Common use of Line of Credit Loan Clause in Contracts

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 Note.

Line of Credit Loan. (a) 2.1.1. Subject to all terms set forth herein but only during the Commitment Period and upon the terms and conditions of this Agreement and for so long as no Event of Default has occurredexists, 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 Advance Expiration Date Borrowing Base (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 Loan"). Within the aforesaid limits, the Borrower may borrow, make payments, and 00/100 Dollars ($20,000,000.00) (reborrow under this Agreement, subject to the ‘‘Maximum Loan Amount’’)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" (bor in such other form as may be furnished by Bank from time to time) Subject to 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 conditions provisions of this AgreementAgreement have been met, principal may be advancedincluding, repaidwithout limitation, and re-advanced from time-to-time until August 1the absence of an Event of Default hereunder, 2007 (the ‘‘Advance Expiration Date’’), which date may be extended promptly make advances requested by a written agreement of Lender and Borrower. All amounts outstanding Borrower under the Line of Credit Loan. Each such Borrowing Base Certificate shall be due 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 principal amount of the Line of Credit Loan at any time exceeds the Borrowing Base as reflected on the Borrowing Base Certificate, the Borrower, upon Bank's request, shall immediately pay the Bank an amount equal to such excess as a payment on the principal amount of the Line of Credit Loan. Without limiting the foregoing, which provision may be enforced by Bank at any time and which provision, as well as the other provisions hereof, may not under any circumstance be waived or altered by a course of dealing or otherwise, insofar as Borrower may request and Bank may be willing in its sole and absolute discretion to make Overadvances, Bank shall enter such Overadvances as debits in the Loan Account. All Overadvances shall be payable on August 1demand and shall bear interest as provided in this Agreement for the Line of Credit Loan generally. Bank may in its sole discretion honor any request (or deemed request) for an advance even though an Overadvance Condition then exists, 2007 (or would exist with the ‘‘Maturity Date’’)making of such advance, and without regard to the existence of, and without waiving, any default or Event of Default. (c) Borrower may obtain advances 2.1.6. The annual borrowing for acquisitions in whole or in part relating to acquisitions of principal new companies or individual offices of such companies under the Line of Credit (‘‘Advances’’) from time Loan shall not exceed $5,000,000.00. Borrowings hereunder shall be effected by crediting the amount thereof to time upon the oral or written request to Lender regular checking account of Borrower maintained with the Bank or a Designated Representative of Borrowerwith another bank approved by the Bank. Any request Each borrowing over the annual borrowing amount for an Advance acquisitions shall require Bank's prior written approval, which approval 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 in Bank's sole 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 statementabsolute discretion. (d) Borrower hereby expressly authorizes Lender to rely on any request for an Advance made by any Designated Representative so long as 2.1.7. At Borrower's option, 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 principal amount of the Line of Credit Loan outstanding from time to time hereunder shall bear interest (i) at a rate per annum equal to the Base Rate minus 0.5%; or (ii) at a rate per annum which is two hundred twenty-five (225) basis points (one hundred [100] basis points equals one percent [1%]) plus the "LIBOR Rate" (the "Floating Rate"). "LIBOR Rate," as used herein, means a per annum rate of interest (rounded upwards, if necessary, to the nearest 1/16th of one percent) equal to the "London Interbank Offered Rate (LIBOR) for contracts with a maturity date of thirty (30) days, as quoted in the MONEY RATES section of The Wall Street Journal as effective for contracts entered into on the first day of the applicable interest period (expressed as a decimal). Interest shall be reflected in paid to Bank on the amount of the Line of Credit Loan outstanding and incorporated into a separate promissory note, which shall be payable monthly in arrears on the first day of each month beginning with October 1, 2001, and continuing on the same day of each month thereafter through and until such time as there remains no unpaid principal balance on the amounts advanced to the Borrower. Interest shall be calculated based on a 365-day year. If any portion of the Line of Credit Loan is converted to a Term Loan pursuant to Section 2.12 hereof, each such Term Loan shall bear interest as provided in Section 2.12. From and after the occurrence of an Event of Default, the principal amount of the Loan(s) outstanding from time to time shall upon election by the Bank, subject to the terms provisions of this Agreement. Interest on the Advances shall accrue as specified in following subsection, bear interest at the Note. Borrower hereby agrees to make payment on the Advances (principal and interest) as specified in the NoteDefault Rate.

