LOANS AND CREDIT EXTENSIONS Sample Clauses

LOANS AND CREDIT EXTENSIONS. (a) EQUIPMENT LOAN. Bank hereby promises and agrees to make an "equipment loan" to Borrower on the terms and conditions stated in this agreement in an amount equal to the lesser of (i) $300,000, or (ii) 85 percent of the liquidating value of the equipment owned by Borrower on the date of this agreement (as estimated by Bank's Equipment Appraisal Department) net of all debts and liabilities secured by senior liens or security interests covering the equipment or any item thereof or interest therein. Bank's commitment to make the equipment loan will expire on July 31, 1992, unless the conditions precedent are satisfied (or waived by Bank) and the loan is funded on or before that date. If made, Borrower promises and agrees to repay the equipment loan and to pay interest, fees and costs without offset, defense or counterclaim to Bank's order or assigns at the above address (or such other address as Bank may hereafter specify) as follows:
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LOANS AND CREDIT EXTENSIONS 
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Related to LOANS AND CREDIT EXTENSIONS

  • Commitments and Credit Extensions 2.01 The Loans .

  • The Commitments and Credit Extensions 2.01 The Loans.

  • Incremental Credit Extensions (a) The Borrowers may at any time or from time to time on one or more occasions after the Effective Date request (i) one or more additional Classes of term loans (each, an “Incremental Term Facility”), (ii) one or more additional term loans of the same Class of any existing Class of term loans (each, an “Incremental Term Increase”), (iii) one or more increases in the amount of the Revolving Commitments of any Class (each such increase, an “Incremental Revolving Commitment Increase”) and/or (iv) one or more additional Classes of Revolving Commitments (the “Additional/Replacement Revolving Commitments,” and, together with any Incremental Term Facility, Incremental Term Increase and the Incremental Revolving Commitment Increases, the “Incremental Facilities”); provided that (x) after giving effect to any Incremental Facility Amendment referred to below and at the time that any such Incremental Facility is made or effected, no Event of Default (or, in the case of the incurrence or provision of any Incremental Facility in connection with a Limited Condition Transaction, no Specified Event of Default) shall have occurred and be continuing and (y) in no event shall it be a condition to the effectiveness of, or borrowing under, any Incremental Facility that any representation or warranty of any Loan Party set forth herein be true and correct, except and solely to the extent required by the Additional Lenders providing such Incremental Facility. Notwithstanding anything to the contrary herein, the aggregate principal amount of the Incremental Facilities that can be incurred at any time shall not exceed the Incremental Cap at such time. Each Incremental Facility shall be in a minimum principal amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof (unless the Borrowers and the Administrative Agent otherwise agree); provided that such amount may be less than $5,000,000 if such amount represents all the remaining availability under the aggregate principal amount of Incremental Facilities set forth above.

  • Each Credit Extension The Lenders shall not be required to make any Credit Extension unless on the applicable Credit Extension Date:

  • Loans and Letters of Credit On the Closing Date:

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