Loans; Letters of Credit. (a) Subject to the terms and conditions of this Agreement and the Other Agreements, prior to the Maturity Date, Lender may, in its reasonable discretion, make Revolving Loans to Borrower as Borrower shall from time to time request for general working capital purposes. The aggregate unpaid principal amount of all Revolving Loans outstanding at any one time shall not exceed the Maximum Loan Availability at such time. The Revolving Loan shall be repaid as provided elsewhere in this Agreement. If at any time the outstanding principal balance of the Revolving Loan exceeds the Maximum Loan Availability, Borrower shall immediately, and without the necessity of a demand of Lender, pay to Lender such amount as may be necessary to eliminate such excess.
(b) Subject to the terms and conditions of this Agreement and the Other Agreements, prior to the Maturity Date, Lender may, in its reasonable discretion, make Equipment Loans to Borrower as Borrower shall from time to time request to purchase Acceptable Equipment. The maximum amount of each Equipment Loan shall not exceed the lesser of (1) the Equipment Value of the Acceptable Equipment purchased with such Equipment Loan, (2) One Million Dollars ($1,000,000) minus the aggregate unpaid principal amount of all Equipment Loans outstanding on such date and (3) the Maximum Loan Availability minus the outstanding principal amount of all Revolving Loans. Borrower shall make equal monthly principal payments on each Equipment Loan on the first day of each month based on a sixty-month (60) straight line amortization schedule, commencing with the first payment on July 1, 1997, and continuing on the first day of each month thereafter until the Maturity Date at which time the entire outstanding amount of each Equipment Loan shall be due and payable in full.
(c) Subject to the terms and conditions of this Agreement and the Other Agreements, prior to the Maturity Date, Lender may, in its reasonable discretion, at Borrower's request, cause Letters of Credit to be issued for the account of Borrower; provided, that the aggregate undrawn face amount of the Letters of Credit shall not at any time exceed the lesser of (i) FIVE HUNDRED THOUSAND DOLLARS ($500,000) and (ii) Maximum Loan Availability. If at any time the outstanding principal balance of the Revolving Loan is zero and Maximum Loan Availability is less than zero, Borrower shall provide cash collateral to Lender in an amount equal to the amount by which Maximum Loan Availability...
Loans; Letters of Credit. 23 2.1. (a) Revolving Credit Advances...........................................................................24 (b) Alternate Currency Loans................................................................................24 (c) Permitted Overadvances.........................................................................25 (d) Discretionary Rights...........................................................................25 2.2. (a) Canadian Subsidiary Loans...........................................................................25 (b) UK Subsidiary Loans............................................................................25 2.3. Charges to Borrower's Account...........................................................................25 2.4. Statement of Account....................................................................................26 2.5. Disbursement of Loan Proceeds...........................................................................26 2.6. Maximum Loan Amount; Adjustment of Maximum Loan Amount..................................................26 2.7. Letters of Credit.......................................................................................26 2.8. Issuance of Letters of Credit...........................................................................27 2.9. Requirements For Issuance of Letters of Credit..........................................................27 2.10. Use of Proceeds.........................................................................................29 2.11.
Loans; Letters of Credit. 2.1. Revolving Credit Advances
Loans; Letters of Credit. Section 2.2 The Notes Section 2.3 Purpose Section 2.4 Borrowing Procedures Section 2.5
Loans; Letters of Credit. (a) Subject to the terms and conditions of this Agreement, each of the Banks severally agrees to make loans (the "Loans") to the Borrowers from time to time from and including the date hereof to and including the Banking Day immediately prior to the Termination Date, up to but not exceeding in the aggregate principal amount at any one time outstanding, the amount obtained by multiplying its Commitment Percentage by the amount by which (i) the Borrowing Base exceeds (ii) the aggregate amount of L/C Credits. The Loans may be outstanding as Variable Rate Loans or Fixed Rate Loans (each a "type" of Loans). Each type of Loans of each Bank shall be made and maintained at such Bank's Lending Office for such type of Loans. The Loans shall be due and payable on the Termination Date.