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 Bank will make a revolving line of credit loan (‘‘“Line of Credit’’”) to Borrower. The Line of Credit shall not exceed Twenty Twenty-Five Million and 00/100 Dollars ($20,000,000.0025,000,000) (the ‘‘“Maximum Loan Amount’’”). (b) Subject to the terms and conditions of this Agreement, principal may be advanced, repaid, repaid and re-advanced readvanced from time-to-time until August 1March 25, 2007 2009 (the ‘‘“Advance Expiration Date’’”), which date may be extended by a written agreement of Lender Bank and Borrower. All 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 August 1the 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, 2007 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 Lender Bank 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 Bank shall render monthly statements of amounts owing by Borrower under this Agreement, including statements of all principal, interest, fees and Lender Bank Expenses owing, and such statement shall be presumed to be correct and accurate and constitute an account stated between Borrower and Lender Bank unless, within thirty (30) days after receipt thereof by Borrower, Borrower shall deliver to LenderBank, by registered or certified mail, at Lender's 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 Lender 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 Lender 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 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 Note.

Line of Credit Loan. (a) 2.1.1. Subject to all terms set forth herein and upon for so long as the terms bank has not demanded payment of the Loan and conditions of this Agreement and for so long as no Event of Default has occurredexists, 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 Advance Expiration Date lesser of (defined below)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, Lender will 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 a revolving line of credit loan (‘‘Line of Credit’’) payments, and reborrow under this Agreement, subject to Borrowerthe provisions hereof. 2.1.2. The Line obligation to repay the Loan shall be evidenced by a Note dated the date of Credit this Agreement payable to the order of the Bank and, subject to the notice provisions of Section 2.1.7, maturing ON DEMAND, and amounts due under the Note and otherwise under this Agreement and under the Loan Documents shall not exceed Twenty Million and 00/100 Dollars ($20,000,000.00) (be reflected in the ‘‘Maximum Loan Amount’’)Account. 2.1.3. Borrower shall submit a Borrower's Report in the form attached hereto as Exhibit "A" (bor in such other form as may be furnished by Bank from time to time) Subject to on the terms date of this Agreement and conditions at least monthly thereafter during the term of this Agreement, except that during such time as there is no outstanding principal may balance on the Loan, the report need be advanced, repaidsubmitted only on a quarterly basis. Each advance made under the Loan shall be effected by the presentation to Bank of said Borrower's Report and a Notice of Borrowing in accordance with Section 2.3 hereof, and re-advanced from time-to-time until August 1, 2007 (the ‘‘Advance Expiration Date’’), which date may be extended by a written agreement subject to availability 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 loan proceeds 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 compliance by 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 with the terms of this Agreement, and the absence of an Event of Default, Bank shall make such advance. 2.1.4. Interest on If the Advances outstanding principal amount of the Loan at any time exceeds the Aggregate Loan Values, Borrower shall accrue immediately pay Bank an amount equal to such excess as specified in the Note. Borrower hereby agrees to make a payment on the Advances (principal amount of the Loan. Without limiting the foregoing, which provision may be enforced by Bank at any time and interest) which provision, as specified well as the other provisions hereof, may not under any circumstance be waived or altered by a course of dealing or otherwise, insofar as Borrower may request and Bank may be willing in its sole and absolute discretion to make Overadvances, Bank shall enter such Overadvances as debits in the NoteLoan Account. All Overadvances shall be payable on demand, shall be secured by the Collateral and shall bear interest as provided in this Agreement for Base Rate Advances. Bank may in its sole discretion honor any request (or deemed request) for a Loan even though an Overadvance Condition then exists, or would exist with the making of such Loan, and without regard to the existence of, and without waiving, any default or Event of Default. 2.1.5. Each borrowing under the Loan shall be effected by crediting the amount thereof to the regular checking account of Borrower maintained with the Bank or with another bank approved by the Bank. 2.1.6. Borrower shall use the proceeds of the Loan for working capital needs, and for no other purpose. 2.1.7. Notwithstanding the other provisions of this Agreement, the obligation of Bank to make the loans hereunder shall cease and all remaining principal, interest and other charges and fees due with respect to the Loans and the Notes shall be immediately due and payable by Borrower at any time UPON DEMAND BY BANK, provided Bank shall be required to give to Borrower one hundred and eighty (180) days prior notice of said demand. Said demand shall be given in accordance with the provisions of Section 12.5 hereof regarding notices. The notice provisions of this Section 2.1.7 shall apply only in the case of a demand not accompanied by an Event of Default, it being understood that upon the occurrence of an Event of Default no such demand shall be required nor shall any notice be given in connection with acceleration or the exercise of Bank's rights and remedies hereunder except as expressly set forth in Section 10 hereof.