ADVANCES AND INTEREST. (a) All Loans requested by Borrower must be requested by 11:00 A.M. Arizona time, five (5) Business Days prior to the date of such requested Loan. All requests or confirmations of requests for a Loan are to be in writing and may be sent by telecopy or facsimile transmission or by email provided that Lender shall have the right to require that receipt of such request not be effective unless confirmed via telephone with Lender. Borrower may not request more than one (1) Loan per calendar month. As express conditions precedent to Lender making each Loan to Borrower, Borrower shall deliver to Lender the documents, instruments and agreements required pursuant to Section 2.3, 2.4, and 2.5 (as applicable) of this Agreement (including, without limitation, the Loan Payment Request Form).
(b) The following amounts shall be deducted from each Loan advanced hereunder: as to the Tranche A Loan advanced hereunder, the Commitment Fee and the Tranche A Documentation and Funding Fee.
(c) Beginning on the date of each Advance, the unpaid principal balance of all advanced Loans and all other Obligations hereunder shall bear interest, subject to the terms hereof, at the Applicable Rate. All payments shall be due on the Payment Date, or if such day is not a Business Day, the next succeeding Business Day. If Borrower fails to make a monthly payment due within five (5) Business Days after the date such payment is due, Lender shall have the right to require Borrower to pay to Lender a late charge equal to ten percent (10%) of such amount past due. After the occurrence and during the continuance of an Event of Default hereunder, Lender shall have the right to increase the per annum effective rate of interest on all Loans outstanding hereunder to a rate equal to 500 basis points in excess of the Applicable Rate (the “Default Rate”). All contractual rates of interest chargeable on outstanding Loans, shall continue to accrue and be paid even after default, maturity, acceleration, judgment, bankruptcy, insolvency proceedings of any kind or the happening of any event or occurrence similar or dissimilar. In no contingency or event whatsoever shall the aggregate of all amounts deemed interest hereunder and charged or collected pursuant to the terms of this Agreement exceed the highest rate permissible under any law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto. In the event that such court determines Lender has charged or received interes...
ADVANCES AND INTEREST. Upon the occurrence of any Event of Default, Landlord may, if such default has not been cured, cure that default for the account and at the expense of Tenant. If Landlord is curing such default is compelled to pay or elects to pay any sum of money or do any acts which will require the payment of any sum of money, the sum so paid or incurred shall be reimbursed by Tenant upon demand by Landlord. All sums as to which Tenant is in default of payment shall bear interest at the rate of Twelve percent (12%) per annum until paid.
ADVANCES AND INTEREST. 12 SECTION 2.06. Prepayments................................13 SECTION 2.07.
ADVANCES AND INTEREST. 3.1 Subject to the terms and conditions of this Agreement, we shall make up to an aggregate of $7,500,000.00 (the "Maximum Credit Facility") available to you and your affiliates, Westwater Industries, Inc. (under our separate Accounts Receivable Financing Agreement with such borrower) and Carlyle Industries, Inc. (under our separate Financing Agreement with such borrower) (available to each such affiliate under their respective financing agreements)upon request therefor, as follows:
(a) we will make revolving credit advances to you, in our sole discretion exercised by us in accordance with our reasonable business judgment, in amounts of up to eighty-five percent (85%) of the Net Amount of Eligible Accounts.
