respect to the Revolving Credit Loans and to make from time to time the aggregate outstanding Revolving Credit Loans as ratable among the Revolving Credit Lenders as reasonably practicable in the judgment of the Administrative Agent. The Borrower and Domestic Subsidiary Borrowers may, subject to Schedule 1, make ABR Loan and LIBOR Loan borrowings in Dollars and may make LIBOR Loan borrowings in any Optional Currency under the Revolving Credit Facility. Foreign Subsidiary Borrowers may, subject to Schedule 1, make LIBOR Loan borrowings in Dollars or in any Optional Currency under the Revolving Credit Facility. Each Lender agrees that each of its Lending Installations listed on Schedule 1 and subsequently agreed from time to time in Belgium, France, Germany and the United Kingdom shall be on the date hereof or the date of such agreement an Eligible Belgian Bank, an Eligible French Bank, an Eligible German Bank or an Eligible U.K. Bank, as the case may be.

Appears in 1 contract

Samples: Credit Agreement (Scotts Company)

Revolving Credit Commitment. (a) Subject to the terms and conditions set forth of this Agreement, each Lender severally agrees to make Advances in this Agreement Dollars or an Offshore Currency to Greenfield (in the case of Domestic Revolving Credit Loans) or to Kemmxx X xr Cirbx (xx the case of Foreign Revolving Credit Loans), as the case may be, in each case to the Borrower requesting such Advance (as specified in the respective Borrowing Notice), from time to time from the Effective Date until the Revolving Credit Termination Date on a pro rata basis as to the total borrowing requested by such Borrower under the Revolving Credit Facility on any day determined by its Applicable Commitment Percentage of the Total Revolving Credit Commitment up to but not exceeding a Dollar Value equal to the Revolving Credit Commitment of such Lender, provided, however, that the Lenders will not be required and shall have no obligation to make any Advance (i) so long as no a Default or an Event of Default has occurred and is continuing, during continuing or (ii) if the Agent has accelerated the maturity of the Revolving Credit PeriodNotes as a result of an Event of Default; provided further, Lender agrees however, that immediately after giving effect to make each such loans to Advance, (A) the Company (individually, a "Dollar Value of Outstanding Credit Obligations shall not exceed the Total Revolving Credit Loan" Commitment and collectively(B) if such Advance is denominated in an Offshore Currency, the "principal amount of Outstanding Credit Obligations denominated in such Applicable Currency shall not exceed the Applicable Offshore Currency Commitment. Within such limits, the Borrowers may borrow, repay and reborrow hereunder, on a Business Day, from the Effective Date until, but (as to borrowings and reborrowings) not including, the Revolving Credit Loans"Termination Date; provided, however, that (x) as the Company may from time to time request pursuant to Section 2.04. Each Revolving Credit no Eurodollar Loan under this Section 2.01(a) which that is a Revolving Credit Prime Loan shall be for made which has an aggregate principal amount of at least $100,000.00 or any larger multiple of $25,000.00. Each Revolving Credit Loan under this Section 2.01(a) which is a Revolving Credit LIBOR Loan shall be for an aggregate principal amount of at least $500,000.00 or any larger multiple of $100,000.00. The aggregate principal amount of Revolving Credit Loans which Lender shall be required to have outstanding under this Agreement as of any date shall not exceed the sum of (i) the lesser of (A) the amount of Lender's Revolving Credit Commitment as of such date or (B) the Borrowing Base as of such date minus (ii) the aggregate undrawn face amount of all Letters of Credit outstanding as of such date plus all unreimbursed drawings with respect thereto. In no event shall the Total Revolving Credit Outstandings as of any date exceed the lesser of (i) the amount of Lender's Revolving Credit Commitment as of such date or (ii) the Borrowing Base as of such date. Within the foregoing limits, the Company may borrow under this Section 2.01(a), prepay under Section 2.11 and reborrow at any time during Interest Period that extends beyond the Revolving Credit Period under this Section 2.01(a). All Revolving Credit Loans not paid prior Termination Date, (y) each Eurodollar Loan may, subject to the last day provisions of the Revolving Credit PeriodSection 2.11, together with all accrued and unpaid interest thereon and all fees and other amounts owing by the Company to Lender with respect thereto, shall be due and payable repaid only on the last day of the Revolving Credit PeriodInterest Period with respect thereto, and (z) no Offshore Currency Loan may bear interest at the Base Rate.

