Advances and Payments. The proceeds of all Revolving Loans shall be --------------------- credited by the Bank to a general deposit account maintained by the Borrower with the Bank. The proceeds of each Revolving Loan will be used by the Borrower solely for working capital purposes and other general corporate purposes (including loans to Subsidiaries, but only within the limits set forth in (S)4.5 below). The Bank may charge any general deposit account of the Borrower at the Bank with the amount of all payments of interest, principal and other sums due, from time to time, under this letter agreement and/or the Revolving Note and/or with respect to any letter of credit and/or with respect to any of the other Obligations; and will thereafter notify the Borrower of the amount so charged. The failure of the Bank so to charge any account or to give any such notice shall not affect the obligation of the Borrower to pay interest, principal or other sums as provided herein or in the Revolving Note or with respect to any letter of credit or with respect to any of the other Obligations. Whenever any payment to be made to the Bank hereunder or under the Revolving Note or with respect to any letter of credit or with respect to any of the other Obligations shall be stated to be due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day, and interest payable on each such date shall include the amount thereof which shall accrue during the period of such extension of time. All payments by the Borrower hereunder and/or in respect of the Revolving Note and/or with respect to any letter of credit or any of the other Obligations shall be made net of any impositions or taxes and without deduction, set-off or counterclaim, notwithstanding any claim which the Borrower may now or at any time hereafter have against the Bank.
Appears in 1 contract
Advances and Payments. The proceeds of all Revolving Term Loans shall be --------------------- credited by the Bank to a general deposit account maintained by the Borrower with the Bank. The proceeds of each Revolving Term Loan will be used by the Borrower solely for working capital purposes and other general corporate purposes (including loans to Subsidiaries, but only within the limits set forth in (S)4.5 below)pay or reimburse acquisition costs of Qualifying Equipment and/or Qualifying Leasehold Improvements. The Bank may charge any general deposit account of the Borrower at the Bank with the amount of all payments of interest, principal and other sums due, from time to time, under this letter agreement and/or the Revolving Note and/or with respect to any letter of credit and/or with respect to any of the other ObligationsTerm Note; and will thereafter notify the Borrower of the amount so charged. The failure of the Bank so to charge any account or to give any such notice shall not affect the obligation of the Borrower to pay interest, principal or other sums as provided herein or in the Revolving Note or with respect to any letter of credit or with respect to any of the other ObligationsTerm Note. Whenever any payment to be made to the Bank hereunder or under the Revolving Term Note or with respect to any letter of credit or with respect to any of the other Obligations shall be stated to be due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day, and interest payable on each such date shall include the amount thereof which shall accrue during the period of such extension of time. All payments by the Borrower hereunder and/or in respect of the Revolving Term Note and/or with respect to any letter of credit or any of the other Obligations shall be made net of any impositions Impositions or taxes and without deduction, set-off or counterclaim, notwithstanding any claim which the Borrower may now or at any time hereafter have against the Bank. All payments of interest, principal and any other sum payable hereunder and/or under the Term Note shall be made to the Bank, in lawful currency of the United States in immediately available funds, at its office at 000 Xxxxxxx Xxxxxx, Xxxxxx, XX 00000 or to such other address as the Bank may from time to time direct. All payments received by the Bank after 2:00 p.m. on any day shall be deemed received as of the next succeeding Business Day. All monies received by the Bank shall be applied first to fees, charges, costs and expenses payable to the Bank under this letter agreement, the Term Note and/or any of the other Loan Documents, next to interest then accrued on account of any Term Loans and only thereafter to principal of the Term Loans; provided, however, that after the occurrence and during the continuance of an Event of Default, payments will be applied to obligations of the Borrower to the Bank as the Bank determines in its sole discretion.
Appears in 1 contract
Samples: Term Loan Agreement (Curis Inc)
Advances and Payments. The proceeds of all Revolving Loans shall be --------------------- credited by the Bank to a general deposit account maintained by the Borrower with the Bank. The proceeds of each Revolving Loan will be used by the Borrower solely for working capital purposes and other general corporate purposes (including loans to Subsidiaries, but only within the limits set forth in (S)4.5 below)purposes. The Bank may charge any general deposit account of the Borrower at the Bank with the amount of all payments of interest, principal and other sums due, from time to time, under this letter agreement and/or the Revolving Note and/or with respect to any letter of credit and/or with respect to any of the other Obligationscredit; and will thereafter notify the Borrower of the amount so charged. The failure of the Bank so to charge any account or to give any such notice shall not affect the obligation of the Borrower to pay interest, principal or other sums as provided herein or in the Revolving Note or with respect to any letter of credit or with respect to any of the other Obligationscredit. Whenever any payment to be made to the Bank hereunder or under the Revolving Note or with respect to any letter of credit or with respect to any of the other Obligations shall be stated to be due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day, and interest payable on each such date shall include the amount thereof which shall accrue during the period of such extension of time. All payments by the Borrower hereunder and/or in respect of the Revolving Note and/or with respect to any letter of credit or any of the other Obligations shall be made net of any impositions or taxes and without deduction, set-off setoff or counterclaim, notwithstanding any claim which the Borrower may now or at any time hereafter have against the Bank.
