Credit Accommodations Sample Clauses
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Credit Accommodations. Subject to the terms and conditions hereinafter set forth, Bank agrees to extend to Borrower the following credit accommodation(s) ("Credit Accommodations(s)"), which shall be evidenced by promissory note(s) ("Note(s)"):
1. A Line of Credit, expiring on DEMAND, 19____, under which the Bank, in its discretion, will make advances to Borrower from time to time and Borrower may borrow, repay and reborrow from Bank subject to the following terms:
a. Maximum outstanding principal amount of advances - $300,000.00.
b. Interest on the outstanding principal balance at the following rate:
i. Bank's base rate of interest plus 0%.
ii. Interest payable (monthly/quarterly) commencing when billed, 19____.
iii. Borrower shall reduce the amount of the outstanding principal under the Line of Credit to zero for one consecutive 30-day period during each year after the date hereof while the Line of Credit is in effect.
c. BORROWER ACKNOWLEDGES THAT THE LINE OF CREDIT AND ANY ADVANCE THEREUNDER IS PROVIDED SOLELY AT BANK'S DISCRETION AND THE LINE OF CREDIT MAY BE TERMINATED AT ANY TIME AND FOR ANY REASON WHATSOEVER.
2. A Term Loan subject to the following terms:
a. Principal amount - $ N/A.
b. Interest on the outstanding principal balance at the following rate:
i. Bank's base rate of interest plus N/A%.
ii. Other rate terms - N/A
c. Payment terms:
i. Interest payable monthly commencing N/A, 19___.
ii. Principal payable in N/A consecutive (monthly/quarterly) installments in the amount of $N/A each, or in the following amounts, commencing, N/A, 19___, with a final installment in the amount of the unpaid balance on N/A, 19___. ------------------------------------------------------------------------------- -------------------------------------------------------------------------------
3. Borrower shall pay the following fees to Bank for the Credit Accommodations: None
4. When interest hereunder is based on Bank's base rate, it shall be based upon the rate of interest publicly announced from time to time by Bank in Doylestown, Pennsylvania as its "Base Rate." The Bank's Base Rate is defined as the then-published Wall Street Journal Prime Rate of Interest in effect from time to time plus one percent. The applicable rate will change when and as Bank changes its base rate.
Credit Accommodations. 1.1. You may, in your sole discretion, from time to time, for our account, at our request, provide one or more of the following financial accommodations to us or our designee(s): (a) issue, open, or cause the issuance or opening of letters of credit or purchase or other guaranties for the purchase of goods and services in the ordinary course of our or any such designee's business or for any other purpose approved by you, (b) assist us in establishing or opening letters of credit for such purposes by indemnifying the issuer thereof or guaranteeing our payment or performance to such issuer in connection therewith, (c) make payments for our or such designee's account in connection with such purchases and/or (d) issue or guarantee drafts and acceptances relating to the foregoing or otherwise. All such letters of credit or purchase or other guaranties and other financial accommodations are referred to herein individually as a "Credit" and collectively as "Credits".
1.2. The opening or issuance of any Credit shall at all times and in all respects be in your sole discretion. The amount and extent of any Credit and the terms, conditions and provisions thereof shall in all respects be determined solely by you and shall be subject to change, modification and revision by you, in your sole discretion, at any time and from time to time. The maturity of each Credit shall not exceed one hundred and eighty (180) days after opening or issuance, except in your sole discretion.
1.3. Our loan availability under the Agreement and any other Supplements thereto shall be reduced by the amount of all outstanding Credits or such lesser amount as you may elect in your discretion.
1.4. All outstanding Credits shall be secured by all collateral in which you are now or hereafter granted a security interest by us or any guarantor of our Obligations. All outstanding Credits shall be deemed loans for purposes of determining whether the Maximum Credit has been exceeded.
1.5. Except in your sole discretion, the amount of all Credits and all other Commitments and obligations made or incurred by you for our account in connection therewith shall not exceed $1,000,000 in the aggregate at any time outstanding.
1.6. All indebtedness, liabilities, expenses and obligations of any kind paid, arising or incurred by you in connection with this Supplement, any Credit or any documents, drafts and acceptances thereunder, whether present or future, whether arising or incurred before or after termination o...
Credit Accommodations. (a) The amount of the Credit Accommodations available to be made or incurred hereunder at any particular time from time to time shall be equal to the difference between (a) the lesser at such time of (i) the Maximum Amount, or (ii) the Export-Related Borrowing Base; and (b) the Credit Accommodation Amount at such time. The Export-Related Borrowing Base shall be determined in accordance with this Agreement, the Borrower Agreement, the Waiver Letter and the Export-Related Borrowing Base Certificate. Any Eligible Export-Related Account Receivable included in the Export-Related Borrowing Base which subsequently fails to satisfy any of the applicable eligibility criteria shall immediately cease to be included in the Export-Related Borrowing Base.
(b) Notwithstanding anything contained in this Agreement to the contrary:
(i) Lender shall not undertake any new Credit Accommodation under this Agreement:
(A) after the Stated Final Disbursement Date;
(B) during the continuance of an Event of Default hereunder;
(C) if such Credit Accommodation has been or will be used in a manner prohibited by the Borrower Agreement; or
(D) if no outstanding Export Order(s) exist with respect to Borrower.
(ii) No Warranty Letters of Credit shall be issued by Lender under this Agreement without the prior written approval of Lender and Ex-Im Bank; and if such approval is obtained, any Warranty Letter of Credit so approved shall be issued only upon the satisfaction of all conditions to such issuance, including reserves from the Export-Related Borrowing Base, established by Lender and Ex-Im Bank.
