Establishment of Line of Credit. The Lender hereby establishes and agrees to maintain a line of credit for the benefit of the Borrower in the amount of $650,000.
Establishment of Line of Credit. On the Closing Date, and upon fulfillment of the applicable conditions set forth herein, the Lender shall establish in favor of the Company a revolving line of credit (the "Revolving Line of Credit") in the amount of the Availability. The Company shall be entitled to borrow, repay and reborrow funds from the Lender in accordance with the terms hereof so long as the total principal amount owed to the Lender under the Revolving Line of Credit does not exceed the Availability. This indebtedness shall be evidenced by a Revolving Promissory Note (as amended, extended or renewed from time to time, the "Promissory Note") of even date herewith executed by the Company in favor of the Lender in the principal amount of up to $20,000,000. The Promissory Note shall bear interest at the rate set forth therein and shall be payable as set forth therein. Any obligation of Lender to make Advances under the Revolving Line of Credit shall terminate on June 30, 2007, or such earlier or later date as set forth therein (the "Expiration Date"). The Lender shall not in any event be required to make an Advance during the continuance of an Event of Default or if any change in the financial condition of the Company occurs which, in the Lender's discretion, is material and adverse. The Availability as of the Closing Date shall be $12,000,000.00. Provided no Event of Default exists, and provided there has been no change in the financial condition of the Company since the Closing Date which in the Lender's discretion is material and adverse, at any time prior to the Expiration Date or Reduction Date (hereinafter defined) the Company may increase the Availability to $15,000,000.00 by providing not less than 30 days' prior written notice to the Lender, requesting the increase and specifying the effective date thereof. Provided no Event of Default exists, and provided there has been no change in the financial condition of the Company since the Closing Date which in the Lender's discretion is material and adverse, at any time prior to the Expiration Date or Reduction Date the Company may increase the Availability to $20,000,000.00 by providing not less than 30 days' prior written notice to the Lender, requesting the increase and specifying the effective date thereof. At any time the Company may reduce the Availability in increments of $1,000,000.00 by providing not less than 30 days' prior written notice to the Lender, requesting the decrease and specifying the effective date thereof (the d...
Establishment of Line of Credit. 2.1. Borrower agrees to the establishment of a corporate line of credit ("LOC") in Borrower's name with Lender, to be secured by all assets of Borrower and all shares of stock in Borrower pursuant to separate Stock Pledge Agreements, under which loan, advances may from time to time be extended to Borrower on the terms and conditions set forth herein.
2.2. The maximum credit limit shall be Forty Million ($40,000,000.00) Dollars.
Establishment of Line of Credit. Sioux Empire Federal Credit Union, in its discretion, will grant me a real property secured construction line of credit. The amount of the line of credit may be changed, reduced, modified or revoked by the credit union in the future and as permitted by law.
Establishment of Line of Credit. Subject to the terms and conditions hereof, and in reliance upon the representations and warranties contained herein, each Lender hereby severally establishes a revolving credit facility (collectively, the "Line of Credit") convertible, subject to the provisions of Section 1.4, into a term loan in favor of the Company in the principal amount of its Revolving Credit Loan outstanding as of the Conversion Date. Under the Line of Credit, subject to the terms and conditions hereof, the Company may borrow prior to the Conversion Date from time to time, from each Lender severally and not jointly, an aggregate principal amount at any time not in excess of such Lender's Percentage of the Available Line Commitment in effect on such date. As used herein, the term "Available Line Commitment" shall mean, as of any date of determination, the lesser of (i) the Total Commitment or (ii) the Borrowing Base. As used herein, the term "Borrowing Base" shall mean, as of any date of determination, an amount equal to the lesser of:
Establishment of Line of Credit. The Liquidity Provider hereby agrees to establish a revolving line of credit for the benefit of the Authority in connection with the issuance Notes. The Authority shall notify the Liquidity Provider of each issuance of Notes by delivering to the Liquidity Provider by telecopy, hand delivery or electronic means not later than 4:00 p.m. (New York City time) on the date of sale a properly completed Notice of Issuance substantially in the form attached hereto as Exhibit A.