(b) subject to your execution and delivery of an inventory security agreement supplement in form and substance satisfactory to us, we will make revolving credit advances to you, in our sole discretion exercised by us in accordance with our reasonable
ADVANCES AND INTEREST. (a) If the LC Bank shall --------------------- make any payment under a Letter of Credit upon a Tender Drawing submitted thereunder pursuant to Section 4.01 of the relevant Indenture and, on the date of such payment, the conditions precedent set forth in Section 3.03 shall have been fulfilled, the portion of such payment corresponding to principal on the Bonds shall constitute an advance made by the Banks to the Company on the date and in the amount of such payment (each such advance being an "Advance"). The Company shall pay interest on the unpaid principal amount of each Advance monthly in arrears on the last Business Day of each month (or, if earlier, the last day of an Interest Period for an Advance), and on the date of repayment of such Advance. Each Advance shall bear interest from the date of the incurrence thereof until the date upon which such Advance is paid in full at the Base Rate unless the Company has elected to pay interest at the Eurodollar Rate pursuant to subsection (b) below. Notwithstanding any other provision to the contrary herein, each Advance shall be due and payable by the Company to the Banks on the earlier of (i) the Cancellation Date, (ii) the date 180 days from the making of such Advance, (iii) the date specified in Section 2.06(b) below, and (iv) the date required by Section 6.02. (b) The Company may from time to time elect to convert any Advance to a Eurodollar Rate Advance by notice to the Administrative Agent, specifying the Advance, the duration of the Interest Period for such Advance, the amount of such Advance, and the date on which such Advance shall become a Eurodollar Rate Advance, such notice to be received by the Administrative Agent by 11:00 A.M. (New York time) at least three Business Days prior to the effective date of the requested conversion. Such Advance shall continue to be a Eurodollar Rate Advance, with an Interest Period of the duration selected by the Company in accordance with the immediately preceding sentence, determined by the Administrative Agent in accordance herewith, until the Company shall elect, by written notice to the Administrative Agent in accordance with the next following sentence, to convert such Advance to a Base Rate Advance or to convert the Interest Period for such Advance to an Interest Period of a different duration.
ADVANCES AND INTEREST. 3.1 Subject to the terms and conditions of this Agreement, we shall make up to an aggregate of $7,500,000.00 (the "Maximum Credit Facility") available to you and your affiliates Blumenthal/Lansing Company and Westwater Industries, Inc. (xxxxxxxxx to each such affiliate under their respective financing agreements), at closing as follows: (i) a Term Loan, evidenced by the Term Loan Promissory Note of even date herewith, in the principal amount of $2,000,000 (herein the "Term Loan"), and (ii) revolving credit advances in an amount of up to $500,000 in the aggregate outstanding at any time made to you upon your request therefor, as follows:
(a) we will make revolving credit advances to you, in our sole discretion exercised by us in accordance with our reasonable business judgment, in amounts of up to the lesser of (i) $500,000, or (ii) the difference between (x) the net value of the securities and/or cash equivalents pledged to us by Robert A. Levinson pursuant to a Pledge of Bxxxxxxxx Xxxxxxx xx xxxx xxxx herewith, based on the trading value of such securities less any unpaid costs, fees or commission as of the date of calculation thereof and (y) the outstanding amount of the Term Loan.
(b) subject to the foregoing, you may borrow, repay and reborrow revolving advances, within and subject to the limitations and terms and condition hereof.
3.2 Without in any way circumscribing our rights under this Agreement, and by way of illustration only and not by way of limitation, we may, in the exercise of our sole discretion, at any time and from time to time, hold any reserve we deem necessary as security for the payment and performance of your Obligations, and/or change any advance rates or entirely cease making advances (including, without limitation, any overadvances). In no event shall the aggregate amount of all revolving credit advances (including, without limitation, any overadvances) made pursuant to paragraph 3.1 (a) above, from time to time outstanding, exceed the Maximum Credit Facility.
3.3 All loans and advances (including, without limitation, any overadvances) by us to you under this Agreement shall constitute Obligations secured by our security interest in all of the Collateral granted hereunder, and by all other security interests, liens, and encumbrances heretofore, now or at any time or times hereafter granted by you to us. All loans or advances (including, without limitation, any overadvances) shall be charged to your account on our books, and shall...
ADVANCES AND INTEREST. Upon the occurrence of any Event of Default, Landlord may, if such default has not been cured, cure that default for the account and at the expense of Tenant. If Landlord in curing such default is compelled to pay or elects to pay any sum of money or do any acts which will require the payment of any sum of money, the sum so paid or incurred shall be reimbursed by Tenant upon demand by Landlord.
