Present Loans; Sample Clauses

Present Loans;. The Company acknowledges that it is justly and truly indebted to the Existing Lenders on the Present Loans in the principal amount of $18,000,000.00 plus accrued and unpaid interest thereon. Substantially concurrently herewith, the Company is executing and delivering to the Lenders the Notes hereinafter identified and defined. Upon satisfaction of the conditions precedent to effectiveness set forth in Section 7 hereof, the Present Loans evidenced by the Prior Notes shall automatically, and without further action on the part of either the Lenders or the Company, become evidenced by the Notes issued under this Agreement to the Existing Lenders and, to that extent, such Notes are issued in renewal of, and evidence the same indebtedness formerly evidenced by, the Prior Notes, as well as evidencing all additional Loans made pursuant to this Agreement. Except as set forth in the last sentence of this paragraph, all of the Present Loans shall, for all purposes of this Agreement, be treated as though they constituted Loans under this Agreement in an amount equal to the aggregate unpaid principal balance of the Present Loans outstanding on such date. If any accrued and unpaid interest and commitment fees are outstanding in respect of any of the Present Loans as of the date that the Present Loans become evidenced by the Notes, such accrued interest shall be evidenced by the Notes and shall be due and payable on the first interest payment date applicable to the Notes and such accrued fees shall be payable on the first date on which the corresponding fees are due and payable under this Agreement. Simultaneously with such satisfaction of such conditions precedent, any commitment of the Existing Lenders under the Prior Credit Agreement shall terminate.
Sample 1
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Present Loans;. The Borrowers acknowledge that they are justly and truly indebted to the Existing Lenders on the Present Loans in the principal amount of $3,000,000 plus accrued and unpaid interest thereon. Substantially concurrently herewith, the Company is executing and delivering to the Lenders the Revolving Credit Notes hereinafter identified and defined. Upon satisfaction of the conditions precedent to effectiveness set forth in Section 6 hereof, (i) the Revolving Credit Notes issued under this Agreement shall automatically, and without further action on the part of either the Lenders or the Borrowers, be deemed to be issued in substitution and replacement for the Prior Notes, and (ii) the existing L/C shall automatically, and without further action on the part of either the Agent, the Lenders or the Borrowers, be deemed Letters of Credit issued under this Agreement. The Present Loans shall, for all purposes of this Agreement, be treated as though they constituted Loans under this Agreement in an amount equal to the aggregate unpaid principal balance of the Present Loans outstanding on the date the conditions precedent to effectiveness set forth in Section 6 hereof have been satisfied or duly waived in writing by the Required Lenders. Simultaneously with such satisfaction or waiver of such conditions precedent, any commitments of the Departing Lenders under the Prior Credit Agreement shall terminate and any commitments of the Existing Lenders which are parties hereto as of the date hereof shall be reallocated among the Lenders in accordance with, and as so reallocated shall automatically be deemed to be, their Commitments hereunder.
Sample 1

Related to Present Loans;

  • All Loans The obligation of each Bank to make any Loan (including the initial Loan) is subject to the following additional conditions precedent:

  • LOANS, ADVANCES, INVESTMENTS Make any loans or advances to or investments in any person or entity, except any of the foregoing existing as of, and disclosed to Bank prior to, the date hereof.

  • Acquisition Loans The proceeds of the Acquisition Loans may be used only for the following purposes: (i) for working capital and general corporate purposes, including, without limitation, the issuance of Letters of Credit and to pay outstanding Floor Plan Loans; and (ii) to make Permitted Acquisitions.

  • Ratable Loans Each Advance hereunder shall consist of Loans made from the several Lenders ratably in proportion to the ratio that their respective Commitments bear to the Aggregate Commitment.

  • Related Loans (a) Assuming Institution shall use its best efforts to determine which loans are “Related Loans,” as hereinafter defined. The Assuming Institution shall not manage, administer or collect any “Related Loan” in any manner that would have the effect of increasing the amount of any collections with respect to the Related Loan to the detriment of the Shared-Loss Loan to which such loan is related. A “

  • Loan Advances During the Revolving Period, the Borrower may, at its option, request the Revolving Lenders to make advances of funds (each, a “Loan Advance”) by delivering a Funding Notice with respect to such Loan Advance to the Administrative Agent, which shall provide notification to the Revolving Lenders with respect thereto, in an aggregate amount up to the Availability as of the proposed Funding Date of the Loan Advance; provided, however, that no Revolving Lender shall be obligated to make any Loan Advance on or after the date that is two (2) Business Days prior to the earlier to occur of the applicable Revolving Period End Date or the Termination Date. Following the receipt of a Funding Notice during the Revolving Period, subject to the terms and conditions hereinafter set forth, the Revolving Lenders shall fund such Loan Advance.

  • Loans The Sponsor has agreed to make loans to the Company in the aggregate amount of up to $300,000 (the “Insider Loans”) pursuant to a promissory note substantially in the form annexed as an exhibit to the Registration Statement. The Insider Loans do not bear any interest and are repayable by the Company on the earlier of December 31, 2021 or the consummation of the Offering.

  • Investments, Loans, Etc The Borrower will not, and will not permit any of its Subsidiaries to, purchase, hold or acquire (including pursuant to any merger with any Person that was not a wholly-owned Subsidiary prior to such merger), any common stock, evidence of indebtedness or other securities (including any option, warrant, or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, Guarantee any obligations of, or make or permit to exist any investment or any other interest in, any other Person (all of the foregoing being collectively called “Investments”), or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any other Person that constitute a business unit, or create or form any Subsidiary, except:

  • Loans, Advances, Investments, Etc Make or commit or agree to make, or permit any of its Subsidiaries make or commit or agree to make, any Investment in any other Person except for Permitted Investments.

  • Revolver Loans Each Lender agrees, severally on a Pro Rata basis up to its Revolver Commitment, on the terms set forth herein, to make Revolver Loans to Borrowers from time to time through the Commitment Termination Date. The Revolver Loans may be repaid and reborrowed as provided herein. In no event shall Lenders have any obligation to honor a request for a Revolver Loan if the unpaid balance of Revolver Loans outstanding at such time (including the requested Loan) would exceed the Borrowing Base.

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