Appears in 1 contract
Advances and Payments. The proceeds of all Revolving Term Loans shall be --------------------- credited by the Bank to a general deposit account maintained by the Borrower with the Bank. The proceeds of each Revolving Term Loan will be used by the Borrower solely for working capital purposes and other general corporate purposes (including loans to Subsidiaries, but only within the limits set forth in (S)4.5 below)fund Qualifying Costs. The Bank may charge any general deposit account of the Borrower at the Bank with the amount of all payments of interest, principal and other sums due, from time to time, under this letter agreement and/or the Revolving Note and/or with respect to any letter of credit and/or with respect to any of the other Obligationsthe: Term Note; and will thereafter notify the Borrower of the amount so charged. The failure of the Bank so to charge any account or to give any such notice shall not affect the obligation of the the, Borrower to pay interest, principal or other sums as provided herein or in the Revolving Note or with respect to any letter of credit or with respect to any of the other ObligationsTerm Note. Whenever any payment to be made to the Bank hereunder or under the Revolving Term Note or with respect to any letter of credit or with respect to any of the other Obligations shall be stated to be due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day, and interest payable on each such date shall include the amount thereof which shall accrue during the period of such extension of time. All payments by the Borrower hereunder and/or in respect of the Revolving Term Note and/or with respect to any letter of credit or any of the other Obligations shall be made net of any impositions Impositions or taxes and without deduction, set-off or counterclaim, notwithstanding any claim which the Borrower may now or at any time hereafter have against the Bank. All payments of interest, principal and any other sum payable hereunder and/or under the Term Note shall be made to the Bank, in immediately available funds, at its office at 75 Sxxxx Xxxxxx, Xxxxxx, XX 00000 xx to such other address as the Bank may from time to time direct. All payments received by the Bank after 2:00 p.m. on any day shall be deemed received as of the next succeeding Business Day. All monies received by the Bank shall be applied first to fees, charges, costs and expenses payable to the Bank under this letter agreement, the Term Note and/or any of the other Loan Documents, next to interest then accrued on account of any Term Loans and only thereafter to principal of the Term Loans.
Appears in 1 contract
Advances and Payments. The proceeds of all Revolving Loans shall be --------------------- credited by --------------------- the Bank to a general deposit account maintained by the Borrower with the BankBank or otherwise as the Borrower may direct. The proceeds of each Revolving Loan will be used by the Borrower solely for working capital purposes and other general corporate purposes (including to repay certain loans owed to Subsidiaries, but only within Danvers Savings Bank and certain bridge loans owed to Xxxxxxx Xxxx and Xxxxx Xxxxx. The proceeds of each Term Loan will be used by the limits set forth in (S)4.5 below)Borrower solely to pay or reimburse acquisition costs of Qualifying Equipment. The Bank may charge any general deposit account of the Borrower at the Bank with the amount of all payments of interest, principal and other sums when same are due, from time to time, under this letter agreement and/or the Revolving any Note and/or with respect to any letter of credit and/or with respect to any of the other Obligationscredit; and will thereafter notify the Borrower of the amount so charged. The failure of the Bank so to charge any account or to give any such notice shall not affect the obligation of the Borrower to pay interest, principal or other sums as provided herein or in the Revolving any Note or with respect to any letter of credit or with respect to any of the other Obligationscredit. Whenever any payment to be made to the Bank hereunder or under the Revolving any Note or with respect to any letter of credit or with respect to any of the other Obligations shall be stated to be due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day, and interest payable on each such date shall include the amount thereof which shall accrue during the period of such extension of time. All payments by the Borrower hereunder and/or in respect of the Revolving any Note and/or with respect to any letter of credit or any of the other Obligations shall be made net of any impositions or taxes and without deduction, set-off or counterclaim, notwithstanding any claim which the Borrower may now or at any time hereafter have against the Bank. All payments of interest, principal and any other sum payable hereunder and/or under any Note and/or with respect to any letter of credit shall be made to the Bank, in immediately available funds, at its office at 00 Xxxxx Xxxxxx, Xxxxxx, XX 00000 or at such other address as the Bank may from time to time direct. All payments received by the Bank after 2:00 p.m. on any day shall be deemed received as of the next succeeding Business Day. All monies received by the Bank shall be applied first to fees, charges, costs and expenses payable to the Bank under this letter agreement, any Note and/or any of the other Loan Documents and/or with respect to any letter of credit, next to interest then accrued on account of any Loans or letter of credit reimbursement obligations and only thereafter to principal of the Loans and letter of credit reimbursement obligations, being applied against the Loans and/or such obligations in such order as the Borrower may designate (and, failing such designation, being applied first against the letter of credit reimbursement obligations, next against the Revolving Loans and thereafter against installments of the Term Loans in inverse order of normal maturity). All interest and fees payable hereunder and/or under any Note shall be calculated on the basis of a 360-day year for the actual number of days elapsed.
