Amount and Terms of the Credit Facility Sample Clauses
The "Amount and Terms of the Credit Facility" clause defines the total sum of credit available to the borrower and outlines the specific conditions under which the credit can be accessed and used. This typically includes details such as the maximum loan amount, interest rates, repayment schedules, and any fees or covenants associated with the facility. By clearly specifying these terms, the clause ensures both parties understand the financial parameters of the agreement, thereby reducing the risk of misunderstandings or disputes regarding the borrowing arrangement.
Amount and Terms of the Credit Facility. 2.1. The Commitments; Increase in Total Commitments.
(a) Subject to the terms and conditions hereof, each Lender severally agrees to make revolving credit loans to the Borrower from time to time during the Commitment Period in an aggregate principal amount at any one time outstanding that will not result in such Lender's Exposure exceeding such Lender's Commitment. During the Commitment Period the Borrower may use the Commitments by borrowing, prepaying the Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. Notwithstanding anything to the contrary in this Agreement, in no event may Loans be borrowed under this Section 2 if, after giving effect thereto, the aggregate principal amount of the Total Exposures at such time would exceed the Total Commitments then in effect. The Loans may from time to time be Eurodollar Loans or ABR Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.2 and 2.6.
(b) In the event that the Borrower wishes from time to time to increase the Total Commitments, it shall notify the Administrative Agent in writing of the amount (the "Commitment Increase Amount") of such proposed increase (such notice, a "Commitment Increase Notice"), and the Administrative Agent shall notify each Lender of such proposed increase. The Borrower may, at its election (i) offer one or more of the Lenders the opportunity to participate in all or a portion of the Commitment Increase Amount pursuant to paragraph (d) below and/or (ii) with the consent of the Administrative Agent and the Issuing Lender (which consent shall not be unreasonably withheld or delayed), offer one or more additional banks, financial institutions or other entities the opportunity to participate in all or a portion of the Commitment Increase Amount pursuant to paragraph (c) below. Each Commitment Increase Notice shall specify which Lenders and/or banks, financial institutions or other entities the Borrower desires to participate in such Commitment increase. The Borrower or, if requested by the Borrower, the Administrative Agent, will notify such Lenders and/or banks, financial institutions or other entities of such offer. Each Commitment Increase Amount shall be at least $50,000,000.
(c) Any additional bank, financial institution or other entity which the Borrower selects to offer participation in the increased Commitments and which elects to become a party to this Agreement and provide ...
Amount and Terms of the Credit Facility. Section 2.1 Revolving Advances. Section 2.2 Procedures for Requesting Advances
Amount and Terms of the Credit Facility. Article II of the Credit Agreement is amended by adding a new Section 2.21 thereto as follows:
Amount and Terms of the Credit Facility. 17 2.1.The Commitments; Increase in Total Commitments 17 2.2.Procedure for Borrowing 18 2.3.Fees 19
Amount and Terms of the Credit Facility. 2.1. The Commitments; Increase in Total Commitments.
Amount and Terms of the Credit Facility. Section 2.1 Revolving Advances.
Amount and Terms of the Credit Facility. Revolving Advances. The Lender agrees, on the terms and subject to the conditions herein set forth, to make advances to the Borrower from time to time from the date all of the conditions set forth in Section 4.1 are satisfied (the “Funding Date”) to the Termination Date (the “Revolving Advances”). The Lender shall have no obligation to make a Revolving Advance to the extent the amount of the requested Revolving Advance exceeds Availability. The Borrower’s obligation to pay the Revolving Advances shall be evidenced by the Revolving Note and shall be secured by the Collateral. Within the limits set forth in this Section 2.1, the Borrower may borrow, prepay pursuant to Section 2.16 and reborrow.
Amount and Terms of the Credit Facility. Section 2.1 Revolving Advances
Section 2.2 Interest; Default Interest; Usury
Amount and Terms of the Credit Facility. Subsection 2.3(a)(i) of the Credit Agreement is hereby amended in its entirety to read as follows:
(i) $6,000,000 less the L/C Amount, or"
Amount and Terms of the Credit Facility. 12 Section 2.1 Revolving Advances.......................................................................................... 12 Section 2.2 Procedures for Requesting Advances................................................................ 12 Section 2.3 Letters of Credit............................................................................................... 12 Section 2.4 Special Account................................................................................................ 13 Section 2.5 Payment of Amounts Drawn Under Letters of Credit; Obligation of Reimbursement............................................................................................... 13 Section 2.6 Obligations Absolute......................................................................................... 14