LOAN AND LETTERS OF CREDIT Sample Clauses

LOAN AND LETTERS OF CREDIT. 15 Section 2.02 BORROWINGS, CONTINUATIONS, CONVERSIONS AND LETTERS OF CREDIT . . . . . . . . . . . . . . . . . 16 Section 2.03
Sample 1
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LOAN AND LETTERS OF CREDIT. (a) On the terms and subject to the conditions set forth in this letter loan agreement (the "Agreement"), Lender agrees to lend to Borrower up to --------- $23,400,000 (the "Loan"). The Loan shall be evidenced by (i) a Modification ---- Revolving Promissory Note (the "Revolving Note") in a form satisfactory to -------------- Lender, duly executed by Borrower in the principal amount of $9,000,000 and made payable to the order of Lender and (ii) a Promissory Note (the "Term Note") in a --------- form satisfactory to Lender duly executed by Borrower in the principal amount of $14,400,000 and made payable to the order of Lender. Principal and interest on the Revolving Note shall be due and payable in the manner and at the times set forth in the Revolving Note with final maturity on May 31, 1997 (the "Revolving --------- Termination Date"). The total outstanding advances by Lender under the ---------------- Revolving Note will not exceed at any one time the lesser of (i) $9,000,000, or (ii) the Borrower's Loan Limit, as defined on Schedule "A" annexed hereto. ------------ Principal and interest (including any prepayment fee) on the Term Note shall be due and payable in the manner and at the times set forth in the Term Note with final maturity on December 11, 2000. The Revolving Note and the Term Note are hereinafter collectively referred to as the "Notes". -----
Sample 1
LOAN AND LETTERS OF CREDIT. (a) On the terms and subject to the conditions set forth in this letter loan agreement (the "AGREEMENT"), Lender agrees to lend to Borrower up to $10,000,000.00 (the "LOAN"). The Loan shall be evidenced by a Modification Revolving Promissory Note (the "NOTE") in a form satisfactory to Lender, duly executed by Borrower in the principal amount of $10,000,000.00 and made payable to the order of Lender. Principal and interest on the Note shall be due and payable in the manner and at the times set forth in the Note with final maturity on October 22, 2000 (the "MATURITY DATE"). The total outstanding advances by Lender under this Loan and on the Note will not exceed at any one time the lesser of (i) $10,000,000.00, or (ii) Borrower's Loan Limit as defined on SCHEDULE "A" annexed hereto.
Sample 1
LOAN AND LETTERS OF CREDIT. (A) Loan A. Subject to the terms and conditions hereinafter set forth, and provided that no Default or Event of Default shall have occurred and be continuing or would result from the making of any Advance, from time to time hereafter, through the Maturity Date, Bank shall extend credit under Loan A to Borrower by making Advances (excluding Acquisition Advances); provided, however that at no time shall the total principal amount of Advances then outstanding under Loan A exceed $2,000,000. Borrower shall have the right, upon thirty (30) days prior written notice to Bank, to terminate all or part of the unused portion of the Loan A, without premium or penalty. The first two million dollars ($2,000,000) of Advances (excluding Acquisition Advances) then outstanding from time to time shall be deemed to be Advances under Loan A.
Sample 1

Related to LOAN AND LETTERS OF CREDIT

  • Loans and Letters of Credit On the Closing Date:

  • First Loans and Letters of Credit On the Closing Date:

  • The Letters of Credit Prior to the Closing Date, the Existing Issuing Banks have issued the Existing Letters of Credit which from and after the Closing Date shall constitute Letters of Credit hereunder. Each Issuing Bank (other than the Existing Issuing Banks) severally agrees, on the terms and conditions hereinafter set forth, to issue letters of credit (the “Letters of Credit”) in U.S. Dollars for the account of the Borrower in support of obligations (including, without limitation, performance, bid and similar bonding obligations and credit enhancement) of the Borrower and its Affiliates, from time to time on any Business Day during the period from the Effective Date until the Business Day before the Termination Date in an aggregate Available Amount (i) for all Letters of Credit issued by such Issuing Bank not to exceed at any time the lesser of (x) the Letter of Credit Facility at such time and (y) such Issuing Bank’s Letter of Credit Commitment at such time and (ii) for each such Letter of Credit not to exceed the Unused Revolving Credit Commitments of the Lenders at such time; provided, however, that in no event shall the aggregate Available Amount for all Letters of Credit exceed $200,000,000; provided, further, that neither Bank of America, National Association, nor SunTrust Bank shall be required, without the consent of such Issuing Bank, to issue Letters of Credit in excess of $100,000,000 outstanding for each such Issuing Bank. No Letter of Credit shall have an expiration date (including all rights of the Borrower or the beneficiary to require renewal) later than the Business Day before the Termination Date. Within the limits of the Letter of Credit Facility, and subject to the limits referred to above, the Borrower may request the issuance of Letters of Credit under this Section 2.01(b), repay any Letter of Credit Advances resulting from drawings thereunder pursuant to Section 2.04(c) and request the issuance of additional Letters of Credit under this Section 2.01(b); provided, however, that neither Bank of America, National Association, nor SunTrust Bank shall be required to issue Letters of Credit in excess of $100,000,000 outstanding for each such Issuing Bank.

  • New Letters of Credit So long as any Lender is a Defaulting Lender, no Issuing Bank shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

  • CONDITIONS TO LOANS AND LETTERS OF CREDIT The obligations of Lenders to make Loans and the issuance of Letters of Credit hereunder are subject to the satisfaction of the following conditions.

  • Use of Loans and Letters of Credit The proceeds of the Loans and the Letters of Credit shall be used for working capital, for lease acquisitions, for exploration and production operations, for development (including the drilling and completion of producing xxxxx), for the payment of fees and expenses incurred in connection with this Agreement and for any other general business purposes. The Credit Parties are not engaged principally, or as one of its or their important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying margin stock (within the meaning of Regulation T, U or X of the Board). No part of the proceeds of any Loan or Letter of Credit will be used for any purpose which violates the provisions of Regulations T, U or X of the Board.

  • Existing Letters of Credit The parties hereto agree that the Existing Letters of Credit shall be deemed Letters of Credit for all purposes under this Agreement, without any further action by the Borrower.

  • The Advances and Letters of Credit (a) Each Lender severally agrees, on the terms and conditions hereinafter set forth, to make Advances to the Borrower from time to time on any Business Day during the period from the Effective Date until the Termination Date in an aggregate amount (based in respect of any Advances to be denominated in a Committed Currency by reference to the Equivalent thereof in Dollars determined on the date of delivery of the applicable Notice of Borrowing) not to exceed such Lender’s Unused Commitment at such time. Each Borrowing shall be in an amount not less than the Borrowing Minimum or the Borrowing Multiple in excess thereof and shall consist of Advances of the same Type and in the same currency made on the same day by the Lenders ratably according to their respective Revolving Credit Commitments. Within the limits of each Lender’s Revolving Credit Commitment, the Borrower may borrow under this Section 2.01(a), prepay pursuant to Section 2.10 and reborrow under this Section 2.01(a).

  • Extended Letters of Credit Each Revolving Lender confirms that its obligations under the immediately preceding subsections (i) and (j) shall be reinstated in full and apply if the delivery of any Cash Collateral in respect of an Extended Letter of Credit is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise.

  • Purpose of Loans and Letters of Credit The Borrower will use the Letters of Credit and the proceeds of the Loans to (a) provide for working capital, capital expenditures and general corporate purposes of the Credit Parties and their Subsidiaries (including, without limitation, Permitted Acquisitions), (b) on the Closing Date to refinance the Existing Credit Agreement, and (c) pay fees and expenses relating to any of the foregoing.

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