Amount and Terms of Credit Facilities. 1.1 [Intentionally Omitted]
1.2 [Intentionally Omitted]
1.3 $10,700,000 Convertible Term Loan.
(a) Subject to the terms and conditions hereof, on the Closing Date, Lender agrees to and shall make the $10,700,000 Convertible Term Loan available to Borrowers for the sole purpose of repaying all amounts due Lender under the Previous $10,700,000 Term Note referenced in the Second Credit Agreement. The $10,700,000 Convertible Term Loan shall be charged as a single Advance to Borrowers on the Closing Date but shall not be disbursed to Borrowers on the Closing Date; instead said Advance shall be withheld by Lender and paid directly to Lender to repay all amounts due and owing on the Previous $10,700,000 Term Note. As of August 31, 2007, (i) the amount of unpaid principal due under the Previous $10,700,000 Term Note was $10,700,000; (ii) the amount of accrued but unpaid interest due under the Previous $10,700,000 Term Note was $109,052.06; and (iii) after August 31, 2007, interest has and will accrue at the daily rate of $3,517.81 under the Previous $10,700,000 Term Note. If the single Advance from the $10,700 000 Convertible Term Loan is not sufficient to pay in full and retire the entire amount due under the Previous $10,700,000 Term Note, the shortfall shall be paid from the first Advance (as defined in the New $80,000,000 Credit Agreement) from the $35,000,000 Non-Revolving Line of Credit.
(b) On the Closing Date hereof, Borrowers agree to and shall execute and deliver to Lender the $10,700,000 Convertible Term Note in the form of Exhibit "C" attached hereto. The $10,700,000 Convertible Term Note represents the obligation of Borrowers, jointly and severally, individually and collectively, to repay the $10,700,000 Convertible Term Loan to Lender. During the term of the $10,700,000 Convertible Term Note, Borrowers shall not be required to make any payments of principal, however, Borrowers shall pay interest to Lender on the entire principal balance outstanding from time to time, in arrears, on each applicable Interest Payment Date, at the Interest Rate applicable to the $10,700,000 Convertible Term Loan, and the entire balance of unpaid principal, plus all accrued but unpaid interest thereon and all other non-contingent Obligations due and owing thereunder, shall be due and payable in full in a single payment in immediately available funds, on the Maturity Date.
(c) At any time and from time to time, (i) Lender shall have the right to sell, assign, transfer and ...
Amount and Terms of Credit Facilities. NY\6379601.11
Amount and Terms of Credit Facilities. 1.1 $45,000,000 Real Estate Term Loan.
(a) Subject to the terms and conditions hereof, on the Closing Date, Lender agrees to and shall make the $45,000,000 Real Estate Term Loan available to Borrowers for the sole purpose of repaying all amounts due Lender under the Previous $50,000,000 Acquisition Note referenced in the First Credit Agreement. The $45,000,000 Real Estate Term Loan shall be charged as a single Advance to Borrowers on the Closing Date but shall not be disbursed to Borrowers on the Closing Date; instead said Advance shall be withheld by Lender and paid directly to Lender to repay all amounts due and owing on the Previous $50,000,000 Acquisition Note. As of August 31, 2007, (i) the amount of unpaid principal due under the Previous $50,000,000 Acquisition Note is $45,000,000; (ii) the amount of accrued but unpaid interest due under the Previous $50,000,000 Acquisition Note was $542,500; and (iii) after August 31, 2007, interest has and will accrue at the daily rate of $17,500 under the Previous $50,000,000 Acquisition Note. If the single Advance from the $45,000,000 Real Estate Term Loan is not sufficient to pay in full and retire the entire amount due under the Previous $50,000,000 Acquisition Note, the shortfall shall be paid from the first Advance from the $35,000,000 Non-Revolving Line of Credit.
(b) On the Closing Date, Borrowers agree to and shall execute and deliver to Lender the $45,000,000 Real Estate Term Note in the form of Exhibit "A" attached hereto. The $45,000,000 Real Estate Term Note represents the obligation of Borrowers, jointly and severally, individually and collectively, to repay the $45,000,000 Real Estate Term Loan to Lender. During the term of the $45,000,000 Real Estate Term Note, Borrowers shall not be required to make any payments of principal, however, Borrowers shall pay interest to Lender on the entire principal balance outstanding from time to time, in arrears, on each applicable Interest Payment Date, at the Interest Rate applicable to the $45,000,000 Real Estate Term Loan, and the entire balance of unpaid principal, plus all accrued but unpaid interest thereon and all other non-contingent Obligations due and owing thereunder, shall be due and payable in full in a single payment in immediately available funds, on the Maturity Date.
