Common use of Commitment to Lend Clause in Contracts

Commitment to Lend. (a) Subject to the terms and conditions set forth in this Credit Agreement, each of the Lenders severally agrees to lend to the Borrower and the Borrower may borrow, repay, and reborrow from time to time from the Closing Date up to but not including the Revolving Credit Loan Maturity Date upon notice by the Borrower to the Administrative Agent given in accordance with Section 2.6, such sums as are requested by the Borrower up to a maximum aggregate amount outstanding (after giving effect to all amounts requested) at any one time equal to such Lender's Commitment minus such Lender's Commitment Percentage of the sum of the Maximum Drawing Amount and all Unpaid Reimbursement Obligations, provided that the sum of the outstanding amount of the Revolving Credit Loans (after giving effect to all amounts requested), including the Swing Line Loans, plus the Maximum Drawing Amount and all Unpaid Reimbursement Obligations shall not at any time exceed the Total Commitment at such time. The Revolving Credit Loans shall be made pro rata in accordance with each Lender's Commitment Percentage. Each request for a Revolving Credit Loan hereunder shall constitute a representation and warranty by the Borrower that the conditions set forth in Section 11 and Section 12, in the case of the initial Revolving Credit Loans to be made on the Closing Date, and Section 12, in the case of all other Revolving Credit Loans, have been satisfied on the date of such request.

Appears in 3 contracts

Sources: Revolving Credit Agreement (Coach Inc), Revolving Credit Agreement (Coach Inc), Revolving Credit Agreement (Coach Inc)

Commitment to Lend. (a) Subject to the terms and conditions set forth in this Credit Agreement, each of the Lenders Banks severally agrees to lend to the Borrower Borrower, and the Borrower may borrow, repay, borrow (and reborrow repay and reborrow) from time to time from between the Closing Date up to but not including and the Revolving Credit Loan Maturity Date upon notice by the Borrower to the Administrative Agent given in accordance with Section 2.6, such sums as are requested by the Borrower for the purposes set forth in Section 7.11 up to the lesser of (a) a maximum aggregate principal amount outstanding (after giving effect to all amounts requested) at any one time equal to such LenderBank's Commitment minus and (b) such LenderBank's Commitment Percentage of the sum Borrowing Base, provided, that, in all events no Default or Event of the Maximum Drawing Amount Default shall have occurred and all Unpaid Reimbursement Obligationsbe continuing; and provided, provided further, that the sum of the outstanding principal amount of the Revolving Credit Loans (after giving effect to all amounts requested), including the Swing Line Loans, plus the Maximum Drawing Amount and all Unpaid Reimbursement Obligations ) shall not at any time exceed the Total Commitment at such timeCommitment. The Revolving Credit Loans (other than Swing Loans) shall be made pro rata in accordance with each LenderBank's Commitment Percentage. Each request for a Revolving Credit Loan hereunder shall constitute a representation and warranty by the Borrower that all of the conditions set forth in Section 11 10 and Section 1211, in the case of the initial Revolving Credit Loans to be made on the Closing DateLoan, and Section 1211, in the case of all other Revolving Credit Loans, have been satisfied on the date of such request. No Bank shall have any obligation to make Loans to the Borrower in the maximum aggregate principal amount outstanding of more than the principal face amount of its Note.

Appears in 3 contracts

Sources: Revolving Credit Agreement (Excel Realty Trust Inc), Revolving Credit Agreement (Walden Residential Properties Inc), Revolving Credit Agreement (Walden Residential Properties Inc)

Commitment to Lend. (a) Subject to the terms and conditions set forth in this Credit Agreement, each of the Lenders Banks severally agrees to lend to the Borrower Borrower, and the Borrower may borrow, repay, borrow (and reborrow repay and reborrow) from time to time from between the Closing Date up to but not including and the Revolving Credit Loan Maturity Date Date, upon notice by the Borrower to the Administrative Agent given in accordance with Section 2.6, such sums as are requested by the Borrower for the purposes set forth in Section 2.9 (but subject to the limitations set forth in Section 2.9) up to a maximum aggregate principal amount outstanding (after giving effect to all amounts requested) at any one time equal to such LenderBank's Commitment minus such LenderCommitment; provided, that, in all events no Default or Event of Default shall have occurred and be continuing and the Borrower's Commitment Percentage of the sum of the Maximum Drawing Amount financial statements as required pursuant to Section 2.6(iii) shall demonstrate compliance with all covenants set forth therein; and all Unpaid Reimbursement Obligationsprovided, provided further, that the sum of the outstanding principal amount of the Revolving Credit Loans (after giving effect to all amounts requested), including the Swing Line Loans, plus the Maximum Drawing Amount and all Unpaid Reimbursement Obligations ) shall not at any time exceed the Total Commitment at such timeCommitment. The Revolving Credit Loans shall be made pro rata in accordance with each LenderBank's Commitment Percentage. Each request for a Revolving Credit Loan hereunder shall constitute a representation and warranty by the Borrower that all of the conditions set forth in Section 11 10 and Section 1211, in the case of the initial Revolving Credit Loans to be made on the Closing DateLoan, and Section 1211, in the case of all other Revolving Credit Loans, have been satisfied on the date of such requestrequest (except as otherwise permitted in Paragraph 4 of the form of Loan Request with respect to warranties and representations). No Bank shall have any obligation to make Loans to the Borrower in the maximum aggregate principal amount outstanding of more than the principal face amount of its Note.

