Revolving Credit Loan; Letters of Credit Sample Clauses

Revolving Credit Loan; Letters of Credit. (a) On the Closing Date ---------------------------------------- (hereinafter defined) the Borrower shall execute and deliver to the Bank a Consolidated, Amended and Restated Revolving Credit Master Note in the face principal amount of $15,000,000, substantially in the form of Exhibit B attached --------- hereto (the "Revolving Credit Note"). The Revolving Credit Loan shall bear interest at a fluctuating rate of interest equal to the Prime Rate set by the Bank from time to time, adjusted upwards and downwards on and as of the date of any change in the Prime Rate and calculated on the basis of a 360-day year factor applied to actual days elapsed. The Bank is hereby authorized to indicate by notation on its internal loan accounting system, with appropriate reference to the customer number assigned by the Bank, all advances of the Revolving Credit Loan made pursuant to this Agreement and all payments of principal. Such notations shall be presumptive as to the aggregate unpaid principal balance of the Revolving Credit Loan, but the failure of the Bank to make any such notation shall not affect the obligations of the Borrower hereunder or in connection with the Revolving Credit Loan. The entire, then outstanding principal balance of the Revolving Credit Loan, together with the accrued and unpaid interest thereon, shall be due and payable on January 15, 1998, except that the Revolving Credit Loan shall be automatically extended for one or more successive, one-year renewal terms unless the Bank, at its sole option, delivers written notice of non-renewal to the Borrower at least fifteen (15) calendar months prior to the end of the initial period or any renewal period. Upon the Bank's request, the Borrower shall execute and deliver to the Bank a new Revolving Credit Note, dated the applicable anniversary of the Closing Date, upon each renewal of the Revolving Credit Loan, provided that the failure of the Bank to request or of the Borrower to execute and deliver a new Revolving Credit Note shall not affect the obligations of the Borrower hereunder or in connection with the Revolving Credit Loan.
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Revolving Credit Loan; Letters of Credit. (a) On the date that the Borrower shall have satisfied all of the conditions precedent set forth in Section 6.1 hereof but in no event later than August 31, 1999 (the "Closing Date"), the Borrower shall execute and deliver to the Bank the Revolving Credit Note. The Revolving Credit Loan shall bear interest at a fluctuating rate of interest established from time to time in the manner set forth in Section 1.3 hereof. During such period(s) as the Revolving Credit Loan or a component thereof is a Prime Rate Loan, accrued interest on such component shall be payable monthly on the first day of each calendar month. During such period(s) as the Revolving Credit Loan or a component thereof is a Eurodollar Loan, accrued interest on such component shall be payable on the last day of the applicable Interest Period; provided that in the case of an Interest Period of six months, accrued interest shall also be payable on the day which is three months after the first day of such Interest Period. The Bank is hereby authorized to indicate by notation on its internal loan accounting system, with appropriate reference to the customer number assigned by the Bank, all advances of the Revolving Credit Loan made pursuant to this Agreement and all payments of principal. Such notations shall be presumptive as to the aggregate unpaid principal balance of the Revolving Credit Loan, but the failure of the Bank to make any such notation shall not affect the obligations of the Borrower hereunder or in connection with the Revolving Credit Loan. The entire, then outstanding principal balance of the Revolving Credit Loan, together with the accrued and unpaid interest thereon, shall be due and payable on August 27, 2001 (the "Maturity Date").
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Related to Revolving Credit Loan; Letters of Credit

  • New Swing Line Loans/Letters of Credit Notwithstanding anything in this Agreement to the contrary, so long as any Lender is a Defaulting 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) no L/C Issuer shall 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.

  • Revolving Credit Loans The Borrower shall repay to the Administrative Agent for the ratable account of the Appropriate Lenders on the applicable Maturity Date for the Revolving Credit Facilities of a given Class the aggregate principal amount of all of its Revolving Credit Loans of such Class outstanding on such date.

  • New Swingline Loans/Letters of Credit So long as any Lender is a Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan and (ii) no Issuing Lender shall 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.

  • Revolving Credit and Swing Loan Facilities 2.1 Revolving Credit Commitments.