Appears in 1 contract
Advances and Payments. The proceeds of all Revolving Loans shall be --------------------- credited by the Bank to a general deposit account maintained by the Borrower with the Bank. The proceeds of each Revolving Loan will be used by the Borrower solely for working capital purposes and other general corporate purposes (including loans to Subsidiaries, but only within the limits set forth in (S)4.5 below)purposes. The Bank may charge any general deposit account of the Borrower at the Bank with the amount of all payments of interest, principal and other sums due, from time to time, under this letter agreement and/or the Revolving Note and/or with respect to any letter of credit and/or with respect to any of the other Obligationscredit; and will thereafter notify the Borrower of the amount so charged. The failure of the Bank so to charge any account or to give any such notice shall not affect the obligation of the Borrower to pay interest, principal or other sums as provided herein or in the Revolving Note or with respect to any letter of credit or with respect to any of the other Obligationscredit. Whenever any payment to be made to the Bank hereunder or under the Revolving Note or with respect to any letter of credit or with respect to any of the other Obligations shall be stated to be due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day, and interest payable on each such date shall include the amount thereof which shall accrue during the period of such extension of time. All payments by the Borrower hereunder and/or in respect of the Revolving Note and/or with respect to any letter of credit or any of the other Obligations shall be made net of any impositions or taxes and without deduction, set-off or counterclaim, notwithstanding any claim which the Borrower may now or at any time hereafter have against the Bank.
Appears in 1 contract
Samples: Revolving Loan Agreement (Exchange Applications Inc)
Advances and Payments. The proceeds of all Revolving Loans shall be --------------------- credited by the Bank to a general deposit account maintained by the Borrower with the Bank. The proceeds of each Revolving Loan will be used by the Borrower solely for working capital purposes and other general corporate purposes (including loans to Subsidiaries, but only within the limits set forth in (S)4.5 below)purposes. The Bank may charge any general deposit account of the Borrower at the Bank with the amount of all payments of interest, principal and other sums due, from time to time, under this letter agreement and/or the Revolving Note and/or with respect to any letter of credit and/or with respect to any of the other Obligations; and will thereafter notify the Borrower of the amount so charged. The failure of the Bank so to charge any account or to give any such notice shall not affect the obligation of the Borrower to pay interest, principal or other sums as provided herein or in the Revolving Note or with respect to any letter of credit or with respect to any of the other Obligations. Whenever any payment to be made to the Bank hereunder or under the Revolving Note or with respect to any letter of credit or with respect to any of the other Obligations shall be stated to be due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day, and interest payable on each such date shall include the amount thereof which shall accrue during the period of such extension of time. All payments by the Borrower hereunder and/or in respect of the Revolving Note and/or with respect to any letter of credit or any of the other Obligations shall be made net of any impositions or taxes and without deduction, set-off or counterclaim, notwithstanding any claim which the Borrower may now or at any time hereafter have against the Bank.
Appears in 1 contract
Advances and Payments. The proceeds of all Revolving Loans shall be --------------------- credited by the Bank to a general deposit account maintained by the Borrower with the Bank. The proceeds of each Revolving Loan will be used by the Borrower solely for (i) working capital purposes and (ii) to fund investments in, or to form partnerships with, suppliers or other general corporate purposes businesses complementary with the Borrower's business; provided that
(including loans 1) all such investments and partnerships shall be subject to Subsidiariesthe restrictions contained in Sections 4.6 and 4.7 below, but only within and (2) the limits set forth in aggregate amount advanced pursuant to this clause (S)4.5 below)ii) shall not exceed $500,000 without the prior written consent of the Bank, which consent shall not be unreasonably withheld. The proceeds of each Term Loan will be used by the Borrower solely to pay or reimburse acquisition costs of Qualifying Equipment. The Bank may charge any general deposit account of the Borrower at the Bank with the amount of all payments of interest, principal and other sums when same are due, from time to time, under this letter agreement and/or the Revolving any Note and/or with respect to any letter of credit and/or with respect to any of the other Obligationscredit; and will thereafter notify the Borrower of the amount so charged. The failure of the Bank so to charge any account or to give any such notice shall not affect the obligation of the Borrower to pay interest, principal or other sums as provided herein or in the Revolving any Note or with respect to any letter of credit or with respect to any of the other Obligationscredit. Whenever any payment to be made to the Bank hereunder or under the Revolving any Note or with respect to any letter of credit or with respect