Equalization of Outstanding Obligations Sample Clauses

Equalization of Outstanding Obligations. On the Restatement Effective Date, all Revolving Loans, Swing Loans and Letters of Credit outstanding under, and as defined in, the Prior Credit Agreement shall remain outstanding as the initial Borrowing of U.S. Revolving Loans, U.S. Swing Loans and U.S. Letters of Credit under this Agreement, and the Lenders each agree to make such purchases and sales of the outstanding Revolving Loans and interests in outstanding U.S. Swing Loans and U.S. Letters of Credit among themselves so that each Lender is then holding its Percentage of outstanding Revolving Loans and interests in Swing Loans and Letters of Credit. Such purchases and sales shall be arranged through the Administrative Agent and each Lender hereby agrees to execute such further instruments and documents, if any, as the Administrative Agent may reasonably request in connection therewith. The first payment of interest and Letter of Credit fees received by the Administrative Agent after the Restatement Effective Date shall be paid to the Lenders in amounts adjusted to reflect the adjustments to the respective Percentages of the Revolving Loans, Swing Loans and Letter of Credit as of the Restatement Effective Date. The parties hereto acknowledge and agree that the minimum borrowing, pro rata borrowing, pro rata payment and funding indemnity requirements contained elsewhere in this Agreement shall not apply to the transactions effected pursuant to this Section and that any prepayment or breakage fees in connection with such transactions are hereby waived.
Sample 1Sample 2
AutoNDA by SimpleDocs
Equalization of Outstanding Obligations. Upon the satisfaction of the conditions precedent set forth in Section 4.02 hereof, all Loans outstanding under, and as defined in, the Existing Agreement, including all Eurocurrency Loans, shall remain outstanding as part of the initial Borrowing of Loans under this Agreement. On the Restatement Effective Date, the Lenders each agree to make such purchases and sales of interests in the outstanding Loans between themselves so that each Lender is then holding its Applicable Adjusted Percentage of outstanding Loans. Such purchases and sales shall be arranged through the Administrative Agent, and each Lender hereby agrees to execute such further instruments and documents, if any, as the Administrative Agent may reasonably request in connection therewith. Section 9.21.
Sample 1
Equalization of Outstanding Obligations. On the Second Amendment Effective Date, (i) all Loans and Letters of Credit outstanding under the Credit Agreement (before giving effect to this Amendment) shall remain outstanding as the initial Borrowing of Loans and Letters of Credit under the Credit Agreement (as amended hereby) and, (ii) the Banks each agree to make such purchases and sales of interests in the outstanding Loans and interests in outstanding Letters of Credit among themselves so that each Bank is then holding its Pro Rata Share of outstanding Loans and interests in Letters of Credit. Such purchases and sales shall be arranged through the Administrative Agent and each Bank hereby agrees to execute such further instruments and documents, if any, as the Administrative Agent may reasonably request in connection therewith.
Sample 1
Equalization of Outstanding Obligations. Upon the satisfaction of the conditions precedent set forth in Section 7.2 hereof, all Loans and Letters of Credit outstanding under, and as defined in, the Prior Credit Agreement shall remain outstanding as part of the initial Borrowing of Loans and issuance of Letters of Credit under this Agreement and, in connection therewith, the Borrower shall be deemed to have repaid all outstanding Eurodollar Loans on the Closing Date and shall pay to each Lender who is currently a party to the Prior Credit Agreement any compensation due such Lender under Section 1.11 of the Prior Credit Agreement as a result thereof. On the Closing Date, the Lenders each agree to make such purchases and sales of interests in the outstanding Loans and interests in outstanding Letters of Credit between themselves so that each Lender is then holding its Percentage of outstanding Loans and L/C Obligations. Such purchases and sales shall be arranged through the Administrative Agent and each Lender hereby agrees to execute such further instruments and documents, if any, as the Agent may reasonably request in connection therewith.
Sample 1
