Single Facility definition
Examples of Single Facility in a sentence
Subject to the terms and conditions hereof, MNB agrees to advance to Borrower until the Single Facility Loan Maturity, as Borrower may request in accordance with Section 2.4 hereof, up to the aggregate principal amount of $20,000,000 (the "Single Facility Loan Commitment").
The provisions of the MMA and the Single Facility Management Agreements which by their terms survive the termination of such agreements shall survive the execution of this Agreement and the termination of the MMA and the Single Facility Management Agreements and the execution and delivery of the Management Agreements.
Amounts borrowed as Single Facility Loans may be borrowed, repaid and reborrowed.
Upon the occurrence of an Event of Default, all amounts owing with respect to the Single Facility Loan and the Non-participated Letters of Credit will, at the option of MNB, and all other Obligations will, at the option of the Requisite Banks, be immediately due and payable without presentment, demand, protest, notice or other requirements of any kind, all of which are hereby expressly waived by Borrower, and all Commitments of the Banks hereunder will terminate, without further action of any kind.
Provided (y) the Single Facility Loan Maturity has not passed, and (z) there exists adequate availability under the Single Facility Loan Commitment, at such time as funds are drawn upon a Non-participated Letter of Credit, the amount of such draw may, at MNB's discretion, be deemed to be borrowed under the Single Facility Loan Commitment and immediately will begin to bear interest as a Prime Rate Loan.
Also, the Single Facility Loan Commitment shall be reduced by the face amount of each Non-participated Letter of Credit until the earlier of (u) the expiration or termination thereof, and (v) payment by Borrower to MNB of its reimbursement obligation hereunder with respect thereto.
This Note shall mature, and all of indebtedness evidenced hereby, including, without limitation, outstanding principal and unpaid interest, shall be due and payable in full, upon the Single Facility Loan Maturity, as that term is defined in the Credit Agreement.
The Parties agree that should the Agency be relocated under the Single Facility Concept, or restructured as the result of Congressional Action, which would require that the office space be converted to work space, comparable office space will be jointly sought through reopener bargaining.
Notwithstanding anything to the contrary contained in this Agreement, in the event that a Loan is to be made to reimburse an Issuing Bank for funds drawn upon a Letter of Credit, (i) if MNB is the Issuing Bank, MNB may, in its sole discretion, elect to disburse such funds from the Single Facility Loan Commitment as a Prime Rate Loan, and (ii) in all other cases, such Loan may (subject to availability) be a Prime Rate Loan disbursed under the Line of Credit Loan Commitment.
All of the foregoing amounts may, at Agent's option, be charged as a Line of Credit Loan, a Single Facility Loan or a Revolving Loan, as determined by Agent, under this Agreement.