Appears in 3 contracts

Sources: Revolving Credit Agreement (Crescent Real Estate Equities Co), Revolving Credit Agreement (Crescent Real Estate Equities Inc), Revolving Credit Agreement (Crescent Real Estate Equities LTD Partnership)

Commitment to Lend. (a) Subject to the terms and conditions set forth in this Credit Agreement, each of the Lenders Banks severally agrees to lend to the Borrower Borrower, and the Borrower may borrow, repay, and reborrow borrow from time to time from between the Closing Date up to but not including and the Revolving Credit Loan Maturity Advance Termination Date upon notice by the Borrower to the Administrative Agent given in accordance with Section 2.6, such sums as are requested by the Borrower for the purposes set forth in Section 7.11 up to the lesser of (a) a maximum aggregate principal amount outstanding (after giving effect to all amounts requested) at any one time equal to such LenderBank's Commitment minus and (b) such LenderBank's Commitment Percentage of the sum difference of (i) the Maximum Drawing Amount aggregate Designated Collateral Value minus (ii) an amount equal to the aggregate Holdback; provided, that, in all events no Default or Event of Default shall have occurred and all Unpaid Reimbursement Obligationsbe continuing; and provided, provided further, that the sum of the outstanding principal amount of the Revolving Credit Loans (after giving effect to all amounts requested), including the Swing Line Loans, plus the Maximum Drawing Amount and all Unpaid Reimbursement Obligations ) shall not at any time exceed the Total Commitment at such timeCommitment. The Borrower may repay and reborrow from time to time between the Closing Date and the Revolving Credit Termination Date. Notwithstanding anything herein to the contrary, in no event shall the amount of the Loans advanced for purposes permitted under this Agreement, other than the purposes contemplated by Section 5.6, exceed $268,000,000.00, and in no event shall the Borrower be made pro rata in accordance with each Lender's Commitment Percentage. Each permitted to request for a Loans after the Revolving Credit Loan hereunder shall constitute a representation and warranty by the Borrower that the conditions set forth in Termination Date except for amounts requested pursuant to Section 11 and Section 12, in the case of the initial Revolving Credit Loans to be made on the Closing Date, and Section 12, in the case of all other Revolving Credit Loans, have been satisfied on the date of such request5.

Appears in 1 contract

Sources: Loan Agreement (Wellsford Real Properties Inc)

Commitment to Lend. (a) Subject to the terms and conditions set forth in this Credit Agreement, each of the Lenders Banks severally agrees to lend to the Borrower Borrower, and the Borrower may borrow, repay, borrow (and reborrow repay and reborrow) from time to time from between the Closing Date up to but not including and the Revolving Credit Loan Maturity Date upon notice by the Borrower to the Administrative Agent given in accordance with Section 2.62.7, such sums as are requested by the Borrower for the purposes set forth in Section 2.10 up to the lesser of (a) a maximum aggregate principal amount outstanding (after giving effect to all amounts requested) at any one time equal to such LenderBank's Commitment minus and (b) such LenderBank's Commitment Percentage of the sum of (i) the Maximum Drawing Amount Borrowing Base MINUS (ii) the aggregate Letters of Credit Outstanding, PROVIDED, that, in all events no Default or Event of Default shall have occurred and all Unpaid Reimbursement Obligationsbe continuing; and PROVIDED, provided FURTHER, that the sum of the outstanding principal amount of the Revolving Credit Loans (after giving effect to all amounts requested), including the Swing Line Loans, plus the Maximum Drawing Amount ) and all Unpaid Reimbursement Obligations Letters of Credit Outstanding shall not at any time exceed the Total Commitment at such timeor cause a violation of Section 9. 1. The Revolving Credit Loans (other than Swing Loans) shall be made pro rata PRO RATA in accordance with each LenderBank's Commitment Percentage. Each request for a Revolving Credit Loan hereunder shall constitute a representation and warranty by the Borrower that all of the conditions set forth in Section 11 10 and Section 1211, in the case of the initial Revolving Credit Loans to be made on the Closing DateLoan, and Section 1211, in the case of all other Revolving Credit Loans, have been satisfied on the date of such request. No Bank shall have any obligation to make Loans to the Borrower in the maximum aggregate principal amount outstanding of more than the principal face amount of its Note.

