Common use of Revolving Credit Clause in Contracts

Revolving Credit. Subject to the terms and conditions hereof, the Lender agrees to extend a revolving credit (the "Revolving Credit") to the Company which may be availed of by the Company from time to time during the period from and including the date hereof to but not including the Revolving Credit Termination Date, at which time the commitment of the Lender to extend credit under the Revolving Credit shall expire. The Revolving Credit may be utilized by the Company in the form of Revolving Credit Loans and Letters of Credit, all as more fully hereinafter set forth, provided that the aggregate principal amount of Revolving Credit Loans and Letters of Credit outstanding at any one time shall not exceed the Revolving Credit Commitment. During the period from and including the date hereof to but not including the Revolving Credit Termination Date, the Company may use the Revolving Credit Commitment by borrowing, repaying and reborrowing Revolving Credit Loans in whole or in part and/or by having the Lender issue Letters of Credit, having such Letters of Credit expire or otherwise terminate without having been drawn upon or, if drawn upon, reimbursing the Lender for each such drawing, and having the Lender issue new Letters of Credit, all in accordance with the terms and conditions of this Agreement. For purposes of this Agreement, where a determination of the unused or available amount of the Revolving Credit Commitment is necessary, the Revolving Credit Loans and Letters of Credit shall be deemed to utilize the Revolving Credit Commitment in an amount equal to the outstanding principal amounts thereof.

Appears in 4 contracts

Samples: Credit Agreement (Maf Bancorp Inc), Credit Agreement (Maf Bancorp Inc), Credit Agreement (Maf Bancorp Inc)

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Revolving Credit. Subject to the terms and conditions hereof, the each Lender severally agrees to extend a revolving credit (the "Revolving Credit") to the Company Borrower which may be availed of by the Company Borrower from time to time during the period from and including the date hereof to but not including the Revolving Credit Termination Date, at which time the commitment commitments of the Lender Lenders to extend credit under the Revolving Credit shall expire. The maximum amount of the Revolving Credit which each Lender agrees to extend to the Borrower shall be as set forth opposite such Lender's signature hereto under the heading "Revolving Credit Commitment", as such amount may be reduced pursuant hereto. The Revolving Credit may be utilized by the Company Borrower in the form of Revolving Credit Loans and Letters of Credit, all as more fully hereinafter set forth, provided that the aggregate principal amount of Revolving Credit Loans and Letters of Credit L/C Obligations outstanding at any one time shall not exceed the Revolving Credit CommitmentCommitments. During the period from and including the date hereof to but not including the Revolving Credit Termination Date, the Company Borrower may use the Revolving Credit Commitment Commitments by borrowing, repaying and reborrowing Revolving Credit Loans in whole or in part and/or by having the Lender Agent issue Letters of Credit, having such Letters of Credit expire or otherwise terminate without having been drawn upon or, if drawn upon, reimbursing the Lender Agent for each such drawing, and having the Lender Agent issue new Letters of Credit, all in accordance with the terms and conditions of this Agreement. For purposes of this Agreement, where a determination of the unused or available amount of the Revolving Credit Commitment Commitments is necessary, the Revolving Credit Loans and Letters of Credit shall be deemed to utilize the Revolving Credit Commitment Commitments. The obligations of the Lenders hereunder are several and not joint, and no Lender shall under any circumstances be obligated to extend credit under the Revolving Credit in an amount equal to the outstanding principal amounts thereofexcess of its Revolving Credit Commitment.

Appears in 2 contracts

Samples: Hewitt Associates Inc, Hewitt Associates Inc

Revolving Credit. Subject to the terms and conditions hereof, the Lender Bank agrees to extend a revolving credit (the "Revolving Credit") to the Company Borrower which may be availed of by the Company Borrower from time to time during the period from and including the date hereof to but not including the Revolving Credit Termination Date, at which time the commitment of the Lender Bank to extend credit under the Revolving Credit shall expire. The Revolving Credit may be utilized by the Company Borrower in the form of Revolving Credit Loans and Letters of Credit, all as more fully hereinafter set forth, provided that the aggregate principal amount of Revolving Credit Loans and Letters of Credit outstanding at any one time shall not exceed $12,500,000 (the Revolving Credit Commitment”, as such amount may be reduced pursuant to the terms hereof). During the period from and including the date hereof to but not including the Revolving Credit Termination Date, the Company Borrower may use the Revolving Credit Commitment by borrowing, repaying repaying, and reborrowing Revolving Credit Loans in whole or in part and/or by having the Lender Bank issue Letters of Credit, having such Letters of Credit expire or otherwise terminate without having been drawn upon or, if drawn upon, reimbursing the Lender Bank for each such drawing, and having the Lender Bank issue new Letters of Credit, all in accordance with the terms and conditions of this Agreement. For purposes of this Agreement, where a determination of the unused or available amount of the Revolving Credit Commitment is necessary, the Revolving Credit Loans and Letters of Credit shall be deemed to utilize the Revolving Credit Commitment in an amount equal to the outstanding principal amounts thereof.

Appears in 2 contracts

Samples: Credit Agreement (Diamond Management & Technology Consultants, Inc.), Credit Agreement (Diamond Management & Technology Consultants, Inc.)

Revolving Credit. Subject to the terms and conditions hereof, the Lender agrees to extend a revolving credit (the "Revolving Credit") to the Company which may be availed of by the Company from time to time during the period from and including the date hereof to but not including the Revolving Credit Termination Date, at which time the commitment of the Lender to extend credit under the Revolving Credit shall expire. The Revolving Credit may be utilized by the Company in the form of Revolving Credit Loans and Letters of Credit, all as more fully hereinafter set forth, provided that the aggregate principal amount of Revolving Credit Loans and Letters of Credit outstanding at any one time shall not exceed the Revolving Credit Commitment. During the period from and including the date hereof to but not including the Revolving Credit Termination Date, the Company may use the Revolving Credit Commitment by borrowing, repaying and reborrowing Revolving Credit Loans in whole or in part and/or by having the Lender issue Letters of Credit, having such Letters of Credit expire or otherwise terminate without having been drawn upon or, if drawn upon, reimbursing the Lender for each such drawing, and having the Lender issue new Letters of Credit, all in accordance with the terms and conditions of this Agreement. For purposes of this Agreement, where a determination of the unused or available amount of the Revolving Credit Commitment is necessary, the Revolving Credit Loans and Letters of Credit shall be deemed to utilize the Revolving Credit Commitment in an amount equal to the outstanding principal amounts thereof.