to any of the other Obligations shall be stated to be due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day, and interest payable on each such date shall include the amount thereof which shall accrue during the period of such extension of time. All payments by the Borrower hereunder and/or in respect of the Revolving any Note and/or with respect to any letter of credit or any of the other Obligations shall be made net of any impositions or taxes and without deduction, set-off or counterclaim, notwithstanding any claim which the Borrower may now or at any time hereafter have against the Bank. All payments of interest, principal and any other sum payable hereunder and/or under any Note and/or with respect to any letter of credit shall be made to the Bank, in lawful money of the United States in immediately available funds, at its office at Xxx Xxxxxxx Xxxxxx, Xxxxxx, XX 00000 or at such other address as the Bank may from time to time direct. All payments received by the Bank after 2:00 p.m. on any day shall be deemed received as of the next succeeding Business Day. All monies received by the Bank shall be applied first to fees, charges, costs and expenses payable to the Bank under this letter agreement, any Note and/or any of the other Loan Documents and/or with respect to any letter of credit, next to interest then accrued on account of any Loans or letter of credit reimbursement obligations and only thereafter to principal of the Loans and letter of credit reimbursement obligations, being applied against the Loans and/or such obligations in such order as the Borrower may designate (and, failing such designation, being applied first against the letter of credit reimbursement obligations, next against the Revolving Loans and thereafter against installments of the Term Loans in inverse order of normal maturity). All interest and fees payable hereunder and/or under any Note shall be calculated on the basis of a 360-day year for the actual number of days elapsed.
Appears in 1 contract
Advances and Payments. The proceeds of all Revolving Loans shall be --------------------- credited by the Bank to a general deposit account maintained by the Borrower with the Bank. The proceeds of each Revolving Demand Loan will shall be used by the Borrower solely for working capital purposes purposes. At the date of execution and other general corporate purposes (including delivery of this letter agreement, all loans outstanding under the Prior Note are deemed to Subsidiaries, but only within be refunded by Demand Loans under this letter agreement. The proceeds of each Term Loan will be used by the limits set forth in (S)4.5 below)Borrower solely to pay or reimburse acquisition costs of Qualifying Equipment and/or Qualifying Leasehold Improvements. The Bank may charge any general deposit account of the Borrower at the Bank with the amount of all payments of interest, principal and other sums when same are due, from time to time, under this letter agreement and/or the Revolving any Note and/or with respect to any letter of credit and/or with respect to any of the other Obligationscredit; and will thereafter promptly notify the Borrower of the amount so charged. The failure of the Bank so to charge any account or to give any such notice shall not affect the obligation of the Borrower to pay interest, principal or other sums as provided herein or in the Revolving any Note or with respect to any letter of credit or with respect to any of the other Obligationscredit. Whenever any payment to be made to the Bank hereunder or under the Revolving any Note or with respect to any letter of credit or with respect to any of the other Obligations shall be stated to be due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day, and interest payable on each such date shall include the amount thereof which shall accrue during the period of such extension of time. All payments by the Borrower hereunder and/or in respect of the Revolving any Note and/or with respect to any letter of credit or any of the other Obligations shall be made net of any impositions or taxes and without deduction, set-off or counterclaim, notwithstanding any claim which the Borrower may now or at any time hereafter have against the Bank. All payments of interest, principal and any other sum payable hereunder and/or under any Note and/or with respect to any letter of credit shall be made to the Bank, in lawful money of the United States in immediately available funds, at its office at Xxx Xxxxxxx Xxxxxx, Xxxxxx, XX 00000 or at such other address as the Bank may from time to time direct. All payments received by the Bank after 2:00 p.m. on any day shall be deemed received as of the next succeeding Business Day. All monies received by the Bank shall be applied first to fees, charges, costs and expenses payable to the Bank under this letter agreement, any Note and/or any of the other Loan Documents and/or with respect to any letter of credit, next to interest then accrued on account of any Loans or letter of credit reimbursement obligations and only thereafter to principal of the Loans and letter of credit reimbursement obligations, being applied against the Loans and/or such obligations in such order as the Borrower may designate (and, failing such designation, being applied first against the letter of credit reimbursement obligations, next against any outstanding Demand Loans and thereafter against installments of the Term Loans in inverse order of normal maturity). All interest and fees payable hereunder and/or under any Note shall be calculated on the basis of a 360-day year for the actual number of days elapsed.