Appears in 1 contract

Sources: Revolving Credit Agreement (Price Legacy Corp)

Commitment to Lend. (a) Subject to the terms and conditions set forth in this Credit Agreement, each of the Lenders Banks severally agrees to lend to the Borrower Borrower, and the Borrower may borrow, repay, borrow (but shall not be able to repay and reborrow reborrow) from time to time from between the Closing Date up to but not including and the Revolving Credit Loan Maturity date two hundred and seventy (270) days following the Closing Date upon notice by the Borrower to the Administrative Agent given in accordance with Section 2.62.6 and Section 5.4, such sums as are requested by the Borrower for the purposes set forth in Section 7.11 up to the lesser of (a) a maximum aggregate principal amount outstanding (after giving effect to all amounts requested) at any one time equal to such LenderBank's Commitment minus and (b) such LenderBank's Commitment Percentage of the sum aggregate Designated Collateral Value; provided, that, in all events no Default or Event of the Maximum Drawing Amount Default shall have occurred and all Unpaid Reimbursement Obligationsbe continuing; and provided, provided further, that the sum of the outstanding principal amount of the Revolving Credit Loans (after giving effect to all amounts requested), including the Swing Line Loans, plus the Maximum Drawing Amount and all Unpaid Reimbursement Obligations ) shall not at any time exceed the Total Commitment at such timeCommitment. The Revolving Credit Loans shall be made pro rata in accordance with each LenderBank's Commitment Percentage. Each request for a Revolving Credit The Loan hereunder Request shall constitute a representation and warranty by the Borrower that all of the conditions set forth in Section 11 10 and Section 1211, in the case of the initial Revolving Credit Loans to be made on the Closing DateLoan, and Section 1211, in the case of all other Revolving Credit Loans, have been satisfied on the date of such requestfunding.

Appears in 1 contract

Sources: Term Loan Agreement (Wellsford Real Properties Inc)

Commitment to Lend. (a) Subject to the terms and conditions set forth in this Credit Agreement, each of the Lenders Banks severally agrees to lend to the Borrower Borrower, and the Borrower may borrow, repay, borrow (and reborrow repay and reborrow) from time to time from between the Closing Date up to but not including and the Revolving Credit Loan Maturity Date Date, upon notice by the Borrower to the Administrative Agent given in accordance with Section §2.6, such sums as are requested by the Borrower for the purposes set forth in §2.9 up to a maximum aggregate principal amount outstanding (after giving effect to all amounts requested) at any one time equal to such Lender's Bank’s Commitment minus such Lender's Commitment Percentage as Revolving Credit Loans; provided, that, in all events no Default or Event of the sum of the Maximum Drawing Amount Default shall have occurred and all Unpaid Reimbursement Obligationsbe continuing or will arise as a result thereof; and provided, provided further, that the sum of the outstanding amount of the Outstanding Revolving Credit Loans and Outstanding Swing Loans (after giving effect to all amounts requested), including ) and the Swing Line Loans, plus the Maximum Drawing Amount and all Unpaid Reimbursement Obligations aggregate Letter of Credit Liabilities shall not at any time exceed the Total Commitment at such timeor the Borrowing Base. The Revolving Credit Loans shall be made pro rata in accordance with each Lender's Bank’s Commitment Percentage. Each request for a Revolving Credit Loan hereunder shall constitute a representation and warranty by the Borrower that all of the conditions set forth in Section 11 §10 and Section 12§11, in the case of the initial Revolving Credit Loans to be made on the Closing DateLoan, and Section 12§11, in the case of all other Revolving Credit Loans, have been satisfied on the date of such request. The Agent may assume that the conditions in §10 and §11 have been satisfied unless it receives prior written notice from a Bank that such conditions have not been satisfied. No Bank shall have any obligation to make Revolving Credit Loans to the Borrower in the maximum aggregate principal amount outstanding of more than the principal face amount of its Revolving Credit Note.

Appears in 1 contract

Sources: Credit Agreement (Gramercy Capital Corp)

