Common use of Commitments of the Banks Clause in Contracts

Commitments of the Banks. Each Bank severally agrees to make revolving loans (each a “Loan”) to the Company, and each Issuer agrees to issue Letters of Credit for the account of the Company (or jointly for the account of the Company and Centennial International) in an aggregate amount not to exceed $400,000,000 (and each Bank severally agrees to participate in each such Letter of Credit as more fully set forth in Section 2.16), from time to time on or prior to the Termination Date; provided that (i) the aggregate amount of the outstanding Letter of Credit Obligations shall not exceed $75,000,000, (ii) the aggregate stated amount of Letters of Credit issued jointly for the account of the Company and Centennial International shall not at any time exceed $50,000,000, (iii) after giving effect to any Credit Extension (and the use of proceeds thereof), the Company shall be in compliance with the last sentence of Section 7.13, (iv) the Outstanding Credit Exposure of any Bank shall not at any time exceed such Bank’s Commitment and (v) the Aggregate Outstanding Credit Exposure shall not at any time exceed the Aggregate Commitment. Subject to the terms of this Agreement, the Company may borrow, repay and reborrow Loans at any time prior to the Termination Date.

Appears in 1 contract

Samples: Credit Agreement (Mdu Resources Group Inc)

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Commitments of the Banks. Each Bank severally agrees to make revolving loans (each a “Loan”) to the Company, and each Issuer agrees to issue Letters of Credit for the account of the Company (or jointly for the account of the Company and Centennial International) in an aggregate amount not to exceed $400,000,000 International (and each Bank severally agrees to participate in each such Letter of Credit as more fully set forth in Section 2.16), from time to time on or prior to the Termination Date; provided that (i) the aggregate amount of the outstanding Letter of Credit Obligations shall not exceed $75,000,000, (ii) the aggregate stated amount of Letters of Credit issued jointly for the account of the Company and Centennial International shall not at any time exceed $50,000,000, (iii) after giving effect to any Credit Extension (and the use of proceeds thereof), the Company shall be in compliance with the last sentence of Section 7.137.12, (iv) the Outstanding Credit Exposure of any Bank shall not at any time exceed such Bank’s Commitment and (v) the Aggregate Outstanding Credit Exposure shall not at any time exceed the Aggregate Commitment. Subject to the terms of this Agreement, the Company may borrow, repay and reborrow Loans at any time prior to the Termination Date.

Appears in 1 contract

Samples: Credit Agreement (Mdu Resources Group Inc)

Commitments of the Banks. Each Bank severally agrees to make revolving loans (each a “Loan”) to the Company, and each Issuer agrees to issue Letters of Credit for the account of the Company (or jointly and severally for the account of the Company and Centennial International) in an aggregate amount not to exceed $400,000,000 (), and each Bank severally agrees to participate in each such Letter of Credit as more fully set forth in Section 2.16), from time to time on or prior to the Termination Date; provided that (i) the aggregate amount of the outstanding Letter of Credit Obligations shall not exceed $75,000,000100,000,000, (ii) the aggregate stated amount of Letters of Credit issued jointly for the account of the Company and Centennial International shall not at any time exceed $50,000,000, (iii) after giving effect to any Credit Extension (and the use of proceeds thereof), the Company shall be in compliance with the last sentence of Section 7.137.12, (iv) the Outstanding Credit Exposure of any Bank shall not at any time exceed such Bank’s Commitment and Commitment, (v) the Aggregate Outstanding Credit Exposure shall not at any time exceed the Aggregate CommitmentCommitment and (vi) unless otherwise agreed to by a particular Issuer, the aggregate stated amount of the outstanding Letters of Credit issued by each Issuer shall not exceed $20,000,000. Subject to the terms of this Agreement, the Company may borrow, repay and reborrow Loans at any time prior to the Termination Date.

Appears in 1 contract

Samples: Credit Agreement (Mdu Resources Group Inc)

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Commitments of the Banks. Each Bank severally agrees to make revolving loans (each a “Loan”) to the Company, and each Issuer agrees to issue Letters of Credit for the account of the Company (or jointly for the account of the Company and Centennial International) in an aggregate amount not to exceed $400,000,000 (and each Bank severally agrees to participate in each such Letter of Credit as more fully set forth in Section 2.16), from time to time on or prior to the Termination Date; provided that (i) the aggregate amount of the outstanding Letter of Credit Obligations shall not exceed $75,000,000, (ii) the aggregate stated amount of Letters of Credit issued jointly for the account of the Company and Centennial International shall not at any time exceed $50,000,000, (iii) after giving effect to any Credit Extension (and the use of proceeds thereof), the Company shall be in compliance with the last sentence of Section 7.137.12, (iv) the Outstanding Credit Exposure of any Bank shall not at any time exceed such Bank’s Commitment and (v) the Aggregate Outstanding Credit Exposure shall not at any time exceed the Aggregate Commitment. Subject to the terms of this Agreement, the Company may borrow, repay and reborrow Loans at any time prior to the Termination Date.

Appears in 1 contract

Samples: Credit Agreement (Mdu Resources Group Inc)

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