1.2 $35,000,000 Non-Revolving Line of Credit Loan.
(a) Subject to the terms and conditions hereof, Lender agrees to make available to Borrowers from time to time until the Commitment...
Amount and Terms of Credit Facilities. 19 Section 2.1..........................................................................................Loans 19 Section 2.2..............................................................................Letters of Credit 19 Section 2.3............................................................................
Amount and Terms of Credit Facilities. SECTION 2.01. Revolving Credit Facility 7 SECTION 2.02. Term Loan 8 SECTION 2.03. Reduction of Commitment 8 SECTION 2.04. Notice and Manner of Borrowing 9 SECTION 2.05. Conversion and Renewals 9 SECTION 2.06. Interest Rate 9 SECTION 2.07. Facility Fee 10 SECTION 2.08. The Notes 10 SECTION 2.09. Prepayments 11 SECTION 2.10. Method of Payment 11 SECTION 2.11. Use of Proceeds 11 SECTION 2.12. Illegality 11 SECTION 2.13. Disaster 12 SECTION 2.14. Interest Cost 12 SECTION 2.15. Funding Loss Indemnification 13 SECTION 2.16. Late Payment 13
Amount and Terms of Credit Facilities. 15 Section 2.1 Revolving Loans 15 Section 2.2 Swingline Loans 15 Section 2.3 Competitive Bid Loans 16 Section 2.4 Notice of Borrowing 20 Section 2.5 Disbursement of Funds 20 Section 2.6 Notes 21 Section 2.7 Interest 22 Section 2.8 Interest Periods 23 Section 2.9 Minimum Amount of LIBOR Loans 24 Section 2.10 Conversion or Continuation 24 Section 2.11 Voluntary Reduction of Commitments 25 Section 2.12 Voluntary Prepayments 25 Section 2.13 Mandatory Prepayments 25 Section 2.14 Application of Prepayments 25 Section 2.15 Method and Place of Payment 26 Section 2.16 Fees 26 Section 2.17 Interest Rate Unascertainable, Increased Costs, Illegality 26 Section 2.18 Funding Losses 28 Section 2.19 Increased Capital 28 Section 2.20 Taxes 29 Section 2.21 Mitigation; Calculations 30 Section 2.22 Use of Proceeds 30 Section 2.23 Extension of Maturity Date 30 SECTION 2A. LETTERS OF CREDIT 31 Section 2A.1 Issuance of Letters of Credit 31 Section 2A.2 Participation in Letters of Credit 31 Section 2A.3 Reimbursement of Letter of Credit Drawings 32 Section 2A.4 Letter of Credit Fee 33 Section 2A.5 Increased Costs, Illegality 33 SECTION 3. CONDITIONS PRECEDENT 34 Section 3.1 Conditions Precedent to Effectiveness 34 Section 3.2 Conditions Precedent to All Loans and Issuance of Letters of Credit 36
Amount and Terms of Credit Facilities. 31 Section 2.1. Construction Loans 31 Section 2.2. Letters of Credit 32 Section 2.3. Term Loans 35 Section 2.4. Notice of Borrowing 36 Section 2.5. Disbursement of Funds 37 Section 2.6. Notes 39 Section 2.7. Interest 39 Section 2.8. Interest Periods 41 Section 2.9. Minimum Amount and Maximum Number of LIBOR Rate Loans 42 Section 2.10. Conversion or Continuation 42 Section 2.11. Reduction of Commitments 43 Section 2.12.
Amount and Terms of Credit Facilities. 55 ARTICLE III LETTERS OF CREDIT 79
Amount and Terms of Credit Facilities. 44 2.1. The Commitments....................................... 44 2.2. Minimum Amount of Each Borrowing...................... 45 2.3. Requests for Loans; Conditions to Loans............... 45 2.4. Settlement; Failure to Make Funds Available........... 46 2.5. The Notes............................................. 51 2.6. Conversion and Continuation Options................... 52 2.7. Pro-Rata Borrowings................................... 53 2.8. Interest on the Loans................................. 53 2.9. Change in Borrowing Base.............................. 54 2.10. Inability to Determine Eurocurrency Rate.............. 55 2.11. Illegality............................................ 55 2.12. Additional Costs, etc................................. 56 2.13.
