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. (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.
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.
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. (a) Subject to the terms and conditions of this Agreement and the Other Agreements, prior to the Maturity Date, Lender may, in its sole discretion, make such Loans to either Metretek or Southern Flow as Metretek or Southern Flow shall from time to time request; on the condition that the aggregate unpaid principal of all Metretek Loans and Southern Flow Loans outstanding at any one time shall not exceed the lesser of (A) Five Million Dollars ($5,000,000) minus the aggregate undrawn face amount of the Letters of Credit and (B) the Loan Availability at such time. In addition, the aggregate unpaid principal amount of all Loans outstanding to Metretek shall not at any time exceed the Metretek Loan Availability and the aggregate unpaid principal amount of all Loans at any time outstanding to Southern Flow shall not exceed the Southern Flow Loan Availability. Loans shall be repaid as provided elsewhere in this Agreement. If at any time the outstanding principal balance of the Loans exceeds Loan Availability, Borrowers shall immediately, and without the necessity of a demand of Lender, pay to Lender such amount as may be necessary to eliminate such excess. Similarly, if at any time the outstanding principal balance of the Metretek Loans exceeds the Metretek Loan Availability, Metretek shall immediately, and without the necessity of demand by Lender, pay the Lender such amounts that may be necessary to eliminate such excess and if at any time the outstanding principal balance of the Southern Flow Loans exceeds the Southern Flow Loan Availability,
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) Subject to the terms and conditions of this Agreement and the Other Agreements, prior to the Termination Date and so long as no Event of Default has occurred hereunder, Lender shall make Loans to any Borrower as such Borrower shall from time to time request; provided, however, that: (i) the total amount of all Loans outstanding to any Borrower shall not exceed such Borrower's Loan Availability at any time; and (ii) the total unpaid principal of all Loans outstanding to the Borrowers and all Letters of Credit issued for the account of the Borrowers in the aggregate ("Maximum Credit") shall not exceed Six Million Dollars ($6,000,000.00) at any time. Such Maximum Credit shall be increased to: (i) Nine Million Dollars ($9,000,000.00) if Borrowers provide Lender with at least ten (10) days' prior written notice of such increase and pay the first additional Facility Fee described in this Agreement and so long as no Event of Default has occurred hereunder or will occur hereunder as a result of such increase in the Maximum Credit; and (ii) Twelve Million Dollars ($12,000,000.00) if Borrowers provide Lender with at least ten (10) days' prior written notice of such increase and pay both of the additional Facility Fee described in this Agreement and so long as no Event of Default has occurred hereunder or will occur hereunder as a result of such increase in the Maximum Credit. Borrowers shall be entitled to reduce the Maximum Credit to any level upon providing Lender with at least thirty (30) days' prior written notice thereof and paying Lender any amounts necessary to reduce the total amount of the outstanding Loans and the aggregate undrawn face amount of the Letters of Credit to an amount equal to or less than the reduced Maximum Credit and so long as no Event of Default has occurred hereunder.
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.