Establishment of Line of Credit. 2.1. Upon the terms and subject to the conditions of this Agreement, on the Closing Date we will establish a revolving line of credit in your favor (the "LINE OF CREDIT") in the maximum principal amount of Seven Million Five Hundred Thousand and 00/100 Dollars ($7,500,000.00) (the "FACILITY LIMIT") such that, until the earlier of the date which is sixty (60) days prior to expiration of the Initial Term or the occurrence of an Event of Default (or any event which, with the passage of time or the giving of notice, or both could constitute an Event of Default), you may borrow, repay, and reborrow amounts under the Line of Credit (hereafter "WIP ADVANCES") to refinance your Qualified Indebtedness outstanding as of the Closing Date and for working capital in the ordinary course of your business operations consistent with the terms of this Agreement.
2.2. The aggregate principal amount of WIP Advances outstanding at any time shall not exceed the lesser of (a) the Applicable Percentage of your then current Borrowing Base or (b) an amount equal to the Facility Limit minus the aggregate principal amount of all Cash Factoring Advances then outstanding. If at any time and for any reason the aggregate principal amount of outstanding WIP Advances shall exceed the lesser of the foregoing amounts, you will immediately repay to us, in cash, the amount of such excess plus interest accrued thereon such that the requirements of this paragraph are met. Subject to the provisions of this paragraph and the Master Note, WIP Advances shall be in such amounts as you may request from time to time.
2.3. Each request by you for a WIP Advance under the Line of Credit (a "DRAW REQUEST") shall be in writing, shall specify the date and the amount of the proposed WIP Advance and the desired date thereof (which shall be a Business Day), shall otherwise be in form and substance as we may prescribe, and shall be accompanied by a current Borrowing Base Certificate. Each Draw Request shall be irrevocable and shall be delivered to us no later than 12:00 noon, Eastern Time, on the Business Day immediately preceding the date of the requested advance. All Draw Requests shall be subject to the terms and conditions of this Addendum, including but not limited to our verification of the satisfaction of all conditions precedent set forth in Section 5 hereof. Our approval of a Draw Request, if any, shall be indicated by our making the requested WIP Advance or so much thereof as we may approve. Each appro...
Establishment of Line of Credit. Citadel shall establish a $250,000 lien of credit for the use and benefit of the Company for a term of not less than one year and on such other reasonable terms and conditions as are satisfactory to the Company (the "Line of Credit") promptly upon the execution of this Agreement. Citadel and Osaki, shall unconditionally guarantee, as primary obligors, the Line of Credit.
Establishment of Line of Credit. Subject to the terms and conditions hereof, and in reliance upon the representations and warranties contained herein, the Lender hereby establishes a revolving credit facility (collectively the "Revolving Loans") convertible into a Term Loan in favor of the Borrower as set forth in Section 2.2. Under the Revolving Loans, subject to the terms and conditions hereof, the Borrower may borrow from the Lender from time to time prior to the Conversion Date an aggregate principal amount at any time not in excess of the Permitted Outstanding Borrowings.
Establishment of Line of Credit. Subject to the terms and conditions of this Agreement, GMAC hereby establishes a revolving line of credit for Rush in an amount not to exceed the lesser of:
(a) $13,500,000, or
(b) the Collateral Formula Amount, as defined in Section 2.7. The amount available for loan under this Article II is referred to as the "Line of Credit". If, for any reason, the Credit Line Advances (as defined below) shall exceed the Line of Credit as determined above (such excess being hereinafter referred to as "Excess Amounts"), the Line of Credit shall be deemed to include the Excess Amounts for all purposes hereunder, except that Excess Amounts are temporary only and shall not be deemed to permanently increase the Line of Credit.
