Common use of Maximum Principal Balance of Revolving Credit Loans, and Letters of Credit Outstanding Clause in Contracts

Maximum Principal Balance of Revolving Credit Loans, and Letters of Credit Outstanding. The sum of the aggregate principal amount of all Revolving Credit Loans outstanding and the Letters of Credit Outstanding shall not exceed the Revolving Credit Facility Commitment Amount. The Borrowers agree that if at any time the sum of the aggregate principal amount of all Revolving Credit Loans outstanding, and the Letters of Credit Outstanding exceeds the Revolving Credit Facility Commitment Amount (the “Excess Amount”), the Borrowers shall promptly pay to the Bank such Excess Amount. If not sooner paid, the entire principal balance of all outstanding Revolving Credit Loans, together with all unpaid accrued interest thereon, and all other sums and costs owed to the Bank by the Borrowers with respect to the Revolving Credit Loans shall be immediately due and payable on the Expiration Date, without notice, presentment or demand of any kind.

Appears in 3 contracts

Samples: Loan Agreement (Mastech Holdings, Inc.), Loan Agreement (Mastech Holdings, Inc.), Loan Agreement (Mastech Holdings, Inc.)

AutoNDA by SimpleDocs

Maximum Principal Balance of Revolving Credit Loans, and Letters of Credit Outstanding. The sum of the aggregate principal amount of all Revolving Credit Loans outstanding and the Letters of Credit Outstanding shall not exceed the Revolving Credit Facility Commitment AmountCommitment. The Borrowers agree that if at any time the sum of the aggregate principal amount of all Revolving Credit Loans outstanding, outstanding and the Letters of Credit Outstanding exceeds the Revolving Credit Facility Commitment Amount (the “Excess Amount”), the Borrowers shall promptly pay to the Bank such Excess Amount. If not sooner paid, the entire principal balance of all outstanding Revolving Credit Loans, together with all unpaid accrued interest thereon, and all other sums and costs owed to the Bank by the Borrowers with respect to the Revolving Credit Loans shall be immediately due and payable on the Expiration Date, without notice, presentment or demand of any kind.

Appears in 2 contracts

Samples: Loan Agreement (Igate Corp), Loan Agreement (Igate Corp)

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