Appears in 2 contracts

Samples: Credit Agreement (Maf Bancorp Inc), Credit Agreement (Maf Bancorp Inc)

Revolving Credit. Subject to the terms and conditions hereof, the Lender Bank agrees to extend a revolving credit (the "Revolving Credit") to the Company Borrower which may be availed of by the Company Borrower from time to time during the period from and including the date hereof to but not including the Revolving Credit Termination Date, at which time the commitment of the Lender Bank to extend credit under the Revolving Credit shall expire. The Revolving Credit may be utilized by the Company Borrower in the form of Revolving Credit Loans and Letters of Credit, all as more fully hereinafter set forth, provided that the aggregate principal amount of Revolving Credit Loans and Letters of Credit outstanding at any one time shall not exceed the Revolving Credit lesser of (i) $15,000,000 (the “Commitment”, as such amount may be reduced pursuant to the terms hereof) and (ii) the Borrowing Base as then determined and computed. During the period from and including the date hereof to but not including the Revolving Credit Termination Date, the Company Borrower may use the Revolving Credit Commitment by borrowing, repaying repaying, and reborrowing Revolving Credit Loans in whole or in part and/or by having the Lender Bank issue Letters of Credit, having such Letters of Credit expire or otherwise terminate without having been drawn upon or, if drawn upon, reimbursing the Lender Bank for each such drawing, and having the Lender Bank issue new Letters of Credit, all in accordance with the terms and conditions of this Agreement. For purposes of this Agreement, where a determination of the unused or available amount of the Revolving Credit Commitment is necessary, the Revolving Credit Loans and Letters of Credit shall be deemed to utilize the Revolving Credit Commitment in an amount equal to the outstanding principal amounts thereof.

Appears in 2 contracts

Samples: Credit Agreement (Accretive Health, Inc.), Credit Agreement (Accretive Health, Inc.)

Revolving Credit. Subject to the terms and conditions hereofand relying ---------------- upon the representations and warranties set forth herein, the each Lender severally agrees to extend a revolving credit (the "make Revolving Credit") Credit Loans to the Company which may be availed of by the Company from time to time during the period from and including the date hereof to but not including excluding the Revolving Credit Commitment Termination Date, at which time the commitment of the Lender to extend credit under the Revolving Credit shall expire. The Revolving Credit may be utilized Date as requested by the Company in hereunder; provided that (a) the form aggregate principal amount of all outstanding Revolving Credit Loans (after giving effect to any amount requested) shall not exceed the Aggregate Commitment minus the sum of all outstanding Swingline Loans and Letters all L/C Obligations, and (b) the principal amount of Credit, outstanding Revolving Credit Loans from any Lender to the Company shall not at any time exceed such Lender's Commitment minus the sum of such Lender's Commitment Percentage of all as more fully hereinafter set forth, provided that outstanding Swingline Loans and such Lender's Commitment Percentage of all L/C Obligations. Each Revolving Credit Loan by a Lender shall be in a principal amount equal to such Lender's Commitment Percentage of the aggregate principal amount of Revolving Credit Loans and Letters of Credit outstanding at any one time shall not exceed the Revolving Credit Commitmentrequested on such occasion. During the period from and including the date hereof to but not including the Revolving Credit Termination DateWithin such limits, the Company may use borrow, repay and reborrow hereunder on or after the Revolving Credit Commitment by borrowing, repaying date hereof and reborrowing Revolving Credit Loans in whole or in part and/or by having the Lender issue Letters of Credit, having such Letters of Credit expire or otherwise terminate without having been drawn upon or, if drawn upon, reimbursing the Lender for each such drawing, and having the Lender issue new Letters of Credit, all in accordance with the terms and conditions of this Agreement. For purposes of this Agreement, where a determination of the unused or available amount of the Revolving Credit Commitment is necessary, the Revolving Credit Loans and Letters of Credit shall be deemed to utilize the Revolving Credit Commitment in an amount equal prior to the outstanding principal amounts thereofCommitment Termination Date, subject to the terms, provisions and limitations set forth herein.

Appears in 1 contract

Samples: Credit Agreement (James River Coal Corp)

Revolving Credit. Subject to the terms and conditions hereof, the each Lender severally agrees to extend a revolving credit (the "Revolving Credit") to the Company Borrowers under the Revolving Credit which may be availed of by the Company any Borrower from time to time during the period from and including the date hereof to but not including the Revolving Credit Termination Date, at which time the commitment commitments of the Lender Lenders to extend credit under the Revolving Credit shall expire. The Revolving Credit may be utilized by the Company Borrowers in the form of Revolving Credit Loans and Letters of Credit, all as more fully hereinafter set forth, provided that the aggregate principal amount of Revolving Credit Loans, Swing Loans and Letters of Credit L/C Obligations outstanding at any one time shall not exceed the Revolving Credit CommitmentCommitments then in effect. During the period from and including the date hereof to but not including the Revolving Credit Termination Date, the Company each Borrower may use the Revolving Credit Commitment Commitments by borrowing, repaying and reborrowing Revolving Credit Loans in whole or in part and/or by having the Lender Agent issue Letters of Credit, having such Letters of Credit expire or otherwise terminate without having been drawn upon or, if drawn upon, reimbursing the Lender Agent for each such drawing, and having the Lender Agent issue new Letters of Credit, all in accordance with the terms and conditions of this Agreement. For purposes of this Agreement, where a determination of the unused or available amount of the Revolving Credit Commitment Commitments is necessary, the Revolving Credit Loans, Swing Loans and Letters of Credit shall be deemed to utilize the Revolving Credit Commitment Commitments. The obligations of the Lenders hereunder are several and not joint, and no Lender shall under any circumstances be obligated to extend credit under the Revolving Credit in an amount equal to excess of its Percentage of the outstanding principal amounts thereofRevolving Credit Commitments.

