Common use of Certain General Provisions Clause in Contracts

Certain General Provisions. (i) Each Bank acquiring an interest in the Committed Loans shall become vested with its Pro Rata Share of Committed Loans upon execution and delivery of the required documents and upon payment of its Pro Rata Share of the principal balance of the outstanding Committed Loans and any other fees, costs or expenses due hereunder or pursuant to another agreement. Upon such payment, the respective interests of each Bank in the Loan Documents and the other rights and claims with respect to the Line of Credit shall be of equal priority with one another, except as otherwise expressly provided. (ii) A complete set of Loan Documents shall be held by Administrative Agent. (iii) No Bank other than a Bank that is also Administrative Agent, and no Designated Bid Lender, shall have any interest in any (A) property taken as security for any other loan or financial accommodation made or furnished to Borrower by Administrative Agent (in which such Bank or Designated Bid Lender has not acquired an interest); (B) property now or hereafter in Administrative Agent's possession or under Administrative Agent's control other than by reason of the Loan Documents; or (C) deposits which may be or might become security for Borrower's Obligations by reason of the general description contained in any instrument not a Loan Document held by Administrative Agent or by reason of any right of setoff, counterclaim, banker's lien or otherwise. If, however, such property shall actually be applied to the payment of amounts owing by Borrower in connection with the Advances, then each Bank and Designated Bid Lender shall be entitled to a pro rata share, if any, of such application to amounts due in connection with the Advances, based on the ratio of the outstanding principal amount of all Advances made by such Bank (whether under the Line of Credit or the Bid Loan Facility) or Designated Bid Lender to the outstanding principal amount of all Advances. (iv) All the parties agree that, except as may be otherwise expressly provided, all of the interest rates for the Advances are those of and are calculated in accordance with the requirements and any applicable assessments of Administrative Agent, regardless of which Bank or Designated Bid Lender is making an Advance or receiving a payment thereon. (v) If, at any time or for any reason whatsoever, (A) the sum of the aggregate principal amount of all outstanding Committed Loans shall exceed the Committed Loan Availability, or (B) the aggregate amount of all outstanding Bid Loans shall exceed the Bid Loan Facility Limit, or (C) the aggregate amount of all outstanding Advances (whether Committed Loans or Bid Loans), plus the Letter of Credit Exposure, shall exceed the Maximum Loan Amount, then Borrower shall immediately pay to the Banks (for their own account and for the accounts of their respective Designated Bid Lenders, as applicable, to be applied to repayment of the affected Advances in such order as Administrative Agent may determine, in its sole discretion), the amount of such excess (or, if less, the outstanding principal of all affected Advances).

Appears in 1 contract

Samples: Unsecured Line of Credit Loan Agreement (Bre Properties Inc /Md/)

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Certain General Provisions. (i) Each Bank acquiring an interest in the Committed Loans shall become vested with its Pro Rata Share of Committed Loans upon execution and delivery of the required documents and upon payment of its Pro Rata Share of the principal balance of the outstanding Committed Loans and any other fees, costs or expenses due hereunder or pursuant to another agreement. Upon such payment, the respective interests of each Bank in the Loan Documents and the other rights and claims with respect to the Line of Credit shall be of equal priority with one another, except as otherwise expressly provided. (ii) A complete set of Loan Documents shall be held by Administrative Agent. (iii) No Bank other than a Bank that is also Administrative Agent, and no Designated Bid Lender, Agent shall have any interest in any (A) property taken as security for any other loan or financial accommodation made or furnished to Borrower by Administrative Agent (in which such Bank or Designated Bid Lender has not acquired an interest); (B) property now or hereafter in Administrative Agent's possession or under Administrative Agent's control other than by reason of the Loan Documents; or (C) deposits which may be or might become security for Borrower's Obligations by reason of the general description contained in any instrument not a Loan Document held by Administrative Agent or by reason of any right of setoff, counterclaim, banker's lien or otherwise. If, however, such property shall actually be applied to the payment of amounts owing by Borrower in connection with the Advances, then each Bank and Designated Bid Lender shall be entitled to a pro rata share, if any, of such application to amounts due in connection with the Advances, based on the ratio of the outstanding principal amount of all Advances made by such Bank (whether under the Line of Credit or the Bid Loan Facility) or Designated Bid Lender to the outstanding principal amount of all Advances. (iv) All the parties agree that, except as may be otherwise expressly provided, all of the interest rates for the Advances are those of and are calculated in accordance with the requirements and any applicable assessments of Administrative Agent, regardless of which Bank or Designated Bid Lender is making an Advance or receiving a payment thereon. (v) If, at any time or for any reason whatsoever, (A) the sum of the aggregate principal amount of all outstanding Committed Loans shall exceed the Committed Loan Availability, or (B) the aggregate amount of all outstanding Bid Loans shall exceed the Bid Loan Facility Limit, or (C) the aggregate amount of all outstanding Advances (whether Committed Loans or Bid Loans), plus the Letter of Credit Exposure, shall exceed the Maximum Loan Amount, then Borrower shall immediately pay to the Banks (for their own account and for the accounts of their respective Designated Bid Lendersaccount, as applicable, to be applied to repayment of the affected Advances in such order as Administrative Agent may determine, in its sole discretion), the amount of such excess (or, if less, the outstanding principal of all affected Advances).

