Use of Credit Neither the Borrower nor any of its Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock, and no part of the proceeds of any extension of credit hereunder will be used to buy or carry any Margin Stock.
Revolving Line of Credit 2.1 (a). Revolving Loan(s). Subject to the terms and conditions hereinafter set forth, Lender will make loans to the Borrower (the "Revolving Loans"), in the sole discretion of Lender in each instance, at the address of Lender set forth above in an aggregate principal amount not exceeding the lesser of (i) the Maximum Revolving Loan Credit or (ii) the Borrowing Base then in effect on any Business Day prior to the first to occur of (i) the Revolving Loan Maturity Date or (ii) the earlier termination of this Agreement pursuant to Section 8.1 of this Agreement in such amounts as the Borrower may request. The Revolving Loans shall be evidenced by the Revolving Note of the Borrower, dated as of the date hereof. Provided no Events of Default beyond any applicable cure periods exist under this Agreement or the other Loan Documents, Borrower may from time to time, borrow, repay and re-borrow principal under the Revolving Note so long as the outstanding Aggregate Revolving Loans do not exceed the Maximum Revolving Loan Credit or the Borrowing Base then in effect. The Borrower may also request commercial and stand-by letters of credit under the Revolving Loan as more particularly set forth in Section 2.7 below, but in no event shall the sum of the Aggregate Revolving Loans and Letters of Credit exceed the lesser of the Maximum Revolving Loan Credit or the Borrowing Base. The Borrower shall repay in full all amounts due under the Revolving Note upon the first to occur of (i) the Revolving Loan Maturity Date (unless the same is extended by the Lender in its sole discretion) or (ii) an acceleration under Section 8.2 of this Agreement following an Event of Default beyond any applicable cure periods. The Borrower shall repay the Aggregate Revolving Loans in part from time to time in such principal amounts as may be necessary to ensure that the Aggregate Revolving Loans at no time exceed the lesser of the Maximum Credit or the Borrowing Base then in effect. Notwithstanding that the definition of "Maximum Revolving Loan Credit" in Section 1.1, nothing contained in this Agreement shall be construed to obligate Lender to make any Revolving Loan after the Revolving Loan Maturity Date or earlier termination of this Agreement pursuant to Section 8.2; further, nothing herein shall be construed to obligate the Lender to make any Revolving Loan in excess of the Borrowing Base; but in either such case the Lender may choose to do so and all Revolving Loans shall in any event be secured by the Collateral.
Conditions to all Credit Extensions The obligation of each Lender to honor any Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Committed Loans to the other Type, or a continuation of Eurodollar Rate Loans) is subject to the following conditions precedent:
Funding Availability This Contract is at all times subject to state appropriations. The Department makes no express or implied representation or guarantee of continued or future funding under this Contract. The Department has, as of the date of the execution of this Contract, obtained all requisite approvals and authority to enter into and perform its obligations under this Contract, including, without limitation, the obligation to make the initial payment or payments required to be made under this Contract on the date or dates upon which such initial payment or payments may otherwise be disbursed during the current contract period, (i.e., Sept ember 1, 2015, through August 31, 2017). The Grantee acknowledges the Department’s authority to make such payments is contingent upon the Texas Legislature's appropriation to the Department of sufficient funds and the availability of funds to the Department for such purpose. If the State of Texas or the federal government terminates its appropriation through the Department or fails to pay the full amount of the allocation for the operation of any grant or reimbursement program hereunder , or the funds are otherwise unavailable, the Department may immediately and without penalty reduce payments or terminate this Contract, in whole or in part. Upon termination of the Contract or reduction of payments, the Grantee shall return to the Department any unexpended funds already disbursed to the Grantee. Neither the Department nor the State of Texas shall incur liability for damages or any loss that may be caused or associated with such termination or reduction of payments. The Department shall not be required to give prior notice for termination or reduction of payments.
