Line of Credit Loan Sample Clauses

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), Bank will make a revolving line of credit loan (“Line of Credit”) to Borrower. The Line of Credit shall not exceed Twenty-Five Million Dollars ($25,000,000) (the “Maximum Loan Amount”). (b) Subject to the terms and conditions of this Agreement, principal may be advanced, repaid and readvanced from time-to-time until March 25, 2009 (the “Advance Expiration Date”), which date may be extended by a written agreement of Bank and Borrower. The principal of each Advance shall be due and payable forty-five (45) days following the Disbursement Date (the °Repayment Date”); provided that all amounts outstanding under the Line of Credit shall be due and payable on the earliest to occur of: (i) the date on which the Borrower has received funding of Capital Calls totaling ninety percent (90%) of the Capital Commitments, or (ii) May 9, 2009 (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 Bank of 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. Bank shall render monthly statements of amounts owing by Borrower under this Agreement, including statements of all principal, interest, fees and Bank Expenses owing, and such statement shall be presumed to be correct and accurate and constitute an account stated between Borrower and Bank unless, within thirty (30) days after receipt thereof by Borrower, Borrower shall deliver to Bank, by registered or certified mail, at Bank’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 Bank to rely on any request for an Advance made by any Designated Representative so long as the proceeds of the Advance are deposited by Bank 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...

Line of Credit Loan. 2.1.1. Subject to all terms set forth herein but only during the Commitment Period and for so long as no Event of Default exists, Bank agrees, from time to time and on the terms hereinafter set forth, to loan to Borrower, when requested by Borrower, principal amounts aggregating up to the Borrowing Base ("Line of Credit Loan"). Within the aforesaid limits, the Borrower may borrow, make payments, and reborrow under this Agreement, subject to the provisions hereof. 2.1.2. The obligation to repay the Line of Credit Loan shall be evidenced by the Note, which shall mature upon the earlier to occur of an Event of Default or the expiration of the Commitment Period. Amounts due under the Note and otherwise under this Agreement and under the Loan Documents shall be reflected in the Loan Account. 2.1.3. Borrower shall submit a Borrowing Base Certificate in the form attached hereto as Exhibit "A" (or in such other form as may be furnished by Bank from time to time) on the date of this Agreement and at least monthly (or at Bank's request, weekly, if such reports are available and produced in such weekly time frames) thereafter during the term of this Agreement. Bank shall, if all the terms and provisions of this Agreement have been met, including, without limitation, the absence of an Event of Default hereunder, promptly make advances requested by Borrower under the Line of Credit Loan. Each such Borrowing Base Certificate shall be signed by an officer or employee of Borrower authorized by Borrower to execute such reports, whose name(s) shall be included in a certificate furnished to the Bank. 2.1.4. In addition, as an accommodation to Borrower, Bank may permit telephonic requests for loans and electronic transmittal of instructions, authorizations, agreements or reports to Bank by authorized officers of Borrower as may be designated by Borrower in writing from time to time. Unless Borrower specifically directs Bank in writing not to accept or act upon telephonic or electronic communications from Borrower, Bank shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of Bank's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to Bank telephonically or electronically and purporting to have been sent to Bank by Borrower and Bank shall have no duty to verify the origin of any such communication or the authority of the person sending it. 2.1.5. If the outstanding...

Line of Credit Loan. Line of Credit Loan" or "Line of Credit" shall mean the term loan as evidenced by this Agreement, the Line of Credit Loan Note and other related loan documents executed in connection with this Agreement and any and all replacements, amendments, extensions and renewals thereof and as further defined in Article II of this Agreement.

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 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. The Borrower may borrow and reborrow from time to time under the Revolving Line of Credit Loan a maximum principal amount equal to the then current Borrowing Base. Borrower shall furnish the Bank on or before the first day of each Borrowing Base Reporting Period with a Borrowing Base Certificate. The Borrowing Base reported on each such Borrowing Base Certificate shall remain in effect until the first day of the next Borrowing Base Period.

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), Bank will make a revolving line of credit loan (“Line of Credit”) to Borrower. The Line of Credit shall not exceed Twenty-Five Million Dollars ($25,000,000) (the “Maximum Loan Amount”). (b) Subject to the terms and conditions of this Agreement, principal may be advanced, repaid and readvanced from time-to-time until March 25, 2009 (the “Advance Expiration Date”), which date may be extended by a written agreement of Bank and Borrower. The principal of each Advance shall be due and payable forty-five (45) days following the Disbursement Date (the “Repayment Date”); provided that all amounts outstanding under the Line of Credit shall be due and payable on the earliest to occur of: (i) the date on which the Borrower has received funding of Capital Calls totaling ninety percent (90%) of the Capital Commitments, or (ii) May 9, 2009 (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 Bank of 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

Line of Credit Loan. Provided that no Event of Default exists and no Event of Default will be caused by any draw under the Loan, Lender agrees to loan to Borrower, from time to time up to the Note Amount (as described above), in increments determined at Lender's discretion and in accordance with the terms of the Sixth Amended and Restated Promissory Note of even date herewith made by Borrower in connection with the Loan and attached to this Agreement as EXHIBIT A. The Sixth Amended Note shall replace the Fifth Amended and Restated Promissory Note dated August 12, 2002 executed by Borrower in connection with the Original Loan Agreement. Notwithstanding anything to the contrary herein, Lender's obligation to make any advance to Borrower under the Loan shall automatically: (a) cease and terminate upon the maturity date stated in the Sixth Amended Note; and (b) suspend upon any earlier occurrence of an Event of Default unless and until waived by Lender in writing.

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.