Terms of Facility. 15 2.1 Revolving Line of Credit................................................. 15 2.2 Letter of Credit Facility................................................ 15 2.3 Use of Loan Proceeds and Letters of Credit............................... 16 2.4 Interest................................................................. 16 2.5
Terms of Facility. (a) Revolving Line of Credit. Upon the terms and conditions (including, without limitation, the right of the Lender to decline to make any Loan so long as any Default or Event of Default exists) and relying on the representations and warranties contained in this Agreement, the Lender agrees, during the Commitment Period, to make Loans, in immediately available funds at the Principal Office, to or for the benefit of the Borrower, from time to time on any Business Day designated by the Borrower following receipt by the Lender of a Borrowing Request; provided, however, no Loan shall exceed the then existing Available Commitment.
(b) Subject to the terms of this Agreement, during the Commitment Period, the Borrower may borrow, repay, and reborrow such funds. Except for prepayments made pursuant to Section , each borrowing and prepayment of principal of Loans shall be in an amount at least equal to $100,000. Each borrowing or prepayment shall be deemed a separate borrowing or prepayment for purposes of the foregoing.
(c) The Loans shall be made and maintained at the Principal Office and shall be evidenced by the Note.
Terms of Facility a. The Lender makes available to the Borrower the Facility to be used for working capital purposes.
b. The Facility will bear no interest at all.
c. The Borrower hereby acknowledges, states and confirms receipt of the Facility.
d. The Facility is repayable upon Lender’s first written demand for the repayment of the facility in part or in whole.
Terms of Facility. 2.1 Revolving Line of Credit.
(a) Upon the terms and conditions (including, without limitation, the right of the Lenders to decline to make any Loan so long as any Default or Event of Default exists) and relying on the representations and warranties contained in this Agreement, the Lenders severally agree, during the Commitment Period, to make Loans, in immediately available funds at the Applicable Lending Office or the Principal Office, to or for the benefit of the Borrower, from time to time on any Business Day designated by the Borrower following receipt by the Agent of a Borrowing Request; provided, however, no Loan at the time it is made shall exceed the then existing Available Commitment.
(b) Subject to the terms of this Agreement, during the Commitment Period, the Borrower may borrow, repay, and reborrow and convert Loans of one type or with one Interest Period into Loans of another type or with a different Interest Period. Except for prepayments made pursuant to Section 2.10, each borrowing, conversion, and prepayment of principal of Loans shall be in an aggregate amount at least equal to $100,000. Each borrowing, prepayment, or conversion of or into a Loan of a different type or, in the case of a Fixed Rate Loan, having a different Interest Period, shall be deemed a separate borrowing, conversion, or prepayment for purposes of the foregoing, one for each type of Loan or Interest Period. Anything in this Agreement to the contrary notwithstanding, the aggregate principal amount of LIBO Rate Loans having the same Interest Period shall be at least equal to $1,000,000; and if any LIBO Rate Loan would otherwise be in a lesser aggregate principal amount for any period, such Loan shall be a Floating Rate Loan during such period.
(c) The Loans shall be made and maintained at the Applicable Lending Office or the Principal Office and shall be evidenced by the Notes.
(d) Not later than 3:00 p.m., Central Standard or Daylight Savings Time, as the case may be, on the date specified for each borrowing, each Lender shall make available an amount equal to its Percentage Share of the borrowing to be made on such date to the Agent, at an account designated by the Agent, in immediately available funds, for the account of the Borrower. The amount so received by the Agent shall, subject to the terms and conditions hereof, be made available to the Borrower in immediately available funds at the Principal Office. All Loans by each Lender shall be maintained at the Applica...
Terms of Facility. 19 2.1 Revolving Line of Credit............................................. 19
Terms of Facility. (a) Subject to the terms of this Agreement, during the Commitment Period, the Borrowers may borrow, repay, and reborrow. Except for prepayments made pursuant to Section 2.9, each borrowing and prepayment of principal of Loans shall be in an amount at least equal to $50,000 or integral multiple thereof.
(b) The Loans shall be made and maintained at each Lender's Applicable Lending Office and shall be evidenced by the Notes.
Terms of Facility. 16 SECTION 2.1. Term Loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 SECTION 2.2. The Note . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 SECTION 2.3. Interest on the Loan and Payment Dates . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 SECTION 2.4. Interest on Overdue Amounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 SECTION 2.5. Principal Payments on the Loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 SECTION 2.6. Voluntary Prepayment of the Loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 SECTION 2.7. Facility Fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 SECTION 2.8. Change in Circumstances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 SECTION 2.9. Time, Place and Method of Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 SECTION 2.10. Use of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 ARTICLE III
Terms of Facility. 2.1 A. Revolving Line of Credit. Upon the terms and conditions (including, without limitation, the right of the Lenders to decline to make any Loan so long as any Default or Event of Default exists) and relying on the representations and warranties contained in this Agreement, each Lender severally agrees, during the Commitment Period, to make Loans, in immediately available funds at the Applicable Lending Office or the Principal Office, to or for the benefit of the Borrower in an aggregate principal amount not to exceed at any time outstanding the lessor of the Facility Amount of such Lender or the Percentage Share of such Lender of the Borrowing Base then in effect. Loans shall be made from time to time on any Business Day designated by the Borrower following receipt by the Agent of a Borrowing Request.
Terms of Facility a. The Lender makes available to the Borrower the Facility to be used for the finance of the payment of the 10% deposit for the acquisition of the motor tanker “AEGEAN PRIDE I”, IMO No.8027195 from Messrs BONAIRE SHIPHOLDING CO of Xxxxxxxx Islands as per Memorandum of Agreement dated 15 December 2005. The Facility will bear no interest at all.
b. The Borrower hereby acknowledges states and confirms receipt of the Facility.
c. The Facility is repayable upon Lender’s first written demand for the repayment of the facility in part or in whole.
Terms of Facility a. The Lender makes available to the Borrower the Facility to be used for the finance of the payment of the 10% deposit for the acquisition of the motor tanker “TRAPPER”, IMO No.8321321 from Messrs PARTREDERIET for M/T TRAPPER of Sweden as per Memorandum of Agreement dated 8th February 2006. The Facility will bear no interest at all.
b. The Borrower hereby acknowledges states and confirms receipt of the Facility.
c. The Facility is repayable upon Lender’s first written demand for the repayment of the facility in part or in whole.
