Nature of Loans. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrowers may borrow, prepay and reborrow the Loans; provided that Loans which are prepaid or repaid may not be reborrowed after the Commitment Termination Date. Each Lender’s Commitment shall expire on the Commitment Termination Date. The Loans may be Base Rate Loans or LIBO Rate Loans, as further provided herein.
Nature of Loans. Subject to the terms and conditions of this Agreement (including without limitation conditions set forth in Article VI.), during the period from the Effective Date to but excluding the Termination Date, each of the Tranche B Borrowers may borrow, repay and reborrow Tranche B Loans hereunder; provided, however, that as an additional condition to the making of Tranche B Loans, no Tranche B Loan shall be made if, after giving effect to such Tranche B Loan, the sum of (I) the aggregate principal amount of all Tranche B Loans that have been advanced (including without limitation such Tranche B Loan proposed to be advanced, and any Tranche B Loans advanced pursuant to Section 2.4.(e) to reimburse demands for payment under Letters of Credit) plus (II) the aggregate amount of all Tranche B Letters of Credit that have been issued, in each case regardless of any Tranche B Loan repayments, any reductions or cancellations of Tranche B Letters of Credit and any payment of Reimbursement Obligations, would exceed the NY Secured Amount, unless and until the NY Borrowers (1) execute and record such amendments to the NY Mortgage or such additional mortgage(s) on the NY Properties, (2) pay such additional mortgage recording or other applicable tax, (3) furnish such title insurance endorsements or policies and (4) take such other action including but not limited to the execution and delivery of such documents, instruments, affidavits, declarations and agreements, in each case as the Agent may require in order for all outstanding Tranche B Loans and all outstanding Tranche B Letter of Credit Liabilities to be and remain fully secured by the NY Mortgage and such additional mortgages.
Nature of Loans. Within the limits of each Lender’s Commitment, the Borrowers may repay, prepay and re-borrow Loans during the Commitment Period in accordance with the provisions hereof; provided that if any Borrower is prohibited under Applicable Law from incurring revolving financial indebtedness under this Agreement, then all Loans to such Borrower shall be deemed to have at all times been made and continued as term loans maturing on the Maturity Date, with repayments due on each Calculation Date in an aggregate amount (rounded upwards to the nearest Dollar) equal to (i) the percentage (as shown in the then current Banking Case) by which the Maximum Available Amount is to be reduced on that Calculation Date multiplied by (ii) the outstanding principal amount of the Loans owed by such Borrower on that Calculation Date, and any amount repaid or prepaid by such Borrower in respect of such Loans may not be re-borrowed by such Borrower during the Commitment Period; and provided further that, the parties shall execute and deliver to the Administrative Agent such other additional documents and/or amendments to this Agreement as the Administrative Agent may deem necessary or advisable to ensure all Loans to Petrogas have the characteristics of term loans.
Nature of Loans. Any amounts borrowed hereunder and repaid or prepaid may not be reborrowed.
Nature of Loans. Grantor hereby represents and warrants that it is a business or commercial organization. Grantor further represents and warrants that the Secured Obligations were made and transacted solely for the purpose of carrying on or acquiring a business or commercial enterprise. PROVIDED ALWAYS, and it is the true intent and meaning of the Grantor and the Lender, that if the Borrowers or the Guarantors, or their successors and assigns, shall pay or cause to be paid and discharged unto the Lender, its successors and assigns, the Secured Obligations according to the terms of this Deed of Trust and the Loan Documents and all Commitments are terminated, then this Deed of Trust shall cease, determine and be void, otherwise it shall remain in full force and effect. And it is agreed, by and between the Grantor and the Lender, that the Grantor is to hold and enjoy the said premises until an Event of Default exists under the terms of this Deed of Trust.
Nature of Loans. The Collateral Manager may purchase Loans on behalf of the Issuer only if such loans are of a type that bank and non-bank purchasers regularly purchase and commit to purchase in secondary market transactions.
Nature of Loans. Borrower is a business or commercial organization. The Loans are being obtained solely for business or investment purposes, and will not be used for personal, family, household or agricultural purposes.
Nature of Loans. The Term Loans are not revolving in nature and amounts repaid or prepaid in respect thereof may not be reborrowed.
Nature of Loans. The Loan shall be made as a single drawing on the Closing Date upon the satisfaction or waiver of the applicable conditions specified in Article VI. Amounts repaid or prepaid in respect thereof may not be reborrowed.
Nature of Loans. (i) Each Loan classified as an Eligible Loan (or included in any aggregation of balances of Eligible Loans) by the Servicer in any document or report delivered under the Security Agreement was an Eligible Loan as of the date so classified, and (ii) each related Contract classified as an Eligible Contract (or included in any aggregation of balances of Eligible Contracts) by the Servicer in any document or report delivered under the Security Agreement was an Eligible Contract as of the date so classified.
