Advances and Letters of Credit. (a) Subject to the provisions of this Agreement, including without limitation the satisfaction of the conditions described in Article III, Lender agrees to establish a Revolving Loan Facility pursuant to which Lender may, in its sole discretion upon request of Borrower, make and incur Credit Accommodations in support of Export Orders, provided the Credit Accommodation Amount at any time shall not exceed the lesser of (i) the Maximum Amount, and (ii) the Export-Related Borrowing Base. All Letters of Credit issued shall be in Dollars and all Disbursements shall be made in Dollars.
(b) Lender may agree to make advances directly to Borrower or for Borrower's account during the Credit Period, it being expressly agreed that Lender has no commitment to do so. Borrower shall request each advance under the Loan by delivering to Lender a written request therefore, an Export-Related Borrowing Base Certificate, a copy of the Export Order(s) against which Borrower is requesting an advance, and such other information and documentation as Lender may require, in accordance with Section 6.10. Upon receipt of the above described information and documents by Lender, Lender shall make such advance within five (5) Business Days following Lender's determination that all conditions to the making of such advance have been satisfied. Each advance shall be conclusively deemed to have been made at the request of and for the benefit of Borrower (a) when credited to any deposit account of Borrower maintained with Lender, or (b) when advanced in accordance with the instructions of an authorized Person. Lender, at its option, may set a cutoff time, after which all requests for advances under the Loan will be treated as having been requested on the next succeeding Business Day.
(c) Lender may agree to issue Letters of Credit on behalf of Borrower or for Borrower's account from time to time during the Credit Period, it being expressly agreed that Lender has no commitment to do so. Standby Letters of Credit may be issued for Borrower's account for use as a performance bond, which Standby Letters of Credit can be drawn upon by Buyers only if Borrower fails to perform its obligations with respect to the relevant Export Order. Each Disbursement to fund a drawing under a Standby Letter of Credit shall conclusively be deemed to have been made when advanced in accordance with a draw request or instructions of an authorized Person. Each Letter of Credit will be in form and substance satisfactory ...
Advances and Letters of Credit. The proceeds of the Advances and the Letters of Credit will be used by the Borrower (i) to refinance existing Indebtedness, (ii) pay fees and expenses incurred in connection with the transactions contemplated hereby, and (iii) for working capital and general corporate purposes of the Borrower and its Subsidiaries.
Advances and Letters of Credit. In no event shall the Bank have any obligation to make an Advance pursuant to the Loan Commitment or issue a Letter of Credit hereunder if there exists a Default Condition or an Event of Default.
Advances and Letters of Credit. Subject to and upon the provisions of this Agreement and relying upon the representations and warranties herein set forth, the Lender agrees at any time and from time to time to make Advances to the Borrower and issue Letters of Credit for the account of the Borrower from the date hereof until the earlier of the Revolving Credit Expiration Date or the date on which this Revolving Credit Facility is terminated pursuant to Section 7 hereof, in an aggregate principal amount at any time outstanding not to exceed the Revolving Credit Amount. In no event shall the Lender be obligated to make an Advance hereunder if a Default shall have occurred and be continuing. Unless sooner terminated pursuant to other provisions of this Agreement, this Revolving Credit Facility and the obligation of the Lender to make Advances hereunder shall automatically terminate on the Revolving Credit Expiration Date without further action by, or notice of any kind from, the Lender. Within the limitations set forth herein and subject to the provisions of this Agreement, the Borrower may borrow, repay and reborrow under this Revolving Credit Facility. The fact that there may be no Advances or Letters of Credit outstanding at any particular time shall not affect the continuing validity of this Agreement.
Advances and Letters of Credit. 33 2.1 Advances-General..................................................... 33 2.2 Alternate Base Rate Advances......................................... 34 2.3 Eurodollar Rate Advances............................................. 35 2.4 Conversion and Continuation of Advances.............................. 35 2.5
Advances and Letters of Credit. 46 2.1 Revolving Credit Advances and Borrowings 46 2.2 Prepayments/Commitment Termination 48 2.3 Swing Line Advances 50 2.4 Interest and Applicable Margin; Fees 52
Advances and Letters of Credit. The Banks and the Agent shall not make any Revolving Credit Advances or issue any Letter of Credit unless and until the Agent has received:
(a) A properly completed Credit Request from the Borrower; and
(b) If the Agent shall so request, in its discretion, a true and complete Compliance Certificate from the Borrower, dated the date of the Credit Request certifying that (i) no Event of Default has occurred and is continuing and (ii) there has been no material adverse change in the Borrower’s consolidated business, operations, properties financial condition, assets or nature of assets, since the date of the last financial statement, and (iii) all representations, warranties and covenants made by Borrower in the Agreement are true and correct in all material respects (except that with respect to the Exhibits to this Agreement, there has been no material adverse change in such Exhibits since the date of the most recent annual update of such Exhibits pursuant to Section 9.03(a)(ii) herein), and all conditions precedent to the Banks’ obligations thereunder, have been satisfied or waived by the Agent in writing.
Advances and Letters of Credit. Section 2.1 Making and Repaying the Revolving Loan Advances... 16
Advances and Letters of Credit. The obligation of the Bank to make any Advance or issue any Letter of Credit is subject to the Borrowers' full compliance with Section 7.1 hereof and each of the following conditions precedent to the satisfaction of the Bank in its sole and absolute discretion, unless otherwise waived in writing by the Bank in its sole and absolute discretion:
Advances and Letters of Credit. (a) Each Bank severally agrees, on the terms and conditions set forth in this Agreement, to make Advances to the Company from time to time prior to the Termination Date, in amounts not to exceed in the aggregate at any one time outstanding the amount of its Commitment, which Advances shall be each Bank's Ratable Share of such amounts as the Company may request up to, but not exceeding, a total principal amount equal to the lesser of (i) the Total Commitments minus any Letter of Credit Exposure, or (ii) the Borrowing Base; provided, however, that no Bank shall be obligated to make any Advance pursuant to a particular Rate Option at any time when such Rate Option exceeds the Highest Lawful Rate. Subject to the terms of this Agreement, the Company may borrow, repay and reborrow at any time prior to the Termination Date. Such loans may be Floating Rate Advances, Fixed CD Rate Advances or Eurodollar Advances, or a combination thereof, determined in accordance with Section 2.7. Each Advance shall bear interest at one of the Rate Options selected in accordance with Section 2.7 or otherwise as provided in Section 2.7, and shall be paid in full by the Company on the Termination Date.
(b) On the terms and conditions set forth in this Agreement and each Application, the Agent agrees to issue Letters of Credit from time to time, as requested by the Company and otherwise in accordance with Subsection 2.6(c). The Existing Standby Letters of Credit are and shall constitute Letters of Credit issued under this Agreement. Upon the issuance of each Letter of Credit (and contemporaneously herewith as to Existing Standby Letters of Credit), each Bank shall automatically acquire a participation in the liability of the Agent thereunder equal to such Bank's Ratable Share thereof, as the same may be reduced, increased, renewed, extended or replaced from time to time in accordance with this Agreement.
