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. 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 a. Subject to the conditions and upon the terms hereinafter set forth and in accordance with the terms and provisions of the Note, Lenders severally agree in the proportions set forth on the Schedule of Lenders' Proportions in Credit Facility to lend and advance Borrowings to Borrowers, up to the Maximum Permitted Balance in the initial amount of Two Hundred Fifty Million Dollars ($250,000,000.00), subject to increase as provided in Section 2.01(d), such amounts as Borrowers may request by Notice of Borrowing duly executed by an Authorized Officer and delivered to Agent Bank from time to time as provided in Section 2.03.
b. Borrowers may borrow, repay and reborrow the Available Borrowings up to the Maximum Permitted Balance from time to time, provided that at all times the Maximum Availability shall be no less than zero (0). Provided further, however, amounts of Funded Outstandings bearing interest with reference to a LIBO Rate shall be subject to Breakage Charges incident to prepayment as provided and defined in the Note and such prepayment may only be made upon three (3) days prior written notice to Agent Bank with sufficient copies for distribution to each of the Lenders. The Credit Facility shall be for a term commencing on the Closing Date and terminating on the Maturity Date. In no event shall any Lender be liable to fund any amounts under the Credit Facility in excess of its respective Syndication Interest in any Borrowing.
c. Borrowers may voluntarily reduce the Maximum Permitted Balance from time to time (a "Voluntary Reduction") on the following conditions:
(i) that each such Voluntary Reduction be in the minimum amount of Five Million Dollars ($5,000,000.00) and in increments of One Million Dollars ($1,000,000.00) and made in writing by an Authorized Officer, effective on the fifth (5th) Banking Business Day following receipt by Agent Bank;
(ii) that each such Voluntary Reduction shall be irrevocable and a permanent reduction to the Maximum Permitted Balance; and
(iii) in the event any Voluntary Reduction reduces the Maximum Permitted Balance to less than the sum of the Aggregate Outstandings, the Borrowers shall immediately cause the Aggregate Outstandings to be reduced by such amount as may be necessary to cause the Aggregate Outstandings to be equal to or less than the Maximum Permitted Balance.
The Credit Facility. 2.1.1. Subject to the conditions and upon the terms hereinafter set forth and in accordance with the terms and provisions of the Revolving Credit Note, on and after the Restatement Effective Date Lenders severally agree in the proportions set forth on the Schedule of Lenders' Proportions in Credit Facility to lend and advance Borrowings to Borrower, up to the Aggregate Commitment in the initial amount of Sixty Million Dollars ($60,000,000.00), subject to increase by up to an additional Fifteen Million Dollars ($15,000,000.00) as provided in Section 2.01(e) hereinbelow, in such amounts as Borrower may request by Notice of Borrowing duly executed by an Authorized Officer and delivered to Agent Bank from time to time as provided in Section 2.03.
2.1.2. Subject to the uses and purposes set forth in Section 2.02, on and after the Restatement Effective Date Borrower may borrow, repay and reborrow the Borrowings up to the Available Borrowings from time to time. Provided, however, amounts of Funded Outstandings bearing interest with reference to a LIBO Rate shall be subject to Breakage Charges incident to prepayment. The Credit Facility shall be for a term commencing on the Restatement Effective Date and terminating on the Maturity Date. In no event shall any Lender be liable to fund any amounts under the Credit Facility in excess of its respective Syndication Interest in any Borrowing.
2.1.3. Notwithstanding the Scheduled Reductions to the Aggregate Commitment as set forth on the Aggregate Commitment Reduction Schedule, Borrower may voluntarily further reduce the Aggregate Commitment from time to time (a "Voluntary Permanent Reduction") on the following conditions:
2.1.3.1. that each such Voluntary Permanent Reduction be in the minimum amount of Five Hundred Thousand Dollars ($500,000.00) and in increments of Fifty Thousand Dollars ($50,000.00) and made in writing by an Authorized Officer of Borrower, effective on the third (3rd) Banking Business Day following receipt by Agent Bank; and
2.1.3.2. that each such Voluntary Permanent Reduction shall be irrevocable and a permanent reduction to the Aggregate Commitment.
2.1.4. In the event any Scheduled Reduction, Voluntary Permanent Reduction or Mandatory Commitment Reduction reduces the Aggregate Commitment to less than the sum of the Funded Outstandings, the Borrower shall immediately, cause the Funded Outstandings to be reduced by such amount as may be necessary to cause the Funded Outstandings to be equal to or le...
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. 15 2.1 Establishment of Credit Facility ...........................................................................15 2.2
