Forbearance ; Continued Extension of Credit; Borrower Agreements Sample Clauses

Forbearance ; Continued Extension of Credit; Borrower Agreements. Subject to the terms and provisions of this Agreement, Agent and the Lenders agree to forbear until March 31, 2002 (the "Expiry Date") from exercising their available rights and remedies under the Credit Agreement and the other Loan Documents arising as a result of the Existing Default (the "Forbearance"). Notwithstanding that pursuant to Section 8.3(a) of the Credit Agreement the Lenders have no obligation to do so as a result of the Existing Default, the Lenders agree, subject to the terms of this Agreement and the Credit Agreement, to continue to make Revolving Loans pursuant to the Credit Agreement until the Termination Date (as defined below), provided that for purposes of the foregoing obligation to continue to make Revolving Loans (but excluding any other purposes under the Credit Agreement including, without limitation, calculation of fees pursuant to Section 4.6 of the Credit Agreement), the aggregate amount of the Revolving Commitments shall not exceed $12,000,000 (any advance made pursuant to this sentence, herein a "Default Advance"). As a result of the Existing Default, Borrower shall not be permitted to request Libor Accounts, Continue Libor Accounts, or Convert Base Rate Accounts to Libor Accounts.
Sample 1
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Forbearance ; Continued Extension of Credit; Borrower Agreements. Subject to the terms and provisions of this Agreement, Agent and the Lenders agree to forbear until May 31, 2002 (the "Expiry Date") from exercising their available rights and remedies under the Credit Agreement and the other Loan Documents arising as a result of the Existing Default (the "Forbearance"). Notwithstanding that pursuant to Section 8.3(a) of the Credit Agreement the Lenders have no obligation to do so as a result of the Existing Default, the Lenders agree, subject to the terms of this Agreement and the Credit Agreement, to continue to make Revolving Loans pursuant to the Credit Agreement until the Termination Date (as defined below), provided that for purposes of the foregoing obligation to continue to make Revolving Loans (but excluding any other purposes under the Credit Agreement including, without limitation, calculation of fees pursuant to Section 4.6 of the Credit Agreement), (a) the aggregate amount of the Revolving Commitments shall not exceed $12,000,000 (any advance made pursuant to this sentence, herein a "Default Advance") and (b) the aggregate amount of the outstanding Loans shall not exceed the Borrowing Base (as defined below). As a result of the Existing Default, Borrower shall not be permitted to request Libor Accounts, Continue Libor Accounts, or Convert Base Rate Accounts to Libor Accounts. As used herein, "Borrowing Base" means an amount equal to the sum of (x) eighty percent (80.0%) of the accounts receivable of Parent and its Subsidiaries billed and owing by account debtors located in, and organized under the laws of, the United States, but specifically excluding any accounts receivable which represent progress billings or for which Parent or Borrower reasonably believes that xxx xxospect of collection is impaired or may not be paid because of the applicable account debtor's financial inability to pay or legal impediment to payment, for which less than ninety (90) days have elapsed since the date of the original invoice therefor, plus (y) forty percent (40.0%) of the non-custom, raw material inventory of Parent and its Subsidiaries located in the United States, plus (z) $16,000,000. ARTICLE 4
Sample 1

Related to Forbearance ; Continued Extension of Credit; Borrower Agreements

  • Each Extension of Credit The obligation of each Lender to make a Loan on the occasion of any Borrowing, and of the Issuing Lender to issue, amend, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions:

  • Extension of Credit For the purposes hereof, each drawdown, rollover and conversion shall be deemed to be an extension of credit to the Borrower hereunder.

  • Credit Extension Request, etc Subject to Section 2.3.2, the Administrative Agent shall have received a Borrowing Request if Loans are being requested, or an Issuance Request if a Letter of Credit is being requested or extended. Each of the delivery of a Borrowing Request or Issuance Request and the acceptance by the Borrower of the proceeds of such Credit Extension shall constitute a representation and warranty by the Borrower that on the date of such Credit Extension (both immediately before and after giving effect to such Credit Extension and the application of the proceeds thereof) the statements made in Section 5.2.1 are true and correct in all material respects.

  • Initial Extension of Credit The obligation of Lender to make the initial Advance or issue the initial Letter of Credit is subject to the condition precedent that prior thereto Lender shall have received all of the documents set forth below in form and substance satisfactory to Lender.

  • No Extension of Credit The Company has not, directly or indirectly, including through a Subsidiary, extended credit, arranged to extend credit, or renewed any extension of credit, in the form of a personal loan, to or for any director or executive officer of the Company.

  • CONDITIONS OF INITIAL EXTENSION OF CREDIT The obligation of Bank to extend any credit contemplated by this Agreement is subject to the fulfillment to Bank's satisfaction of all of the following conditions:

  • Conditions to Each Extension of Credit The agreement of each Lender to make any extension of credit requested to be made by it on any date (including its initial extension of credit) is subject to the satisfaction of the following conditions precedent:

  • Conditions Precedent to Each Extension of Credit Before any extension of credit governed by this agreement, whether by disbursement of a loan, issuance of a letter of credit or otherwise, the following conditions must be satisfied:

  • Extension or Amendment of Loans The Servicer will not, except as otherwise permitted in Section 7.4(a), extend, amend or otherwise modify the terms of any Transferred Loan.

  • Borrowing Upon receipt of Proper Instructions, the Custodian shall deliver securities of a Portfolio to lenders or their agents, or otherwise establish a segregated account as agreed to by the applicable Fund on behalf of such Portfolio and the Custodian, as collateral for borrowings effected by such Portfolio, provided that such borrowed money is payable by the lender (a) to or upon the Custodian's order, as Custodian for such Portfolio, and (b) concurrently with delivery of such securities.

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