Line of Credit Loan. The Bank hereby extends to the Borrower a revolving line of credit loan (the “Line of Credit Loan”) in the principal amount not to exceed $6,000,000.00 to be evidenced by a Promissory Note (Line of Credit) of even date herewith (“Maximum Amount”), and all renewals, amendments, extensions and restatements thereof, executed by Borrower (the “Line of Credit Note”).
Line of Credit Loan. (a) Subject to and upon the terms and conditions of this Agreement and so long as no Event of Default has occurred, up to the Advance Expiration Date (defined below), Lender will make a revolving line of credit loan (‘‘Line of Credit’’) to Borrower. The Line of Credit shall not exceed Twenty Million and 00/100 Dollars ($20,000,000.00) (the ‘‘Maximum Loan Amount’’).
(b) Subject to the terms and conditions of this Agreement, principal may be advanced, repaid, and re-advanced from time-to-time until August 1, 2007 (the ‘‘Advance Expiration Date’’), which date may be extended by a written agreement of Lender and Borrower. All amounts outstanding under the Line of Credit shall be due and payable on August 1, 2007 (the ‘‘Maturity Date’’).
(c) Borrower may obtain advances of principal under the Line of Credit (‘‘Advances’’) from time to time upon the oral or written request to Lender of Borrower or a Designated Representative of Borrower. Any request for an Advance shall be made at least one (1) Business Day prior to the requested date for such Advance, specifying the amount of the requested Advance. Lender shall render monthly statements of amounts owing by Borrower under this Agreement, including statements of all principal, interest, fees and Lender Expenses owing, and such statement shall be presumed to be correct and accurate and constitute an account stated between Borrower and Lender unless, within thirty (30) days after receipt thereof by Borrower, Borrower shall deliver to Lender, by registered or certified mail, at Lender's place of business indicated in Exhibit A, written objection thereto specifying the alleged error or errors contained in such statement.
(d) Borrower hereby expressly authorizes Lender to rely on any request for an Advance made by any Designated Representative so long as the proceeds of the Advance are deposited by Lender into Borrower’s Account identified on Exhibit A. Borrower agrees that it, solely, shall bear the risk that any such Advance was not so authorized. All Advances shall be conclusively presumed to have been made for the benefit of Borrower when said Advances are deposited into Borrower’s Account.
(e) The terms of the Line of Credit shall be reflected in and incorporated into a separate promissory note, which shall be subject to the terms of this Agreement. Interest on the Advances shall accrue as specified in the Note. Borrower hereby agrees to make payment on the Advances (principal and interest) as specified in the No...
Line of Credit Loan. (a) Line of Credit Loan. Subject to the terms and conditions of this Agreement until January 31, 2003, Lender hereby agrees to make one or more loans (each such advance a "Loan" and collectively the "Loans") to Borrower in an aggregate principal amount not to exceed Ten Million Dollars ($10,000,000) (the "Commitment"), the proceeds of which shall be funded directly into and held in the Sponsor Escrow Account pursuant to the Sponsor Escrow Agreement. Borrower's obligation to repay the Loans shall be evidenced by a promissory note substantially in the form of Exhibit A attached hereto (as same may be amended, renewed, assigned in whole or in part, collectively, the "Note"), all terms of which are incorporated herein by this reference. After the earlier of (i) Phase One Completion Date and (ii) January 31, 2003, Lender shall have no obligation to make any additional Loans to Borrower.
Line of Credit Loan. The term "Line of Credit Loan" shall mean the loan or extension of credit evidenced by the Line of Credit.
Line of Credit Loan. Subject to the terms and conditions hereinafter set forth, Lender agrees to make certain advances of funds to Borrower and Borrower agrees to receive from Lender certain advances of funds, known as a commercial revolving line of credit loan in the original principal amount of up to TWO MILLION FIVE HUNDRED THOUSAND and 00/100 DOLLARS ($2,500,000.00).
Line of Credit Loan. Subject to the terms and conditions contained herein, Lender will establish for Borrower a revolving line of credit (the “Loan”) against which Lender will make advances (“Advances”) in an amount that at any particular time shall not exceed the Maximum Amount set forth on Exhibit A (the “Maximum Amount”) during the period beginning on the Effective Date and ending on the Commitment Termination Date (as defined herein) (the “Commitment Period”).
Line of Credit Loan. (a) Tranche A Loans. Subject to the terms and conditions of this Agreement until January 31, 2003, each Lender hereby agrees severally and not jointly to make one or more loans (each such advance a "Tranche A Loan" and collectively the "Tranche A Loans") to Borrower in an aggregate principal amount not to exceed such Lender's Tranche A Commitment; provided, however, that the maximum aggregate principal amount of all Tranche A Loans outstanding shall not at any time exceed Ten Million Dollars ($10,000,000) (the "Aggregate Tranche A Commitment"). The proceeds of such Tranche A Loans shall be funded directly into and held in the Sponsor Escrow Account pursuant to the Sponsor Escrow Agreement. After the earlier of (i) Phase One Completion Date and (ii) January 31, 2003, the Lenders shall have no obligation to make any additional Tranche A Loans to Borrower.
Line of Credit Loan. The Loan shall be a Revolving Line of Credit (hereinafter referenced as the “Line of Credit”) in the maximum principal amount not to exceed TWENTY MILLION AND 00/100 U.S. DOLLARS (U.S.$20,000,000.00) (the “Maximum Loan Amount”) at any one time outstanding, to be used by Borrower for general working capital needs in such amounts and for Borrower’s general corporate purposes, including but not limited to acquisition of qualified properties and payment of dividends. This Line of Credit shall be evidenced by that certain REVOLVING LINE OF CREDIT PROMISSORY NOTE (VARIABLE RATE) dated of even date herewith in the principal amount equal to the Maximum Loan Amount made by Borrower to and in favor of Bank, including all extensions, renewals, modifications and substitutions thereof (hereinafter referenced as the “Note”) that shall mature on March 24, 2008 (hereinafter referenced as the “Maturity Date”), when the entire unpaid principal balance then outstanding plus all accrued and unpaid interest thereon shall be paid in full.
Line of Credit Loan. The Line of Credit Loan that is borrowed by Borrower shall pay the principal amount due the Lender in full 24 months from each funds draw down date that is paid to Borrower. Interest of 12% per annum on that portion of the unpaid principal balance attributable to each such borrowing shall accrue from the date of such borrowing payment date paid to Borrower by Lender. No interest shall accrue prior to the first borrowing under the Line of Credit Loan.
Line of Credit Loan. Subject to the terms and conditions hereof, the Bank may make advances under a line of credit loan (each such advance being referred to herein as a “Line of Credit Loan” and, collectively, the “Line of Credit Loans”) to the Borrower from time to time during the Line of Credit Availability Period in an aggregate principal amount at any one time outstanding which does not exceed the Line of Credit Amount.