ADVANCES AND INTEREST. Upon the occurrence of Event of Default, as defined in Section XVI of this Lease, Landlord may, if such Event of Default has not been cured, cure the Event of Default for the account and at the expense of Tenant. If Landlord, in curing such Event of Default, is compelled to pay or elects to pay any sum of money or do any acts which will require the payment of any sum of money, the sum so paid or incurred shall be reimbursed by Tenant upon demand by Landlord. All sums as to which Tenant is in default of payment shall bear interest at the rate of twelve percent (12%) per annum until paid.
ADVANCES AND INTEREST. 3.1 Subject to the terms and conditions of this Agreement, we shall make up to $30,000,000.00 (the "Maximum Credit Facility") available upon your request therefor, as follows:
(a) we will make revolving credit advances to you, in our sole discretion, in amounts of up to 90% of the Net Amount of Eligible Accounts due from for Wal-Mart Stores, Inc. and up to 85% of the Net Amount of Eligible Accounts due from all other Customers.
(b) subject to your execution and delivery of the Inventory Security Agreement and the Letter of Credit Agreement, we will make revolving credit advances to you, in our sole discretion, in amounts of up to the lesser of (i) $15,000,000.00 or (ii) (x) sixty percent (60%) of the value of your Eligible Inventory (as defined in the Inventory Security Agreement) calculated on the basis of the lower of cost or market, with cost calculated on a first in-first out basis plus (y) sixty percent (60%) of the available amount of all documentary Letters of Credit outstanding on such date, relating to your purchase of Inventory consisting of finished goods that are to be imported and delivered directly into the United States, plus (z) sixty percent (60%) of the value of your Eligible L/C Inventory (as defined in the Inventory Security Agreement) calculated on the basis of the lower of cost or market, with cost calculated on a first in-first out basis.
(c) we will make available to you, in our sole discretion, an overadvance accommodation based on projected business plans and cash flows and such other information as we may require.
ADVANCES AND INTEREST. 3.1 Subject to the terms and conditions of this Agreement, we shall make advances of up to $25,000,000.00 outstanding at any one time (the "Maximum Credit Facility") available to you upon your request therefor, as follows:
(a) we will make revolving credit advances, in amounts of up to one hundred percent (100%) of the Net Amount of Eligible Accounts; and
(b) over-advances, in our sole discretion, in an amount not to exceed $10,000,000.00 at any time, and, with the amount of any revolving credit advances, not to exceed the Maximum Credit Facility.
3.3 All loans and advances (including, without limitation, any over-advances, if any) by us to you under this Agreement shall constitute Obligations secured by our security interest in all of the Collateral granted hereunder. All loans or advances (including, without limitation, any over-advances, if any) shall be charged to your account on our books, and shall be payable on demand at our offices or at such other place as we may from time to time designate.
3.4 Interest shall be payable by you (and charged to your account as of the end of each month) on the average of the net balances owing by you to us in your account at the close of each day during such month at your option, interest on all amounts outstanding will accrue at one of the following two rates:
(1) The Chase Rate minus 1.25% or
(2) The LIBOR Rate plus 1.25% You must inform us in writing, using a form of letter that we will provide to you, that you will fax to us no later than three (3) Business Days before the last day of each calendar month, which interest rate you have elected for the succeeding calendar month If we do not receive written notice from you as required above, then the interest rate currently in effect, i.e. either the Chase Rate minus 1.25% or the LIBOR Rate plus 1.25%, will stay in effect until we receive such a notice from you. Interest shall be calculated based on a 360-day year. Interest shall be charged on all advances (including, without limitation, any over-advances, if any), all charges hereunder, and any debit balance in your account. We shall be entitled to charge your account at the rate provided for herein until all Obligations have been paid and satisfied in full. In no event shall the rate charged hereunder exceed the highest rate permissible under applicable law; however, in the event that we receive or have received interest hereunder in excess of the highest rate permissible under applicable law, such excess shall be...