Appears in 1 contract

Samples: Unsecured Line of Credit Loan Agreement (Bre Properties Inc /Md/)

Certain General Provisions. (i) Each Bank acquiring an interest in the Committed Loans shall become vested with its Pro Rata Share of Committed Loans upon execution and delivery of the required documents and upon payment of its Pro Rata Share of the principal balance of the outstanding Committed Loans and any other fees, costs or expenses due hereunder or pursuant to another agreement. Upon such payment, the respective interests of each Bank in the Loan Documents and the other rights and claims with respect to the Line of Credit shall be of equal priority with one another, except as otherwise expressly provided. (ii) A complete set of Loan Documents shall be held by Administrative the Agent. (iii) No Bank other than a Bank that is also Administrative the Agent, and no Designated Bid Lender, shall have any interest in any (A) property taken as security for any other loan or financial accommodation made or furnished to the Borrower by Administrative the Agent (in which such Bank or Designated Bid Lender has not acquired an interest); (B) property now or hereafter in Administrative the Agent's possession or under Administrative the Agent's control other than by reason of the Loan Documents; or (C) deposits which may be or might become security for the Borrower's Obligations by reason of the general description contained in any instrument not a Loan Document held by Administrative the Agent or by reason of any right of setoff, counterclaim, banker's lien or otherwise. If, however, such property shall actually be applied to the payment of amounts owing by the Borrower in connection with the Advances, then each Bank and Designated Bid Lender shall be entitled to a pro rata share, if any, of such application to amounts due in connection with the Advances, based on the ratio of the outstanding principal amount of all Advances made by such Bank (whether under the Line of Credit or the Bid Loan Facility) or Designated Bid Lender to the outstanding principal amount of all Advances. (iv) All the parties agree that, except as may be otherwise expressly provided, all of the interest rates for the Advances are those of and are calculated in accordance with the requirements and any applicable assessments of Administrative the Agent, regardless of which Bank or Designated Bid Lender is making an Advance or receiving a payment thereon. (v) If, at any time or for any reason whatsoever, (A) the sum of the aggregate principal amount of all outstanding Committed Loans shall exceed the Committed Loan Availability, or (B) the aggregate amount of all outstanding Bid Loans shall exceed the Bid Loan Facility Limit, or (C) the aggregate amount of all outstanding Advances (whether Committed Loans or Bid Loans), plus the Letter of Credit Exposure, ) shall exceed the Maximum Loan Amount, then the Borrower shall immediately pay to the Banks (for their own account and for the accounts of their respective Designated Bid Lenders, as 135 applicable), the amount of such excess, to be applied to repayment of the affected Advances in such order as Administrative the Agent may determine, in its sole discretion), the amount of such excess (or, if less, the outstanding principal of all affected Advances).

Appears in 1 contract

Samples: Modification Agreement (Bre Properties Inc /Md/)