Commitment to Lend. (a) Subject to the terms and conditions set forth in this Credit Agreement, each of the Lenders Banks severally agrees to lend to the Borrower Borrowers, and the Borrower Borrowers may borrow, repay, borrow (and reborrow repay and reborrow) from time to time from between the Closing Date up to but not including and the Revolving Credit Loan Maturity Date upon notice by the Borrower Borrowers to the Administrative Agent given in accordance with Section 2.6, such sums as are requested by the Borrower Borrowers for the purposes set forth in Section 7.11 up to the lesser of (a) a maximum aggregate principal amount outstanding (after giving effect to all amounts requested) at any one time equal to such LenderBank's Commitment minus and (b) such LenderBank's Commitment Percentage of the sum Borrowing Base and the Collateral Borrowing Base (whichever is less), provided, that, in all events no Default or Event of the Maximum Drawing Amount Default shall have occurred and all Unpaid Reimbursement Obligationsbe continuing; and provided, provided further, that the sum of the outstanding principal amount of the Revolving Credit Loans (after giving effect to all amounts requested), including the Swing Line Loans, plus the Maximum Drawing Amount and all Unpaid Reimbursement Obligations ) shall not at any time exceed the Total Commitment at such timeCommitment. The Revolving Credit Loans (other than Swing Loans) shall be made pro rata in accordance with each LenderBank's Commitment Percentage. Each request for a Revolving Credit Loan hereunder shall constitute a representation and warranty by the Borrower Borrowers that all of the conditions set forth in Section 11 10 and Section 1211, in the case of the initial Revolving Credit Loans to be made on the Closing DateLoan, and Section 1211, in the case of all other Revolving Credit Loans, have been satisfied on the date of such request. No Bank shall have any obligation to make Loans to the Borrowers in the maximum aggregate principal amount outstanding of more than the principal face amount of its Note.

Appears in 1 contract

Sources: Revolving Credit Agreement (Walden Residential Properties Inc)

Commitment to Lend. (a) Subject to the terms and conditions set forth in this Credit Agreement, each of the Lenders Banks severally agrees to lend to the Borrower Borrower, and the Borrower may borrow, repay, and reborrow borrow from time to time from between the Closing Date up to but not including and the Revolving Credit Loan Maturity Advance Termination Date upon notice by the Borrower to the Administrative Agent given in accordance with Section 2.6, such sums as are requested by the Borrower for the purposes set forth in Section 7.11 up to the lesser of (a) a maximum aggregate principal amount outstanding (after giving effect to all amounts requested) at any one time equal to such LenderBank's Commitment minus and (b) such LenderBank's Commitment Percentage of the sum difference of (i) the Maximum Drawing Amount aggregate Designated Collateral Value minus (ii) an amount equal to the aggregate Holdback; provided, that, in all events no Default or Event of Default shall have occurred and all Unpaid Reimbursement Obligationsbe continuing; and provided, provided further, that the sum of the outstanding principal amount of the Revolving Credit Loans (after giving effect to all amounts requested), including the Swing Line Loans, plus the Maximum Drawing Amount and all Unpaid Reimbursement Obligations ) shall not at any time exceed the Total Commitment at such timeCommitment. The Borrower may repay and reborrow from time to time between the Closing Date and the Revolving Credit Termination Date. Notwithstanding anything herein to the contrary, in no event shall the amount of the Loans advanced for purposes permitted under this Agreement, other than the purposes contemplated by Section 5.6, exceed $67,000,000.00, and in no event shall the Borrower be made pro rata in accordance with each Lender's Commitment Percentage. Each permitted to request for a Loans after the Revolving Credit Loan hereunder shall constitute a representation and warranty by the Borrower that the conditions set forth in Termination Date except for amounts requested pursuant to Section 11 and Section 12, in the case of the initial Revolving Credit Loans to be made on the Closing Date, and Section 12, in the case of all other Revolving Credit Loans, have been satisfied on the date of such request5.

Appears in 1 contract

Sources: Mezzanine Loan Agreement (Wellsford Real Properties Inc)

Commitment to Lend. (a) Subject to RC Loans. (i) Upon the terms and subject to the conditions set forth in of this Credit Agreement, each of the Lenders severally Bank agrees to lend to the Borrower and the Borrower may borrowmake, repay, and reborrow from time to time during the period from the Closing Agreement Date up through the Termination Date, one or more RC Loans to but each of the Borrowers in an aggregate unpaid principal amount, with respect to all of the Borrowers, not including exceeding at any time such Bank's Commitment at such time; provided, however, that the Revolving Credit Loan Maturity Date upon notice by aggregate unpaid principal amount of all Loans shall not exceed at any time the Borrower to the Administrative Agent given in accordance with Section 2.6, such sums as are requested by the Borrower up to a maximum aggregate amount outstanding (of the Commitments at such time; provided, further, however, that the Banks shall not make RC Loans to an individual Borrower if, after giving effect to such RC Loans, the aggregate unpaid principal amount of all amounts requested) at any one time equal Loans to such LenderBorrower would exceed such Borrower's Commitment minus such Lender's Commitment Percentage Availability. (ii) Subject to Section 1.06 and the other terms and conditions of this Agreement, the sum RC Loans may, at the option of the Maximum Drawing Amount a Borrower, be made as, and all Unpaid Reimbursement Obligationsfrom time to time continued as or converted into, provided that the sum Base Rate or Eurodollar Rate Loans of the outstanding any permitted Type, or any combination thereof. The aggregate amount of the Revolving Credit Commitments on the Agreement Date is $120,000,000. (b) Bid Rate Loans. Upon the terms and subject to the conditions of this Agreement, in response to each request for Bid Rate Loans (by a Borrower, each Bank may, but shall not be obligated to, submit one or more offers to make Bid Rate Loans to such Borrower as provided in Section 1.02(b); provided, however, that the aggregate unpaid principal amount of all Loans shall not exceed at any time the aggregate amount of the Commitments at such time; provided, further, however, that the Banks shall not make Bid Rate Loans to an individual Borrower if, after giving effect to all amounts requested), including the Swing Line such Bid Rate Loans, plus the Maximum Drawing Amount and aggregate unpaid principal amount of all Unpaid Reimbursement Obligations shall not at any time exceed the Total Commitment at such time. The Revolving Credit Loans shall be made pro rata in accordance with each Lender's Commitment Percentage. Each request for a Revolving Credit Loan hereunder shall constitute a representation and warranty by the Borrower that the conditions set forth in Section 11 and Section 12, in the case of the initial Revolving Credit Loans to be made on the Closing Date, and Section 12, in the case of all other Revolving Credit Loans, have been satisfied on the date of such requestBorrower would exceed such Borrower's Availability.

