Common use of Facility A Loan Mandatory Payments Clause in Contracts

Facility A Loan Mandatory Payments. All Facility A Loans ------------------------------------ hereunder shall be repaid by the Borrowers on the Facility A Maturity Date for Facility A Loans, unless payable sooner pursuant to the provisions of this Agreement. In the event the aggregate outstanding principal balance of all Facility A Loans and Letter of Credit Obligations hereunder exceeds the Facility A Loan Commitment, the Borrowers shall, without notice or demand of any kind, immediately make such repayments of the Facility A Loans or take such other actions as are satisfactory to the Lender as shall be necessary to eliminate such excess. Also, if the Borrowers choose not to convert any Facility A Loan which is a LIBOR Loan to a Prime Loan as provided in Section 2.5(a), then such Facility A Loan shall be due and payable -------------- on the last Business Day of the then existing LIBOR Interest Period or on such earlier date as required by law, all without further demand, presentment, protest or notice of any kind, all of which are hereby waived by the Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (Amrep Corp.)

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Facility A Loan Mandatory Payments. All Facility A Loans ------------------------------------ hereunder shall be repaid by the Distribution Borrowers on the Facility A Revolving Loan Maturity Date for Facility A Loans, unless payable sooner pursuant to the provisions of this Agreement. In the event the aggregate outstanding principal balance of all Facility A Loans and Distribution Letter of Credit Obligations hereunder exceeds the Facility A Loan CommitmentAvailability, the Distribution Borrowers shall, without notice or demand of any kind, immediately make such repayments of the Facility A Loans or take such other actions as are satisfactory to the Lender as shall be necessary to eliminate such excess. Also, if the Distribution Borrowers choose not to convert any Facility A Loan which is a LIBOR Loan to a Prime Loan as provided in Section 2.5(a2.6(a) and Section 2.6(b), then such Facility A Loan shall immediately be due and payable -------------- on the last Business Day of the then existing LIBOR Interest Period or on such earlier date as required by law, all without further demand, presentment, protest or notice of any kind, all of which are hereby waived by the BorrowerDistribution Borrowers.

Appears in 1 contract

Samples: Loan and Security Agreement (Amrep Corp)

Facility A Loan Mandatory Payments. All Facility A Loans ------------------------------------ hereunder shall be repaid by the Borrowers Borrower on the Facility A Loan Scheduled Maturity Date for Facility A LoansDate, unless payable sooner pursuant to the provisions of this Agreement. In the event the aggregate outstanding principal balance of all Facility A Loans and Letter of Credit Obligations hereunder exceeds the Facility A Loan CommitmentAvailability, the Borrowers Borrower shall, without notice or demand of any kind, immediately make such repayments of the Facility A Loans or take such other actions as are satisfactory to the Lender Bank as shall be necessary to eliminate such excess. Also, if the Borrowers choose Borrower chooses not to convert continue any Facility A Loan which is a LIBOR Loan as a LIBOR Loan or the LIBOR Loan option is unavailable with respect to a Prime Loan as provided in Section 2.5(a)such Facility A Loan, then such Facility A Loan shall will automatically be due and payable -------------- converted to a Prime Loan on the last Business Day of the then existing LIBOR Interest Period or on such earlier date as required by law, all without further demand, presentment, protest or notice of any kind, all of which are hereby waived by the Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (Argyle Security, Inc.)

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Facility A Loan Mandatory Payments. All Facility A Loans ------------------------------------ hereunder shall be repaid by the Borrowers on the Facility A Maturity Date for Facility A Loans, unless payable sooner pursuant to the provisions of this Agreement. In the event the aggregate outstanding principal balance of all Facility A Loans and Letter of Credit Obligations hereunder exceeds the Facility A Loan CommitmentBorrowing Base, the Borrowers shall, without notice or demand of any kind, immediately make such repayments of the Facility A Loans or take such other actions as are satisfactory to the Lender as shall be necessary to eliminate such excess. Also, if the Borrowers choose not to convert any Facility A Loan which is a LIBOR Loan to a Prime Loan as provided in Section 2.5(a), then such Facility A Loan shall be due and payable -------------- on the last Business Day of the then existing LIBOR Interest Period or on such earlier date as required by lawprovided therein, all without further demand, presentment, protest or notice of any kind, all of which are hereby waived by the Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (Amrep Corp.)

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