Appears in 1 contract

Samples: Credit Facilities and Reimbursement Agreement (Greenfield Industries Inc /De/)

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Revolving Credit Commitment. (a) Subject to the terms and conditions herein set forth in this Agreement and so long as no Default or Event of Default has occurred and is continuingforth, each Committed Lender severally agrees, on any Business Day during the Revolving Credit Availability Period, Lender agrees to make such loans Syndicated Loans to the Company (individuallyBorrower Parties, in Dollars or in one or more Alternative Currencies, on a "Revolving Credit Loan" several basis, at any time and collectively, the "Revolving Credit Loans") as the Company may from time to time request pursuant to Section 2.04. Each Revolving Credit Loan under this Section 2.01(a) which is a Revolving Credit Prime Loan shall be for in an aggregate principal amount of up to such Committed Lender’s Commitment at least $100,000.00 or any larger multiple of $25,000.00. Each Revolving Credit Loan under this Section 2.01(asuch time; provided, however, that after making any such Loans: (a) which is a Revolving Credit LIBOR Loan shall be for an aggregate principal amount of at least $500,000.00 or any larger multiple of $100,000.00. The aggregate principal amount of Revolving Credit Loans which Lender shall be required to have outstanding under this Agreement as of any date shall such Committed Lender’s Principal Obligation would not exceed the sum of (i) the lesser of (A) the amount of such Committed Lender's Revolving Credit ’s Commitment as of such date or date; (Bb) the Borrowing Base as Principal Obligation of such date minus Committed Lender’s Lender Group would not exceed the aggregate applicable Lender Group Limit of such Lender Group; and (iic) the aggregate undrawn face amount of all Letters of Credit outstanding as of such date plus all unreimbursed drawings with respect thereto. In no event shall the Total Revolving Credit Outstandings as of any date Principal Obligation would not exceed the lesser Available Commitment; and (d) the Dollar Equivalent of (i) the amount of Lender's Revolving Credit Commitment as the Principal Obligation that is denominated in Alternative Currencies would not exceed twenty-five percent (25%) of such date or (ii) the Borrowing Base as of such dateMaximum Commitment. Within Subject to the foregoing limitslimitation, the Company conditions set forth in Section 7 and the other terms and conditions hereof, the Borrower Parties may borrow, repay without penalty or premium (subject to Section 4.05), and re-borrow under hereunder, during the Availability Period. Each Borrowing pursuant to this Section 2.01(a)2.01 shall be funded ratably by each Lender Group in accordance with its Applicable Percentage and, prepay under Section 2.11 and reborrow at 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 time during Loan if the Revolving Credit Period under this Section 2.01(a). All Revolving Credit Loans not paid prior to interest rate applicable thereto hereunder would exceed the last day of the Revolving Credit Period, together with all accrued and unpaid interest thereon and all fees and other amounts owing by the Company to Lender Maximum Rate in effect with respect thereto, shall be due and payable on the last day of the Revolving Credit Period.to such Loan. 4890-4745-6322 v.15

Appears in 1 contract

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

Revolving Credit Commitment. (a) Subject The Borrowers may, upon notice to the terms and conditions set forth in this Agreement and so long as no Default or Event of Default has occurred and is continuingAdministrative Agent from the Borrower Agent, during terminate the Aggregate Revolving Credit Period, Lender agrees to make such loans to the Company (individually, a "Revolving Credit Loan" and collectivelyCommitments, the "Revolving Letter of Credit Loans") as Sublimit or the Company may Swing Line Sublimit, or from time to time request pursuant to Section 2.04. Each permanently reduce the Aggregate Revolving Credit Loan under this Section 2.01(aCommitments, the Letter of Credit Sublimit or the Swing Line Sublimit; provided that (i) which is a Revolving Credit Prime Loan any such notice shall be for received by the Administrative Agent not later than 11:00 a.m. three (3) Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate principal amount of at least $100,000.00 25,000,000 or any larger whole multiple of $25,000.00. Each 5,000,000 in excess thereof, (iii) no such partial reduction shall result in the Aggregate Revolving Credit Loan under this Section 2.01(aCommitments being less than $75,000,000, (iv) which is a Revolving Credit LIBOR Loan shall be for an aggregate principal amount of at least $500,000.00 or any larger multiple of $100,000.00. The aggregate principal amount of Revolving Credit Loans which Lender shall be required to have outstanding under this Agreement as of any date the Borrowers shall not exceed the sum of (i) the lesser of terminate or reduce (A) the amount of Lender's Aggregate Revolving Credit Commitment as of such date or (B) the Borrowing Base as of such date minus (ii) the aggregate undrawn face amount of all Letters of Credit outstanding as of such date plus all unreimbursed drawings with respect thereto. In no event shall Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Revolving Credit Outstandings as of any date would exceed the lesser Aggregate Revolving Credit Commitments, (B) the Letter of Credit Sublimit if, after giving effect thereto, the Outstanding Amount of Letter of Credit Obligations not fully Cash Collateralized hereunder would exceed the Letter of Credit Sublimit, or (iC) the Swing Line Sublimit if, after giving effect thereto and to any concurrent prepayments hereunder, the Outstanding Amount of Swing Line Loans would exceed the Swing Line Sublimit and (v) if, after giving effect to any reduction or termination of the Aggregate Revolving Credit Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the amount of Lender's the Aggregate Revolving Credit Commitments, such Sublimit shall be automatically reduced by the amount of such excess. The Administrative Agent will promptly notify the Lenders of any such notice of termination or reduction of the Aggregate Revolving Credit Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit. Any reduction of the Aggregate Revolving Credit Commitments shall be applied to the Revolving Credit Commitment as of each Revolving Credit Lender according to its Applicable Revolving Credit Percentage. All fees accrued until the effective date of any termination of the Aggregate Revolving Credit Commitments shall be paid on the effective date of such date or termination. (ii) the Borrowing Base as of such date. Within the foregoing limits, the Company may borrow under this Section 2.01(ab), prepay under Section 2.11 and reborrow at any time during the Revolving Credit Period under this Section 2.01(a). All Revolving Credit Loans not paid prior to the last day of the Revolving Credit Period, together with all accrued and unpaid interest thereon and all fees and other amounts owing by the Company to Lender with respect thereto, shall be due and payable on the last day of the Revolving Credit Period.