Appears in 1 contract

Samples: Credit Agreement (Hub Group Inc)

Revolving Credit. Subject to the terms and conditions hereof, the Lender Bank agrees to extend a revolving credit (the "Revolving Credit") to the Company which may be availed of by the Company from time to time during the period from and including the date hereof to but not including the Revolving Credit Termination Date, at which time the commitment of the Lender Bank to extend credit under the Revolving Credit shall expire. The Revolving Credit may be utilized by the Company in the form of Revolving Credit Loans and Letters of Credit, all as more fully hereinafter set forth, provided that the aggregate principal amount of Revolving Credit Loans and Letters of Credit outstanding at any one time shall not exceed the lesser of (i) $20,000,000 (such amount as the same may be reduced pursuant hereto being hereinafter referred to as the "Revolving Credit Commitment") and (ii) the Borrowing Base as then determined and computed. During the period from and including the date hereof to but not including the Revolving Credit Termination Date, the Company may use the Revolving Credit Commitment by borrowing, repaying and reborrowing Revolving Credit Loans in whole or in part and/or by having the Lender Bank issue Letters of Credit, having such Letters of Credit expire or otherwise terminate without having been drawn upon or, if drawn upon, reimbursing the Lender Bank for each such drawing, and having the Lender Bank issue new Letters of Credit, all in accordance with the terms and conditions of this Agreement. For purposes Notwithstanding any other provision of this AgreementAgreement to the contrary, where a determination of (i) the unused or available Bank is imposing the Present Excise Tax Reserve effective immediately against the amount of the Revolving Credit Commitment is necessary, which the Company may otherwise request hereunder and (ii) the Bank shall have the right from time to time to establish additional reserves against the amount of Revolving Credit which the Company may otherwise request hereunder in such amounts and with respect to such matters as the Bank shall deem necessary or appropriate in its reasonable judgment. The amount of such reserves (including the Present Excise Tax Reserve) shall be subtracted from the Borrowing Base when calculating the amount of availability under the Revolving Credit Loans Commitment. Additionally, the Bank may from time to time reduce the percentages applicable to Eligible Accounts and Letters of Credit shall be deemed to utilize the Revolving Credit Commitment in an amount equal Eligible Inventory as they relate to the outstanding principal amounts thereofBorrowing Base if the Bank determines in its reasonable judgment that there has been a material adverse change in circumstances relating to any or all of such Collateral from those circumstances in existence on the date of this Agreement or in the condition (financial or otherwise) of the Company. The Bank agrees to give the Company thirty (30) Business Days' prior notice of the establishment of any such reserve (other than the Present Excise Tax Reserve) or the reduction of any such percentage.

Appears in 1 contract

Samples: Credit Agreement (Kaneb Services LLC)

Revolving Credit. Subject to the terms and conditions hereof, the Lender Bank agrees to extend a revolving credit (the "Revolving Credit") to the Company Borrower which may be availed of by the Company Borrower from time to time during the period from and including the date hereof to but not including the Revolving Credit Termination Date, at which time the commitment of the Lender Bank to extend credit under the Revolving Credit shall expire. The Revolving Credit may be utilized by the Company Borrower in the form of loans (individually a “Revolving Credit Loans Loan” and Letters of Credit, all as more fully hereinafter set forthcollectively the “Revolving Loans”), provided that the aggregate principal amount of Revolving Credit Loans and Letters of Credit outstanding at any one time shall not exceed $9,000,000 (the Revolving Credit Commitment”, as such amount may be reduced pursuant to Section 2.4 hereof). The Revolving Loans shall be made against and evidenced by a single promissory note of the Borrower in the form (with appropriate insertions) attached hereto as Exhibit A (the “Revolving Note”). Without regard to the principal amount of the Revolving Note stated on its face, the actual principal amount at any time outstanding and owing by the Borrower on account of the Revolving Note shall be the sum of all Revolving Loans made hereunder less all payments of principal actually received by the Bank. During the period from and including the date hereof to but not including the Revolving Credit Termination Date, the Company Borrower may use the Revolving Credit Commitment by borrowing, repaying and reborrowing Revolving Credit Loans in whole or in part and/or by having the Lender issue Letters of Credit, having such Letters of Credit expire or otherwise terminate without having been drawn upon or, if drawn upon, reimbursing the Lender for each such drawing, and having the Lender issue new Letters of Creditpart, all in accordance with the terms and conditions of this Agreement. For purposes of this Agreement, where a determination of the unused or available amount of the Revolving Credit Commitment is necessary, the Revolving Credit Loans and Letters of Credit shall be deemed to utilize the Revolving Credit Commitment in an amount equal to the outstanding principal amounts thereof.

Appears in 1 contract

Samples: Credit Agreement (Midwestone Financial Group Inc)

Revolving Credit. Subject to the terms and conditions hereof, the Lender Bank agrees to extend a revolving credit (the "Revolving Credit") to the Company which may be availed of by the Company from time to time during the period from and including the date hereof to but not including the Revolving Credit Termination Date, at which time the commitment of the Lender Bank to extend credit under the Revolving Credit shall expire. The Revolving Credit may be utilized by the Company in the form of Revolving Credit Loans and Letters of Credit, all as more fully hereinafter set forth, provided that the aggregate principal amount of Revolving Credit Loans and Letters of Credit outstanding at any one time shall not exceed the lesser of (i) $20,000,000 (such amount as the same may be reduced pursuant hereto being hereinafter referred to as the "Revolving Credit Commitment") and (ii) the Borrowing Base as then determined and computed. During the period from and including the date hereof to but not including the Revolving Credit Termination Date, the Company may use the Revolving Credit Commitment by borrowing, repaying and reborrowing Revolving Credit Loans in whole or in part and/or by having the Lender Bank issue Letters of Credit, having such Letters of Credit expire or otherwise terminate without having been drawn upon or, if drawn upon, reimbursing the Lender Bank for each such drawing, and having the Lender Bank issue new Letters of Credit, all in accordance with the terms and conditions of this Agreement. For purposes Notwithstanding any other provision of this AgreementAgreement to the contrary, where a determination of the unused or available Bank shall have the right from time to time to establish reserves against the amount of Revolving Credit which the Company may otherwise request hereunder in such amounts and with respect to such matters as the Bank shall reasonably deem necessary or appropriate in its reasonable judgment. The amount of such reserves shall be subtracted from the Borrowing Base when calculating the amount of availability under the Revolving Credit Commitment is necessaryCommitment. Additionally, the Revolving Credit Loans Bank may from time to time reduce the percentages applicable to Eligible Accounts and Letters of Credit shall be deemed to utilize the Revolving Credit Commitment in an amount equal Eligible Inventory as they relate to the outstanding principal amounts thereofBorrowing Base if there has been a material adverse change in circumstances relating to any or all of such Collateral from those circumstances in existence on the date of this Agreement or in the condition (financial or otherwise) of the Company. The Bank agrees to give the Company fifteen (15) Business Days' prior notice of the establishment of any such reserve or the reduction of any such percentage.

