Terms of Facility Sample Clauses

Terms of Facility. 15 2.1 Revolving Line of Credit................................................ 15 2.2 Letter of Credit Facility............................................... 16 2.3 Use of Loan Proceeds and Letters of Credit.............................. 18 2.4 Interest................................................................ 18 2.5 Repayment of Loans and Interest......................................... 18 2.6 Outstanding............................................................. 19 2.7 Time, Place, and Method of Payments..................................... 19 2.8

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. 16 2.1 Revolving Line of Credit .......................................... 16 2.2

Terms of Facility. 2.1 Revolving Line of Credit and Reducing Revolving Line of Credit. (a) 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 an aggregate principal amount outstanding at any time up to the lesser of $40,000,000 or the then existing Available Commitment, 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 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 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 2.9, each borrowing, conversion, and prepayment of principal of Loans shall be in an amount at least equal to $25,000 for the Revolving Line of Credit and $100,000 for the Reducing Revolving Line of Credit. 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, and 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 $100,000; and if any LIBO Rate Loan would otherwise be in a lesser 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 Note.

Terms of Facility a. The Lender hereby agrees to make available to the Co-Borrowers the Facility for the purpose of financing i) the first installment due under ten Shipbuilding Contracts dated 6.2.2005 as amended by addenda No. 1 dated 31.3.2005, No. 2 dated 27.4.2005 and No. 3 dated 27.5.2005 (the “Shipbuilding Contracts”) made between each of the Co-Borrowers and Fujian Shipbuilding Industry Group Corporation and Fujian Southeast Shipyard (collectively the ‘Builders’) providing for the construction by the Builders for each of the Co-Borrowers of one 3,500 DWT oil/product tanker for a contract price for each vessel of United State Dollars Six Million Eight Hundred Thousand (US$ 6,800,000.00) and ii) the first installment due under ten Supervision Agreements dated 10.2.2005 made between each of the Co-Borrowers and IOTA Corporation of Liberia, pursuant to which IOTA has agreed to provide services to each of the Co-Borrowers in connection with the construction of the above vessels for a fee of USD 1,550,000 for each vessel. b. The Facility will bear no interest at all c. The Co-Borrowers hereby acknowledge, state and confirm 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 not later than four (4) months as of today.

Terms of Facility a. The Lender makes available to the Borrower the Facility to be used for the finance the payment of the 10% deposit for the acquisition of the motor tanker “OMEGA AF DONSO”, IMO No.8027200 from Messrs PARTEDERIET for Omega Af Donso of Sweden as per Memorandum of Agreement dated 7 October 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 not later than four (4) months as of today.

Terms of Facility. 2.1. [Reserved].

Terms of Facility. 2.1 REVOLVING LINE OF CREDIT...................................................................19 2.2

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