Demand Obligation. The Loans, together with all accrued and unpaid interest thereon, are payable on the earliest of (i) the date Lender demands payment hereunder, (ii) the Stated Expiration Date and (iii) the occurrence of a Change of Control; provided, that the applicable Borrower(s) shall have 180 days (in the case of clauses (i) and (ii)) or 45 days (in the case of clause (iii)) to make such payment as provided for in this Section 12. Accordingly, the Lender can demand payment in full of the Loans at any time in its sole discretion even if the Borrowers have complied with all of the terms of this Agreement and the other Loan Documents. Upon the earlier of written demand for payment by the Lender in connection with the Obligations of any Borrower and the Stated Expiration Date, to the extent that its Obligations have not otherwise been satisfied, such Borrower shall, promptly following receipt of net cash proceeds from the acceptance of subscriptions from any Investors and any sale or other disposition of any asset, apply such proceeds to the repayment in full of its Loans and its Obligations. For the avoidance of doubt, no Borrower shall be required to use any such net cash proceeds that are (a) required to be distributed by such Borrower in order for it to avoid any entity level tax as determined by such Borrower in its sole discretion, (b) required to meet any repurchase requests of such Borrower or any of its feeder vehicles pursuant to any established repurchase programs as in effect from time to time, (c) necessary for such Borrower to close on any acquisition such Borrower entered into prior to Xxxxxx’s demand for payment, and (d) necessary for such Borrower to distribute to Investors an amount consistent with the actual per limited partnership interest distributions made by such Borrower to its Investors in the immediately preceding fiscal quarter.
Demand Obligation. (a) The Loans under the Uncommitted Line, together with all accrued and unpaid interest thereon, are payable on the earliest of (i) the date Lender demands payment hereunder, (ii) the Stated Expiration Date and (iii) the occurrence of a Change of Control; provided, that the applicable Borrower(s) shall have 180 days (in the case of clauses (i) and (ii)) or 45 days (in the case of clause (iii)) to make such payment as provided for in this Section 12. Accordingly, the Lender can demand payment in full of the Loans under the Uncommitted Line at any time in its sole discretion even if the Borrowers have complied with all of the terms of this Agreement and the other Loan Documents. Upon the earlier of written demand for payment by the Lender in connection with the Obligations of any Borrower and the Stated Expiration Date, to the extent that its Obligations have not otherwise been satisfied, such Borrower shall, promptly following receipt of net cash proceeds from the acceptance of subscriptions from any Investors and any sale or other disposition of any asset, apply such proceeds to the repayment in full of the Loans and the Obligations.
(b) The Loans under the Committed Line, together with all accrued and unpaid interest thereon, are payable on the earliest of (i) the date that written notice has been provided by Lender to any Borrower following the occurrence and continuation of an Event of Default; (ii) the Stated Expiration Date and (iii) the occurrence of a Change of Control; provided, that the applicable Borrower(s) shall have 180 days (in the case of clause (i) or 45 days (in the case of clauses (i) and (ii)) to make such payment as provided for in this Section 12. Upon the Stated Expiration Date, to the extent that its Obligations have not otherwise been satisfied, such Borrower shall, promptly following receipt of net cash proceeds from the acceptance of subscriptions from any Investors and any sale or other disposition of any asset, apply such proceeds to the repayment in full of the Loans and the Obligations.
(c) For the avoidance of doubt, no Borrower shall be required to repay the Loans as described in (a) and (b) above using any such net cash proceeds that are (i) required to be distributed by such Borrower in order for it to maintain its status as a real estate investment trust or avoid any entity level tax as determined by such Borrower in its sole discretion; (ii) required to meet any repurchase requests pursuant to the Borrower’s quarterly te...
Demand Obligation. Nothing in this Mortgage or any of the other Loan Documents shall be construed to limit the applicability of any term of the Loan Documents providing for the payment of any Secured Obligations on demand.