Certain General Provisions. (i) Each Bank acquiring an interest in the Committed Loans shall become vested with its Pro Rata Share of Committed Loans upon execution and delivery of the required documents and upon payment of its Pro Rata Share of the principal balance of the outstanding Committed Loans and any other fees, costs or expenses due hereunder or pursuant to another agreement. Upon such payment, the respective interests of each Bank in the Loan Documents and the other rights and claims with respect to the Line of Credit shall be of equal priority with one another, except as otherwise expressly provided. (ii) A complete set of Loan Documents shall be held by Administrative Agent. (iii) No Bank other than a Bank that is also Administrative Agent, and no Designated Bid Lender, shall have any interest in any (A) property taken as security for any other loan or financial accommodation made or furnished to Borrower by Administrative Agent (in which such Bank or Designated Bid Lender has not acquired an interest); (B) property now or hereafter in Administrative Agent's possession or under Administrative Agent's control other than by reason of the Loan Documents; or (C) deposits which may be or might become security for Borrower's Obligations by reason of the general description contained in any instrument not a Loan Document held by Administrative Agent or by reason of any right of setoff, counterclaim, banker's lien or otherwise. If, however, such property shall actually be applied to the payment of amounts owing by Borrower in connection with the Advances, then each Bank and Designated Bid Lender shall be entitled to a pro rata share, if any, of such application to amounts due in connection with the Advances, based on the ratio of the outstanding principal amount of all Advances made by such Bank (whether under the Line of Credit or the Bid Loan Facility) or Designated Bid Lender to the outstanding principal amount of all Advances. (iv) All the parties agree that, except as may be otherwise expressly provided, all of the interest rates for the Advances are those of and are calculated in accordance with the requirements and any applicable assessments of Administrative Agent, regardless of which Bank or Designated Bid Lender is making an Advance or receiving a payment thereon. (v) If, at any time or for any reason whatsoever, (A) the sum of the aggregate principal amount of all outstanding Committed Loans shall exceed the Committed Loan Availability, or (B) the aggregate amount of all outstanding Bid Loans shall exceed the Bid Loan Facility Limit, or (C) the aggregate amount of all outstanding Advances (whether Committed Loans or Bid Loans), plus the Letter of Credit Exposure, shall exceed the Maximum Loan Amount, then Borrower shall immediately pay to the Banks (for their own account and for the accounts of their respective Designated Bid Lenders, as applicable, to be applied to repayment of the affected Advances in such order as Administrative Agent may determine, in its sole discretion), the amount of such excess (or, if less, the outstanding principal of all affected Advances).

Appears in 1 contract

Samples: Unsecured Line of Credit Loan Agreement (Bre Properties Inc /Md/)

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Certain General Provisions. (i) Each Bank subsequently acquiring an interest in the Committed Loans shall become vested with its Pro Rata Share of Committed Loans upon execution and delivery of the required documents and upon payment of its Pro Rata Share of the principal balance of the outstanding Committed Loans and any other fees, costs or expenses due hereunder or pursuant to another agreement. Upon such payment, the respective interests of each Bank in the Loan Documents and the other rights and claims with respect to the Line of Credit shall be of equal priority with one another, except as otherwise expressly provided. (ii) A complete set of Loan Documents shall be held by Administrative the Agent. (iii) No Bank other than a Bank that is also Administrative the Agent, and no Designated Bid Lender, shall have any interest in any (A) property taken as security for any other loan or financial accommodation made or furnished to the Borrower by Administrative the Agent (in which such Bank or Designated Bid Lender has not acquired an interest); (B) property now or hereafter in Administrative the Agent's possession or under Administrative the Agent's control other than by reason of the Loan Documents; or (C) deposits which may be or might become security for the Borrower's Obligations by reason of the general description contained in any instrument not a Loan Document held by Administrative the Agent or by reason of any right of setoff, counterclaim, banker's lien or otherwise. If, however, such property shall actually be applied to the payment of amounts owing by the Borrower in connection with the Advances, then each Bank and Designated Bid Lender shall be entitled to a pro rata share, if any, of such application to amounts due in connection with the Advances, based on the ratio of the outstanding principal amount of all Advances made by such Bank (whether under the Line of Credit or the Bid Loan Facility) or Designated Bid Lender to the outstanding principal amount of all Advances. (iv) All the parties agree that, except as may be otherwise expressly provided, all of the interest rates for the Advances are those of and are calculated in accordance with the requirements and any applicable assessments of Administrative the Agent, regardless of which Bank or Designated Bid Lender is making an Advance or receiving a payment thereon. (v) If, at any time or for any reason whatsoever, (A) the sum of the aggregate principal amount of all outstanding Committed Loans shall exceed the Committed Loan Availability, or (B) the aggregate amount of all outstanding Bid Loans shall exceed the Bid Loan Facility Limit, or (C) the aggregate amount of all outstanding Advances (whether Committed Loans or Bid Loans), plus the Letter of Credit Exposure, ) shall exceed the Maximum Loan Amount, then the Borrower shall immediately pay to the Banks (for their own account and for the accounts of their respective Designated Bid Lenders, as applicable), the amount of such excess, to be applied to repayment of the affected Advances in such order as Administrative the Agent may determine, in its sole discretion), the amount of such excess (or, if less, the outstanding principal of all affected Advances).

Appears in 1 contract

Samples: Modification Agreement (Bre Properties Inc /Md/)

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