Appears in 1 contract
Samples: Loan Agreement (Abiomed Inc)
Advances and Payments. The proceeds of all Revolving Term Loans shall be --------------------- credited by the Bank to a general deposit account maintained by the Borrower with the Bank. The proceeds of each Revolving Term Loan will be used by the Borrower solely for working capital purposes to pay or reimburse acquisition costs of Qualifying Equipment and other general corporate purposes (including loans to Subsidiaries, but only within the limits set forth in (S)4.5 below)Qualifying Leasehold Improvements. The Bank may charge any general deposit account of the Borrower at the Bank with the amount of all payments of interest, principal and other sums due, from time to time, under this letter agreement and/or the Revolving Note and/or with respect to any letter of credit and/or with respect to any of the other ObligationsTerm Note; and will thereafter notify the Borrower of the amount so charged. The failure of the Bank so to charge any account or to give any such notice shall not affect the obligation of the Borrower to pay interest, principal or other sums as provided herein or in the Revolving Note or with respect to any letter of credit or with respect to any of the other ObligationsTerm Note. Whenever any payment to be made to the Bank hereunder or under the Revolving Term Note or with respect to any letter of credit or with respect to any of the other Obligations shall be stated to be due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day, and interest payable on each such date shall include the amount thereof which shall accrue during the period of such extension of time. All payments by the Borrower hereunder and/or in respect of the Revolving Term Note and/or with respect to any letter of credit or any of the other Obligations shall be made net of any impositions Impositions or taxes and without deduction, set-off or counterclaim, notwithstanding any claim which the Borrower may now or at any time hereafter have against the Bank. All payments of interest, principal and any other sum payable hereunder and/or under the Term Note shall be made to the Bank, in lawful currency of the United States in immediately available funds, at its office at Xxx Xxxxxxx Xxxxxx, Xxxxxx, XX 00000 or to such other address as the Bank may from time to time direct. All payments received by the Bank after 2:00 p.m. on any day shall be deemed received as of the next succeeding Business Day. All monies received by the Bank shall be applied first to fees, charges, costs and expenses payable to the Bank under this letter agreement, the Term Note and/or any of the other Loan Documents, next to interest then accrued on account of any Term Loans and only thereafter to principal of the Term Loans.
Appears in 1 contract
Advances and Payments. The proceeds of all the Revolving Loans shall be --------------------- credited by the Bank to a general deposit account maintained by the Borrower with the BankBank or otherwise as the Borrower may direct. The proceeds of each Revolving Loan will be used by the Borrower solely for working capital purposes and other general corporate purposes (including loans to Subsidiaries, but only within the limits set forth in (S)4.5 below)purposes. The Bank may charge any general deposit account of the Borrower at the Bank with the amount of all payments of interest, principal and other sums due, from time to time, under this letter agreement and/or the Revolving any Note and/or with respect to any letter of credit and/or with respect to any of the other Obligationscredit; and will thereafter notify the Borrower of the amount so charged. The failure of the Bank so to charge any account or to give any such notice shall not affect the obligation of the Borrower to pay interest, principal or other sums as provided herein or in the Revolving any Note or with respect to any letter of credit or with respect to any of the other Obligationscredit. Whenever any payment to be made to the Bank hereunder or under the Revolving any Note or with respect to any letter of credit or with respect to any of the other Obligations shall be stated to be due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day, and interest payable on each such date shall include the amount thereof which shall accrue during the period of such extension of time. All payments by the Borrower hereunder and/or in respect of the Revolving any Note and/or with respect to any letter of credit or any of the other Obligations shall be made net of any impositions Impositions or taxes and without deduction, set-off or counterclaim, notwithstanding any claim which the Borrower may now or at any time hereafter have against the Bank. All payments of interest, principal and any other sum payable hereunder and/or under any Note and/or with respect to any letter of credit shall be made to the Bank, in lawful currency of the United States in immediately available funds, at its office at One Xxxxxxx Xxxxxx, Xxxxxx, XX 00000 xx to such other address as the Bank may from time to time direct. All payments received by the Bank after 2:00 p.m. on any day shall be deemed received as of the next succeeding Business Day. All monies received by the Bank shall be applied first to fees, charges, costs and expenses payable to the Bank under this letter agreement, any Note and/or any of the other Loan Documents and/or with respect to any letter of credit, next to interest then accrued on account of any Loans or letter of credit obligations and only thereafter to principal of the Loans and letter of credit reimbursement obligations, being applied in such order as the Borrower may designate (and, failing such designation, being applied first against the letter of credit reimbursement obligations, next against the Revolving Loans and thereafter against installments of the Term Loans in inverse order of normal maturity).
