Line of Credit and Use of Proceeds Sample Clauses

Line of Credit and Use of Proceeds. The Credit Agreement is hereby ---------------------------------- amended by deleting Section 1 in its entirety and replacing it with the following:
Sample 1Sample 2
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Line of Credit and Use of Proceeds. The first credit facility is ---------------------------------- a committed revolving line of credit under which Borrower may request and Bank, subject to the terms and conditions of this letter, will make advances to the Borrower from time to time until the Expiration Date ("Line of Credit"). The aggregated principal amount of unpaid advances (including unreimbursed draws on Letters of Credit and outstanding and undrawn Letters of Credit) under the Line of Credit shall not, at any time, exceed Ten Million Dollars ($10,000,000). The "Expiration Date" means September 30, 2000, or such later date as may be designated by Bank by written notice to Borrower. Advances may be used for working capital or other general business purposes of the Borrower.
Sample 1
Line of Credit and Use of Proceeds. The first credit facility covered by this Letter Agreement is a committed revolving line of credit under which Borrower may request and the Bank, subject to the terms and conditions of this Letter Agreement, will make advances to Borrower from time to time until the Expiration Date, in an amount in the aggregate at any time outstanding not to exceed the Applicable Credit Limit (the "Line of Credit"). The "Expiration Date" means June 30, 2004 or such later date as may be designated by the Bank by written notice to Borrower. "Applicable Credit Limit" means $2,000,000. Advances under the Line of Credit shall be used for working capital and other general corporate purposes. On the date hereof, and without the necessity of any further action by any party, $2,000,000 of the Existing Principal Amount shall be deemed to be advances outstanding under the Line of Credit. The "Existing Principal Amount" means the principal amount outstanding on the date hereof under the Existing Line of Credit and the Existing Term Loan.
Sample 1
Line of Credit and Use of Proceeds. The first credit facility is a committed revolving line of credit under which the Borrower may request and the Bank, subject to the terms and conditions of this letter, will make advances to the Borrower from time to time until the Expiration Date, in an amount in the aggregate at any time outstanding not to exceed $4,000,000.00 (the "Line of Credit"). The "Expiration Date" means April 1, 1998, or such later date as may be designated by the Bank by written notice to the Borrower. Advances may be used for working capital or other general business purposes of the Borrower.
Sample 1
Line of Credit and Use of Proceeds. The first credit facility is ---------------------------------- a committed revolving line of credit under which Borrower may request and Bank, subject to the terms and conditions of this letter, will make advances to Borrower from time to time until the Expiration Date ("Line of Credit"). The aggregate principal amount of unpaid advances (including unreimbursed draws on Letters of Credit) shall not, at any time, exceed Twenty Million Dollars ($20,000,000). The "Expiration Date" means September 30, 2001, or such later date as may be designated by Bank by written notice to Borrower. Advances may be used for working capital or other general business purposed of Borrower. Notwithstanding anything in the Credit Agreement to the contrary, in no event may the face amount of all issued and outstanding Letters of Credit, plus the amount of all drawn but unreimbursed Letters of Credit, exceed at any time Four Million Dollars ($4,000,000)
Sample 1

Related to Line of Credit and Use of Proceeds

  • Use of Proceeds and Letters of Credit The proceeds of the Loans will be used only for general corporate purposes, including, without limitation, refinance of existing debt, working capital, capital expenditures, and acquisitions. No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X. Letters of Credit will be issued only to support general corporate purposes, including, without limitation, refinance of existing debt, working capital, and capital expenditures.

  • Use of Proceeds; Letters of Credit The Borrower will not permit the proceeds of any Advance or Letters of Credit to be used for any purpose other than those permitted by Section 5.09. The Borrower will not engage in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U). Neither the Borrower nor any Person acting on behalf of the Borrower has taken or shall take, nor permit any of the Borrower’s Subsidiaries to take any action which might cause any of the Loan Documents to violate Regulation T, U or X or any other regulation of the Board of Governors of the Federal Reserve System or to violate Section 7 of the Securities Exchange Act of 1934 or any rule or regulation thereunder, in each case as now in effect or as the same may hereinafter be in effect, including without limitation, the use of the proceeds of any Advance or Letters of Credit to purchase or carry any margin stock in violation of Regulation T, U or X.

  • Use of Proceeds of Loans The Company shall use the proceeds of Loans for general lawful corporate purposes, including, without limitation financing working capital and capital expenditures, lending to its Subsidiaries and acquiring other Persons or businesses so long as the acquisition is approved by the board of directors of the Person being acquired.

  • Revolving Credit and Swing Loan Facilities 2.1 Revolving Credit Commitments.

  • Disbursement of Revolving Credit and Swingline Loans Not later than 2:00 p.m. on the proposed borrowing date, (i) each Revolving Credit Lender will make available to the Administrative Agent, for the account of the Borrower, at the office of the Administrative Agent in funds immediately available to the Administrative Agent, such Revolving Credit Lender’s Revolving Credit Commitment Percentage of the Revolving Credit Loans to be made on such borrowing date and (ii) the Swingline Lender will make available to the Administrative Agent, for the account of the Borrower, at the office of the Administrative Agent in funds immediately available to the Administrative Agent, the Swingline Loans to be made on such borrowing date. The Borrower hereby irrevocably authorizes the Administrative Agent to disburse the proceeds of each borrowing requested pursuant to this Section in immediately available funds by crediting or wiring such proceeds to the deposit account of the Borrower identified in the most recent notice substantially in the form attached as Exhibit C (a “Notice of Account Designation”) delivered by the Borrower to the Administrative Agent or as may be otherwise agreed upon by the Borrower and the Administrative Agent from time to time. Subject to Section 5.7 hereof, the Administrative Agent shall not be obligated to disburse the portion of the proceeds of any Revolving Credit Loan requested pursuant to this Section to the extent that any Revolving Credit Lender has not made available to the Administrative Agent its Revolving Credit Commitment Percentage of such Loan. Revolving Credit Loans to be made for the purpose of refunding Swingline Loans shall be made by the Revolving Credit Lenders as provided in Section 2.2(b).

  • Use of Loan Proceeds The Borrower shall use the credit extended under this Agreement solely for the purposes set forth in, or otherwise permitted by, Section 6.4 hereof.

  • Line of Credit Note Xxxxxxxx's obligation to repay advances under the Line of Credit shall be evidenced by a promissory note substantially in the form of Exhibit A attached hereto ("Line of Credit Note"), all terms of which are incorporated herein by this reference.

  • Failure to Make Letter of Credit Advances The failure of any Lender to make the Letter of Credit Advance to be made by it on the date specified in Section 2.03(c) shall not relieve any other Lender of its obligation hereunder to make its Letter of Credit Advance on such date, but no Lender shall be responsible for the failure of any other Lender to make the Letter of Credit Advance to be made by such other Lender on such date.

  • Request for Incurrence of Letter of Credit Obligations Borrower shall give Agent at least 2 Business Days' prior written notice requesting the incurrence of any Letter of Credit Obligation. The notice shall be accompanied by the form of the Letter of Credit (which shall be acceptable to the L/C Issuer) and a completed Application for Standby Letter of Credit or Application and Documentary Letter of Credit or Application for Documentary Letter of Credit (as applicable). Notwithstanding anything contained herein to the contrary, Letter of Credit applications by Borrower and approvals by Agent and the L/C Issuer may be made and transmitted pursuant to electronic codes and security measures mutually agreed upon and established by and among Borrower, Agent and the L/C Issuer.

  • MODIFICATION OF CREDIT AGREEMENT The Credit Agreement is hereby amended as follows:

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