Agreement to Lend. Lender hereby agrees to lend up to but not in excess of the Loan Amount to Borrower, and Borrower hereby agrees to borrow such sum from Lender, all upon and subject to the terms and provisions of this Agreement, such sum to be evidenced by the Note. No principal amount repaid by Borrower may be reborrowed by Borrower. Borrower’s liability for repayment of the interest on account of the Loan shall be limited to and calculated with respect to Loan proceeds actually disbursed to Borrower pursuant to the terms of this Agreement and the Note and only from the date or dates of such disbursements. After notice to Borrower, Lender may, in Lender’s sole discretion, disburse Loan proceeds by journal entry to pay interest and financing costs and, following an uncured Event of Default, disburse Loan proceeds directly to third parties to pay costs or expenses required to be paid by Borrower pursuant to this Agreement. Loan proceeds disbursed by Lender by journal entry to pay interest or financing costs, and Loan proceeds disbursed directly by Lender to pay costs or expenses required to be paid by Borrower pursuant to this Agreement, shall constitute Advances to Borrower.
Agreement to Lend. The Banks, relying upon each of the representations and warranties in clause 7, agree to lend to the Borrowers, jointly and severally, upon and subject to the terms of this Agreement, the principal sum of up to Twenty six million two hundred and fifty thousand Dollars ($26,250,000) in up to eighteen (18) Advances comprising three (3) Tranches, namely, the Eton Tranche, the Benmore Tranche and the Xxxxxx Tranche. The obligation of each Bank under this Agreement shall be to contribute that proportion of each Advance which, as at the Drawdown Date of such Advance, its Commitment bears to the Total Commitment.
Agreement to Lend. The Lenders, relying upon each of the representations and warranties in clause 7, agree to provide to the Borrowers upon and subject to the terms of this Agreement, the Advances, for the purposes of financing part of the purchase price of the Vessels. Subject to the terms of this Agreement, the obligations of the Lenders shall be to contribute to each Advance, the proportion of the relevant Advance which their respective Commitments bear to the Total Commitment on any relevant Drawdown Date.
Agreement to Lend. (a) Lender agrees, subject to the terms, provisions and conditions of this Agreement, to make Advances of proceeds of the Revolving Line of Credit to Borrower prior to the RLOC Maturity Date. The aggregate amount of Advances at any one time outstanding shall not exceed the Maximum RLOC Commitment. All of such Advances shall be evidenced by the Revolver Note, under which Advances and repayments may be made subject to the terms and conditions of the Loan Documents. Subject to the terms and conditions of the Loan Documents, any portion of the principal of the Revolving Line of Credit that is repaid prior to the RLOC Maturity Date may be reborrowed prior to the RLOC Maturity Date pursuant to the terms of this Agreement. The amount of funds available under the Revolving Line of Credit at any time prior to the RLOC Maturity Date subject to the terms and conditions of this Agreement shall be determined by subtracting the amount of all outstanding Advances which have been made under the Revolving Line of Credit as of the date of determination from the Maximum RLOC Commitment. Borrower and Lender agree pursuant to Chapter 346 of the Texas Finance Code, that Chapter 346 (which relates to open-end line of credit revolving loan accounts) shall not apply to this Agreement, the Loan Documents or the Loans and this Agreement, the Loan Documents and the Loans shall not be governed by Chapter 346 or subject to its provisions in any manner whatsoever. Borrower understands and agrees that Lender IS NOT AND SHALL NEVER BE COMMITTED OR OBLIGATED IN ANY WAY TO MAKE ANY LOAN OR ANY ADVANCE UNDER THIS AGREEMENT or any related papers, and nothing contrary contained herein or in any of the Loan Documents or in any course of conduct shall obligate or be construed to obligate Lender to make, or shall entitle or be construed to entitle Borrower to receive, any Advance hereunder unless the terms and conditions set forth in this Agreement, including without limitation Section 4.1 and Section 4.2 hereof have been satisfied.
(b) Borrower acknowledges and agrees that Lender, in its sole and absolute discretion, will make the decision as to whether any Advances under the Revolving Line of Credit shall be made hereunder and what terms, conditions, and special stipulations, in addition to the terms and provisions of the Loan Documents, will be required. Borrower has no right and hereby waives, relinquishes and releases any right that it might now or hereafter have, to demand Lender to make an...
