Tranche A Loan. (i) Subject to the terms and conditions of this Agreement and relying on the representations and warranties set forth herein, each Lender, severally and not jointly, agrees to provide its share of the Tranche A Loan to Borrower on the Closing Date in Dollars in a principal amount equal to such Lender’s Tranche A Loan Commitment. No Lender shall have an obligation to make a Tranche A Loan in excess of such Lender’s Tranche A Loan Commitment.
(ii) Subject to the terms and conditions of this Agreement (including Section 6.01), Borrower shall deliver to the Administrative Agent a fully executed Borrowing Notice no later than 5 p.m. (New York City time) at least one (1) Business Day in advance of the Closing Date.
(iii) Borrower may make one borrowing under the Tranche A Loan Commitment which shall be on the Closing Date. Subject to Section 3.03, all amounts owed hereunder with respect to the Tranche A Loan shall be paid in full no later than the Maturity Date. Each Lender’s Tranche A Loan Commitment shall terminate immediately and without further action on the Closing Date after giving effect to the funding of such Lender’s Tranche A Loan Commitment on such date.
Tranche A Loan. Lender agrees to make a term loan to Borrower on the Tranche A Closing Date in the principal amount (the “Tranche A Loan Amount”) of Thirty Million Dollars ($30,000,000.00) (the “Tranche A Loan”); and
Tranche A Loan. The Tranche A Loan may only be used for the purpose of refinancing the Existing Facilities.
Tranche A Loan i. If at any time during the Tranche A Revolving Period the Agent determines that the aggregate unpaid principal amount outstanding under the Tranche A Notes plus the aggregate face amount of any outstanding letters of credit issued hereunder exceeds the Tranche A Borrowing Base then in effect (such excess is hereinafter called the "Tranche A Excess Debt"), Borrower shall notify Agent, within 10 Business Days after notice thereof from the Agent, of which of the following actions Borrower intends to take and shall, within the applicable time period provided below following receipt of notice from the Agent of the existence of such Tranche A Excess Debt, take such action:
(1) Within thirty calendar days, repay the Tranche A Loan in an amount equal to the Tranche A Excess Debt;
(2) Within thirty calendar days, begin making equal monthly payments of principal in an amount sufficient to amortize the Tranche A Excess Debt within six months after receipt of such notice from the Agent;
(3) Within thirty calendar days, provide additional proved oil and gas properties as collateral for the Loans, which properties shall be acceptable to the Banks in their sole discretion, shall have a value sufficient to increase the Tranche A Borrowing Base by the amount of the Excess Debt and shall not have been considered previously by the Banks for inclusion in the value on which the Borrowing Base is determined, and within such thirty days, execute amendments to the Security Documents in form and substance satisfactory to the Banks; or
(4) Within thirty calendar days, convert the aggregate outstanding principal amount of the Tranche A Notes to a term loan, which shall be subject to the provisions of paragraph 2(d). Failure of Borrower to comply with this subparagraph 6(a)(i) within the foregoing time periods shall be an immediate Event of Default.
ii. If at any time during the Term Loan Period the Required Banks determine that the ratio of (A) the value (as determined by the Agent in its sole discretion) of the Mortgage Collateral supporting the Tranche A Loan to (B) the aggregate principal amount outstanding under the Tranche A Notes is less than 1.5 to 1, the amount payable under paragraph 2(d) shall be increased, in the sole discretion of the Required Banks, to up to 80 percent of Net Oil and Gas Revenues, until the aggregate outstanding principal amount plus the aggregate face amount of any outstanding letter of credit issued hereunder is equal to the Tranche A Borrowing Base...
Tranche A Loan. Subject to and upon the terms and conditions set forth in this Agreement, the Lender has made a term loan (the "Tranche A Loan") to Borrowers in an aggregate principal amount equal to Thirty-Five Million Dollars ($35,000,000), representing the outstanding amount as of October 30, 1997, of the original $50,000,000 Tranche A Loan. The Tranche A Loan is evidenced by a promissory note, substantially in the form of Exhibit D attached --------- hereto, payable to the Lender in the principal amount of the Tranche A Loan (together with any extension, renewal, modification, or replacement thereof or therefor, the "Tranche A Note"). Once repaid, the Tranche A Loan (and any portion thereof) may not be reborrowed.
Tranche A Loan. Each Lender severally agrees to make a term loan to Borrower on the Tranche A Closing Date in a principal amount equal to such Lender’s Tranche A Commitment (collectively, the “Tranche A Loan”); and
Tranche A Loan. Subject to the terms and conditions of this Loan Agreement, Lender agrees to advance to Borrower a term loan (the "Tranche A Loan") in an aggregate principal amount not to exceed $1,353,861.80 to be used to payoff existing Indebtedness to Wells Fargo Business Credit Inc. Borrower may not reborrow the princxxxx amount of the Tranche A Loan after repayment or prepayment thereof.
Tranche A Loan. On the terms and subject to the conditions contained in this Agreement, the Lender agrees to make a single loan (the "Tranche A Loan") to the Borrower, which Tranche A Loan (i) shall be made only on the Closing Date, (ii) shall be repaid pursuant to the terms hereof, but once repaid may not be reborrowed, and (iii) shall not exceed the amount of the Tranche A Loan Commitment. The Tranche A Loan shall be evidenced by the Tranche A Note.
Tranche A Loan. As of the Third Amendment Effective Date, there is no outstanding principal amount of the Tranche A Loan, and no accrued and unpaid interest thereon, and Borrower has no further rights to borrow under the Tranche A Loan.
Tranche A Loan. As of the Closing Date, the outstanding principal amount of the Existing Tranche A Loan is as set forth on the Closing Statement, and the accrued and unpaid interest thereon is as set forth on the Closing Statement. Said outstanding principal and interest shall be continued as the Tranche A Loan hereunder. The Tranche A Loan shall be repaid pursuant to the terms hereof but once repaid may not be reborrowed. The Tranche A Loan shall be evidenced by the Tranche A Note.