Credit Accommodations. Subject to the terms and conditions hereinafter set forth, the Bank agrees to extend to the Borrower the following credit accommodation:
Credit Accommodations. Subject to the terms and conditions hereof, the Borrower shall be entitled to make the following Accommodations under the Operating Facility by way of advances, rollovers and conversions, and under the Term Facility by way of rollovers and conversions:
(a) Prime Rate Loans in Canadian Dollars, bearing interest at the Prime Rate plus the Prime Rate Margin per annum, calculated on the basis of a 365 or a 366 day year and payable monthly in arrears;
(b) U.S. Base Rate Loans in U.S. Dollars, bearing interest at the U.S. Base Rate plus the Base Rate Margin per annum, calculated on the basis of a 365 or 366 day year and payable monthly in arrears;
(c) Bankers’ Acceptances in Canadian Dollars and in minimum amounts of Cdn. $100,000 and multiples of Cdn. $100,000 thereafter, for terms of 30 to 180 days, subject to availability, with no such term to extend beyond the Term Maturity Date. The Borrower shall pay to BNS upon the issuance of a Bankers’ Acceptance a fee calculated on the basis of the BA Margin, the face amount of each Bankers’ Acceptance and the number of days from issuance to maturity, on the basis of a 365 day year, subject to a minimum fee of Cdn. $[Redacted] (the “Stamping Fee”). The issuance of any Bankers’ Acceptance shall be treated as an Accommodation under the Operating Facility for the face amount thereof so long as such Bankers’ Acceptance remains outstanding. Each Bankers’ Acceptance may be converted to another Accommodation, but only on the maturity date of such Bankers Acceptance (provided no termination or demand in respect of the Credit has been made prior to such maturity). Any Bankers’ Acceptance not paid by the Borrower on its maturity date will be paid by BNS and such payment shall constitute a Prime Rate Advance.
(d) Letters of Credit denominated in Canadian Dollars or U.S. Dollars. The issuance of a Letter of Credit shall be treated as an Accommodation for the face amount of such Letter of Credit so long as such Letter of Credit remains outstanding. Issuance of each Letter of Credit will be conditional upon the Borrower executing BNS’s standard Letter of Credit reimbursement agreement and related documentation. A Letter of Credit shall not have a term to expiry of more than 365 days unless otherwise agreed by BNS. Upon the issuance of a Letter of Credit, the Borrower shall pay to BNS a Letter of Credit Fee calculated in the manner set out in Schedule “B”. Except as otherwise provided herein, matters relating to mechanics of drawdown...
Credit Accommodations. The Borrower shall not permit the outstanding principal balance of the Credit Accommodations to exceed 70% of the fair market value (as determined by the Lender) of all real property securing the Credit Accommodations at any time.
Credit Accommodations. 1.1 Fremont may, in Fremont's sole discretion, from time to time, for Borr▇▇▇▇▇' ▇▇count, at Borrowers' request: (a) issue, open, or cause the issuance or opening of Standby Letters of Credit for any purpose approved by Fremont, and/or (b) assist Borrowers in establishing or opening Standby Letters of Credit by indemnifying the issuer thereof or guarantying Borrowers' payment or performance to such issuer in connection therewith. All such Standby Letters of Credit are referred to herein individually as a "Credit" and collectively as "Credits."
1.2 The opening or issuance of any Credit shall at all times and in all respects be in Fremont's sole discretion. The amount and extent of any Credit and the terms, conditions and provisions thereof shall in all respects be determined solely by Fremont and shall be subject to change, modification and revision by Fremont, in Fremont's sole discretion, at any time and from time to time. The maturity of each Credit shall not exceed the sooner of one hundred and eighty (180) days after opening or issuance, or the scheduled termination of the Agreement, except in Fremont's sole discretion.
1.3 Borrowers' loan availability under the Agreement and any other Supplements thereto shall be reduced by the amount of all outstanding Credits or such lesser amount as Fremont may elect in Fremont's discretion.
1.4 All outstanding Credits shall be secured by all Collateral in which Fremont is now or hereafter granted a security interest by Borrowers or any guarantor of Borrowers' Obligations.
1.5 Except in Fremont's sole discretion, the amount of all Credits and all other commitments and obligations made or incurred by Fremont for Borrowers' account in connection therewith shall not exceed Five Hundred Thousand Dollars ($500,000) in the aggregate at any time outstanding. 36
1.6 All indebtedness, liabilities, expenses and obligations of any kind paid, arising or incurred by Fremont in connection with this Supplement, or Credit or any documents, drafts and acceptances thereunder, whether present or future, whether arising or incurred before or after termination or nonrenewal of this Agreement shall be incurred solely as an accommodation to Borrowers and for Borrowers' account and constitute part of the Obligations, including without limitation: (a) all amounts due or which may become due under any Credit or any drafts or acceptances thereunder; (b) all amounts charged or chargeable to Fremont or Borrowers by any bank or other issuer of ...
Credit Accommodations. Subject to completion of the deliveries called for in Section 4, and provided that no Event of Default exists hereunder or under the Reimbursement Agreement (defined at Section 4.1), Guarantor shall maintain in effect, and shall duly and timely perform each of its obligations under, the Guarantee and the Pledge Agreement, as and to the extent necessary to cause the BNW Credit Line to remain available to the Company for a term ending August 27, 1999.
Credit Accommodations. 9.1 The obligation of Lender to make any Credit Accommodation hereunder shall be subject to the conditions precedent that, on and as of the date of making of such Credit Accommodation:
(a) the representations and warranties of Borrower contained herein shall be true and correct in all material respects, before and after giving effect to such Credit Accommodation and to the application of any proceeds thereof; (b) no Default and no event which, with notice or passage of time or both, would constitute a Default shall have occurred and be continuing, or would result from such Credit Accommodation or from the application of any proceeds thereof; (
Credit Accommodations