Agreement to Lend. Subject to the terms and conditions contained in this Agreement and upon execution of this Agreement, the Company agrees to issue to Borrower a check or other readily available funds in the Borrowed Amount upon the date of this Agreement.
Agreement to Lend. From time to time prior to the Swingline Termination Date, subject to the terms and conditions hereof, the Swingline Lender agrees to make Swingline Loans to each Borrower pursuant to this subsection; provided that, immediately after each Swingline Loan is made (i) the Utilization Limits are not exceeded and (ii) the aggregate outstanding principal amount of all Swingline Loans does not exceed $350,000,000. Each Swingline Loan shall be in a principal amount of $1,000,000 or any larger multiple thereof. No Swingline Loan may be used to refinance an outstanding Swingline Loan. Within the foregoing limits, the Borrower may borrow under this Section 2.18, prepay Swingline Loans and reborrow at any time prior to the Swingline Termination Date under this Section 2.18.
Agreement to Lend. The Bank, relying upon each of the representations and warranties in clause 8, agrees to lend to the Borrower upon and subject to the terms of this Agreement up to Thirty six million Dollars ($36,000,000) or the equivalent in Optional Currencies calculated in accordance with clause 4.
Agreement to Lend. The Lenders, relying upon each of the representations and warranties in clause 7, agree to lend to the Borrowers, jointly and severally, upon and subject to the terms of this Agreement, the principal sum of up to ninety seven million two hundred and fifty four thousand five hundred Dollars ($97,254,500) in four (4)
Agreement to Lend. Subject to the terms, provisions and conditions of this Agreement, Lender hereby agrees to make to Borrower, and Borrower hereby agrees to accept from Lender, Advances of proceeds of the Loan as provided in this Agreement; provided, however, that the aggregate amount of all Advances made and/or committed to be made hereunder, but exclusive of amounts repaid, shall not exceed the Maximum Commitment. The principal amount of the Note represents a revolving credit, all or any part of which may be advanced to Borrower, paid by Borrower and readvanced to Borrower from time to time, subject to the other terms hereof and the conditions, if any, contained in the Loan Documents; provided, however, the aggregate amount of the Advances made and outstanding at any time does not exceed the Maximum Commitment. The nature of the Loan is a guidance line of credit. Nothing to the contrary contained herein or in any of the Loan Documents shall obligate or be construed to obligate Lender to make, or shall entitle or be construed to entitle Borrower to receive, any Advance hereunder as to any specified House or Houses until Acceptance thereof by Lender. Borrower acknowledges and agrees that Lender, in its sole and absolute discretion, with or without reason or justification, will make the decision as to whether any specified House or Houses will receive Acceptance by Lender. Borrower has no right and hereby waives, relinquishes and releases any right which it might now or hereafter have, to demand Lender to make any Advance hereunder as to any specified House or Houses until Acceptance thereof by Lender. Borrower's liability for repayment of the interest on account of the Loan shall be limited to and calculated with respect to Loan proceeds actually disbursed to Borrower pursuant to the terms of this Agreement and the Note and only from the date or dates of such disbursements. Lender may, in Lender's discretion, disburse Loan proceeds by journal entry to pay interest and financing costs and disburse Loan proceeds directly to third parties to pay costs or expenses required to be paid by Borrower pursuant to this Agreement. Loan proceeds disbursed by Lender by journal entry to pay interest or financing costs, and Loan proceeds disbursed directly by Lender to pay costs or expenses required to be paid by Borrower pursuant to this Agreement, shall constitute Advances to Borrower. As of the inception of the Loan, and for so long thereafter as the following conditions to the increase...
Agreement to Lend. Subject to the terms and conditions of this Agreement, and in reliance on each of the representations and warranties made or to be made in or in accordance with each of the Security Documents:
2.1.1 each of the Lenders agrees to advance to the Borrower its Commitment of an aggregate principal amount not exceeding the Buyer Credit Maximum Amount to be used by the Borrower for the purposes referred to in Recital (B); and
2.1.2 each of the Lenders agrees to advance to the Borrower its Commitment of an aggregate principal amount not exceeding the Commercial Loan Maximum Amount to be used by the Borrower for the purposes referred to in Recital (C).
