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Common use of Revolving Loan Notes Clause in Contracts

Revolving Loan Notes. (a) On the Restatement Effective Date, the Borrower shall execute and deliver to each of the Banks a Revolving Loan Note with all blanks appropriately completed in conformity herewith. (b) On each applicable Additional Bank Assumption Effective Date, the Borrower shall execute and deliver to each Additional Bank, a Revolving Loan Note with all blanks appropriately completed in conformity herewith. (c) The Revolving Loan Note issued to each Bank shall (i) be executed by the Borrower, (ii) be payable to the order of (A) such Bank and dated as of the Restatement Effective Date or (B) to an Additional Bank and dated as of the Additional Bank Assumption Effective Date applicable to such Additional Bank or (C) to a Bank with an Additional Commitment and dated as of the Additional Bank Assumption Effective Date applicable to such Bank with an Additional Commitment, in each case, as applicable, (iii) be in a stated principal amount equal to the Commitment of such Bank and payable in the principal amount of the Revolving Loans evidenced thereby, (iv) mature on the Termination Date and (v) be entitled to the benefits of this Agreement and the other Related Writings. The Revolving Loan Notes shall be subject to the terms of this Agreement. (d) All Revolving Loan Notes issued under the 2004 Credit Agreement shall be deemed canceled as of the Restatement Effective Date and each Person party to the 2004 Credit Agreement in possession of a Revolving Loan Note issued thereunder shall promptly after the Restatement Effective Date return such Revolving Loan Note to the Borrower for cancellation.

Appears in 2 contracts

Samples: Credit Agreement (Forest City Enterprises Inc), Credit Agreement (Forest City Enterprises Inc)

Revolving Loan Notes. (a) On the Restatement Effective Date, the Borrower shall execute and deliver to each of the Banks a Revolving Loan Note with all blanks appropriately completed in conformity herewith. (b) On each applicable Additional Bank Assumption Effective Date, the Borrower shall execute and deliver to each Additional Bank, a Revolving Loan Note with all blanks appropriately completed in conformity herewith. (c) The Revolving Loan Note issued to each Bank shall (i) be executed by the Borrower, (ii) be payable to the order of (A) such Bank and dated as of the Restatement Effective Date or (B) to an Additional Bank and dated as of the Additional Bank Assumption Effective Date applicable to such Additional Bank or (C) to a Bank with an Additional Commitment and dated as of the Additional Bank Assumption Effective Date applicable to such Bank with an Additional Commitment, in each case, as applicable, (iii) be in a stated principal amount equal to the Commitment of such Bank and payable in the principal amount of the Revolving Loans evidenced thereby, (iv) mature on the Termination Date and (v) be entitled to the benefits of this Agreement and the other Related Writings. The Revolving Loan Notes shall be subject to the terms of this Agreement. (dc) All Revolving Loan Notes issued under the 2004 2011 Credit Agreement shall be deemed canceled replaced as of the Restatement Effective Date and each Person party to the 2004 2011 Credit Agreement in possession of a Revolving Loan Note issued thereunder shall promptly after the Restatement Effective Date return such Revolving Loan Note to the Borrower for cancellation. There shall not be deemed to have occurred, and there has not otherwise occurred, any payment, satisfaction or novation of the Indebtedness evidenced by the 2011 Credit Agreement and the “Revolving Loan Notes” described in the 2011 Credit Agreement, which Indebtedness is instead allocated among the Banks as of the date hereof in accordance with their respective Pro rata shares of the Total Revolving Loan Commitments, and is evidenced by this Agreement and any Revolving Loan Notes, and the Banks shall as of the Restatement Effective Date make such adjustments to the outstanding Revolving Loans of such Banks so that such outstanding Revolving Loans are consistent with their respective Pro rata shares of the Total Revolving Loan Commitments.

Appears in 1 contract

Samples: Credit Agreement (Forest City Enterprises Inc)

