EXTENSIONS OF CREDIT TO HMCORP Sample Clauses

EXTENSIONS OF CREDIT TO HMCORP. HDC hereby agrees to extend credit to HMCorp to fund HMCorp's working capital requirements, including without limitation amounts due to HDC pursuant to this Agreement, to the extent HDC determines, in its sole discretion, that such Extensions of Credit are commercially reasonable; PROVIDED, HOWEVER, that HDC shall not under any circumstances be obligated to extend any credit to HMCorp. Such extensions of credit shall be demand loans (each a "DEMAND LOAN") which shall be due and payable, including the principal balance and all accrued interest, upon thirty (30) days written notice from HDC to HMCorp. Interest on the unpaid principal balance of each Demand Loan from time to time outstanding shall be determined in good faith by HDC, but in no event shall exceed the annual rate of interest announced from time to time by BankBoston, N.A. as its "base rate" at its head office in Boston, Massachusetts plus five percent (5%), and shall be added to outstanding principal balance on a monthly basis. The outstanding principal amount of the Demand Loan, and any accrued interest, shall be reflected from time to time on the books of HDC, and such entries shall constitute definitive evidence of the amount of such principal amount and accrued interest. HMCorp. hereby acknowledges the existence of an outstanding principal balance and accrued interest in the amount of $_______ (the "CURRENT BALANCE") due and payable to HDC and agrees to use its best efforts to pay down the Current Balance and any additional amounts of principal and accrued interest outstanding from time to time. During any period that a principal balance or accrued interest remains outstanding under a Demand Loan, P.C. shall not pay, declare or set apart a dividend or distribution of any kind on any shares of the capital stock of P.C. or make any other payment to any stockholder of P.C., other than in respect of professional services provided to the P.C. by such stockholder.
Sample 1
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Related to EXTENSIONS OF CREDIT TO HMCORP

  • All Extensions of Credit The obligation of Lenders to make any Credit Extension hereunder (including the initial Credit Extension) is subject to the following additional conditions precedent:

  • Extensions of Credit The Extensions of Credit made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the Extensions of Credit made by the Lenders to the Borrower and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Revolving Credit Note and/or Swingline Note, as applicable, which shall evidence such Lender’s Revolving Credit Loans and/or Swingline Loans, as applicable, in addition to such accounts or records. Each Lender may attach schedules to its Notes and endorse thereon the date, amount and maturity of its Loans and payments with respect thereto.

  • Conditions to Extensions of Credit The obligation of any Lender to make any Extension of Credit hereunder is subject to the satisfaction of such of the following conditions on or prior to the proposed date of the making of such Extension of Credit:

  • The Commitments and Credit Extensions 2.01 The Loans.

  • Conditions of Credit Extensions The obligations of the Lenders to make Loans hereunder are subject to the satisfaction of the following conditions:

  • Commitments and Credit Extensions 2.01 Revolving and Term Loans

  • Conditions to All Extensions of Credit The obligation of each Lender to make any Extension of Credit hereunder is subject to the satisfaction of the following conditions precedent on the date of making such Extension of Credit:

  • Extensions of Term Loans and Revolving Credit Commitments (a) Notwithstanding anything to the contrary in this Agreement, pursuant to one or more offers (each, an “Extension Offer”) made from time to time by the Borrower to all Lenders of any Class of Term Loans or any Class of Revolving Credit Commitments, in each case on a pro rata basis (based on the aggregate outstanding principal amount of the respective Term Loans or Revolving Credit Commitments of the applicable Class) and on the same terms to each such Lender, the Borrower is hereby permitted to consummate from time to time transactions with individual Lenders that accept the terms contained in such Extension Offers to extend the maturity date of each such Lender’s Term Loans and/or Revolving Credit Commitments of the applicable Class and otherwise modify the terms of such Term Loans and/or Revolving Credit Commitments pursuant to the terms of the relevant Extension Offer (including, without limitation, by increasing the interest rate or fees payable in respect of such Term Loans and/or Revolving Credit Commitments (and related outstandings), modifying the amortization schedule in respect of such Lender’s Term Loans and/or modifying any prepayment premium or call protection in respect of such Lender’s Term Loans) (each, an “Extension,” and each group of Term Loans or Revolving Credit Commitments, as applicable, in each case as so extended, as well as the original Term Loans and the original Revolving Credit Commitments (in each case not so extended), being a separate Class of Term Loans from the Class of Term Loans from which they were converted, and any Extended Revolving Credit Commitments (as defined below) shall constitute a separate Class of Revolving Credit Commitments from the Class of Revolving Credit Commitments from which they were converted, it being understood that an Extension may be in the form of an increase in the amount of any outstanding Class of Term Loans or Revolving Credit Commitments otherwise satisfying the criteria set forth below), so long as the following terms are satisfied:

  • Conditions of Credit The obtaining or maintaining of credit hereunder shall be subject to the terms and conditions contained in this Article 8.

  • Conditions of Initial Credit Extensions The obligation of each Bank to make its initial Credit Extension hereunder is subject to the condition that the Agent shall have received on or before the Closing Date all of the following, in form and substance satisfactory to the Agent and each Bank, and in sufficient copies for each Bank:

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