The Credit Facility Sample Clauses
The Credit Facility clause defines the terms under which a lender provides a borrower with access to a specified amount of credit, typically through loans or lines of credit. It outlines the maximum borrowing limit, the types of credit available (such as revolving or term loans), and the conditions for drawing funds, including any required documentation or approvals. This clause serves to clearly establish the financial resources available to the borrower and the rules governing their use, thereby ensuring both parties understand the scope and limitations of the credit arrangement.
POPULAR SAMPLE Copied 3 times
The Credit Facility. 2.1 The Revolving Credit Facility Each Lender severally agrees, on the terms and conditions set forth herein, to make loans to the Borrower (each such loan, a “Revolving Loan”) from time to time on any Business Day during the period from the Closing Date to the Revolving Termination Date, in an aggregate amount not to exceed at any time outstanding, together with the principal amount of Term Loans outstanding in favor of such Lender at such time, the amount set forth next to such Lender’s name on Schedule 1 (such amount together with the Lender’s Pro Rata Share of the Term Commitment, as the same may be reduced under Section 2.10 or as a result of one or more assignments under Section 10.8, the Lender’s “Commitment”); provided, however, that, after giving effect to any Borrowing of Revolving Loans, the Effective Amount of all outstanding Revolving Loans shall not at any time exceed the combined Commitments; and provided further that the Effective Amount of the Revolving Loans, together with all Term Loans outstanding at such time, of any Lender shall not at any time exceed such Lender’s Commitment. Within the limits of each Lender’s Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.1, prepay under Section 3.3 and reborrow under this Section 2.1.
The Credit Facility. (a) Initial Letter of Credit. ------------------------
(1) The Letter of Credit shall be a direct pay letter of credit and shall provide for direct payments to or upon the order of the Credit Facility Trustee as hereinafter set forth and shall be the irrevocable obligation of the Bank to pay to or upon the order of the Credit Facility Trustee, upon request and in accordance with the terms thereof, an amount of up to $10,201,370 of which (A) $10,000,000 shall support the payment of principal of the Bonds when due and that portion of the purchase price corresponding to principal of Tendered Bonds not remarketed on any Variable Rate Purchase Date or sold on the Conversion Date, and (B) $201,370 shall support the payment of up to forty-nine (49) days' interest at an assumed rate of fifteen percent (15%) per annum (which is the maximum rate of interest borne by the Bonds) on the Bonds when due and that portion of the purchase price corresponding to interest on Tendered Bonds not remarketed on any Variable Rate Purchase Date or sold on the Conversion Date.
(2) The Letter of Credit shall terminate automatically on the earliest of (A) the date on which a drawing under the Letter of Credit has been honored upon the maturity or acceleration of the Bonds or redemption of all the Bonds, (B) the day on which the Credit Facility Issuer receives the notice of the conversion following the Conversion Date, (C) the date on which the Bank receives notice from the Credit Facility Trustee that an Alternate Credit Facility is substituted for the Letter of Credit and is in effect, (D) the date on which the Bank receives notice from the Credit Facility Trustee that there are no longer any Bonds Outstanding and (E) the "Expiration Date" stated in the Letter of Credit as it may be extended pursuant to the terms thereof.
(3) The Bank's obligation under the Letter of Credit may be reduced to the extent of any drawing thereunder, subject to reinstatement as provided therein. The Letter of Credit shall provide that, with respect to a drawing by the Credit Facility Trustee solely to pay interest on the Bonds on any Interest Payment Date, if the Credit Facility Trustee shall not have received from the Bank within ten (10) days from the date of such drawing a notice by telecopier, by telex or in writing that the Bank has not been reimbursed, the Credit Facility Trustee's right to draw under the Letter of Credit with respect to the payment of interest shall be reinstated on or before the e...
The Credit Facility. Subject to the terms and conditions hereof, each of the Lenders shall make available to the Borrower such Lender’s Rateable Portion of the Credit Facility. Subject to Section 2.17, the Outstanding Principal under the Credit Facility shall not exceed the maximum principal amount of the Credit Facility.
