The Loans and the Letters of Credit Sample Clauses

The Loans and the Letters of Credit. 28 Section 2.1 Extension of Credit 28 Section 2.2 Manner of Borrowing and Disbursement of Loans. 30 Section 2.3 Interest 35 Section 2.4 Fees 36 Section 2.5 Prepayment/Reduction of Commitment 37 Section 2.6 Repayment 38 Section 2.7 Notes; Loan Accounts 39 Section 2.8 Manner of Payment 40 Section 2.9 Reimbursement 42 Section 2.10 Pro Rata Treatment 42 Section 2.11 Application of Payments 43 Section 2.12 Use of Proceeds 44 Section 2.13 All Obligations to Constitute One Obligation 45 Section 2.14 Maximum Rate of Interest 45 Section 2.15 Letters of Credit 45 ARTICLE 3 CONDITIONS PRECEDENT 50 Section 3.1 Conditions Precedent to Initial Advance 51 Section 3.2 Conditions Precedent to Each Advance 55 Section 3.3 Conditions Precedent to Each Letter of Credit. 56
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The Loans and the Letters of Credit. 40 Section 2.1 Extension of Credit..................................................... 40 Section 2.2 Manner of Borrowing and Disbursement of Loans........................... 41 Section 2.3 Interest................................................................ 47 Section 2.4 Fees.................................................................... 48 Section 2.5 Prepayment/Reduction of Commitment...................................... 49 Section 2.6 Repayment............................................................... 50 Section 2.7 Revolving Loan Notes; Loan Accounts..................................... 51 Section 2.8 Manner of Payment....................................................... 51 Section 2.9 Reimbursement........................................................... 53 Section 2.10 Pro Rata Treatment...................................................... 54
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The Loans and the Letters of Credit. 2.1 The Revolving Commitment and the Revolving Loans. (a) Subject to the terms and conditions hereof, during the period from the Closing Date up to but not including the Maturity Date, the Banks severally, but not jointly, shall make loans to the Borrower in such amounts as the Borrower may from time to time request but not exceeding in aggregate principal amount at any one time outstanding $100,000,000 (as such amount may be reduced from time to time, the "Revolving Commitment"); provided, however, that in no event shall (1) the aggregate principal amount of such loans, plus the aggregate stated amount of the Letters of Credit exceed the Revolving Commitment, and (2) the aggregate stated amount of all outstanding Letters of Credit exceed $15,000,000. All amounts borrowed by the Borrower pursuant to this Section 2.1(a) and all amounts drawn under any Letter of Credit and not repaid may be referred to hereinafter collectively as the "Revolving Loans." Each Revolving Loan requested by the Borrower shall be funded by the Banks in accordance with their Ratable Shares of the requested Revolving Loan. A Bank shall not be obligated hereunder to make any additional Revolving Loan if immediately after making such Revolving Loan, the aggregate principal balance of all Revolving Loans made by such Bank, plus such Bank's Ratable Share of any outstanding Letters of Credit would exceed such Bank's Ratable Share of the Revolving Commitment. The Revolving Loans may be comprised of Base Rate Loans or LIBOR Loans, as provided in Section 2.4. (b) On each date set forth in the table below, the Revolving Commitment as of September 29, 2000 shall be automatically reduced by the percentage amount set forth for such date in such table: ====================================================================== Calendar Year March 31 June 30 September 30 December 31 --------------------------------------------------------------------- Not Not 2000 applicable. applicable. 5.00% 5.00% --------------------------------------------------------------------- 2001 3.75% 3.75% 3.75% 3.75% --------------------------------------------------------------------- 2002 3.75% 3.75% 3.75% 3.75% --------------------------------------------------------------------- 2003 5.00% 5.00% 5.00% 5.00 --------------------------------------------------------------------- 2004 6.25% 6.25% 6.25% 6.25% --------------------------------------------------------------------- All remaining Not Not 2005 7.50% principal. app...
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The Loans and the Letters of Credit. Section 2.1 Credit 18 Section 2.2 Manner of Borrowing and Disbursement of Loans 19 Section 2.3 Interest 20 Section 2.4 Fees 22 Section 2.5 Prepayment of Advances 23 Section 2.6 Repayment 23 Section 2.7 Permanent Reduction of Commitment 23 Section 2.8 Revolving Loan Notes; Loan Accounts 24 Section 2.9 Manner of Payment 24 Section 2.10 Reimbursement 25 Section 2.11 Pro Rata Treatment 26 Section 2.12 Application of Payments 27 Section 2.13 Maximum Rate of Interest 27 Section 2.14 Letters of Credit 28
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The Loans and the Letters of Credit. 33 Section 2.1 Extension of Credit........................................33 Section 2.2 Manner of Borrowing and Disbursement of Loans..............35 Section 2.3 Interest...................................................39 Section 2.4 Fees.......................................................41 Section 2.5 Prepayment/Reduction of Commitment.........................42 Section 2.6 Repayment................................................
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The Loans and the Letters of Credit. ARTICLE 2Section .1
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The Loans and the Letters of Credit. Section 2.1 Section 2.2 Section 2.3 Section 2.4 Section 2.5 Section 2.6 Section 2.7 Section 2.8 Section 2.9 Section 2.10 Section 2.11 Section 2.12 Section 2.13 Section 2.14 Extension of Credit Manner of Borrowing and Disbursement of Loans. Interest. Fees. Prepayment/Reduction of Commitment. Repayment. Revolving Loan Notes; Loan Accounts.
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The Loans and the Letters of Credit 
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Related to The Loans and the Letters of Credit