Appears in 1 contract

Sources: Credit Agreement (Eastern Utilities Associates)

Commitment to Lend. (a) Subject to the terms and conditions set forth in this Credit Agreement, each of the Lenders severally agrees to lend to the Borrower Borrower, and the Borrower may borrow, repay, borrow (and reborrow repay and reborrow) from time to time from between the Closing Date up to but not including and the Revolving Credit Loan Maturity Date upon notice by the Borrower to the Administrative Agent given in accordance with Section 2.6, such sums as are requested by the Borrower for the purposes set forth in Section 2.8 up to a maximum aggregate principal amount outstanding (after giving effect to all amounts requested) at any one time equal to the lesser of (a) such Lender's Commitment minus and (b) such Lender's Commitment Percentage of the sum Borrowing Base; provided, that, in all events no Default or Event of the Maximum Drawing Amount Default shall have occurred and all Unpaid Reimbursement Obligationsbe continuing; and provided, provided further, that the sum of the outstanding principal amount of the Revolving Credit Loans (after giving effect to all amounts requested), including the Swing Line Loans, plus the Maximum Drawing Amount and all Unpaid Reimbursement Obligations ) shall not at any time exceed the Total Commitment at such timeor cause a violation of the covenant set forth in Section 9. 1. The Revolving Credit Loans shall be made pro rata in accordance with each Lender's Commitment Percentage. Each request for a Revolving Credit Loan hereunder shall constitute a representation and warranty by the Borrower that all of the conditions set forth in Section 11 10 and Section 12, in the case of the initial Revolving Credit Loans to be made on the Closing Date, and Section 12, in the case of all other Revolving Credit Loans, 11 have been satisfied on the date of such request.

Appears in 1 contract

Sources: Revolving Credit Agreement (American Real Estate Investment Corp)

Commitment to Lend. (a) Subject to the provisions of §2.4 and the other terms and conditions set forth in this Credit Agreement, each of the Lenders Banks severally agrees to lend to the Borrower Borrower, and the Borrower may borrow, repay, and reborrow from each Bank from time to time from between the Closing Date up to but not including and the Revolving Credit Loan Maturity Date upon notice by the Borrower to the Administrative Agent given in accordance with Section 2.6§2.4, such sums in Dollars or in one or more Alternative Currencies as are requested by the Borrower up to a maximum aggregate principal amount outstanding (after giving effect to all amounts requested) at any one time equal to such Lender's Commitment minus such Lender's Commitment Percentage of the sum of the Maximum Drawing Amount and all Unpaid Reimbursement ObligationsBank’s Commitment; provided that, provided that the sum of the outstanding amount of the Revolving Credit Loans (after giving effect to any such borrowing, (i) the Outstanding Amount of all amounts requested), including the Swing Line Loans, plus the Maximum Drawing Amount Loans and all Unpaid Reimbursement Letter of Credit Obligations shall not at any time exceed the Total Commitment and (ii) the Revolving Credit Exposure of any Bank (exclusive of such Bank’s Bid Rate Loans) shall not at any time exceed such timeBank’s Commitment, and provided, further, that at the time the Borrower requests a Revolving Credit Loan and after giving effect to the making thereof: (i) in the case of any borrowing, all of the conditions in §13 (and in the case of any initial borrowing or other extension of credit on the Closing Date, also the conditions in §12) have been met at the time of such request, and (ii) there has not occurred and is not continuing (or will not occur by reason thereof) any Default or Event of Default; it being acknowledged and agreed that the Borrower shall be permitted to request and borrow Loans if a Non Material Breach (rather than a Default or Event of Default) exists. The Revolving Credit Loans shall be made pro rata in accordance with each Lender's Bank’s Commitment Percentage. Each request for a Revolving Credit Loan hereunder made pursuant to §2.4 shall constitute a representation and warranty by the Borrower that the conditions set forth in Section 11 and Section 12, in the case of the initial Revolving Credit Loans to be made on the Closing Date, and Section 12, in the case of all other Revolving Credit Loans, §12 have been satisfied (except to the extent any such condition has been waived and/or deferred in writing by the Agent and the required number of Banks) as of the Closing Date and that the conditions set forth in §13 have been satisfied (except to the extent any such condition has been waived and/or deferred in writing by the Agent and the required number of Banks) on the date of such requestrequest and will be satisfied (except to the extent any such condition has been waived and/or deferred in writing by the Agent and the required number of Banks) on the proposed Drawdown Date of the requested Loan or issuance of Letter of Credit, as the case may be, provided that the making of such representation and warranty by the Borrower shall not limit the right of any Bank not to lend if such conditions have not been met. No Revolving Credit Loan or other extension of credit shall be required to be made by any Bank unless (in connection with the initial Revolving Credit Loan or Letter of Credit or other extension of credit) all of the conditions contained in §12 have been satisfied (except to the extent any such condition has been waived and/or deferred in writing by the Agent and the required number of Banks) as of the Closing Date and unless all of the conditions set forth in §13 have been met at the time of any request for a Revolving Credit Loan or other extension of credit (except to the extent any such condition has been waived and/or deferred in writing by the Agent and the required number of Banks).

