Common use of Facility B Loan Commitment Clause in Contracts

Facility B Loan Commitment. Subject to the terms and conditions of this Agreement and the other Loan Documents, and in reliance upon the representations and warranties of the Borrower set forth herein and in the other Loan Documents, the Bank agrees to make such Facility B Loans at such times as the Borrower may from time to time request until, but not including, the Facility B Loan Scheduled Maturity Date, and in such amounts as the Borrower may from time to time request, provided, however, that the aggregate principal balance of all Facility B Loans outstanding at any time shall not exceed the Facility B Loan Availability. Facility B Loans made by the Bank may be repaid and, subject to the terms and conditions hereof, borrowed again up to, but not including the Facility B Loan Scheduled Maturity Date unless the Facility B Loans are otherwise accelerated, terminated or extended as provided in this Agreement. The Facility B Loan Commitment shall be used by the Borrower for the exclusive purpose of the issuance of standby Letters of Credit and the repayment of drawings against such standby Letters of Credit.

Appears in 1 contract

Sources: Loan and Security Agreement (Argyle Security, Inc.)

Facility B Loan Commitment. Subject to the terms and conditions of this Agreement and the other Loan Documents, and in reliance upon the representations and warranties of the Borrower Fulfillment Borrowers set forth herein and in the other Loan Documents, the Bank Lender agrees to make such Facility B Loans at such times as the Borrower Fulfillment Borrowers may from time to time request until, but not including, the Facility B Revolving Loan Scheduled Maturity Date, and in such amounts as the Borrower Fulfillment Borrowers may from time to time request, provided, however, that the aggregate principal balance of all Facility B Loans outstanding at any time shall not exceed the Facility B Loan Availability. Facility B Loans made by the Bank Lender may be repaid and, subject to the terms and conditions hereof, borrowed again up to, but not including the Facility B Revolving Loan Scheduled Maturity Date unless the Facility B Loans are otherwise accelerated, terminated or extended as provided in this Agreement. The Facility B Loan Commitment Loans shall be used by the Borrower Fulfillment Borrowers for the exclusive purpose of the issuance refinancing an existing line of standby Letters of Credit credit and the repayment of drawings against such standby Letters of Creditto provide for short term working capital needs.

Appears in 1 contract

Sources: Loan and Security Agreement (Amrep Corp)