Common use of Facility B Loans Clause in Contracts

Facility B Loans. Subject to the terms and conditions of this Agreement, Lender agrees to make Facility B Loans to the Borrower from time to time from the First Amendment Effective Date through the Facility B Termination Date as requested by the Borrower in accordance with the terms of Section 2.2 provided, that (i) the aggregate principal amount of all outstanding Facility B Loans (after giving effect to any amount requested) shall not exceed the Facility B Commitment as then in effect and (ii) the aggregate principal amount of all outstanding Loans (after giving effect to any amount requested), when aggregated with the outstanding principal amount of the L/C Obligations, shall not exceed the aggregate amount of the Commitments. Subject to the terms and conditions hereof, the Borrower may borrow, repay and reborrow Facility B Loans hereunder until the Facility B Termination Date. The Borrower may not borrow any Facility B Loans unless and until Facility A has been fully drawn.

Appears in 1 contract

Sources: Credit Agreement (Edutrek Int Inc)

Facility B Loans. Subject to the terms and conditions of this Agreement, Lender agrees to make Facility B Loans to the Borrower from time to time from the First Amendment Effective Date through the Facility B Termination Date as requested by the Borrower in accordance with the terms of Section 2.2 provided, that (i) the aggregate principal amount of all outstanding Facility B Loans (after giving effect to any amount requested) shall not exceed the Facility B Commitment as then in effect and (ii) the aggregate principal amount of all outstanding Loans (after giving effect to any amount requested), when aggregated with the outstanding principal amount of the L/C Obligations, shall not exceed the aggregate amount of the Commitments. Subject to the terms and conditions hereof, the Borrower may borrow, repay and reborrow Facility B Loans hereunder until the Facility B Termination Date. The Borrower may not borrow any Facility B Loans unless and until Facility A has been fully drawn. The $1,400,000 advance made under Facility B on the Ninth Amendment Effective Date shall be used solely to pay to Lender on such date the arrangement fees due to Lender in the aggregate amount of $1,400,000.

Appears in 1 contract

Sources: Credit Agreement (Edutrek Int Inc)