Appears in 1 contract

Sources: Revolving Credit Agreement (Boston Properties LTD Partnership)

Commitment to Lend. (a) Subject to the terms and conditions set forth in this Credit Agreement, each of the Lenders Banks severally agrees to lend to the Borrower Borrower, and the Borrower may borrow, repay, borrow (and reborrow repay and reborrow) from time to time from between the Closing Date up to but not including and the Revolving Credit Loan Maturity Date upon notice by the Borrower to the Administrative Agent given in accordance with Section 2.6, such sums as are requested by the Borrower for the purposes set forth in Section 7.11 up to a maximum aggregate principal amount outstanding (after giving effect to all amounts requested) at any one time equal to such LenderBank's Commitment minus such Lender's Commitment Percentage Commitment, PROVIDED, that, in all events no Default or Event of the sum of the Maximum Drawing Amount Default shall have occurred and all Unpaid Reimbursement Obligationsbe continuing; and PROVIDED, provided FURTHER, that the sum of the outstanding principal amount of the Revolving Credit Loans (after giving effect to all amounts requested), including the Swing Line Loans, plus the Maximum Drawing Amount and all Unpaid Reimbursement Obligations ) shall not at any time exceed the Total Commitment at such timeLESS the amount of the Interest Reserve. The Revolving Credit Loans shall be made pro rata PRO RATA in accordance with each LenderBank's Commitment Percentage. Each request for a Revolving Credit Loan hereunder shall constitute a representation and warranty by the Borrower that all of the conditions set forth in Section 11 10 and Section 1211, in the case of the initial Revolving Credit Loans to be made on the Closing DateLoan, and Section 1211, in the case of all other Revolving Credit Loans, have been satisfied on the date of such request. No Bank shall have any obligation to make Loans to the Borrower in the maximum aggregate principal amount outstanding of more than the principal face amount of its Note. Notwithstanding anything herein to the contrary, the Banks shall have no obligation to make Loans to the Borrower in the maximum aggregate principle amount of more than (a) $15,000,000.00 at any time prior to December 31, 2000 and (b) $10,000,000.00 at any time on or after December 31, 2000.

Appears in 1 contract

Sources: Revolving Credit Agreement (Excel Legacy Corp)

Commitment to Lend. (a) Subject to the terms and conditions set forth in this Credit Agreement, each of the Lenders Banks severally agrees to lend to the Borrower Borrower, and the Borrower may borrow, repay, borrow (and reborrow repay and reborrow) from time to time from between the Closing Date up to but not including and the Revolving Credit Loan Maturity Date upon notice by the Borrower to the Administrative Agent given in accordance with Section 2.6, such sums as are requested by the Borrower for the purposes set forth in Section 7.11 up to the lesser of (a) a maximum aggregate principal amount outstanding (after giving effect to all amounts requested) at any one time equal to such LenderBank's Commitment minus and (b) such LenderBank's Commitment Percentage of the sum difference of (i) the Maximum Drawing Amount aggregate Designated Collateral Value minus (ii) an amount equal to the aggregate Holdback; provided, that, in all events no Default or Event of Default shall have occurred and all Unpaid Reimbursement Obligationsbe continuing; and provided, provided further, that the sum of the outstanding principal amount of the Revolving Credit Loans (after giving effect to all amounts requested), including the Swing Line Loans, plus the Maximum Drawing Amount and all Unpaid Reimbursement Obligations ) shall not at any time exceed the Total Commitment at such timeCommitment. The Revolving Credit Loans shall be made pro rata in accordance with each LenderBank's Commitment Percentage. Each request for a Revolving Credit The Loan hereunder Request shall constitute a representation and warranty by the Borrower that all of the conditions set forth in Section 11 10 and Section 1211, in the case of the initial Revolving Credit Loans to be made on the Closing DateLoan, and Section 1211, in the case of all other Revolving Credit Loans, have been satisfied on the date of such requestfunding.

