GENERAL LENDING TERMS. The following are the general terms of the loans to be made under this Agreement:
1.1 A revolving line of credit (the "REVOLVING LOANS") up to the lesser of the Revolving Advance Limit or the Borrowing Base. The "Borrowing Base" is initially (a) 85% of the aggregate outstanding amount of Eligible Accounts; PLUS (b) the lesser of (i) 55% of the cost of Eligible Inventory, (ii) 85% of the NOLV of Eligible Inventory, or (iii) $4,000,000; MINUS
GENERAL LENDING TERMS. The following are the general terms of the loans to be made under this Agreement:
(a) A revolving line of credit for each Borrower (the "Revolving Loans") up to the lesser of the sum the respective Borrower's "Borrowing Base" (defined below) or $11,000,000 for McInxxx xxx $1,714,330 for Erie (the "Revolving Advance Limits"), with Revolving Loans based on Eligible Inventory not to exceed $5,600,000 for McInxxx xxx $400,000 for Erie; provided that in the aggregate for all Borrower's, Revolving Loans based upon Eligible Inventory shall not exceed $6,000,000 and aggregate Revolving Loans against Eligible Inventory which is work in process shall not exceed $2,250,000 in the aggregate or $70,000 for Erie and $2,180,000 for McInxxx. Xxe "Borrowing Base" for each Borrower is initially 85% of the aggregate outstanding amount of such Borrower's Eligible Accounts plus 65% of the aggregate value of raw materials which are Eligible Inventory, plus 65% of the aggregate value of finished goods which are Eligible Inventory plus the Applicable WIP Rate times the aggregate value of work in process which is Eligible Inventory. The advance rate against Eligible Accounts for each Borrower will reduce by one percentage point for each percentage point (or fraction thereof) that Dilution exceeds 5% for that Borrower. Revolving Loans will be advanced to each individual Borrower subject to the forgoing formula.
(b) A $10,688,040 term loan to McInxxx xxx a $1,597,680 term loan to Erie (collectively, the "Term Loans").
(c) Subject to Section 3.8 below, the applicable interest rate (prior to an Event of Default) on all Revolving Loans is three-quarters of one percent (0.75%) per annum in excess of the Prime Rate and on all other Loans, one and one-quarter percent (1.25%) per annum in excess of the Prime Rate (the forgoing interest rates are referred to as the "Base Rates" or a "Base Rate", as applicable). All interest shall be payable monthly in arrears on the first day of each month.
(d) All Loans are guaranteed by each Borrower, are subject to Validity Certificates executed by Georxx X. Xxxxx xxx Timoxxx X. Xxxxxx (xxe "Validity Certificators") and the Guaranty of Centrum Industries, Inc., Eballoy Glass Products Company, McInxxx Xxxvices, Inc. and McInxxx International, Inc. (the "Guarantors").
(e) Unless renewed as provided in Section 3.2 below and absent prior termination under the terms of this Agreement, this Agreement expires on June 30, 2002 (the "Initial Term").
(f) Borrowers...
GENERAL LENDING TERMS. 7.1. The Lender is obliged to:
7.1.1. give the Customer the pre-contractual and contractual information regarding the requested Loan in accordance with the Applicable laws;
7.1.2. once any Single Loan Agreement is concluded, to disburse the Loan to the Customer in the amount and time, and via the preferred channels as requested by the Customer, except in cases described in the General Terms & Conditions and herein;
7.1.2.1. when concluding any Single Loan Agreement for purchase of services and/or goods to disburse the approved Loan to the bank account of the Credit Intermediary. The execution of the payment to the Credit Intermediary’s account constitutes the fulfilment of the Lender’s obligation to provide the Customer with the Loan;
7.1.2.2. when the Single Loan Agreement is for repaying an existing monetary obligation of the Customer to the Lender or another lender(s), to disburse the amounts to the Lender or the other lender, in which case the date of disbursement of the loan is the date of signing of the Single Loan Agreement. In case the amount of the loan under the Single Loan Agreement is larger than the amount of the Customer’s obligations to the Lender or the other lender(s), the remaining amount of the loan, granted under the Single Loan Agreement, will be disbursed by any available method chosen by the Customer.
7.1.3. timely and accurately register the repaid loan instalments by the Customer and, if requested by the Customer, to provide full and accurate information for the performed and registered repayments until the day of the request.
7.2. The Lender has the right to:
7.2.1. ask for full repayment of all outstanding obligations of the Customer according to the Agreement;
7.2.2. By Xxxxxx´s own discretion distribute the amount paid by the Customer to their Account, by choosing which Agreement to apply the payment first in case of parallel active Single Loan Agreements or to choose which of the Customer’s obligation to repay first in case of insufficient funds, unless the Customer has given specific instructions;
7.2.3. ask from the Customer for any necessary documents, i.e. copies of documents for approval of Single Loan Agreements;
7.2.4. by Xxxxxx´s own discretion to maintain, including via third parties, any correspondence with the Customer, to conduct telephone conversations with the Customer, to send electronic messages and letters in case the Customer does not meet any of the obligations arising from the Agreement and in this manner t...
GENERAL LENDING TERMS. The following are the general terms of the Loans to be made under this Agreement:
1.1 A revolving line of credit (the "Line of Credit") on the terms of Section 3.1.
1.2 A term loan (the "Term Loan") on the terms of Section 3.2.
1.3 Subject to Section 3.3 below, all Loans will bear interest at the Base Rate.
1.4 All Loans are guaranteed by American BioCare, Inc., a Nevada corporation (the “Guarantor”).
1.5 On the Closing Date, Borrowers will pay Lender a non-refundable, fully earned fee of $19,000 (the "Closing Fee").
