CREDIT: GENERAL TERMS Sample Clauses

CREDIT: GENERAL TERMS. 2.1 Subject to the terms and conditions of this Agreement and the Other Agreements and provided that an Event of Default or Unmatured Event of Default does not then exist, Bank agrees to make such loans or advances (individually a "Loan" and collectively, the "Loans") to Borrower, as Borrower may from time to time request in accordance with the terms and conditions hereinafter set forth of up to, but not in excess of, Two Million Four Hundred Thousand Dollars ($2,400,000), at any time outstanding (the "Credit"). In the event the outstanding principal balance of the Loans exceeds the limitations set forth above, Borrower shall immediately and without notice or demand, make the necessary payments to eliminate such excess. Advances of proceeds of the Loan are to be made by Bank in accordance with the written disbursement instructions of Borrower and are to be made not more frequently than once each month during the term of the Loan. 2.2 Advances of proceeds of the Loan shall be made only with respect to reimbursable relocation project costs, as described in Exhibit A to the Relocation Funding Agreement and all proceeds, upon being so advanced, shall be held in trust for such uses and purposes and none other. No part of the Loan shall be disbursed for advertising or promotion fees or expenses or overhead and administrative expenses. Requisitions of Loan proceeds shall include only amounts actually submitted by or on behalf of Lessee (as defined below) and its contractors, subcontractors and material suppliers in connection with the Relocation Project (as such term is defined in the Relocation Funding Agreement) which amounts have been approved by the disbursing agent. No requisition shall include a request for funds not actually due on account of materials supplied and delivered to the job site or for work and labor not actually performed. Advances of proceeds of the Loan shall not be made (anything herein to the contrary notwithstanding) at any time Bank believes, in its discretion, that the Relocation Project will not be completed within a reasonable period of time and in accordance with plans and Advances hereunder shall not be made (anything herein to the contrary notwithstanding) during any period (i) that Borrower is not in full compliance with this Agreement, which requires, without limitation, that no Event of Default and no event which, with the giving of notice or lapse of time, or both, would constitute such Event of Default shall have occurred and ...
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Related to CREDIT: GENERAL TERMS

  • General Terms For purposes of this Agreement the following terms shall have the following meanings:

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  • Extended Terms Tenant shall have the right to extend the Term for up to five (5) consecutive renewal terms of ten (10) years each (each, an “Extended Term”), provided that (unless Landlord shall elect in its sole discretion to waive any such condition), at the time Tenant exercises a right to extend the Term, (a) no Event of Default shall have occurred and be continuing and (b) on the date of the exercise of the extension option and on the first day of each such Extended Term, there shall be a Guaranty in favor of Landlord from a Qualifying Guarantor which shall either meet the standard in clause (a) or (c) of the definition of Qualifying Guarantor or shall provide Landlord with the audited financial statement described in the last paragraph of the definition of Qualifying Guarantor to establish that it meets the criteria in clause (b) thereof to be a Qualifying Guarantor, even if such Entity is a BP Affiliate. All of the terms, covenants and provisions of this Agreement shall apply to each Extended Term (including, but without limitation, the two percent annual Minimum Rent increases provided in the definition of Minimum Rent), except that Tenant shall have no right to extend the Term beyond the expiration of the fifth Extended Term. If Tenant shall elect to exercise its option to extend the Term for any Extended Term, it shall do so by giving Landlord Notice thereof not later than eighteen (18) months prior to the commencement of the applicable Extended Term, it being understood and agreed that time shall be of the essence with respect to the giving of any such Notice. If Tenant shall fail to give any such Notice, this Agreement shall automatically terminate at the end of the Fixed Term or the applicable Extended Term, and Tenant shall have no further option to extend the Term of this Agreement. If Tenant shall give such Notice, the extension of this Agreement shall be automatically effected without the execution of any additional documents; it being understood and agreed, however, that Tenant and Landlord shall execute such documents and agreements as either party shall reasonably require to evidence the same.

  • Conditions Precedent to all Extensions of Credit The obligation of the Lender Group (or any member thereof) to make any Revolving Loans hereunder (or to extend any other credit hereunder) at any time shall be subject to the following conditions precedent: (a) the representations and warranties of each Loan Party or its Subsidiaries contained in this Agreement or in the other Loan Documents shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date of such extension of credit, as though made on and as of such date (except to the extent that such representations and warranties relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) as of such earlier date); and (b) no Default or Event of Default shall have occurred and be continuing on the date of such extension of credit, nor shall either result from the making thereof.

  • Definitions and Other Provisions of General Application SECTION 101.

  • Amount and Terms of the Commitment Section 2.01 The Advances.............................................7 Section 2.02 Making the Advances......................................7 Section 2.03 Fees.....................................................9 Section 2.04 Reduction or Termination of the Maximum Commitment....

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