Examples of Maximum Revolving Credit Facility Amount in a sentence
Borrower’s obligation to repay Advances and other extensions of credit under the Revolving Credit Facility shall be further evidenced by a promissory note executed and delivered by Borrower in the face amount of the Maximum Revolving Credit Facility Amount payable to the order of Bank (the “Revolver Note”), which shall be in form and content acceptable to Bank.
Subject to the terms and conditions of this Agreement and the Loan Documents, Bank agrees to establish for Borrower a revolving credit facility (the “Revolving Credit Facility”) pursuant to which during the Contract Period, Bank agrees to extend to Borrower Advances under the Revolving Credit Facility, provided that, the Revolving Credit Facility Usage shall not exceed at any time the Maximum Revolving Credit Facility Amount.
Borrower agrees to pay to Bank an unused facility fee in an amount as set forth under the definition of Applicable Margin in Section 1.1 herein, per annum times the aggregate of the Average Unused Portion of Maximum Revolving Credit Facility Amount and the Average Unused Portion of Maximum Term Loan Amount.
Bank shall have no obligation (a) to issue any --------- Letters of Credit, if the aggregate outstanding undrawn amount of all Letters of Credit would exceed $500,000.00; (b) to issue any Letter of Credit, if a Default or Event of Default has occurred; or (c) to issue any Letter of Credit if the Revolving Credit Facility Usage plus the amount of such new Letter of Credit to be issued exceeds (i) the Borrowing Base (as reduced by all Reserves), or (ii) the Maximum Revolving Credit Facility Amount.
Borrower agrees to pay to Lender an unused facility fee in an amount equal to .50% per annum times the Average Unused Portion of Maximum Revolving Credit Facility Amount.