  • Loans and Letters of Credit On the Closing Date:

  • First Loans and Letters of Credit On the Closing Date:

  • The Letters of Credit Each Issuing Bank severally agrees, on the terms and conditions hereinafter set forth, to issue (or cause its Affiliate that is a commercial bank to issue on its behalf) letters of credit (together with the Existing Letters of Credit referred to in Section 2.03(f), the “Letters of Credit”) in U.S. dollars for the account of the Borrower (but in connection with the business of the Borrower or any of its Subsidiaries) from time to time on any Business Day during the period from the Effective Date until 30 days before the Termination Date in an aggregate Available Amount (i) for all Letters of Credit not to exceed at any time the Letter of Credit Facility at such time and (ii) for all Letters of Credit issued by such Issuing Bank not to exceed at any time such Issuing Bank’s Letter of Credit Commitment at such time and (iii) for each such Letter of Credit not to exceed the Unused Revolving Credit Commitments of the Lenders at such time. No Letter of Credit shall have an expiration date (including all rights of the Borrower or the beneficiary to require renewal) later than the earlier of 30 days before the Termination Date and (A) in the case of a Standby Letter of Credit, one year after the date of issuance thereof, but may by its terms be renewable annually upon notice (a “Notice of Renewal”) given to the Issuing Bank that issued such Standby Letter of Credit and the Paying Agent on or prior to any date for notice of renewal set forth in such Letter of Credit but in any event at least three Business Days prior to the date of the proposed renewal of such Standby Letter of Credit and upon fulfillment of the applicable conditions set forth in Article III unless such Issuing Bank has notified the Borrower (with a copy to the Paying Agent) on or prior to the date for notice of termination set forth in such Letter of Credit but in any event at least 45 Business Days prior to the date of automatic renewal of its election not to renew such Standby Letter of Credit (a “Notice of Termination”) and (B) in the case of a Trade Letter of Credit, 30 days after the date of issuance thereof; provided that the terms of each Standby Letter of Credit that is automatically renewable annually shall (x) require the Issuing Bank that issued such Standby Letter of Credit to give the beneficiary named in such Standby Letter of Credit notice of any Notice of Termination, (y) permit such beneficiary, upon receipt of such notice, to draw under such Standby Letter of Credit prior to the date such Standby Letter of Credit otherwise would have been automatically renewed and (z) not permit the expiration date (after giving effect to any renewal) of such Standby Letter of Credit in any event to be extended to a date later than 30 days before the Termination Date. If either a Notice of Renewal is not given by the Borrower or a Notice of Termination is given by the relevant Issuing Bank pursuant to the immediately preceding sentence, such Standby Letter of Credit shall expire on the date on which it otherwise would have been automatically renewed; provided, however, that even in the absence of receipt of a Notice of Renewal the relevant Issuing Bank may in its discretion, unless instructed to the contrary by the Paying Agent or the Borrower, deem that a Notice of Renewal had been timely delivered and in such case, a Notice of Renewal shall be deemed to have been so delivered for all purposes under this Agreement. Within the limits of the Letter of Credit Facility, and subject to the limits referred to above, the Borrower may request the issuance of Letters of Credit under this Section 2.01(c), repay any Letter of Credit Advances resulting from drawings thereunder pursuant to Section 2.03(c) and request the issuance of additional Letters of Credit under this Section 2.01(c).

