Common use of Loan Commitment and Requests Clause in Contracts

Loan Commitment and Requests. Subject to the terms and conditions hereof: (i) on the Closing Date, MLBFS will make a WCMA Loan to Customer in an amount equal to the Maximum WCMA Line of Credit, the entire proceeds of which will be disbursed on account of the Loan Purpose, as aforesaid; and (ii) during the period from and after the Closing Date to the WCMA Maturity Date: (x) Customer may repay said WCMA Loan and any other WCMA Loans in whole or in part at any time without premium or penalty, and request a re-borrowing of amounts repaid on a revolving basis, and (y) MLBFS will make such additional WCMA Loans as Customer may from time to time request in accordance with the terms hereof. Customer may request WCMA Loans by use of WCMA Checks, FTS, Visa(R) charges, wire transfers, or such other means of access to the WCMA Line of Credit as may be permitted by MLBFS from time to time; it being understood that so long as the WCMA Line of Credit shall be in effect, any charge or debit to the WCMA Account which but for the WCMA Line of Credit would under the terms of the WCMA Agreement result in an overdraft, shall be deemed a request by Customer for a WCMA Loan.

Appears in 3 contracts

Samples: Loan and Security Agreement (DCC Compact Classics Inc), Term Wcma Loan Agreement (Celebrity Inc), Loan and Security Agreement (Faro Technologies Inc)

AutoNDA by SimpleDocs

Loan Commitment and Requests. Subject to the terms and conditions hereof: ; (i) on the Closing Date, MLBFS will make a WCMA Loan to Customer in an amount equal to the Maximum WCMA Line of Credit, the entire proceeds of which will be disbursed on account of the Loan Purpose, as aforesaid; and (ii) during the period from and after the Closing Date to the WCMA Maturity Date: ; (x) Customer may repay said WCMA Loan and any other WCMA Loans in whole or in part at any time without premium or penalty, and request a re-borrowing of amounts repaid on a revolving basis, and (y) MLBFS will make such additional WCMA Loans as Customer may from time to time request in accordance with the terms hereof, provided that, without limiting any of the other conditions hereof, the making of any such WCMA Loan shall not cause the WCMA Loan Balance to exceed the Maximum WCMA Line of Credit. Customer may request WCMA Loans by use of WCMA Checks, FTS, Visa(R) charges, wire transfers, or such other means of access to the WCMA Line of Credit as may be permitted by MLBFS from time to time; it being understood that so long as the WCMA Line of Credit shall be in effect, any charge or debit to the WCMA Account which but for the WCMA Line of Credit would under the terms of the WCMA Agreement result in an overdraft, shall be deemed a request by Customer for a WCMA Loan.

Appears in 1 contract

Samples: Loan and Security Agreement (Barbeques Galore LTD)

Loan Commitment and Requests. Subject to the terms Terms and conditions hereof: ; (i) on the Closing Conversion Date, MLBFS will make a WCMA Loan to Customer in an amount equal to the Maximum WCMA Line of Credit, the entire proceeds of which will be disbursed to MLBFS on account of the Loan PurposeTerm Note, as aforesaid; and (ii) during the period from and after the Closing Conversion Date to the WCMA Maturity Date: ; (x) Customer may repay said WCMA Loan and any other WCMA Loans in whole or in part at any time without premium or penalty, and request a re-borrowing of amounts repaid on a revolving basis, and (y) MLBFS will make such additional WCMA Loans as Customer customer may from time to time request in accordance with the terms hereof. Customer may request WCMA Loans by use of WCMA Checks, FTS, Visa(R) charges, wire transfers, or such other means of access to the WCMA Line of Credit as may be permitted by MLBFS from time to time; it being understood that so long as the WCMA Line of Credit shall be in effect, any charge or debit to the WCMA Account which but for the WCMA Line of Credit would under the terms of the WCMA Agreement result in an overdraft, shall be deemed a request by Customer for a WCMA Loan.

Appears in 1 contract

Samples: Loan and Security Agreement (Cd Warehouse Inc)

Loan Commitment and Requests. Subject to the terms and conditions hereof: (ia) on the Closing Date, MLBFS will make shall be deemed to have made a WCMA Loan to Customer under the Term WCMA Line of Credit in an amount equal to the Maximum WCMA Line of Credit, the entire proceeds of which will be disbursed on account 4/5ths of the then WCMA Loan PurposeBalance, as aforesaid; and (iib) during the period from and after the Closing Date to the Final WCMA Maturity Date: (xi) Customer may repay said WCMA Loan and any other WCMA Loans in whole or in part at any time without premium or penalty, and request a re-borrowing of amounts repaid on a revolving basis, and (yii) MLBFS will make such additional WCMA Loans as Customer may from time to time request in accordance with the terms hereof, provided that, without limiting any of the other conditions hereof, the making of any such WCMA Loan shall not cause the WCMA Loan Balance to exceed the Maximum WCMA Line of Credit. Customer may request WCMA Loans by use of WCMA Checks, FTS, Visa(R) Visa-Registered Trademark- charges, wire transfers, or such other means of access to the Term WCMA Line of Credit as may be permitted by MLBFS from time to time; it being understood that so long as the Term WCMA Line of Credit shall be in effect, any charge or debit to the WCMA Account which but for the Term WCMA Line of Credit would under the terms of the WCMA Agreement result in an overdraft, shall be deemed a request by Customer for a WCMA Loan.

Appears in 1 contract

Samples: Wcma and Term Wcma Loan and Security Agreement Wcma and Term Wcma Loan and Security Agreement (U S Long Distance Corp)

AutoNDA by SimpleDocs

Loan Commitment and Requests. Subject to the terms and conditions hereof: (i) on the Closing Date, MLBFS will make a WCMA Loan to Customer in an amount equal to the Maximum WCMA Line of Credit, Credit the entire proceeds of which will be disbursed on account of the Loan Purpose, as aforesaid; and (ii) during the period Period from and after the Closing Date to the WCMA Maturity Date: (x) Customer may repay said WCMA Loan and any other WCMA Loans in whole or in part at any time without premium or penalty, and request a re-borrowing of amounts repaid on a revolving basis, and (y) in addition to WCMA Loans automatically made to pay accrued interest, as herein provided, MLBFS will make such additional WCMA Loans as Customer may from time to time request in accordance with the terms hereof. Customer may request WCMA Loans by use of WCMA Checks, FTS, Visa(R) Visa? charges, wire transfers, or such other means of access to the WCMA Line of Credit as may be permitted by MLBFS from time to time; it being understood that so long as the WCMA Line of Credit shall be in effect, any charge or debit to the WCMA Account which but for the WCMA Line of Credit would under the terms of the WCMA Agreement result in an overdraft, shall be deemed a request by Customer for a WCMA Loan.

Appears in 1 contract

Samples: Duramed Pharmaceuticals Inc

Time is Money Join Law Insider Premium to draft better contracts faster.