The Credit Facility. On the terms and conditions set forth in this Agreement, FCW agrees to make advances to the Company during the period set forth below in an aggregate principal amount not to exceed $30,000,000.00 (the “Commitment”). The Agreement and Commitment is executed, delivered and accepted not in payment of but for the purpose of amending, restating and replacing the following described obligations, and renewing any unpaid balance(s) evidenced thereby: Note dated June 7, 2007, in the principal amount of $20,000,000.00. Furthermore, the Commitment also evidences an additional loan advance(s) to the extent the Commitment under this Agreement exceeds the renewed unpaid balance(s) referred to above.
The Credit Facility. 16 2.1 Establishment of Credit Facility ...........................................................................16 2.2
The Credit Facility. SECTION 2.01 (a) ESTABLISHMENT OF THE CREDIT FACILITY. The Lender hereby establishes the Credit Facility, which shall be comprised of the Base Facility and the Revolving Facility.
SECTION 2.01 (b) ESTABLISHMENT OF THE BASE FACILITY.
SECTION 2.01 (b)(1)
The Credit Facility. Subject to the terms and conditions hereof and effective as of the Effective Time, the Lenders hereby establish the Credit Facility in favour of the Borrower in the Aggregate Commitment Amount set forth in Schedule B, which may be drawn by the Borrower in Canadian Dollars (or the Canadian Dollar Exchange Equivalent thereof) in U.S. Dollars, or any combination thereof. The Individual Commitment Amount of each Lender is set out in Schedule B. The Borrower may borrow, repay and re-borrow any amount of the Individual Commitment Amount of each Lender based on such Lender's Rateable Portion.
The Credit Facility. 4.1 The Facility Limit is variable and dependent on the value of the Collateral and is subject to change depending on the composition of the Collateral and the LTV assessment, which is based on our internal methodology.
4.2 The Credit Facility will be made available as one or more Advances in any currency but each Advance may be denominated in only one currency at any given time.
4.3 The Credit Facility is subject to periodic review and to modification or cancellation at our option at any time by notice to You.
4.4 The Credit Facility shall be made available provided that there is sufficient value of individual assets, as to be decided by Us, forming the Collateral, provided by You to meet the LTV. The Credit Facility is subject to the availability of Collateral acceptable to Us and the value of each asset forming part of the Collateral being acceptable to Us. We shall be entitled to amend, revise, supplement or vary (whether or not such amendments, revisions, supplements or variations are made in writing) the LTV applicable to the Collateral, accept or reject any asset (including the interest or dividends attaching to an asset) as Collateral and change the composition of Collateral in each case in Our sole and absolute discretion at any time. The Credit Facility is also subject to the Maximum Underwriting Limit.
4.5 In order to request an Advance, You must submit to us a duly completed Drawdown Form no later than by 11 am (UAE time) four (4) Business Days prior to the proposed date for utilisation of such Advance. Such Drawdown Form may be sent to us as a Client Instruction in accordance with Clause 14. Once received by Us, the request is irrevocable. Only one Advance may be requested in each Drawdown Form.
4.6 Where there is more than one Customer, You hereby expressly acknowledge that Advances can be requested by ANY Customer independently.
4.7 You may utilize an Advance (i) by issuing checks drawn on Your Account, (ii) by withdrawing funds by use of Your Citibank ATM card, or (iii) by instructing Us to effect payment on Your behalf. An Advance can be utilised in any currency, subject to Our acceptance and approval converted using Our prevailing spot rate of exchange.
4.8 Once an Advance has been utilised, We shall send You a transaction advice confirming the details of the disbursement of the Advance, including but not limited to the amount, the currency and the applicable Interest Rate of such Advance.
4.9 Notwithstanding anything to the contrary in t...
The Credit Facility. Subject to the terms and conditions hereof and effective on the Closing Date, the Lenders hereby establish the Credit Facility in favour of the Borrower in the Aggregate Commitment Amount set forth in Schedule B, which may be drawn by the Borrower in Canadian Dollars or the Canadian Dollar Exchange Equivalent thereof in U.S. Dollars, or any combination thereof. The Individual Commitment Amount of each of the Lenders is set out in Schedule B.
The Credit Facility. InterWorld and J Net hereby agree that this Assignment by InterWorld of the Intellectual Property to Holdings will be in full accord, satisfaction and discharge of all liabilities owed by InterWorld to J Net under the Credit Facility; and InterWorld and J Net hereby further agree that the execution of this Assignment shall terminate such Credit Facility and the related Security Agreements.