Equalization of Outstanding Obligations. Upon the satisfaction of the conditions precedent set forth in Section 7.2 hereof, all Loans outstanding under, and as defined in, the Prior Credit Agreement shall remain outstanding as part of the initial Borrowing of Loans under this Agreement. On the Closing Date, the Lenders each agree to make such purchases and sales of interests in the outstanding Loans between themselves so that each Lender is then holding its Percentage of outstanding Loans. Such purchases and sales shall be arranged through the Administrative Agent and each Lender hereby agrees to execute such further instruments and documents, if any, as the Agent may reasonably request in connection therewith.
Sample 1
Equalization of Outstanding Obligations. Upon the satisfaction of the conditions precedent set forth in Section 3.1 hereof, all Loans and Letters of Credit outstanding under, and as defined in, the Prior Credit Agreement shall remain outstanding as the initial Borrowing of Loans and Letters of Credit under this Agreement. On the Closing Date, the Banks each agree to make such purchases and sales of interests in the outstanding Loans and interests in outstanding Letters of Credit between themselves so that each Bank is then holding its Pro Rata Share of outstanding Loans and interests in Letters of Credit. Such purchases and sales shall be arranged through the Administrative Agent and each Bank hereby agrees to execute such further instruments and documents, if any, as the Administrative Agent may reasonably request in connection therewith. [SIGNATURE PAGE OF AMENDED AND RESTATED SENIOR UNSECURED CREDIT AGREEMENT] EXECUTED as of the date first referenced above. BORROWER: LASALLE HOTEL OPERATING PARTNERSHIP, L.P. By: LaSalle Hotel Properties, its general partner By: /s/ Xxxx Xxxxx Name: Xxxx Xxxxx Title: Chief Financial Officer [SIGNATURE PAGE OF AMENDED AND RESTATED SENIOR UNSECURED CREDIT AGREEMENT] BANK OF MONTREAL, CHICAGO BRANCH, individually and as Administrative Agent By: /s/ Xxxxxx X. Xxxxxxxxx Name: Xxxxxx X. Xxxxxxxxx Title: Vice President [SIGNATURE PAGE OF AMENDED AND RESTATED SENIOR UNSECURED CREDIT AGREEMENT] BANK OF AMERICA, N.A., individually and as Syndication Agent By: /s/ Xxxxx X. Xxxxx Name: Xxxxx X. Xxxxx Title: Senior Vice President [SIGNATURE PAGE OF AMENDED AND RESTATED SENIOR UNSECURED CREDIT AGREEMENT] LASALLE BANK NATIONAL ASSOCIATION By: /s/ Xxxx X. Xxxx Name: Xxxx X. Xxxx Title: GSVP [SIGNATURE PAGE OF AMENDED AND RESTATED SENIOR UNSECURED CREDIT AGREEMENT] ROYAL BANK OF SCOTLAND PLC By: /s/ Xxxxxxx X. XxXxxxxx Name: Xxxxxxx X. XxXxxxxx Title: Senior Vice President [SIGNATURE PAGE OF AMENDED AND RESTATED SENIOR UNSECURED CREDIT AGREEMENT] KEYBANK NATIONAL ASSOCIATION By: /s/ Xxxxxx X. Xxxxxxxx Name: Xxxxxx X. Xxxxxxxx Title: Vice President [SIGNATURE PAGE OF AMENDED AND RESTATED SENIOR UNSECURED CREDIT AGREEMENT] WACHOVIA BANK, NA By: /s/ XxXxx Xxxxxx Name: XxXxx Xxxxxx Title: Vice President [SIGNATURE PAGE OF AMENDED AND RESTATED SENIOR UNSECURED CREDIT AGREEMENT] XXXXX FARGO BANK, NATIONAL ASSOCIATION By: /s/ Xxxx X. Xxxxxxx Name: Xxxx X. Xxxxxxx Title: Vice President [SIGNATURE PAGE OF AMENDED AND RESTATED SENIOR UNSECURED CREDIT AGREEMENT] XXXXXXX XXXXX BANK, FSB By...
Sample 1
Equalization of Outstanding Obligations. On the Effective Date, all Revolving Loans, Swing Loans and Letters of Credit outstanding under, and as defined in, the Prior Credit Agreement shall remain outstanding as the initial Borrowing of U.S. Revolving Loans, U.S. Swing Loans and U.S. Letters of Credit under this Agreement, and the Lenders each agree to make such purchases and sales of the outstanding Revolving Loans and interests in outstanding U.S. Swing Loans and U.S. Letters of Credit among themselves so that each Lender is then holding its Percentage of outstanding Revolving Loans and interests in Swing Loans and Letters of Credit. Such purchases and sales shall be arranged through the Administrative Agent and each Lender hereby agrees to execute such further instruments and documents, if any, as the Administrative Agent may reasonably request in connection therewith. The first payment of interest and Letter of Credit fees received by the Administrative Agent after the Effective Date shall be paid to the Lenders in amounts adjusted to reflect the adjustments to the respective Percentages of the Revolving Loans, Swing Loans and Letter of Credit as of the Effective Date.
Sample 1
AutoNDA by SimpleDocs

