Credit Loans. 13 SECTION 2.2 Procedure for Advances of Loans........................................ 13 SECTION 2.3
Credit Loans. Subject to the terms and conditions of this Agreement, each Lender severally agrees to make Loans to the Borrowers from time to time from the Closing Date through the Revolving Credit Termination Date as requested by the Borrowers in accordance with the terms of Section 2.2; provided, that (a) the aggregate principal amount of all outstanding Loans (after giving effect to any amount requested) shall not exceed the Aggregate Commitment and (b) the principal amount of outstanding Loans from any Lender to the Borrowers shall not at any time exceed such Lender's Commitment. Each Loan by a Lender shall be in a principal amount equal to such Lender's Commitment Percentage of the aggregate principal amount of Loans requested on such occasion. Subject to the terms and conditions hereof, the Borrowers may borrow, repay and reborrow Loans hereunder until the Revolving Credit Termination Date.
Credit Loans. The Term Loans shall bear interest on the same terms as the Revolving Credit Loans prior to the conversion to Term Loans until the Continuation or Conversion thereof pursuant to Section 2.11 hereof. Amounts repaid or prepaid on the Term Loans may not be reborrowed, and the Total Revolving Credit Commitment shall be permanently reduced by any such amounts.
Credit Loans. Interest shall accrue on the outstanding principal balance at the end of day of each Credit Loan under the Credit Note at the Base Rate on the day such Credit Loan is initially advanced plus three percent (3%). Interest shall be calculated on a daily basis (computed on the actual number of days elapsed over a year of 360 days), commencing on the date each Credit Loan is made but excluding the last day, and shall be based upon the outstanding principal balance of each Credit Loan at the end of each day.
Credit Loans. Upon the terms and subject to the conditions ------------ of, and in reliance upon the representations and warranties made under, this Agreement, the Lender shall make Credit Loans to Borrower from time to time from the date hereof to the Loan Maturity Date (each, a "Loan Advance"), as requested by Borrower in accordance with the terms of SECTION 2.1.2, in an aggregate principal amount outstanding not to exceed at any time $2,000,000.
Credit Loans. Each Bank hereby severally agrees, on the terms and subject to the conditions of this Agreement, to make joint and several loans (individually a "CREDIT LOAN", collectively, the "CREDIT LOANS"; the Term Loans and the Credit Loans are hereinafter sometimes referred to individually as a "LOAN" and collectively as the "LOANS") to the Borrowers during the Credit Period to and including the Revolving Credit Commitment Termination Date in any one or more of the Permitted Currencies in an aggregate principal Dollar Amount at any one time outstanding up to, but not exceeding, the Revolving Credit Commitment of such Bank as then in effect; provided, however, that the sum of (x) the aggregate principal Dollar Amount of Credit Loans at any one time outstanding, and (y) L/C Obligations, shall not exceed the lesser of (i) the Borrowing Base, or the Total Revolving Credit Commitment, as each is then in effect; and provided, further, in no event shall the aggregate outstanding principal amount of Credit Loans denominated in Alternative Currency at any time exceed the Dollar Amount of $25,000,000 except as otherwise provided in subsection 2.1(a)(iii) above in which event the aggregate principal amount of Credit Loans denominated in Alternative Currency at any time shall not exceed the Dollar Amount of $50,000,000. Subject to the terms of this Agreement, including the borrowing limitation referred to above, during the Credit Period the Borrowers may borrow, repay and reborrow Credit Loans.
Credit Loans. (a) Subject to the terms and conditions, and relying upon the representations and warranties, set forth herein, Lender agrees to make loans (individually a “Credit Loan” and, collectively, the “Credit Loans”) to Borrower from time to time during the Credit Commitment Period in the amount up to its Credit Commitment. Outstanding borrowings under the Credit Loans to the maximum extent of the Credit Commitment shall not at any time exceed the aggregate Market Value of the Eligible Credit Assets.
(b) Borrower shall give Lender irrevocable written notice (or telephonic notice promptly confirmed in writing) not later than 11:00 a.m. (New York, New York time), five Business Days prior to the date of each proposed Credit Loan under this Section 2.01. Such notice shall be irrevocable and shall specify: (i) the amount of the proposed borrowing (which may not be less than $100,000.00) and (ii) the proposed Borrowing Date.
(c) The agreement of the Lender to make Credit Loans pursuant to this Section 2.01 shall automatically terminate on the Credit Commitment Termination Date.
Credit Loans. Upon the Agent’s receipt of a Notice of Conversion, the Agent shall promptly notify each Lender thereof. Each Conversion shall be in an aggregate amount not less than $1,000,000 or an integral multiple of $500,000 in excess thereof.