Appears in 1 contract

Samples: QMS Inc

Revolving Credit. Subject to the terms and conditions hereof, the Lender Bank agrees to extend a revolving credit (the "Revolving Credit") to the Company Borrower which may be availed of by the Company Borrower from time to time during the period from and including the date hereof to but not including the Revolving Credit Termination Date, at which time the commitment of the Lender Bank to extend credit under the Revolving Credit shall expire. The Revolving Credit may be utilized availed of by the Company Borrower in the form of Revolving Credit Loans and in Canadian Dollars by way of Prime Rate Loans or in U.S. Dollars by way of U.S. Base Rate Loans, Letters of Credit, MasterCard Extensions of Credit and Forward Contracts, all as more fully hereinafter set forth, provided that the Canadian Dollar Equivalent of the aggregate principal amount of all Extensions of Credit by way of Canadian Revolving Credit Loans, U.S. Revolving Credit Loans and Letters of Credit outstanding at any one time and the Deemed Forward Contract Amount of all Forward Contracts shall not exceed the Revolving Credit CommitmentLimit. During the period from and including the date hereof to but not including the Revolving Credit Termination Date, the Company Borrower may use the Revolving Credit Commitment by borrowing, repaying and reborrowing Revolving Credit Loans in whole or in part and/or part, by having the Lender Bank issue Letters of Credit, having such Letters of Credit expire or otherwise terminate without having been drawn upon or, if drawn upon, reimbursing the Lender Bank for each such drawing, drawing and having the Lender Bank issue new Letters of Credit, by borrowing, repaying and reborrowing under the MasterCard Facility in whole or in part, and by entering into Forward Contracts with the Bank as set forth in Section 2.6 hereof, all in accordance with the terms and conditions of this Agreement. For purposes of this Agreement, where a determination of the unused or available amount of the Revolving Credit Commitment is necessary, the Revolving Credit Loans and Letters of Credit shall be deemed to utilize the Revolving Credit Commitment in an amount equal to the outstanding principal amounts thereof.

Appears in 1 contract

Samples: Credit Agreement (American Apparel, Inc)

Revolving Credit. Subject to the terms and conditions hereof, the Lender Bank agrees to extend a revolving credit (the "Revolving Credit") to the Company Borrower which may be availed of by the Company Borrower from time to time during the period from and including the date hereof to but not including the Revolving Credit Termination Date, at which time the commitment of the Lender Bank to extend credit under the Revolving Credit shall expire. The Revolving Credit may be utilized by the Company Borrower in the form of Revolving Credit Loans and Letters of Credit, all as more fully hereinafter set forth, provided that the aggregate principal amount of Revolving Credit Loans and Letters of Credit outstanding at any one time shall not exceed $25,000,000 (the Revolving Credit Commitment”, as such amount may be reduced pursuant to the terms hereof). During the period from and including the date hereof to but not including the Revolving Credit Termination Date, the Company Borrower may use the Revolving Credit Commitment by borrowing, repaying repaying, and reborrowing Revolving Credit Loans in whole or in part and/or by having the Lender Bank issue Letters of Credit, having such Letters of Credit expire or otherwise terminate without having been drawn upon or, if drawn upon, reimbursing the Lender Bank for each such drawing, and having the Lender Bank issue new Letters of Credit, all in accordance with the terms and conditions of this Agreement. For purposes of this Agreement, where a determination of the unused or available amount of the Revolving Credit Commitment is necessary, the Revolving Credit Loans and Letters of Credit shall be deemed to utilize the Revolving Credit Commitment in an amount equal to the outstanding principal amounts thereof.

Appears in 1 contract

Samples: Credit Agreement (Woodhead Industries Inc)

Revolving Credit. Subject to the terms and conditions hereof, the Lender Bank agrees to extend a revolving credit (the "Revolving Credit") to the Company Borrowers which may be availed of by the Company either Borrower from time to time during the period from and including the date hereof to but not including the Revolving Credit Termination Date, at which time the commitment of the Lender Bank to extend credit under the Revolving Credit shall expire. The Revolving Credit may be utilized by the Company Borrowers in the form of Revolving Credit Loans and Letters of Credit, all as more fully hereinafter set forth, provided that the aggregate principal amount of Revolving Credit Loans and Letters of Credit outstanding at any one time shall not exceed $50,000,000 (the Revolving Credit Commitment”, as such amount may be reduced pursuant to the terms hereof). During the period from and including the date hereof to but not including the Revolving Credit Termination Date, the Company Borrowers may use the Revolving Credit Commitment by borrowing, repaying repaying, and reborrowing Revolving Credit Loans in whole or in part and/or by having the Lender Bank issue Letters of Credit, having such Letters of Credit expire or otherwise terminate without having been drawn upon or, if drawn upon, reimbursing the Lender Bank for each such drawing, and having the Lender Bank issue new Letters of Credit, all in accordance with the terms and conditions of this Agreement. For purposes of this Agreement, where a determination of the unused or available amount of the Revolving Credit Commitment is necessary, the Revolving Credit Loans and Letters of Credit shall be deemed to utilize the Revolving Credit Commitment in an amount equal to the outstanding principal amounts thereof.