  • New Letters of Credit So long as any Lender is a Defaulting Lender, no Issuing Bank shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

  • Use of Loans and Letters of Credit The proceeds of the Loans and the Letters of Credit shall be used for working capital, for lease acquisitions, for exploration and production operations, for development (including the drilling and completion of producing xxxxx), for the payment of fees and expenses incurred in connection with this Agreement and for any other general business purposes. The Credit Parties are not engaged principally, or as one of its or their important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying margin stock (within the meaning of Regulation T, U or X of the Board). No part of the proceeds of any Loan or Letter of Credit will be used for any purpose which violates the provisions of Regulations T, U or X of the Board.

  • New Swingline Loans/Letters of Credit So long as any Lender is a Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan and (ii) no Issuing Lender shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

  • Existing Letters of Credit On and after the Closing Date, the Existing Letters of Credit shall be deemed for all purposes, including for purposes of the fees to be collected pursuant to Sections 3.3(a) and (b), reimbursement of costs and expenses to the extent provided herein and for purposes of being secured by the Collateral, a Letter of Credit outstanding under this Agreement and entitled to the benefits of this Agreement and the other Loan Documents, and shall be governed by the applications and agreements pertaining thereto and by this Agreement (which shall control in the event of a conflict).

  • Requesting Letters of Credit (a) Borrower must make written application for any Letter of Credit or amendment or extension of any Letter of Credit at least 5 Business Days (or such shorter period as LC Issuer may in its discretion from time to time agree) before the date on which Borrower desires for LC Issuer to issue such Letter of Credit. By making any such written application, unless otherwise expressly stated therein, Borrower shall be deemed to have represented and warranted that the LC Conditions described in Section 2.11 (other than Section 2.11(f)) will be met as of the date of issuance of such Letter of Credit. Each such written application for a Letter of Credit must be made in writing in the form customarily used by LC Issuer, the terms and provisions of which, to the extent not inconsistent with the terms hereof, are hereby incorporated herein by reference (or in such other form as may mutually be agreed upon by LC Issuer and Borrower). (b) If Borrower requests in any applicable LC Application, LC Issuer may, in its discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided that any such Auto-Extension Letter of Credit must permit LC Issuer to prevent any such extension at least once in each 12 month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each such 12 month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by LC Issuer, Borrower shall not be required to make a specific request to LC Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, Lenders shall be deemed to have authorized (but may not require) LC Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Termination Date; provided, however, that LC Issuer shall not permit any such extension if (i) LC Issuer has determined that it would not be permitted, or would have no obligation at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of Section 2.11 or otherwise), or (ii) it has received notice (which notice may be by telephone or in writing) on or before the day that is 5 Business Days before the Non-Extension Notice Date (1) from Administrative Agent that Required Lenders have elected not to permit such extension or (2) from Administrative Agent, any Lender or Borrower that one or more of the applicable conditions specified in Section 4.2 is not then satisfied, and in each such case directing LC Issuer not to permit such extension. (c) Two Business Days after the LC Conditions for a Letter of Credit have been met as described in Section 2.11 (or if LC Issuer otherwise desires to issue such Letter of Credit earlier), LC Issuer will issue such Letter of Credit at LC Issuer’s office in New York, New York. If any provisions of any LC Application conflict with any provisions of this Agreement, the provisions of this Agreement shall govern and control. Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with Borrower’s instructions or other irregularity, Borrower will immediately notify LC Issuer. (d) Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of a Restricted Person other than Borrower, Borrower shall be obligated to reimburse LC Issuer hereunder for any and all drawings under such Letter of Credit. Borrower hereby acknowledges that the issuance of Letters of Credit for the benefit of such other Restricted Persons inures to the benefit of Borrower, and that Borrower’s business derives substantial benefits from the businesses of such other Restricted Persons

  • CONDITIONS TO LOANS AND LETTERS OF CREDIT The obligations of Lenders to make Loans and the issuance of Letters of Credit hereunder are subject to the satisfaction of the following conditions.

  • Conditions to All Loans and Letters of Credit The obligations of the Lenders to make any Loan or issue any Letter of Credit is subject to the satisfaction of the following conditions precedent on the relevant borrowing or issue date, as applicable:

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