Related to Equalization of Outstanding Obligations

  • Outstanding Obligations Borrower shall have no obligations as of the date of this Agreement except those approved by HUD in writing and, except for those approved obligations, the Land has been paid for in full (or if the Land is subject to a leasehold interest, it must be subject to a HUD-approved lease), and is free from any liens or purchase money obligations, except as approved by HUD. As of the date hereof, all contractual obligations relating to the Project have been fully disclosed to HUD.

  • Treatment of Outstanding Loans and Letters of Credit 25 2.6 Making Revolving Credit Loans and Swing Loans; Presumptions by the Administrative Agent; Repayment of Revolving Credit Loans; Repayment of Swing Loans 26

  • Payment of Outstanding Indebtedness, etc The Administrative Agent shall have received evidence that immediately after the making of the Loans on the Closing Date, all Indebtedness under the Existing Credit Agreement and any other Indebtedness not permitted by Section 7.04, together with all interest, all payment premiums and all other amounts due and payable with respect thereto, shall be paid in full from the proceeds of the initial Credit Event, and the commitments in respect of such Indebtedness shall be permanently terminated, and all Liens securing payment of any such Indebtedness shall be released and the Administrative Agent shall have received all payoff and release letters, Uniform Commercial Code Form UCC-3 termination statements or other instruments or agreements as may be suitable or appropriate in connection with the release of any such Liens.

  • Reallocation of Pro Rata Share to Reduce Fronting Exposure During any period in which any Revolving Credit Lender is a Defaulting Lender, for purposes of computing the amount of the obligation of each Revolving Credit Lender that is a Non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit or Swing Line Loans pursuant to Section 2.03, the “Pro Rata Share” of each Non-Defaulting Lender’s Revolving Credit Loans and L/C Obligations shall be computed without giving effect to the Revolving Credit Commitment of that Defaulting Lender; provided that (i) each such reallocation shall be given effect only if, at the date the applicable Revolving Credit Lender becomes a Defaulting Lender, no Default or Event of Default has occurred and is continuing; and (ii) the aggregate obligation of each Non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit and Swing Line Loans shall not exceed the positive difference, if any, of (1) the Revolving Credit Commitment of that Non-Defaulting Lender minus (2) the aggregate Outstanding Amount of the Revolving Credit Loans of that Non-Defaulting Lender. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation. If the allocation described in this clause (iv) cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, (x) first, prepay Swing Line Loans in an amount equal to the Swing Line Lenders’ Fronting Exposure and (y) second, Cash Collateralize the L/C Issuers’ Fronting Exposure in accordance with the procedures satisfactory to such L/C Issuer (in its sole discretion).