Appears in 1 contract

Samples: Credit Agreement (Hub Group Inc)

Revolving Credit. Subject to the terms and conditions hereof, the Lender Bank agrees to extend a revolving credit (the "Revolving Credit") to the Company which may be availed of by the Company from time to time during the period from and including the date hereof to but not including the Revolving Credit Termination Date, at which time the commitment of the Lender Bank to extend credit under the Revolving Credit shall expire. The Revolving Credit may be utilized by the Company in the form of Revolving Credit Loans and Letters of Credit, all as more fully hereinafter set forth, provided that the aggregate principal amount of Revolving Credit Loans and Letters of Credit outstanding at any one time shall not exceed the lesser of (i) $15,000,000 (such amount as the same may be reduced pursuant hereto being hereinafter referred to as the "Revolving Credit Commitment") and (ii) the Available Borrowing Base as then determined and computed. During the period from and including the date hereof to but not including the Revolving Credit Termination Date, the Company may use the Revolving Credit Commitment by borrowing, repaying and reborrowing Revolving Credit Loans in whole or in part and/or by having the Lender Bank issue Letters of Credit, having such Letters of Credit expire or otherwise terminate without having been drawn upon or, if drawn upon, reimbursing the Lender Bank for each such drawing, and having the Lender Bank issue new Letters of Credit, all in accordance with the terms and conditions of this Agreement. For purposes Notwithstanding any other provision of this AgreementAgreement to the contrary, where a determination of the unused or available Bank shall have the right from time to time to establish reserves against the amount of Revolving Credit which the Company may otherwise request hereunder in such amounts and with respect to such matters as the Bank shall deem necessary or appropriate in its reasonable judgment. The amount of such reserves shall be subtracted from the Borrowing Base when calculating the amount of availability under the Revolving Credit Commitment is necessaryCommitment. Additionally, the Revolving Credit Loans Bank may from time to time reduce the percentages applicable to Eligible Accounts and Letters of Credit shall be deemed to utilize the Revolving Credit Commitment in an amount equal Eligible Inventory as they relate to the outstanding principal amounts thereofBorrowing Base if the Bank determines in its reasonable judgment that there has been a material adverse change in circumstances relating to any or all of such Collateral from those circumstances in existence on the date of this Agreement or in the condition (financial or otherwise) of the Company. The Bank agrees to give the Company five (5) Business Days' prior notice of the establishment of any such reserve or the reduction of any such percentage.

Appears in 1 contract

Samples: JPS Packaging Co

Revolving Credit. Subject to the terms and conditions hereof, the each Lender severally agrees to extend a revolving credit (the "Revolving Credit") to the Company Borrowers which may be availed of by the Company either Borrower from time to time during the period from and including the date hereof to but not including the Revolving Credit Termination Date, at which time the commitment commitments of the Lender Lenders to extend credit under the Revolving Credit shall expire. The Revolving Credit may be utilized by the Company Borrowers in the form of Revolving Credit Loans and Letters of Credit, all as more fully hereinafter set forth, provided that the aggregate principal amount of Revolving Credit Loans and Letters of Credit outstanding at any one time shall not exceed the Revolving Credit CommitmentAvailable Commitments (computed after giving effect to any use of such credit concurrent with its extension hereunder to repay the Milwaukee Hub Debt). During the period from and including the date hereof to but not including the Revolving Credit Termination Date, the Company each Borrower may use the Revolving Credit Commitment Commitments by borrowing, repaying and reborrowing Revolving Credit Loans in whole or in part and/or by having the Lender Agent issue Letters of Credit, having such Letters of Credit expire or otherwise terminate without having been drawn upon or, if drawn upon, reimbursing the Lender Agent for each such drawing, and having the Lender Agent issue new Letters of Credit, all in accordance with the terms and conditions of this Agreement. For purposes of this Agreement, where a determination of the unused or available amount of the Revolving Credit Commitment Commitments is necessary, the Revolving Credit Loans and Letters of Credit shall be deemed to utilize the Commitments. The obligations of the Lenders hereunder are several and not joint, and no Lender shall under any circumstances be obligated to extend credit under the Revolving Credit Commitment in an amount equal to excess of its Percentage of the outstanding principal amounts thereofAvailable Commitments.

Appears in 1 contract

Samples: Hub Group Inc

Revolving Credit. Subject to the terms and conditions hereof, the Lender each Lender, by its acceptance hereof, severally agrees to extend a revolving credit (the "Revolving CreditREVOLVING CREDIT") to the Company which may be availed in the aggregate amount of by the Company from time such Lender's commitment to time during the period from and including the date hereof to but not including extend the Revolving Credit as set forth on the applicable signature page hereof or pursuant to Section 11.10 hereof (its "REVOLVING CREDIT COMMITMENT" and cumulatively for all the Lenders, the "REVOLVING CREDIT COMMITMENTS") (subject to any reductions thereof pursuant to the terms hereof) prior to the Termination Date, at which time the commitment of the Lender to extend credit under the Revolving Credit shall expire. The Revolving Credit Credit, subject to all of the terms and conditions hereof, may be utilized by the Company in the form of Revolving Credit Loans and Letters of Credit, all as more fully hereinafter set forth; PROVIDED, provided HOWEVER, that the aggregate principal amount of the Revolving Credit Loans and Letters of Credit L/C Obligations outstanding at any one time shall not at any time exceed the Revolving Credit CommitmentCommitments then in effect. During the period from and including the date hereof to but not including the Revolving Credit Termination Date, the Company may use the Revolving Credit Commitment Commitments by borrowing, repaying and reborrowing Revolving Credit Loans in whole or in part and/or by having the Lender Agent issue Letters of Credit, having such Letters of Credit expire or otherwise terminate without having been drawn upon or, if drawn upon, reimbursing the Lender Agent for each such drawing, and having the Lender Agent issue new Letters of Credit, all in accordance with the terms and conditions of this Agreement. For all purposes of this Agreement, where a determination of the unused or available amount of the Revolving Credit Commitment Commitments is necessary, the Revolving Credit Loans and Letters of Credit L/C Obligations shall all be deemed to utilize the Revolving Credit Commitment Commitments. The obligations of the Lenders hereunder are several and not joint, and no Lender shall under any circumstances be obligated to extend credit hereunder in an amount equal to the outstanding principal amounts thereofexcess of its Revolving Credit Commitment.