Appears in 1 contract
Advances and Payments. The proceeds of all Revolving Loans the Term Loan shall be --------------------- credited by the Bank to a general deposit account Account No. maintained by the Borrower with the Bank. The proceeds of each Revolving the Term Loan will be used by the Borrower solely for working capital purposes and other general corporate purposes (including loans to Subsidiariesfinance the buildout of the facility located at Xxxxxxxx Xxxx, but only within the limits set forth in (S)4.5 below)Xxxxxxxxxxx, XX 00000. The Bank may charge any general deposit account of the Borrower at the Bank with the amount of all payments of interest, principal and other sums due, from time to time, under this letter agreement and/or the Revolving Note and/or with respect to any letter of credit and/or with respect to any of the other ObligationsTerm Note; and will thereafter notify the Borrower of the amount so charged. The failure of the Bank so to charge any account or to give any such notice shall not affect the obligation of the Borrower to pay interest, principal or other sums as provided herein or in the Revolving Note or with respect to any letter of credit or with respect to any of the other ObligationsTerm Note. Whenever any payment to be made to the Bank hereunder or under the Revolving Term Note or with respect to any letter of credit or with respect to any of the other Obligations shall be stated to be due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day, and interest payable on each such date shall include the amount thereof which shall accrue during the period of such extension of time. All payments by the Borrower hereunder and/or in respect of the Revolving Term Note and/or with respect to any letter of credit or any of the other Obligations shall be made net of any impositions or taxes and without deduction, set-off or counterclaim, notwithstanding any claim which the Borrower may now or at any time hereafter have against the Bank. All payments of interest, principal and any other sum payable hereunder and/or under the Term Note shall be made to the Bank, in lawful money of the United States in immediately available funds, at its office at 00 Xxxxx Xxxxxx, Xxxxxx, XX 00000 or to such other address as the Bank may from time to time direct. All payments received by the Bank after 2:00 p.m. on any day shall be deemed received as of the next succeeding Business Day. All monies received by the Bank shall be applied first to fees, charges, costs and expenses payable to the Bank under this letter agreement, the Term Note and/or any of the other Loan Documents, next to interest then accrued on account of Term Loan and only thereafter to principal of the Term Loan. All interest and fees payable hereunder and/or under the Term Note shall be calculated on the basis of a 360-day year for the actual number of days elapsed.
Appears in 1 contract
Advances and Payments. The proceeds of all Revolving Loans shall be --------------------- credited by the Bank to a general deposit account maintained by the Borrower with the Bank. The proceeds of each Revolving Loan will be used by the Borrower solely for working capital purposes and other general corporate purposes (including loans to Subsidiaries, but only within the limits set forth in (S)4.5 below)purposes. The Bank may charge any general deposit account of the Borrower at the Bank with the amount of all payments of interest, principal and other sums due, from time to time, under this letter agreement and/or the Revolving Note and/or with respect to any letter of credit and/or with respect to any of the other Obligationscredit; and will thereafter notify the Borrower of the amount so charged. The failure of the Bank so to charge any account or to give any such notice shall not affect the obligation of the Borrower to pay interest, principal or other sums as provided herein or in the Revolving Note or with respect to any letter of credit or with respect to any of the other Obligationscredit. Whenever any payment to be made to the Bank hereunder or under the Revolving Note or with respect to any letter of credit or with respect to any of the other Obligations shall be stated to be due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day, and interest payable on each such date shall include the amount thereof which shall accrue during the period of such extension of time. All payments by the Borrower hereunder and/or in respect of the Revolving Note and/or with respect to any letter of credit or any of the other Obligations shall be made net of any impositions Impositions or taxes and without deduction, set-off or counterclaim, notwithstanding any claim which the Borrower may now or at any time hereafter have against the Bank. All payments of interest, principal and any other sum payable hereunder and/or under the Revolving Note shall be made to the Bank, in immediately available funds, at its office at 00 Xxxxx Xxxxxx, Xxxxxx, XX 00000 or to such other address as the Bank may from time to time direct. All payments received by the Bank after 2:00 p.m. on any day shall be deemed received as of the next succeeding Business Day. All monies received by the Bank shall be applied first to fees, charges, costs and expenses payable to the Bank under this letter agreement, the Revolving Note and/or any of the other Loan Documents, next to interest then accrued on account of any Revolving Loans or letter of credit reimbursement obligations and only thereafter to principal of the Revolving Loans and letter of credit reimbursement obligations. All interest and fees payable hereunder and/or under the Revolving Note shall be calculated on the basis of a 360-day year for the actual number of days elapsed.