Demand Obligation. Nothing in this Agreement or in any other Loan Document is intended to be an amendment or modification of, or limitation or restriction upon, any provision of the Note (including, without limitation, the Borrower's obligation under the Note to pay principal and interest ON DEMAND), and the provisions of the Note shall be controlling and fully effective regardless of anything herein to the contrary. The Borrowers hereby acknowledge that the Bank may at any time, in its sole and absolute discretion, demand payment of the Note, even if the Borrowers have fully complied with all of the terms and conditions of this Agreement and the other Loan Documents. This Agreement, the Note and the other Loan Documents constitute the entire agreement among the parties with respect to the borrowings contemplated hereunder and supersede all prior agreements, written or oral, with respect to the borrowings contemplated hereunder. THE NOTE AND THE BORROWERS' OBLIGATIONS ARE PAYABLE UPON DEMAND BY THE BANK (IN ITS SOLE AND ABSOLUTE DISCRETION).
Demand Obligation. If a draft is submitted under a Letter of Credit when the Borrower is unable, due to an Event of Default or for any other reason, to obtain an advance under the Revolving Credit Loan to pay the Reimbursement Obligation, such advance shall nonetheless be deemed to have been made pursuant to Section 2.14(b)(ii) and the Borrower shall pay to the Bank on demand and in immediately available funds, the amount of the deemed Base Rate advance under the Revolving Credit Loan together with interest thereon, accrued from the date of the draft until payment in full at the Default Rate applicable to the Revolving Credit Loan.
Demand Obligation. Notwithstanding anything to the contrary contained herein, and notwithstanding that this Agreement contains covenants, conditions and Events of Default, Borrower shall pay to Lender, on demand, the Loan Account balance.
Demand Obligation. Lender shall have no obligation to make any Advance under the Demand Line at any time. Satisfaction or compliance with the terms and conditions contained herein and the availability under the Borrowing Base cannot and do not bind or obligate Lender to make Advances under the Demand Line, issue Letters of Credit or accept and discount Acceptances and are set forth for informational purposes only. The mere existence of representations and warranties, covenants and Events of Default contained herein shall not convert the Demand Line into a term obligation to Lender.
Demand Obligation. Notwithstanding any other term or provision hereof or in any other agreement, the obligation of the Borrower evidenced by the Note is a demand obligation, and Bank may demand payment thereof in full at any time in its sole discretion. If you find the terms of this Agreement to be satisfactory, please sign as indicated below and return an executed original copy to us. Comerica Bank - Texas By: /s/ David Montgomery ------------------------------- Its: Banking Officer - ----------------------------- Accepted and Agreed to as of August 27, 1996. Exco Resources, Inc. By: /s/ Glenn L. Seitz --------------------------------- DEMAND NOTE $200,000.00 August 27, 1996 ON DEMAND, OR IF NOT SOONER DEMANDED, ON FEBRUARY 27, 1997, FOR VALUE RECEIVED, the undersigned, EXCO RESOURCES, INC., a Texas corporation ("Borrower"), hereby promises to pay to the order of Comerica Bank - Texas, a banking association organized under the laws of the State of Texas ("Lender"), at 1601 Elm Street, Dallas, Dallas County, Texas 75201, txx xxxxxxxxx xxxxxx xx XXX XXXXXXX XXXXXXXX XXX XX/100 DOLLARS ($200,000.00), or such lesser amount as may from time to time be advanced and remain unpaid and outstanding hereunder, together with accrued interest as provided hereinbelow.
Demand Obligation. Notwithstanding anything to the contrary contained herein, and notwithstanding that this Agreement contains covenants, conditions and Events of Default, Borrowers shall pay to Lender, within ninety (90) calendar days of demand, the Loan Account balance. It is understood and agreed that such ninety (90) calendar day period shall not apply to demand or acceleration by reason of an Event of Default.
Demand Obligation. Notwithstanding anything to the contrary contained herein, and notwithstanding that this Agreement contains covenants, conditions and Events of Default, upon the occurrence and during continuation of an Event of Default, and so long as Xxxxxx has delivered written notice thereof, Borrowers shall pay to Lender, on demand, the Loan Account balance.
