Credit Facility B Sample Clauses
The 'Credit Facility B' clause defines the terms and conditions under which a specific tranche of credit, known as Facility B, is made available to the borrower by the lender. This clause typically outlines the amount, interest rate, repayment schedule, and any unique covenants or requirements associated with Facility B, distinguishing it from other credit facilities in the agreement. By clearly specifying the operational details and obligations for this particular facility, the clause ensures both parties understand their rights and responsibilities, thereby reducing the risk of disputes and facilitating smooth access to the agreed-upon funds.
Credit Facility B. Lender agrees to advance sums to Borrower up to the amount of $14,500,000.00 (Maximum Principal Balance) becoming available September 1, 2007 until the expiration of 30 months after Credit Facility A has been repaid, but not later than April 1, 2018 (The Revolving Loan Final Advancement Date). Each Advance made will reduce the funds available for future advances by the amount of the Advance. Repayments of principal will be available for subsequent Advances, however until the Revolving Loan Final Advancement Date, the Maximum Principal Balance available for subsequent Advances shall be reduced by $1,450,000.00 on each installment due date. The proceeds of said Loan will be used by Borrower for financing construction of a 50 million gallon dry mill ethanol plant and to provide working capital (Purpose) and Borrower agrees not to request or use such proceeds for any other purpose.
Credit Facility B. Subject to the terms and conditions of this Agreement, Lender agrees to make available to Southern Flow the Credit Facility B, provided that Advances may only be made under the Credit Facility B until the Maturity Date, and any Advances made thereunder shall not exceed an aggregate amount outstanding at any time equal to the lesser of (i) the Facility B Borrowing Base or (ii) the Facility B Total Draw Commitment. The indebtedness outstanding under the Credit Facility B shall be evidenced by a promissory note in the form of Exhibit C attached hereto ("Facility B Note"). Notwithstanding anything to the contrary in this Agreement, Lender shall not be required and shall have no obligation to make any such Advance (y) so long as any Default or an Event of Default has occurred and is continuing, or (z) if Lender has accelerated the maturity of any of the Notes as a result of an Event of Default.
Credit Facility B. The conditional obligation of Lender, as provided for ----------------- in the Restated Loan Agreement, to extend an additional loan to Star representing Credit Facility B in the amount of $8,800,000 is terminated. All definitions and provisions of the Restated Loan Agreement which reference Credit Facility B or Note B shall be read and interpreted as if Credit Facility B and Note B do not exist.
Credit Facility B. Subject to the terms and conditions hereof, the Bank agrees to extend to the Borrower Credit Facility B and make loans thereunder, in one or more Advances in an aggregate amount not to exceed, taking into account the outstanding undrawn amount of any Letter of Credit issued hereunder as provided in Section 2.1(d) hereof, at any one time the lesser of (1) Twenty Million and 00/100 Dollars ($20,000,000.00); or, (ii) in respect of aggregate Optional Currency Advances, Five Million Dollars plus the Equivalent Amount of $15,000,000.00, provided, however, that if on an FX Calculation Date the Equivalent Amount of all Optional Currency Advances exceeds $15,000,000.00, but the sum of all (A) Dollar Advances under Credit Facility B plus (B) the available amount of any letters of credit issued under Section 2.1(d) hereof plus (C) the Equivalent Amount of Optional Currency Advances under Credit Facility B does not exceed $20,000,000, the Borrower shall not be required to make the prepayment required by Section 2.5 hereof. The amounts described in the preceding subsections (i) and (ii) are referred to herein as the Maximum Loan Amount. The outstanding balance of Credit Facility B may increase and decrease from time to time, and the Advances thereunder may be repaid and reborrowed, but the total of Advances outstanding at any one time under Credit Facility B shall never exceed the limitation set forth hereinabove. The principal amount of Credit Facility B plus all accrued interest thereon shall mature and be due and payable in full on July 17, 2000 (the "Credit Facility B Maturity"), and no Advance may be requested after July 14, 2000.