FORMULA LOANS. The credit which Bank may now or hereafter extend to Debtor subject to the limitations of this Agreement and to the conditions and limitations of any other agreement between Debtor and Bank is identified as follows: $2,250,000 secured, demand line of credit and any extensions, renewals or substitutions, whether in a greater or lesser amount, including any letters of credit issued thereunder ("Formula Loans").
FORMULA LOANS. Formula Loans" shall mean, collectively, loans, advances and other credit made or extended by Bank to or in favor of Debtor under or pursuant to and evidenced by the Note, together with any letters of credit issued by Bank thereunder or in connection therewith, subject to the terms and conditions of this Agreement, the Note, the Security Agreement and any other agreement(s) between Debtor and Bank (as the same may be amended, modified, extended, renewed, restated, substituted and/or replaced from time to time, the "Loan Documents").
FORMULA LOANS. The credit which Bank may now or hereafter extend to Debtor subject to the limitations of this Agreement and to the conditions and limitations of any other agreement between Debtor and Bank is identified as follows: $5,000,000 secured revolving line of credit and any extensions, renewals or substitutions thereof, whether in a greater or lesser amount, including any letters of credit issued thereunder ("Formula Loans").
FORMULA LOANS. The credit which Bank may now or hereafter extend to Debtor subject to the limitations of this Agreement and to the conditions and limitations of any other agreement between Debtor and Bank is identified as follows: CDN$4,500,000 line of credit and U.S.$4,500,000 line of credit and any extensions, renewals or substitutions thereof, whether in a greater or lesser amount, including any letters of credit issued thereunder (“Formula Loans”).
FORMULA LOANS. The credit which Bank may now or hereafter extend to Debtor subject to the limitations of this Agreement and to the conditions and limitations of any other agreement between Debtor and Bank is identified as follows: All indebtedness under a $1,550,000.00 note dated October 25, 1996 made by Debtor to Bank. and any extensions, renewals or substitutions, whether in a greater or lesser amount, including any letters of credit issued thereunder ("Formula Loans").
FORMULA LOANS. The credit which Bank may now or hereafter extend to Debtor subject to the limitations of this Agreement and to the conditions and limitations of any other agreement between Debtor and Bank is identified as follows: Working Capital Note for Debtor’s working capital needs in the original principal amount of US$6,500,000, or the Equivalent Amount in Canadian Dollars as evidenced by that Amended and Restated Master Revolving Note dated as of even date herewith (as amended, varied, supplemented, restated, renewed or replaced at any time and from time to time, the “Note”), and any extensions, renewals or substitutions thereof, whether in a greater or lesser amount, (“Formula Loans”).
FORMULA LOANS. “Formula Loans” means, collectively, loans, advances and other credit made or extended by Bank to or in favor of Borrower under or pursuant to and evidenced by the Master Revolving Note, subject to the terms and conditions of this Agreement, the Master Revolving Note, the Collateral Agreements and any other agreement(s) between Borrower and Bank or by Borrower for the benefit of Bank related thereto (as the same may be amended, modified, extended, renewed, restated, substituted and/or replaced from time to time, but excluding any environmental indemnity or guaranty, the “Loan Documents”).
FORMULA LOANS. “Formula Loans” means, collectively, loans (including Swing Line Loans), advances and other credit made or extended by Lenders to or in favor of Borrower under or pursuant to and evidenced by the Master Revolving Notes, subject to the terms and conditions of this Agreement, the Master Revolving Notes, the Collateral Agreements and any other agreement(s) among Borrower, Agent and Lenders or by Borrower for the benefit of Agent and Lenders related thereto (as the same may be amended, modified, extended, renewed, restated, substituted and/or replaced from time to time, but excluding any environmental indemnity or guaranty, the “Loan Documents”).
FORMULA LOANS. Subject to paragraph (b) below, the principal amount of Formula Loans outstanding shall accrue interest at a floating per annum rate equal to the greater of (i) 6.25% or (ii) 2.25% above the Prime Rate.
FORMULA LOANS. The credit which Bank may now or hereafter extend to Borrower subject to the limitations of this Agreement and to the conditions and limitations of any other agreement between Borrower and Bank is identified as follows: Revolving line of credit of up to $2,500,000, as evidenced in that certain Amended and Restated Revolving Credit Note of even date herewith in the amount of $2,500,000 executed by the Borrower and payable to the order of the Bank (as the same has been and may hereafter be amended, restated, increased, extended or otherwise modified ("the Note"), and any extensions, renewals or substitutions, whether in a greater or lesser amount, including any letters of credit issued thereunder ("Formula Loans"). The aggregate principal amount of the Formula Loans outstanding can never exceed the lesser of (a) $2,500,000, or (b) the sum resulting from the limited terms set forth in Paragraph 2 below. Reference is made to that certain First Amended and Restated Revolving Credit Loan Agreement dated as of December 4, 1996 executed between the Borrower and the Bank (as the same has been or may hereafter be amended, restated, or modified from time to time, the "Loan Agreement") for a statement of other terms and conditions of the Note. Capitalized terms not otherwise defined herein shall have the meanings assigned to such terms in the Loan Agreement.