Revolving Loan Notes. (a) On the Restatement Effective Date, the Borrower shall execute and deliver to each of the Banks a Revolving Loan Note with all blanks appropriately completed in conformity herewith. (b) On each applicable Additional Bank Assumption Effective Date, the Borrower shall execute and deliver to each Additional Bank, a Revolving Loan Note with all blanks appropriately completed in conformity herewith. (c) The Revolving Loan Note issued to each Bank shall (i) be executed by the Borrower, (ii) be payable to the order of (A) such Bank and dated as of the Restatement Effective Date or (B) to an Additional Bank and dated as of the Additional Bank Assumption Effective Date applicable to such Additional Bank or (C) to a Bank with an Additional Commitment and dated as of the Additional Bank Assumption Effective Date applicable to such Bank with an Additional Commitment, in each case, as applicable, (iii) be in a stated principal amount equal to the Commitment of such Bank and payable in the principal amount of the Revolving Loans evidenced thereby, (iv) mature on the Termination Date and (v) be entitled to the benefits of this Agreement and the other Related Writings. The Revolving Loan Notes shall be subject to the terms of this Agreement. (dc) All Revolving Loan Notes issued under the 2004 2010 Credit Agreement shall be deemed canceled replaced as of the Restatement Effective Date and each Person party to the 2004 2010 Credit Agreement in possession of a Revolving Loan Note issued thereunder shall promptly after the Restatement Effective Date return such Revolving Loan Note to the Borrower for cancellation. There shall not be deemed to have occurred, and there has not otherwise occurred, any payment, satisfaction or novation of the Indebtedness evidenced by the 2010 Credit Agreement and the “Revolving Loan Notes” described in the 2010 Credit Agreement, which Indebtedness is instead allocated among the Banks as of the date hereof in accordance with their respective Pro rata shares of the Total Revolving Loan Commitments, and is evidenced by this Agreement and any Revolving Loan Notes, and the Banks shall as of the Restatement Effective Date make such adjustments to the outstanding Revolving Loans of such Banks so that such outstanding Revolving Loans are consistent with their respective Pro rata shares of the Total Revolving Loan Commitments.

Appears in 1 contract

Samples: Credit Agreement (Forest City Enterprises Inc)

Revolving Loan Notes. (ai) On the Restatement Effective Date, the Borrower All Revolving Advances made by each Revolving Lender shall execute and deliver to each of the Banks be evidenced by a Revolving Loan Note with all blanks appropriately completed of the Borrower in conformity herewith. the form of Exhibit B hereto (b) On each applicable Additional Bank Assumption a "Revolving Loan Note" and, collectively, the "Revolving Loan Notes"), dated the Restructuring Effective Date, the Borrower shall execute and deliver to each Additional Bank, a Revolving Loan Note with all blanks appropriately completed in conformity herewith. (c) The Revolving Loan Note issued to each Bank shall (i) be executed by the Borrower, (ii) be payable to such Revolving Lender for the order account of (A) such Bank and dated as of the Restatement Effective Date or (B) to its Applicable Lending Office in an Additional Bank and dated as of the Additional Bank Assumption Effective Date applicable to such Additional Bank or (C) to a Bank with an Additional Commitment and dated as of the Additional Bank Assumption Effective Date applicable to such Bank with an Additional Commitment, in each case, as applicable, (iii) be in a stated aggregate principal amount equal to its Pro Rata Share of the Commitment of such Bank Maximum Revolving Loan Amount and payable in otherwise duly completed. Each Revolving Loan Note shall (A) represent the Borrower's obligation to pay the aggregate unpaid principal amount of the all outstanding Revolving Loans evidenced therebyAdvances made by such Revolving Lender, (ivB) be stated to mature on the Termination Date Final Maturity Date, (C) bear interest for the period from the date thereof until paid in full on the unpaid principal amount thereof from time to time outstanding at the applicable interest rate per annum provided in, and payable as specified in, this Agreement, and (vD) be entitled to the benefits of this Agreement Agreement, the Security Documents, the Twelvepole Guarantee, the GP Guarantee, the LP Guarantee, the OPNY Guarantee and the other Related Writings. The Revolving Loan Notes shall be subject to the terms of this AgreementHoldco Guarantee. (dii) All Each Revolving Loan Notes issued under Lender is hereby authorized to record the 2004 Credit Agreement shall be deemed canceled as date and amount of each Revolving Advance made by it and the Restatement Effective Date Type thereof and the date and amount of each Person party payment and prepayment of principal made with respect thereto, and all Conversions of such Advances pursuant to the 2004 Credit Agreement in possession Section 2.04, and prior to any Transfer of a its Revolving Loan Note issued thereunder may annotate on the schedule forming a part thereof appropriate notations to evidence the foregoing information with respect to each such Revolving Advance then outstanding; provided, that, failure by such Revolving Lender to make any such annotation or any error therein shall promptly after not affect the Restatement Effective Date return obligations of the Borrower hereunder or under such Revolving Loan Note to in respect of such Revolving Advances evidenced thereby. Each Revolving Lender is hereby irrevocably authorized by the Borrower for cancellationto endorse its Revolving Loan Note and to attach to and make a part of its Revolving Loan Note a continuation of such schedule as and when required.

Appears in 1 contract

Samples: Credit Agreement (Orion Power Holdings Inc)