Appears in 1 contract

Samples: Credit Agreement (Ha Lo Industries Inc)

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Revolving Credit. Subject to the terms and conditions hereof, the Lender Bank agrees to extend a revolving credit (the "Revolving Credit") to the Company Borrowers which may be availed of by the Company Borrowers from time to time during the period from and including the date hereof to but not including the Revolving Credit Termination Date, at which time the commitment of the Lender Bank to extend credit under the Revolving Credit shall expire. The Revolving Credit may be utilized by the Company Borrowers in the form of Revolving Credit Loans and Letters of Credit, all as more fully hereinafter set forth, provided that the aggregate principal amount of Revolving Credit Loans and Letters of Credit outstanding at any one time shall not exceed the lesser of (i) $13,000,000 (the “Revolving Credit Commitment”) and (ii) the Borrowing Base as then determined and computed. During the period from and including the date hereof to but not including the Revolving Credit Termination Date, the Company Borrowers may use the Revolving Credit Commitment by borrowing, repaying and reborrowing Revolving Credit Loans in whole or in part and/or by having the Lender Bank issue Letters of Credit, having such Letters of Credit expire or otherwise terminate without having been drawn upon or, if drawn upon, reimbursing the Lender Bank for each such drawing, and having the Lender Bank issue new Letters of Credit, all in accordance with the terms and conditions of this Agreement. For purposes Notwithstanding any other provision of this AgreementAgreement to the contrary, where a determination the Bank shall have the right from time to time to establish reserves against the amount of Revolving Credit which the unused Borrowers may otherwise request hereunder in such amounts and with respect to such matters as the Bank shall deem necessary or available appropriate in its reasonable judgment. The amount of such reserves shall be subtracted from the Borrowing Base, and shall be deemed usage of the Revolving Credit Commitment is necessaryCommitment, in each case when calculating the amount of availability under the Revolving Credit Loans for purposes of Sections 1, 3.7, and Letters of Credit shall be deemed 7 hereof. Additionally, the Bank may from time to utilize time reduce the Revolving Credit Commitment in an amount equal percentages applicable to Eligible Receivables and Eligible Inventory as they relate to the outstanding principal amounts thereofBorrowing Base if the Bank determines in its reasonable judgment that there has been a material adverse change in circumstances relating to any or all of such Collateral from those circumstances in existence on the date of this Agreement or in the condition (financial or otherwise) of any Borrower or any Guarantor. So long as no Default or Event of Default then exists, the Bank agrees to give the Borrowers 5 Business Days’ prior notice of the establishment of any such reserve or the reduction of any such percentage.

Appears in 1 contract

Samples: Credit Agreement (Hyco International, Inc.)

Revolving Credit. Subject to the terms and conditions hereof, the Lender Bank agrees to extend a revolving credit (the "Revolving Credit") to the Company Borrower which may be availed of by the Company Borrower from time to time during the period from and including the date hereof to but not including the Revolving Credit Termination Date, at which time the commitment of the Lender Bank to extend credit under the Revolving Credit shall expire. The Revolving Credit may be utilized by the Company Borrower in the form of Revolving Credit Loans loans (individually a "Loan" and collectively the "Loans") and stand-by letters of credit issued by the Bank for the account of the Borrower or any Subsidiary (individually a "Letter of Credit" and collectively the "Letters of Credit"), all as more fully hereinafter set forth, provided that the aggregate outstanding principal amount of Revolving Credit Loans and the face amount of all issued and outstanding Letters of Credit outstanding shall not at any one time shall not exceed $30,000,000 (the Revolving Credit "Commitment", as such amount may be reduced pursuant to the terms hereof). During the period from and including the date hereof to but not including the Revolving Credit Termination Date, the Company Borrower may use the Revolving Credit Commitment by borrowing, repaying repaying, and reborrowing Revolving Credit Loans in whole or in part and/or by having the Lender Bank issue Letters of Credit, having such Letters of Credit expire or otherwise terminate without having been drawn upon or, if drawn upon, reimbursing the Lender Bank for each such drawing, and having the Lender Bank issue new Letters of Credit, all in accordance with the terms and conditions of this Agreement. For purposes of this Agreement, where a determination of the unused or available amount of the Revolving Credit Commitment is necessary, the Revolving Credit Loans and Letters of Credit shall be deemed to utilize the Revolving Credit Commitment in an amount equal to the outstanding principal amounts thereof.

Appears in 1 contract

Samples: Credit Agreement (Cleveland Cliffs Inc)

Revolving Credit. Subject to the terms and conditions hereof, the Lender each Lender, by its acceptance hereof, severally agrees to extend a revolving credit (the "Revolving Credit") to the Company which may be availed in the aggregate amount of by the Company from time such Lender's commitment to time during the period from and including the date hereof to but not including extend the Revolving Credit as set forth on the applicable signature page hereof or pursuant to Section 11.18 hereof (its "Revolving Credit Commitment" and cumulatively for all Lenders the "Revolving Credit Commitments") (subject to any reductions thereof pursuant to the terms hereof) prior to the Termination Date, at which time the commitment of the Lender to extend credit under the Revolving Credit shall expire. The Revolving Credit Credit, subject to all of the terms and conditions hereof, may be utilized by the Company in the form of Revolving Credit Loans and Letters of Credit, all as more fully hereinafter set forth; provided, provided however, that the aggregate principal amount of the Revolving Credit Loans and Letters of Credit L/C Obligations outstanding at any one time shall not at any time exceed the lesser of (i) the Revolving Credit CommitmentCommitments then in effect and (ii) the Borrowing Base as then determined and computed. During the period from and including the date hereof thereof to but not including the Revolving Credit Termination Date, the Company may use the Revolving Credit Commitment Commitments by borrowing, repaying and reborrowing Revolving Credit Loans in whole or in part and/or by having the Lender Agent issue Letters of Credit, having such Letters of Credit expire or otherwise terminate without having been drawn upon or, if drawn upon, reimbursing the Lender Agent for each such drawing, and having the Lender Agent issue new Letters of Credit, all in accordance with the terms and conditions of this Agreement. For all purposes of this Agreement, where a determination of the unused or available amount of the Revolving Credit Commitment Commitments is necessary, the Revolving Credit Loans and Letters of Credit L/C Obligations shall all be deemed to utilize the Revolving Credit Commitment Commitments. The obligations of the Lenders hereunder are several and not joint, and no Lender shall under any circumstances be obligated to extend credit hereunder in an amount equal to the outstanding principal amounts thereofexcess of its Revolving Credit Commitment.