Appears in 1 contract

Samples: Credit Agreement (Roadrunner Transportation Systems, Inc.)

Revolving Credit Commitment. (a) Subject The Borrowers may, upon notice to the terms and conditions set forth in this Agreement and so long as no Default or Event of Default has occurred and is continuingAdministrative Agent from the Borrower Agent, during terminate the Aggregate Revolving Credit Period, Lender agrees to make such loans to the Company (individually, a "Revolving Credit Loan" and collectivelyCommitments, the "Revolving Letter of Credit Loans") as Sublimit or the Company may Swing Line Sublimit, or from time to time request pursuant to Section 2.04. Each permanently reduce the Aggregate Revolving Credit Loan under this Section 2.01(aCommitments, the Letter of Credit Sublimit or the Swing Line Sublimit; provided that (i) which is a Revolving Credit Prime Loan any such notice shall be for received by the Administrative Agent not later than 11:00 A.M. five Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate principal amount of at least $100,000.00 5,000,000 or any larger whole multiple of $25,000.00. Each Revolving Credit Loan under this Section 2.01(a5,000,000 in excess thereof, (iii) which is a Revolving Credit LIBOR Loan shall be for an aggregate principal amount of at least $500,000.00 or any larger multiple of $100,000.00. The aggregate principal amount of Revolving Credit Loans which Lender shall be required to have outstanding under this Agreement as of any date the Borrowers shall not exceed the sum of (i) the lesser of terminate or reduce (A) the amount of Lender's Aggregate Revolving Credit Commitment as of such date or (B) the Borrowing Base as of such date minus (ii) the aggregate undrawn face amount of all Letters of Credit outstanding as of such date plus all unreimbursed drawings with respect thereto. In no event shall Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Revolving Credit Outstandings as of any date would exceed the lesser Aggregate Revolving Credit Commitments, (B) the Letter of Credit Sublimit if, after giving effect thereto, the Outstanding Amount of Letter of Credit Obligations not fully Cash Collateralized hereunder would exceed the Letter of Credit Sublimit, or (C) the Swing Line Sublimit if, after giving effect thereto and to any concurrent prepayments hereunder, the Outstanding Amount of Swing Line Loans would exceed the Swing Line Sublimit and (iv) if, after giving effect to any reduction or termination of the Aggregate Revolving Credit Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the amount of the Aggregate Revolving Credit Commitments, such Sublimit shall be automatically reduced by the amount of such excess; provided further that notwithstanding the notice requirement set forth in clause (i) of the amount foregoing proviso, the prepayment of Lender's the Loans in connection with the Specialty Disposition shall be accompanied by a permanent reduction in Revolving Credit Commitments to $80,000,000 concurrently with such prepayment. The Administrative Agent will promptly notify the Lenders of any such notice of termination or reduction of the Aggregate Revolving Credit Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit. Any reduction of the Aggregate Revolving Credit Commitments shall be applied to the Revolving Credit Commitment as of each Revolving Credit Lender according to its Applicable Revolving Credit Percentage. All fees accrued until the effective date of any termination of the Aggregate Revolving Credit Commitments shall be paid on the effective date of such date or (ii) the Borrowing Base as of such date. Within the foregoing limits, the Company may borrow under this Section 2.01(a), prepay under Section 2.11 and reborrow at any time during the Revolving Credit Period under this Section 2.01(a). All Revolving Credit Loans not paid prior to the last day of the Revolving Credit Period, together with all accrued and unpaid interest thereon and all fees and other amounts owing by the Company to Lender with respect thereto, shall be due and payable on the last day of the Revolving Credit Periodtermination.

Appears in 1 contract

Samples: Credit Agreement (Ascent Industries Co.)

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