Common use of Revolving Credit Loan Clause in Contracts

Revolving Credit Loan. (a) Subject to the terms and conditions hereof, Bank hereby extends to Borrowers a line of credit facility (the “Facility” or the “Loan”) under which Bank may make loans (the “Revolving Loans”) to Borrowers at Borrowers’ requests from time to time during the term of this Agreement. Bank will have discretion at all times as to whether or not to make any Revolving Loan if there is any Event of Default (as defined below). Borrower may borrow, prepay, and reborrow under the Facility, provided that the principal amount of all Revolving Loans outstanding at any one time under the Facility will not exceed the foregoing limits or those limits specified in the Revolving Note. If the amount of the Revolving Loans outstanding at any time under the Facility exceeds the limits set forth above or in the Revolving Note, Borrower will immediately pay the amount of such excess to Bank in certified funds. Bank has agreed to make this Loan upon the terms and subject to the conditions of this Agreement and all documents executed pursuant to or in connection with this Agreement (all such documents and this Agreement will be called “Loan Documents”). (b) Borrowers may request a Revolving Loan by written or telephone notice to Bank. Bank will make a Revolving Loan by crediting the amount thereof to Borrowers’ account at Bank. Loan proceeds will be used for working capital and general corporate purposes, including acquisitions and the repayment/refinancing of other indebtedness. (c) On the date hereof, Borrowers will duly issue and deliver to Bank a revolving note (the “Revolving Note” or “Note”) in the principal amount of Forty Million and 00/100 Dollars ($40,000,000.00) bearing interest as specified in Section 2.02. (d) The term of the Facility will expire on May 31, 2007 and the Revolving Note will become payable in full on that date.

Appears in 1 contract

Samples: Credit Agreement (Health Care Reit Inc /De/)

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Revolving Credit Loan. (a) Subject to a. Lender agrees, upon the terms and conditions hereofset forth in this Agreement, Bank hereby extends and in reliance upon the representations and warranties made under this Agreement, to Borrowers a line make the Revolving Credit Loan available to Obligors and allow Obligors during the Revolving Credit Advance Term to borrow, repay and re-borrow from Lender in an amount up to, but not exceeding, the Revolving Credit Loan Ceiling. b. The proceeds of credit facility the Revolving Credit Loan shall be utilized (I) for the “Facility” or the “Loan”) under which Bank may make loans refinance of loan #'s 4289356-265 and 4289356-307 held by Lender, (the “Revolving Loans”II) to Borrowers at Borrowers’ requests support the issuance of Letters of Credit, (III) for working capital, and (IV) for capital expenditures and acquisitions of business operations. c. Lender agrees to make Advance(s) to Obligors under the Revolving Credit Loan, from time to time, upon written request from FAS from the Closing Date of the Revolving Credit Loan, up to but not including the Revolving Credit Maturity Date and in accordance with the terms hereof; provided, however, that at no time during shall the term total aggregate amount of this Agreement. Bank will have discretion at all times as to whether or not to make any Revolving Loan if there is any Event of Default (as defined below). Borrower may borrow, prepay, Advances outstanding and reborrow under the Facility, provided that the principal total aggregate amount of all outstanding Letters of Credit issued under this Agreement exceed the Revolving Loans outstanding Credit Loan Commitment. In the event Lender is required to fund any Letter of Credit issued under this Agreement by an Advance, interest thereon shall accrue at the rate set forth in Section 1.4 until paid. d. Each Advance shall be in a minimum amount of $100,000.00 and multiples thereof. e. Advances shall be paid by credit to the Advance Account with Lender. Lender shall give written confirmation of deposit at the Principal Place of Business. In the alternative, Lender, may at its option, disburse an Advance directly to FAS if directed by FAS in writing. Obligors shall deliver certified copies of corporate resolutions evidencing those Authorized Officers authorized to make Advance Requests. Lender shall be entitled to rely on any Advance Request that Lender reasonably believes to be executed by a person authorized under corporate resolutions furnished to Lender by FAS. f. If at any one time under the Facility will not exceed the foregoing limits or those limits specified in outstanding Advances plus amounts of Letters of Credit issued pursuant to this Agreement exceeds the Revolving Note. If Credit Loan Commitment, Obligors shall repay such amounts as are necessary to reduce the amount aggregate outstanding principal balance of the Revolving Loans outstanding at any time under the Facility exceeds the limits set forth above or in Credit Loan below the Revolving Note, Borrower will immediately pay the amount of such excess to Bank in certified funds. Bank has agreed to make this Credit Loan upon the terms and subject to the conditions of this Agreement and all documents executed pursuant to or in connection with this Agreement (all such documents and this Agreement will be called “Loan Documents”)Ceiling. (b) Borrowers may request a Revolving Loan by written or telephone notice to Bank. Bank will make a Revolving Loan by crediting the amount thereof to Borrowers’ account at Bank. Loan proceeds will be used for working capital and general corporate purposes, including acquisitions and the repayment/refinancing of other indebtedness. (c) On the date hereof, Borrowers will duly issue and deliver to Bank a revolving note (the “Revolving Note” or “Note”) in the principal amount of Forty Million and 00/100 Dollars ($40,000,000.00) bearing interest as specified in Section 2.02. (d) The term of the Facility will expire on May 31, 2007 and the Revolving Note will become payable in full on that date.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Chicos Fas Inc)