  • Disbursement of Revolving Credit and Swingline Loans Not later than 2:00 p.m. on the proposed borrowing date, (i) each Revolving Credit Lender will make available to the Administrative Agent, for the account of the Borrower, at the office of the Administrative Agent in funds immediately available to the Administrative Agent, such Revolving Credit Lender’s Revolving Credit Commitment Percentage of the Revolving Credit Loans to be made on such borrowing date and (ii) the Swingline Lender will make available to the Administrative Agent, for the account of the Borrower, at the office of the Administrative Agent in funds immediately available to the Administrative Agent, the Swingline Loans to be made on such borrowing date. The Borrower hereby irrevocably authorizes the Administrative Agent to disburse the proceeds of each borrowing requested pursuant to this Section in immediately available funds by crediting or wiring such proceeds to the deposit account of the Borrower identified in the most recent notice substantially in the form attached as Exhibit C (a “Notice of Account Designation”) delivered by the Borrower to the Administrative Agent or as may be otherwise agreed upon by the Borrower and the Administrative Agent from time to time. Subject to Section 5.7 hereof, the Administrative Agent shall not be obligated to disburse the portion of the proceeds of any Revolving Credit Loan requested pursuant to this Section to the extent that any Revolving Credit Lender has not made available to the Administrative Agent its Revolving Credit Commitment Percentage of such Loan. Revolving Credit Loans to be made for the purpose of refunding Swingline Loans shall be made by the Revolving Credit Lenders as provided in Section 2.2(b).

  • Revolving Credit Facility (i) Subject to the terms and conditions hereof, each Lender severally agrees to make available to Borrowers from time to time until the Commitment Termination Date its Pro Rata Share of advances (each, a “Revolving Credit Advance”). The Pro Rata Share of the Loans of any Lender shall not at any time exceed its separate Commitment. The obligations of each Lender hereunder shall be several and not joint. Until the Commitment Termination Date, Borrowers may borrow, repay and reborrow under this Section 2.1(a); provided, that (x) the amount of any Revolving Credit Advances to be made at any time shall not exceed Availability at such time, (y) the amount of any Revolving Credit Advances to be made to the U.S. Borrowers at any time shall not exceed the U.S. Availability at such time and (z) the amount of any Revolving Credit Advances to be made to the Canadian Borrowers at any time shall not exceed the Canadian Availability at such time. Each Revolving Credit Advance shall be made on notice by Borrower Representative to one of the representatives of Agent identified in Schedule (2.1) at the address specified therein. Any such notice must be given no later than (1) 12 noon (New York, New York time) on the date of the proposed Revolving Credit Advance, in the case of a Base Rate Loan, or (2) 12 noon (New York, New York time) on the date which is three (3) Business Days’ prior to the proposed Revolving Credit Advance, in the case of a LIBOR Loan. Each such notice (a “Notice of Revolving Credit Advance”) may be given verbally by telephone but must be immediately confirmed in writing (by fax, electronic mail or overnight courier) substantially in the form of Exhibit 2.1(a)(i), and shall include the information required in such Exhibit. If any Borrower desires to have the Revolving Credit Advances bear interest by reference to a LIBOR Rate, with respect to LIBOR Loans denominated in Dollars, and BA Rate, with respect to LIBOR Loans denominated in Canadian Dollars, Borrower Representative must comply with Section 2.5(e). All Revolving Credit Advances (x) made to a U.S. Borrower shall be denominated in Dollars and (y) made to a Canadian Borrower shall be denominated in Dollars or Canadian Dollars but shall be deemed to have been made (in the case of Canadian Dollar Revolving Credit Advances) in the Dollar Equivalent of such Revolving Credit Advance.

  • Revolving Credit Loan The Borrower hereby requests a [Revolving Credit Loan under §2.1] [Swing Loan under §2.5] of the Credit Agreement: Principal Amount: $ Type (LIBOR Rate, Base Rate): Drawdown Date: Interest Period for LIBOR Rate Loans: by credit to the general account of the Borrower with the Agent at the Agent’s Head Office. [If the requested Loan is a Swing Loan and the Borrower desires for such Loan to be a LIBOR Rate Loan following its conversion as provided in §2.5(d), specify the Interest Period following conversion: ]

  • New Swing Loans/Letters of Credit So long as any Lender is a Defaulting Lender, (i) the Swing Line Lender shall not be required to fund any Swing Loans unless it is reasonably satisfied that it will have no Fronting Exposure after giving effect to such Swing Loan and (ii) no LC Issuer shall be required to issue, extend, renew or increase any Letter of Credit unless it is reasonably satisfied that it will have no Fronting Exposure after giving effect thereto.

  • Revolving Credit Notes The Obligation of the Borrower to repay the aggregate unpaid principal amount of the Revolving Credit Loans made to it by each Bank, together with interest thereon, shall be evidenced by a Revolving Credit Note dated the Closing Date payable to the order of such Bank in a face amount equal to the Revolving Credit Commitment of such Bank.

  • Revolving Credit Advances The Borrower shall repay to the Administrative Agent for the ratable account of the Lenders on the Termination Date the aggregate outstanding principal amount of the Revolving Credit Advances then outstanding.

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