Appears in 1 contract
Samples: Revolving Line of Credit Agreement (Zoom Telephonics Inc)
Advances and Payments. The proceeds of all Revolving Term Loans shall be --------------------- credited by the Bank to a general deposit account maintained by the Borrower with the Bank. The proceeds of each Revolving Term Loan will be used by the Borrower solely for working capital purposes and other general corporate purposes (including loans to Subsidiaries, but only within the limits set forth in (S)4.5 below)acquisition of Qualifying Equipment. The Bank may charge any general deposit account of the Borrower at the Bank with the amount of all payments of interest, principal and other sums due, from time to time, under this letter agreement and/or the Revolving Note and/or with respect to any letter of credit and/or with respect to any of the other ObligationsTerm Note; and will thereafter notify the Borrower of the amount so charged. The failure of the Bank so to charge any account or to give any such notice shall not affect the obligation of the Borrower to pay interest, principal or other sums as provided herein or in the Revolving Note or with respect to any letter of credit or with respect to any of the other ObligationsTerm Note. Whenever any payment to be made to the Bank hereunder or under the Revolving Term Note or with respect to any letter of credit or with respect to any of the other Obligations shall be stated to be due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day, and interest payable on each such date shall include the amount thereof which shall accrue during the period of such extension of time. All payments by the Borrower hereunder and/or in respect of the Revolving Term Note and/or with respect to any letter of credit or any of the other Obligations shall be made net of any impositions Impositions or taxes and without deduction, set-off or counterclaim, notwithstanding any claim which the Borrower may now or at any time hereafter have against the Bank. All payments of interest, principal and any other sum payable hereunder and/or under the Term Note shall be made to the Bank, in immediately available funds, at its office at 75 Sxxxx Xxxxxx, Xxxxxx, XX 00000 xx to such other address as the Bank may from time to time direct. All payments received by the Bank after 2:00 p.m. on any day shall be deemed received as of the next succeeding Business Day. All monies received by the Bank shall be applied first to fees, charges, costs and expenses payable to the Bank under this letter agreement, the Term Note and/or any of the other Loan Documents, next to interest then accrued on account of any Term Loans and only thereafter to principal of the Term Loans.
Appears in 1 contract
Advances and Payments. The proceeds of all Revolving Term Loans shall be --------------------- credited by the Bank to a general deposit account maintained by the Borrower with the Bank. The proceeds of each Revolving Term Loan will be used by the Borrower solely for working capital purposes to pay or reimburse acquisition costs of Qualifying Equipment and/or Qualifying Leasehold Improvements. All such Qualifying Equipment and/or Qualifying Leasehold Improvements will be owned by the Borrower and other general corporate purposes (including loans to Subsidiaries, but only within the limits set forth in (S)4.5 below)not by any Subsidiary. The Bank may charge any general deposit account of the Borrower at the Bank with the amount of all payments of interest, principal and other sums due, from time to time, under this letter agreement and/or the Revolving Note and/or with respect to any letter of credit and/or with respect to any of the other ObligationsTerm Note; and will thereafter notify the Borrower of the amount so charged. The failure of the Bank so to charge any account or to give any such notice shall not affect the obligation of the Borrower to pay interest, principal or other sums as provided herein or in the Revolving Note or with respect to any letter of credit or with respect to any of the other ObligationsTerm Note. Whenever any payment to be made to the Bank hereunder or under the Revolving Term Note or with respect to any letter of credit or with respect to any of the other Obligations shall be stated to be due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day, and interest payable on each such date shall include the amount thereof which shall accrue during the period of such extension of time. All payments by the Borrower hereunder and/or in respect of the Revolving Term Note and/or with respect to any letter of credit or any of the other Obligations shall be made net of any impositions Impositions or taxes and without deduction, set-off or counterclaim, notwithstanding any claim which the Borrower may now or at any time hereafter have against the Bank. All payments of interest, principal and any other sum payable hereunder and/or under the Term Note shall be made to the Bank, in lawful currency of the United States in immediately available funds, at its office at 000 Xxxxxxx Xxxxxx, Xxxxxx, XX 00000 or to such other address as the Bank may from time to time direct. All payments received by the Bank after 2:00 p.m. on any day shall be deemed received as of the next succeeding Business Day. All monies received by the Bank shall be applied first to fees, charges, costs and expenses payable to the Bank under this letter agreement, the Term Note and/or any of the other Loan Documents, next to interest then accrued on account of any Term Loans and only thereafter to principal of the Term Loans; provided, however, that after the occurrence and during the continuance of an Event of Default, payments will be applied to obligations of the Borrower to the Bank as the Bank determines in its sole discretion.
Appears in 1 contract
Advances and Payments. The proceeds of all Revolving Loans shall be --------------------- credited by the Bank to a general deposit account maintained by the Borrower with the Bank. The proceeds of each Revolving Loan will be used by the Borrower solely for working capital purposes and and, in the ordinary course, for other general corporate purposes (including loans to Subsidiaries, but only within the limits set forth in (S)4.5 below)purposes. The Bank may charge any general deposit account of the Borrower at the Bank with the amount of all payments of interest, principal and other sums due, from time to time, under this letter agreement and/or the Revolving Note and/or with respect to any letter of credit and/or with respect to any of the other Obligationscredit; and will thereafter notify the Borrower of the amount so charged. The failure of the Bank so to charge any account or to give any such notice shall not affect the obligation of the Borrower to pay interest, principal or other sums as provided herein or in the Revolving Note or with respect to any letter of credit or with respect to any of the other Obligationscredit. Whenever any payment to be made to the Bank hereunder or under the Revolving Note or with respect to any letter of credit or with respect to any of the other Obligations shall be stated to be due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day, and interest payable on each such date shall include the amount thereof which shall accrue during the period of such extension of time. All payments by the Borrower hereunder and/or in respect of the Revolving Note and/or with respect to any letter of credit or any of the other Obligations shall be made net of any impositions or taxes and without deduction, set-off or counterclaim, notwithstanding any claim which the Borrower may now or at any time hereafter have against the Bank.