Appears in 1 contract

Sources: Revolving Credit Agreement (Wellsford Real Properties Inc)

Commitment to Lend. (a) Subject to the terms and conditions set forth in this Credit Agreement, each of the Lenders Banks severally agrees to lend to the Borrower Borrower, and the Borrower may borrow, repay, borrow (and reborrow repay and reborrow) from time to time from between the Closing Date up to but not including and the Revolving Credit Loan Maturity Date Date, upon notice by the Borrower to the Administrative Agent given in accordance with Section 2.6, such sums as are requested by the Borrower for the purposes set forth in Section 2.9 (but subject to the limitations set forth in Section 2.9) up to a maximum aggregate principal amount outstanding (after giving effect to all amounts requestedrequested and the amount of Letters of Credit outstanding, including Letters of Credit accepted but unpaid) at any one time equal to such LenderBank's Commitment minus such Lender's Commitment Percentage Commitment; provided, that, in all events no Default or Event of the sum of the Maximum Drawing Amount Default shall have occurred and all Unpaid Reimbursement Obligationsbe continuing; and provided, provided further, that the sum of the outstanding principal amount of the Revolving Credit Loans (after giving effect to all amounts requested)requested and the amount of Letters of Credit outstanding, including the Swing Line Loans, plus the Maximum Drawing Amount and all Unpaid Reimbursement Obligations Letters of Credit accepted but unpaid) shall not at any time exceed the Total Commitment at such timeCommitment. The Revolving Credit Loans (other than Swing Loans) shall be made pro rata in accordance with each LenderBank's Commitment Percentage. Each request for a Revolving Credit Loan hereunder shall constitute a representation and warranty by the Borrower that all of the conditions set forth in Section 11 10 and Section 1211, in the case of the initial Revolving Credit Loans to be made on the Closing DateLoan, and Section 1211, in the case of all other Revolving Credit Loans, have been satisfied on the date of such requestrequest (except as otherwise permitted in Paragraph 4 of the form of Loan Request with respect to warranties and representations). No Bank shall have any obligation to make Loans to the Borrower in the maximum aggregate principal amount outstanding of more than the principal face amount of its Note.

Appears in 1 contract

Sources: Revolving Credit Agreement (Crescent Real Estate Equities Co)

Commitment to Lend. (a) Subject to the terms and conditions set forth in this Credit Agreement, each of the Lenders severally agrees to lend to the Borrower Borrower, and the Borrower may borrow, repay, borrow (and reborrow repay and reborrow) from time to time from between the Closing Date up to but not including and the Revolving Credit Loan Maturity Date upon notice by the Borrower to the Administrative Agent given in accordance with Section 2.6, such sums as are requested by the Borrower for the purposes set forth in Section 7.11 up to the lesser of (a) a maximum aggregate principal amount outstanding (after giving effect to all amounts requested) at any one time equal to such Lender's Lenders Commitment minus and (b) such Lender's Lenders Commitment Percentage of the sum Borrowing Base; provided, that, in all events no Default or Event of Default shall have occurred and be continuing and the Maximum Drawing Amount Borrowers financial statements as required pursuant to Section 2.6(iii) shall demonstrate compliance with all covenants set forth therein; and all Unpaid Reimbursement Obligationsprovided, provided further, that the sum of the outstanding principal amount of the Revolving Credit Loans (after giving effect to all amounts requested), including the Swing Line Loans, plus the Maximum Drawing Amount and all Unpaid Reimbursement Obligations ) shall not at any time exceed the Total Commitment at such timeCommitment. The Revolving Credit Loans shall be made pro rata in accordance with each Lender's Lenders Commitment Percentage. Each request for a Revolving Credit The Loan hereunder Request shall constitute a representation and warranty by the Borrower that all of the conditions set forth in Section 11 10 and Section 1211, in the case of the initial Revolving Credit Loans to be made on the Closing DateLoan, and Section 1211, in the case of all other Revolving Credit Loans, have been satisfied on the date of such requestfunding. Notwithstanding anything herein to the contrary, the Lenders shall have no obligation to make Loans to the Borrower in the maximum aggregate principal amount outstanding of more than $35,000,000.00, until the Total Commitment shall be increased, up to a maximum of $50,000,000.00, as and when one or more Lenders shall acquire from BKB all or a portion of the additional uncommitted Commitment of $15,000,000.00.

