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”).
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. 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. 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. From time to time, during the period from the date all conditions precedent set forth in Article VI of this Agreement are satisfied in full until the Line of Credit Loan Termination Date, in the manner hereinafter set forth, the Borrowers may borrow, repay and reborrow from the Bank and, upon request of both Borrowers and upon the terms and conditions contained herein, the Bank shall lend and relend to the Borrowers a sum or sums or, subject to the limitations set forth below, issue Letters of Credit (the "Advances") which, when added to the outstanding principal amount of the Advances theretofore made pursuant to the Line of Credit Loan, will not exceed in the aggregate, at any time, the lesser of: (i) the Line of Credit Loan Maximum; or (ii) the Borrowing Base. The proceeds of each Advance under the Line of Credit Loan shall only be used for general working capital purposes of the Borrowers. In addition, upon request of both Borrowers to the Bank, the Borrowers may request Advances, within the limits set forth above, in the form of Letters of Credit; provided, however, that: (x) Borrowers shall not be permitted to request Letters of Credit if the aggregate undrawn amount of Letters of Credit outstanding shall exceed Three Hundred Thousand ($300,000) Dollars and (y) such letters of credit must be applied for and issued in accordance with the Bank's standard terms and conditions. The Bank shall not be obligated to make any Advances unless all of the conditions set forth in Article VI are satisfied in full, as of the date of each Advance.
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. 2.1.1. Subject to all terms set forth herein and for so long as the bank has not demanded payment of the Loan 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 lesser of (i) $6,500,000 or (ii) the Aggregate Loan Values as determined by the Bank from the periodic reports submitted by Borrower to the Bank. Notwithstanding any other provision hereof, the Loan Value of Inventory shall not at any time exceed the sum of $1,500,000. Within the aforesaid limits, the Borrower may borrow, make payments, and reborrow under this Agreement, subject to the provisions hereof.
Line of Credit Loan. Provided that no Event of Default exists and no Event of Default will be caused by any draw under the Line of Credit Loan (as defined below), Lender agrees to loan to Borrower, from time to time upon not less than thirty (30) days written notice to Lender, up to the principal amount of $6,000,000 (the "Line of Credit Loan"), in increments of not less than $500,000 in accordance with the terms of the Line of Credit Note. Lender's obligation to make any advance to Borrower under the Line of Credit Loan and the Line of Credit Note shall automatically: (a) cease and terminate upon the maturity date stated in the Line of Credit 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 of this Agreement, the Bank shall make available and/or extend to the Borrower, commencing on the date that the Bank and Obligors execute and deliver to Bank all of the documents and instruments required by the terms of this Agreement and the closing of transactions contemplated by this Agreement on the Closing Date, a revolving Line of Credit Facility (the "Line of Credit") in the maximum aggregate principal amount of One Million and No/100 Dollars ($1,000,000.00) (the "Line of Credit Commitment"), upon the terms and conditions and in reliance upon the representations and warranties of the Obligors as set forth in this Agreement. Line of Credit Note. The Obligations of the Borrower to repay the aggregate outstanding principal under the Line of Credit and to pay accrued interest thereon together with all renewals, extensions, amendments, modifications, and restatements shall be evidenced by that certain Line of Credit Note, in form and substance satisfactory to the Bank, to be executed and delivered to the Bank concurrently with the execution and delivery of this Agreement (the "Line of Credit Note"). Advances Under the Line of Credit. At any time and from time to time during the period commencing on the Closing Date and ending on the Line of Credit Maturity Date, upon the request of the Borrower, the Bank shall provide to the Borrower a loan or loans (each an "Advance"), which shall be used by the Borrower for working capital. The Borrower may use the Line of Credit during the period referred to in the preceding sentence by borrowing, repaying and reborrowing in accordance with the terms of this Agreement; provided, however, that the aggregate outstanding principal under the Line of Credit at any time shall not exceed the Line of Credit Commitment.