Appears in 1 contract
Advances and Payments. The proceeds of all Revolving Term Loans shall be --------------------- credited by the Bank to a general deposit account maintained by the Borrower with the Bank. The proceeds of each Revolving Term Loan will be used by the Borrower solely for working capital purposes and other general corporate purposes (including loans to Subsidiaries, but only within the limits set forth in (S)4.5 below)pay or reimburse acquisition costs of Qualifying Equipment and/or Qualifying Leasehold Improvements. The Bank may charge any general deposit account of the Borrower at the Bank with the amount of all payments of interest, principal and other sums due, from time to time, under this letter agreement and/or the Revolving Note and/or with respect to any letter of credit and/or with respect to any of the other ObligationsTerm Note; and will thereafter notify the Borrower of the amount so charged. The failure of the Bank so to charge any account or to give any such notice shall not affect the obligation of the Borrower to pay interest, principal or other sums as provided herein or in the Revolving Note or with respect to any letter of credit or with respect to any of the other ObligationsTerm Note. Whenever any payment to be made to the Bank hereunder or under the Revolving Term Note or with respect to any letter of credit or with respect to any of the other Obligations shall be stated to be due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day, and interest payable on each such date shall include the amount thereof which shall accrue during the period of such extension of time. All payments by the Borrower hereunder and/or in respect of the Revolving Term Note and/or with respect to any letter of credit or any of the other Obligations shall be made net of any impositions Impositions or taxes and without deduction, set-off or counterclaim, notwithstanding any claim which the Borrower may now or at any time hereafter have against the Bank. All payments of interest, principal and any other sum payable hereunder and/or under the Term Note shall be made to the Bank, in lawful currency of the United States in immediately available funds, at its office at 000 Xxxxxxx Xxxxxx, Xxxxxx, XX 00000 or to such other address as the Bank may from time to time direct. All payments received by the Bank after 2:00 p.m. on any day shall be deemed received as of the next succeeding Business Day. All monies received by the Bank shall be applied first to fees, charges, costs and expenses payable to the Bank under this letter agreement, the Term Note and/or any of the other Loan Documents, next to interest then accrued on account of any Term Loans and only thereafter to principal of the Term Loans.
Appears in 1 contract
Advances and Payments. The proceeds of all Revolving Term Loans shall be --------------------- credited by the Bank to a general deposit account maintained by the Borrower with the Bank. The proceeds of each Revolving Term Loan will be used by the Borrower solely for working capital purposes and other general corporate purposes (including loans to Subsidiaries, but only within the limits set forth in (S)4.5 below)acquisition of Qualifying Equipment and/or for payment of Qualifying Software/Engineering Costs. The Bank may charge any general deposit account of the Borrower at the Bank with the amount of all payments of interest, principal and other sums due, from time to time, under this letter agreement and/or the Revolving Note and/or with respect to any letter of credit and/or with respect to any of the other ObligationsTerm Note; and will thereafter notify the Borrower of the amount so charged. The failure of the Bank so to charge any account or to give any such notice shall not affect the obligation of the Borrower to pay interest, principal or other sums as provided herein or in the Revolving Note or with respect to any letter of credit or with respect to any of the other ObligationsTerm Note. Whenever any payment to be made to the Bank hereunder or under the Revolving Term Note or with respect to any letter of credit or with respect to any of the other Obligations shall be stated to be due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day, and interest payable on each such date shall include the amount thereof which shall accrue during the period of such extension of time. All payments by the Borrower hereunder and/or in respect of the Revolving Term Note and/or with respect to any letter of credit or any of the other Obligations shall be made net of any impositions or taxes and without deduction, set-off or counterclaim, notwithstanding any claim which the Borrower may now or at any time hereafter have against the Bank. All payments of interest, principal and any other sum payable hereunder and/or under the Term Note shall be made to the Bank, in immediately available funds, at its office at 75 Sxxxx Xxxxxx, Xxxxxx, XX 00000 xx to such other address as the Bank may from time to time direct. All payments received by the Bank after 2:00 p.m. on any day shall be deemed received as of the next succeeding Business Day. All monies received by the Bank shall be applied first to fees, charges, costs and expenses payable to the Bank under this letter agreement, the Term Note and/or any of the other Loan Documents, next to interest then accrued on account of any Term Loans and only thereafter to principal of the Term Loans. All interest and fees payable hereunder and/or under the Term Note shall be calculated on the basis of a 360-day year for the actual number of days elapsed.
Appears in 1 contract