  • Reallocation of Applicable Revolving Percentages to Reduce Fronting Exposure All or any part of such Defaulting Lender’s participation in L/C Obligations and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Revolving Percentages (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that such reallocation does not cause the aggregate Revolving Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving Commitment. Subject to Section 11.20, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.

  • Termination and Reduction of Aggregate Maximum Credit Amounts (a) Scheduled Termination of Commitments. Unless previously terminated, the Commitments shall terminate on the Maturity Date. If at any time the Aggregate Maximum Credit Amounts are terminated or reduced to zero, then the Commitments shall terminate on the effective date of such termination or reduction.

  • Reallocation of Applicable Percentages to Reduce Fronting Exposure During any period in which there is a Defaulting Lender, for purposes of computing the amount of the obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit or Swing Line Loans pursuant to Sections 2.03 and 2.04, the “Applicable Percentage” of each non-Defaulting Lender shall be computed without giving effect to the Commitment of that Defaulting Lender; provided, that, (i) each such reallocation shall be given effect only if, at the date the applicable Lender becomes a Defaulting Lender, no Default or Event of Default exists; and (ii) the aggregate obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit and Swing Line Loans shall not exceed the positive difference, if any, of (1) the Commitment of that non-Defaulting Lender minus (2) the aggregate Outstanding Amount of the Committed Loans of that Lender.

  • Minimum Amounts; Limitation on Number of Borrowings At the commencement of each Interest Period for any Eurodollar Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $1,000,000. At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $1,000,000; provided that an ABR Borrowing may be in an aggregate amount that is equal to the entire unused balance of the total Commitments or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.08(e). Borrowings of more than one Type may be outstanding at the same time, provided that there shall not at any time be more than a total of 8 Eurodollar Borrowings outstanding. Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date.

  • Calculation of Number of Outstanding Shares of Common Stock For purposes of Section 5.05(A), the number of shares of Common Stock outstanding at any time will (i) include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock; and (ii) exclude shares of Common Stock held in the Company’s treasury (unless the Company pays any dividend or makes any distribution on shares of Common Stock held in its treasury).

  • Maximum Letter of Credit Outstandings; Final Maturities (a) Notwithstanding anything to the contrary contained in this Agreement, (i) no Letter of Credit shall be issued the Stated Amount of which, when added to the Letter of Credit Outstandings (exclusive of Unpaid Drawings which are repaid on the date of, and prior to the issuance of, the respective Letter of Credit) at such time would exceed either (x) $100,000,000, (y) when added to the sum of (I) the aggregate principal amount of all Revolving Loans then outstanding and (II) the aggregate principal amount of all Swingline Loans then outstanding, an amount equal to the Total Commitment at such time or (z) cause the Aggregate Exposure to exceed the Borrowing Base at such time (based on the Borrowing Base Certificate last delivered), and (ii) each Letter of Credit shall by its terms terminate (x) in the case of standby Letters of Credit, on or before the earlier of (A) the date which occurs 12 months after the date of the issuance thereof (although any such standby Letter of Credit may be extendible for successive periods of up to 12 months, but, in each case, not beyond the fifth Business Day prior to the Revolving Loan Maturity Date, on terms acceptable to the Issuing Lender) and (B) five Business Days prior to the Revolving Loan Maturity Date; provided that a standby Letter of Credit issued to support obligations under any Specified Existing Ship Lease may terminate by its terms on or prior to the earlier to occur of (1) the date which occurs 24 months after the date of the issuance thereof and (2) the fifth Business Day preceding the Revolving Loan Maturity Date, and (y) in the case of trade Letters of Credit, on or before the earlier of (A) the date which occurs 180 days after the date of issuance thereof and (B) 30 days prior to the Revolving Loan Maturity Date.

Time is Money Join Law Insider Premium to draft better contracts faster.