Revolving Credit Loan. (a) Subject to the terms and conditions hereof, Bank hereby extends to Borrowers Borrower a line of credit facility (the "Facility” or ") (the "Loan") under which Bank may make loans (the Revolving Loans") to Borrowers Borrower at Borrowers’ requests Borrower's request from time to time during the term of this Agreement. Bank will have discretion at all times as to whether or not to make any Revolving Loan Loan, if there is any Event of Default (as defined below)Default. Borrower may borrow, prepay, and reborrow under the Facility, provided that the principal amount of all Revolving Loans outstanding at any one time under the Facility will not exceed the foregoing limits or those limits specified in the Revolving Note. If the amount of the Revolving Loans outstanding at any time under the Facility exceeds the limits set forth above or in the Revolving Note, Borrower will immediately pay the amount of such excess to Bank in certified fundsBank. Bank has agreed to make this Loan loan upon the terms and subject to the conditions of this Agreement and all documents executed pursuant to or in connection with this Agreement (all such documents and this Agreement will be called ("Loan Documents"), provided the loan is secured as set forth in this Agreement. (b) Borrowers Borrower may request a Revolving Loan by written or telephone notice to Bank. Bank will make a Revolving Loan by crediting the amount thereof wire transfer to Borrowers’ any account at Bankdesignated by Borrower. Loan proceeds will may be used for working capital and general corporate purposes, including acquisitions and the repayment/refinancing of other indebtednesspurposes not prohibited herein. (c) On the date hereof, Borrowers Borrower will duly issue and deliver to Bank a revolving note Revolving Note (the "Revolving Note” or “Note”) "), in the principal amount of Forty Million THIRTY MILLION and 00/100 Dollars DOLLARS ($40,000,000.0030,000,000.00) bearing interest as specified in Section 2.022.02 herein. (d) The term of the Facility will expire on May MAY 31, 2007 2004 and the Revolving Note will become payable in full on that date.

Appears in 1 contract

Samples: Credit Agreement (Health Care Reit Inc /De/)

Revolving Credit Loan. (a) Subject to the terms and conditions hereofof this Agreement, and so long as no Event of Default shall have occurred and be continuing, the Bank hereby extends agrees to Borrowers a line of credit facility make loans and advances to the Company (the “Facility” or the “"Revolving Credit Loan") under which Bank may make loans (the “Revolving Loans”) to Borrowers at Borrowers’ requests from time to time during from the term of this AgreementClosing Date until the Facility Number 1 Termination Date up to but not exceeding the Revolving Credit Commitment. Bank will have discretion at all times Within such limits, and so long as to whether no Defaults or not to make any Revolving Loan if there is any Event of Default (as defined below). Borrower shall have occurred and be continuing, the Company may borrow, prepayrepay and reborrow, on a Domestic Business Day from the date of this Agreement until, but not including, the Facility Number 1 Termination Date and in an amount not to exceed the Borrowing Base Amount, as set forth in the most recent calculation of the Borrowing Base Amount as stated in a Borrowing Base Certificate delivered to the Bank, subject to verification by the Bank, and reborrow under the Facility, provided that the principal amount Bank's calculation of the Borrowing Base Amount shall be conclusive and final on all parties hereto. Except as otherwise permitted under Section 4.2 hereunder, at no time shall the Revolving Credit Loan, plus the sum of all outstanding Standby Letters of Credits exceed the Revolving Loans Credit Commitment. The Company shall have the right to repay the amounts outstanding under the Revolving Credit Loan at any one time in whole or in part plus, in the case of prepayment of a LIBOR Loan, the Bank's direct costs associated with the breakage of any LIBOR contracts resulting from such prepayment. The Company may terminate the financing arrangements under this Agreement at the Facility's Number 1 Termination Date or at any extension thereof by giving Lender written notice of such termination, in the manner set forth in Section 12.5 below, at least five (5) days prior thereto; provided that in order for any such notice of termination to become effective, the Company shall, on or before the Facility will not exceed Number 1 Termination Date, pay the foregoing limits or those limits specified in the Revolving Note. If the outstanding principal amount of the Revolving Loans outstanding at any time under the Facility exceeds the limits set forth above or Credit Loan together with all Reimbursement Obligations, plus accrued interest to Bank, in the Revolving Notefull, Borrower will in immediately pay the amount of such excess to Bank in certified available funds. Bank has agreed to make this Loan upon the terms and subject to the conditions of this Agreement and all documents executed pursuant to or in connection with this Agreement (all such documents and this Agreement will be called “Loan Documents”). (b) Borrowers may request a Revolving Loan by written or telephone notice The Bank's obligation to Bank. Bank will make a Revolving Loan by crediting the amount thereof loans and advances under Facility Number 1 shall at all times be subject to Borrowers’ account at Bank. Loan proceeds will be used for working capital and general corporate purposes, including acquisitions and the repayment/refinancing of other indebtedness. (c) On the date hereof, Borrowers will duly issue and deliver to Bank a revolving note (the “Revolving Note” or “Note”) in the principal amount of Forty Million and 00/100 Dollars ($40,000,000.00) bearing interest as specified in Section 2.02. (d) The term delivery of the Facility will expire on May 31, 2007 Borrowing Base Certificates and related Schedules required hereunder within the Revolving Note will become payable in full on that daterequired time-frame.