Appears in 1 contract

Samples: Credit Agreement (Everest One Ipa Inc)

Revolving Credit. (i) As of the Restatement Date, the aggregate outstanding principal amount of the “Revolving Loans” (under and as defined in the Existing Credit Agreement), other than, for the avoidance of doubt, any “Swing Line Loans” (under and as defined in the Existing Credit Agreement), and unpaid accrued interest thereon together with all unpaid accrued fees on any Existing Letters of Credit is set forth on Schedule 2.1 (together with all other Swing Line Loans and all accrued and unpaid interest and fees thereon, the “Outstanding Revolving Loan Obligations”). The Outstanding Revolving Loan Obligations are held by the lenders party to the Existing Credit Agreement as of the Restatement Date (the “Existing Lenders”) in the amounts set forth on Schedule 2.1. Subject to the terms of this Agreement and conditions hereofin reliance on the representations and warranties of the Borrower herein, each of the parties hereto hereby agrees (A) that (other than any amounts repaid on the Restatement Date) the Outstanding Revolving Loan Obligations shall be, from and following the Restatement Date, continued and reconstituted as the Revolving Loans (as defined below) and interest and fees, as applicable, under this Agreement and (B) that concurrently therewith, the Lender agrees to extend a revolving credit Existing Lenders (other than any Existing Lenders being repaid in full on or before the "Revolving Credit"Restatement Date) have assigned the preexisting loans (other than any amounts repaid on the Restatement Date) and commitments among themselves and to the Company which may be availed of by Lenders and hereby direct the Company from time Administrative Agent to time during re-allocate all such pre-existing loans and commitments, such that, after giving effect to the period from and including transactions contemplated hereby, the date hereof to but not including the Revolving Credit Termination Date, at which time the commitment of the Lender to extend credit under the Revolving Credit shall expire. The Revolving Credit may be utilized by the Company in the form of Revolving Credit Loans and Letters of CreditCommitments shall be allocated among the Lenders as set forth in Schedule 1, all as more fully hereinafter set forth, provided and (C) that the aggregate principal amount of Revolving Credit Loans and Letters of Credit outstanding at any one time Lenders shall not exceed the Revolving Credit Commitment. During the period from and including the date hereof to but not including the Revolving Credit Termination Date, the Company may use the Revolving Credit Commitment by borrowing, repaying and reborrowing Revolving Credit Loans make additional Advances in whole or in part and/or by having the Lender issue Letters of Credit, having such Letters of Credit expire or otherwise terminate without having been drawn upon or, if drawn upon, reimbursing the Lender for each such drawing, and having the Lender issue new Letters of Credit, all in accordance with the terms and conditions of this Agreement. For purposes of this Agreement, where a determination of the unused or available amount respect of the Revolving Credit Commitment is necessary, the Revolving Credit Loans and Letters of Credit shall be deemed to utilize the Revolving Credit Commitment in an amount equal to the outstanding principal amounts thereofas set forth below.

Appears in 1 contract

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

Revolving Credit. Subject to the terms and conditions hereof, the Lender each Lender, by its acceptance hereof, severally agrees to extend a revolving credit (the "Revolving Credit") to the Company which may be availed in the aggregate amount of by the Company from time such Lender's commitment to time during the period from and including the date hereof to but not including extend the Revolving Credit as set forth on the applicable signature page hereof or pursuant to Section 11.17 hereof (its "Revolving Credit Commitment" and cumulatively for all Lenders the "Revolving Credit Commitments") (subject to any reductions thereof pursuant to the terms hereof) prior to the Termination Date, at which time the commitment of the Lender to extend credit under the Revolving Credit shall expire. The Revolving Credit Credit, subject to all of the terms and conditions hereof, may be utilized by the Company in the form of Revolving Credit Loans and Letters of Credit, all as more fully hereinafter set forth; provided, provided however, that the aggregate principal amount of the Revolving Credit Loans and Letters of Credit L/C Obligations outstanding at any one time shall not at any time exceed the lesser of (i) the Revolving Credit CommitmentCommitments then in effect and (ii) the Borrowing Base as then determined and computed. During the period from and including the date hereof thereof to but not including the Revolving Credit Termination Date, the Company may use the Revolving Credit Commitment Commitments by borrowing, repaying and reborrowing Revolving Credit Loans in whole or in part and/or by having the Lender Agent issue Letters of Credit, having such Letters of Credit expire or otherwise terminate without having been drawn upon or, if drawn upon, reimbursing the Lender Agent for each such drawing, and having the Lender Agent issue new Letters of Credit, all in accordance with the terms and conditions of this Agreement. For all purposes of this Agreement, where a determination of the unused or available amount of the Revolving Credit Commitment Commitments is necessary, the Revolving Credit Loans and Letters of Credit L/C Obligations shall all be deemed to utilize the Revolving Credit Commitment Commitments. The obligations of the Lenders hereunder are several and not joint, and no Lender shall under any circumstances be obligated to extend credit hereunder in an amount equal to the outstanding principal amounts thereofexcess of its Revolving Credit Commitment.

Appears in 1 contract

Samples: Credit Agreement (Home Dialysis of Columbus Inc)

Revolving Credit. Subject to the terms and conditions hereof, the Lender Bank agrees to extend a revolving credit (the "Revolving Credit") to the Company Borrower which may be availed of by the Company Borrower from time to time during the period from and including the date hereof to but not including the Revolving Credit Termination Date, at which time the commitment of the Lender Bank to extend credit under the Revolving Credit shall expire. The Revolving Credit may be utilized by the Company Borrower in the form of Revolving Credit Loans loans (individually a "Loan" and collectively the "Loans") and commercial and stand-by letters of credit issued by the Bank for the account of the Borrower or any Subsidiary (individually a "Letter of Credit" and collectively the "Letters of Credit"), all as more fully hereinafter set forth, provided that the aggregate outstanding principal amount of Revolving Credit Loans and the face amount of all issued and outstanding Letters of Credit outstanding shall not at any one time shall not exceed $20,000,000 (the Revolving Credit "Commitment", as such amount may be reduced pursuant to the terms hereof). During the period from and including the date hereof to but not including the Revolving Credit Termination Date, the Company Borrower may use the Revolving Credit Commitment by borrowing, repaying repaying, and reborrowing Revolving Credit Loans in whole or in part and/or by having the Lender Bank issue Letters of Credit, having such Letters of Credit expire or otherwise terminate without having been drawn upon or, if drawn upon, reimbursing the Lender Bank for each such drawing, and having the Lender Bank issue new Letters of Credit, all in accordance with the terms and conditions of this Agreement. For purposes of this Agreement, where a determination of the unused or available amount of the Revolving Credit Commitment is necessary, the Revolving Credit Loans and Letters of Credit shall be deemed to utilize the Revolving Credit Commitment in an amount equal to the outstanding principal amounts thereof.