(b) Subject to the terms and conditions of this Agreement, the Issuing Bank, on behalf of the Banks, agrees for the account of any Borrower from time to time during the period from the date hereof until the Termination Date, to issue Letters of Credit, provided, however, that the aggregate amount of all L/C Credits may not exceed at any time the lesser of (i) $10,000,000 (only $3,000,000 of which may be standby letters of credit) or (ii) the amount by which the Borrowing Base exceeds the aggregate principal amount of all outstanding Loans. The Banks shall participate in each such issuance consistent with Section 10.
Loans; Letters of Credit. Make any loan or provide for the issuance of letter of credit to any party, except for the granting of unsecured trade credit, employee advances (not to exceed $7,500 per employee) and the issuance of letters of credit to suppliers, all in the ordinary course of Seller's or Guarantor's business, as the case may be.
Loans; Letters of Credit. So long as any Lender is a Defaulting(c) Lender, (i) the Swing Line Lender shall not be required to fund any Swing Line Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swing Line Loan and (ii) the Issuing Lenders shall not be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto. Cash Collateral. At any time that there shall exist a Defaulting Lender, within one (1)2.16 Business Day following the written request of the Administrative Agent or an Issuing Lender (with a copy to the Administrative Agent) the Borrower shall Cash Collateralize such Issuing Lender’s Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to Section 2.15(a)(iv) and 73
Loans; Letters of Credit. (a) Each Bank will, on the terms and subject to the conditions of this Agreement, make loans (individually, a "Loan" and collectively, the "Loans") to the Borrowers during the Credit Period to but excluding the Commitment Termination Date in an aggregate principal amount at any one time outstanding up to, but not exceeding, the Commitment of such Bank as then in effect; provided however, that notwithstanding the foregoing, the sum of (i) the aggregate principal amount of Loans at any one time outstanding, plus (ii) the aggregate principal amount of Reimbursement Obligations at any one time outstanding, plus (iii) the aggregate face amount of Letters of Credit at any one time outstanding, shall not exceed an amount equal to the lesser of (A) the Total Commitment, and (B) the Borrowing Base as then in effect.
(b) Subject to the terms of this Agreement, during the Credit Period to but excluding the Commitment Termination Date, the Borrowers may (i) borrow, repay (provided that repayment of Fixed Rate Loans shall be subject to the provisions of Section 2.25 hereof) and reborrow Loans by means of Prime Rate Loans or Fixed Rate Loans, and (ii) convert Loans of one type into Loans of another type (as provided in Section 2.20 hereof).
(c) Subject to the terms and conditions of this Agreement, Fleet shall upon request of NPDC, MXL or GPC, on behalf of the GPC Borrowers, issue at any time and from time to time during the Credit Period Letters of Credit in an aggregate face amount at any one time outstanding not to exceed One Million Dollars ($1,000,000) less the aggregate principal amount of all Reimbursement Obligations outstanding at such time. The Banks shall participate in such Letters of Credit as provided in Section 2.8 hereof.
Loans; Letters of Credit. 20 Section 2.1 Revolving Credit Loans 20 Section 2.2 Revolving Credit Notes 21 Section 2.3 Repayment of Loans 21 Section 2.4 Interest 21 Section 2.5 Borrowing Procedure 22 Section 2.6 Prepayments, Conversions, and Continuations of Loans 22 Section 2.7 Minimum Amounts 22 Section 2.8 Certain Notices 23 Section 2.9 Use of Proceeds 23 Section 2.10 Letters of Credit 24 Section 2.11 Procedure for Issuing Letters of Credit 24 Section 2.12 Participation by Banks 24 Section 2.13 Payments Constitute Advances 24 Section 2.14 Letter of Credit Fee 25 Section 2.15 Agent's Responsibilities 25 Section 2.16 Letter of Credit Documents 25 Section 2.17 Fees 25 Section 2.18 Computations 26 Section 2.19 Borrowing Base 26 Section 2.20 Mandatory Prepayments-Availability 29
Loans; Letters of Credit