Appears in 1 contract

Sources: Revolving Credit Agreement (Wellsford Real Properties Inc)

Commitment to Lend. (a) Subject to the terms and conditions set forth in this Credit Agreement, each of the Lenders severally agrees to lend to the Borrower Borrower, and the Borrower may borrow, repay, borrow (and reborrow repay and reborrow) from time to time from between the Closing Date up to but not including and the Revolving Credit Loan Maturity Date upon notice by the Borrower to the Administrative Agent given in accordance with Section 2.6, such sums as are requested by the Borrower for the purposes set forth in Section 2.8 up to a maximum aggregate principal amount outstanding (after giving effect to all amounts requested) at any one time equal to the lesser of (a) such Lender's Commitment minus and (b) such Lender's Commitment Percentage of the sum Borrowing Base; PROVIDED, that, in all events no Default or Event of the Maximum Drawing Amount Default shall have occurred and all Unpaid Reimbursement Obligationsbe continuing; and PROVIDED, provided FURTHER, that the sum of the outstanding principal amount of the Revolving Credit Loans (after giving effect to all amounts requested), including the Swing Line Loans, plus the Maximum Drawing Amount and all Unpaid Reimbursement Obligations ) shall not at any time exceed the Total Commitment at such timeor cause a violation of the covenant set forth in Section 9. 1. The Revolving Credit Loans shall be made pro rata PRO RATA in accordance with each Lender's Commitment Percentage. Each request for a Revolving Credit Loan hereunder shall constitute a representation and warranty by the Borrower that all of the conditions set forth in Section 11 10 and Section 12, in the case of the initial Revolving Credit Loans to be made on the Closing Date, and Section 12, in the case of all other Revolving Credit Loans, 11 have been satisfied on the date of such request. Notwithstanding anything herein to the contrary, the Lenders shall have no obligation to make Loans to the Borrower in the maximum aggregate principle amount of more than $150,000,000.00, provided that the Commitment shall be increased up to a maximum amount of $250,000,000.00 if, as and when Tranche B is activated as provided in Section 2.

Appears in 1 contract

Sources: Revolving Credit Agreement (American Real Estate Investment Corp)

Commitment to Lend. (a) Subject to the terms and conditions set forth in this Credit Agreement, each of the Lenders Banks severally agrees to lend to the Borrower Borrower, and the Borrower may borrow, repay, borrow (and reborrow repay and reborrow) from time to time from between the Closing Date up to but not including and the Revolving Credit Loan Maturity Date Date, upon notice by the Borrower to the Administrative Agent given in accordance with Section 2.6, such sums as are requested by the Borrower for the purposes set forth in Section 2.9 (but subject to the limitations set forth in Section 2.9) up to a maximum aggregate principal amount outstanding (after giving effect to all amounts requested) at any one time equal to such LenderBank's Commitment minus such LenderCommitment; provided, that, in all events no Default or Event of Default shall have occurred and be continuing and the Borrower's Commitment Percentage of the sum of the Maximum Drawing Amount financial statements as required pursuant to Section 2.6(iii) shall demonstrate compliance with all covenants set forth therein; and all Unpaid Reimbursement Obligationsprovided, provided further, that the sum of the outstanding principal amount of the Revolving Credit Loans (after giving effect to all amounts requested), including the Swing Line Loans, plus the Maximum Drawing Amount and all Unpaid Reimbursement Obligations ) shall not at any time exceed the Total Commitment at such timeCommitment. The Revolving Credit Loans shall be made pro rata in accordance with each LenderBank's Commitment Percentage. Each request for a Revolving Credit Loan hereunder shall constitute a representation and warranty by the Borrower that all of the conditions set forth in Section 11 10 and Section 1211, in the case of the initial Revolving Credit Loans to be made on the Closing DateLoan, and Section 1211, in the case of all other Revolving Credit Loans, have been satisfied on the date of such requestrequest (except as otherwise permitted in Paragraph 4 of the form of Loan Request with respect to warranties and representations). No Bank shall have any obligation to make Loans to the Borrower in the maximum aggregate principal amount outstanding of more than the principal face amount of its Note. Notwithstanding anything herein to the contrary, the Banks shall have no obligation to make Loans to the Borrower in the maximum aggregate principal amount outstanding of more than $750,000,000.00, provided that after BankBoston sells down its present Commitment to $100,000,000.00, the Total Commitment shall be increased up to a maximum of $850,000,000.00 as and when one or more Banks shall acquire from BankBoston all or a portion of the additional Commitment of $100,000,000.00.

Appears in 1 contract

Sources: Revolving Credit Agreement (Crescent Real Estate Equities Co)