Appears in 1 contract

Samples: Credit Agreement (Cleveland Cliffs Inc)

Revolving Credit. Subject to the terms and conditions hereof, the each Lender severally agrees to extend a revolving credit (the "Revolving Credit") to the Company which may be availed of by the Company from time to time during the period from and including the date hereof to but not including the Revolving Credit Termination Date, at which time the commitment commitments of the Lender Lenders to extend credit under the Revolving Credit shall expire. The maximum amount of the Revolving Credit which each Lender agrees to extend to the Company shall be such Lender's Revolving Credit Commitment, as such amount may be reduced pursuant hereto. The Revolving Credit may be utilized by the Company in the form of Revolving Credit Loans and Letters of Credit, all as more fully hereinafter set forth, provided that the aggregate principal amount of Revolving Credit Loans and Letters of Credit L/C Obligations outstanding at any one time shall not exceed the lesser of (i) the Available Revolving Credit CommitmentCommitments and (ii) the Borrowing Base as then determined and computed. During the period from and including the date hereof to but not including the Revolving Credit Termination Date, the Company may use the Revolving Credit Commitment Commitments by borrowing, repaying and reborrowing Revolving Credit Loans in whole or in part and/or by having the Lender Administrative Agent issue Letters of Credit, having such Letters of Credit expire or otherwise terminate without having been drawn upon or, if drawn upon, reimbursing the Lender Administrative Agent for each such drawing, and having the Lender Administrative Agent issue new Letters of Credit, all in accordance with the terms and conditions of this Agreement. For purposes of this Agreement, where a determination of the unused or available amount of the Revolving Credit Commitment Commitments is necessary, the Revolving Credit Loans and Letters of Credit L/C Obligations shall be deemed to utilize the Revolving Credit Commitment Commitments. The obligations of the Lenders hereunder are several and not joint, and no Lender shall under any circumstances be obligated to extend credit under the Revolving Credit in an amount equal excess of its Revolving Credit Commitment. Notwithstanding any other provision of this Agreement to the outstanding principal contrary, the Administrative Agent shall have the right from time to time to establish reserves (such as the Hedging Reserve and Grower Payable Reserve) against the amount of availability under the Revolving Credit which the Company may otherwise request hereunder in such amounts thereofand with respect to such matters as the Administrative Agent shall reasonably deem necessary or appropriate. The amount of such reserves shall be subtracted from what would otherwise be the Borrowing Base when calculating the amount of availability under the Revolving Credit Commitments. The Administrative Agent agrees to give the Company ten (10) Business Days' prior notice of the establishment of any such reserve (other than the Hedging Reserve and Grower Payable Reserve).

Appears in 1 contract

Samples: Credit Agreement (WLR Foods Inc)

Revolving Credit. Subject to the terms and conditions hereof, the Lender Bank agrees to extend a revolving credit (the "Revolving Credit") to the Company Borrower which may be availed of by the Company Borrower from time to time during the period from and including the date hereof to but not including the Revolving Credit Termination Date, at which time the commitment of the Lender Bank to extend credit under the Revolving Credit shall expire. The Revolving Credit may be utilized by the Company Borrower in the form of Revolving Credit Loans and Letters of Credit, all as more fully hereinafter set forth, provided that the aggregate principal amount of Revolving Credit Loans and Letters of Credit outstanding at any one time shall not exceed the lesser of a) Nine Million and 00/100 Dollars ($9,000,000.00) (the “Revolving Credit Commitment”, as such amount may be reduced pursuant to the terms hereof) and b) the Borrowing Base as then determined and computed (the lesser of (a) and (b), “Revolving Credit Availability”). During the period from and including the date hereof to but not including the Revolving Credit Termination Date, the Company Borrower may use the Revolving Credit Commitment by borrowing, repaying repaying, and reborrowing Revolving Credit Loans in whole or in part and/or by having the Lender Bank issue Letters of Credit, having such Letters of Credit expire or otherwise terminate without having been drawn upon or, if drawn upon, reimbursing the Lender Bank for each such drawing, and having the Lender Bank issue new Letters of Credit, all in accordance with the terms and conditions of this Agreement. For purposes of this Agreement, where a determination of the unused or available amount of the Revolving Credit Commitment is necessary, the Revolving Credit Loans and Letters of Credit shall be deemed to utilize the Revolving Credit Commitment in an amount equal to the outstanding principal amounts thereof.

Appears in 1 contract

Samples: Credit Agreement (Cti Industries Corp)

Revolving Credit. Subject to the terms and conditions hereof, the each Lender severally agrees to extend a revolving credit (the "Revolving Credit") to the Company which may be availed of by the Company from time to time during the period from and including the date hereof to but not including the Revolving Credit Termination Date, at which time the commitment commitments of the Lender Lenders to extend credit under the Revolving Credit shall expire. The maximum amount of the Revolving Credit which each Lender agrees at any time to extend to the Company shall be as set forth opposite such Lender's signature hereto under the heading "Revolving Credit Commitment" for the periods specified or as otherwise provided in Section 11.10 hereof, as such amount may be reduced pursuant hereto. The Revolving Credit may be utilized by the Company in the form of Revolving Credit Loans and Letters of CreditLoans, all as more fully hereinafter set forth, provided that the aggregate principal amount of Revolving Credit Loans and Letters of Credit outstanding at any one time shall not exceed the Revolving Credit CommitmentCommitments. During the period from and including the date hereof to but not including the Revolving Credit Termination Date, the Company may use the Revolving Credit Commitment Commitments by borrowing, repaying and reborrowing Revolving Credit Loans in whole or in part and/or by having the Lender issue Letters of Credit, having such Letters of Credit expire or otherwise terminate without having been drawn upon or, if drawn upon, reimbursing the Lender for each such drawing, and having the Lender issue new Letters of Creditpart, all in accordance with the terms and conditions of this Agreement. For purposes of this Agreement, where a determination The obligations of the unused or available amount of Lenders hereunder are several and not joint, and no Lender shall under any circumstances be obligated to extend credit under the Revolving Credit Commitment is necessary, the in excess of its Revolving Credit Loans and Letters of Credit shall be deemed to utilize the Revolving Credit Commitment in an amount equal to the outstanding principal amounts thereofCommitment.

Appears in 1 contract

Samples: Credit Agreement (Harrington West Financial Group Inc/Ca)

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