Appears in 1 contract

Samples: Credit Facility Agreement (Speizman Industries Inc)

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Revolving Credit Loan. (a) Subject to the terms and conditions hereof, Bank hereby extends to Borrowers a line of credit facility (the "Facility" or the "Loan") under which Bank may make loans (the "Revolving Loans") to Borrowers at Borrowers' requests from time to time during the term of this Agreement. Bank will have discretion at all times as to whether or not to make any Revolving Loan if there is any Event of Default (as defined below). Borrower may borrow, prepay, and reborrow under the Facility, provided that the principal amount of all Revolving Loans outstanding at any one time under the Facility will not exceed the foregoing limits or those limits specified in the Revolving Note. If the amount of the Revolving Loans outstanding at any time under the Facility exceeds the limits set forth above or in the Revolving Note, Borrower will immediately pay the amount of such excess to Bank in certified funds. Bank has agreed to make this Loan upon the terms and subject to the conditions of this Agreement and all documents executed pursuant to or in connection with this Agreement (all such documents and this Agreement will be called "Loan Documents"). (b) Borrowers may request a Revolving Loan by written or telephone notice to Bank. Bank will make a Revolving Loan by crediting the amount thereof to Borrowers' account at Bank. Loan proceeds will be used for working capital and general corporate purposes, including acquisitions and the repayment/refinancing of other indebtedness. (c) On the date hereof, Borrowers will duly issue and deliver to Bank a revolving note (the "Revolving Note" or "Note") in the principal amount of Forty Million and 00/100 Dollars ($40,000,000.00) bearing interest as specified in Section 2.02. (d) The term of the Facility will expire on May 31, 2007 2006 and the Revolving Note will become payable in full on that date.

Appears in 1 contract

Samples: Credit Agreement (Health Care Reit Inc /De/)

Revolving Credit Loan. (a) Subject to the terms and conditions hereof, Bank hereby extends to Borrowers a line of credit facility (the “Facility” or the “Loan”) under which Bank may make loans (the “Revolving Loans”) to Borrowers at Borrowers’ requests from time to time during the term of this Agreement. Bank will have discretion at all times as to whether or not to make any Revolving Loan if there is any Event of Default (as defined below). Borrower may borrow, prepay, and reborrow under the Facility, provided that the principal amount of all Revolving Loans outstanding at any one time under the Facility will not exceed the foregoing limits or those limits specified in the Revolving Note. If the amount of the Revolving Loans outstanding at any time under the Facility exceeds the limits set forth above or in the Revolving Note, Borrower will immediately pay the amount of such excess to Bank in certified funds. Bank has agreed to make this Loan upon the terms and subject to the conditions of this Agreement and all documents executed pursuant to or in connection with this Agreement (all such documents and this Agreement will be called “Loan Documents”). (b) Borrowers may request a Revolving Loan by written or telephone notice to Bank. Bank will make a Revolving Loan by crediting the amount thereof to Borrowers’ account at Bank. Loan proceeds will be used for working capital and general corporate purposes, including acquisitions and the repayment/refinancing of other indebtedness. (c) On the date hereof, Borrowers will duly issue and deliver to Bank a revolving note (the “Revolving Note” or “Note”) in the principal amount of Forty Million and 00/100 Dollars ($40,000,000.00) bearing interest as specified in Section 2.02. (d) The term of the Facility will expire on May 3130, 2007 2008 and the Revolving Note will become payable in full on that date.

Appears in 1 contract

Samples: Credit Agreement (Health Care Reit Inc /De/)

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