Line of Credit Loans. Payments of principal and interest with respect to Line of Credit Loans shall be due and payable by Borrower to Bank on each Payment Date and subject to the provisions of Section 2.8 below, on the Maturity Date for the Line of Credit Commitment, unless sooner accelerated in accordance with the terms hereof.
Line of Credit Loans. Each Borrower shall pay interest on the unpaid principal amount of each Line of Credit Loan (other than any Fixed Rate Line of Credit Loan made with a Line of Credit Loan Issuance Discount) made to it and owing to each Line of Credit Lender from the applicable Line of Credit Loan Date until such principal amount shall be paid in full, at the following rates per annum:
Line of Credit Loans. The Line of Credit Loans shall be paid in equal monthly installments commencing on March 31 of the Line of Credit Loan Year immediately following such Line of Credit Loan Year and on the last day of each calendar quarter ending thereafter, in each case in an amount sufficient to fully amortize the principal balance thereof as of January 5 of the Line of Credit Loan Year immediately following such Line of Credit Loan Year over an eighty four (84) month amortization period that commences on January 1 of the Line of Credit Loan Year immediately following such Line of Credit Loan Year; it being further agreed that a final payment comprised of all principal and interest not sooner paid on the Line of Credit Loans, shall be due and payable on May 9, 2014, the final maturity thereof. Each principal payment on the Line of Credit Loans shall be applied to the Lenders holding the Line of Credit Loans pro rata based upon their Line of Credit Loan Percentages.
Line of Credit Loans. (A) Subject to the terms and conditions of this Agreement, Lender shall make Line of Credit Loans to Borrower from time to time prior to the Line of Credit Facility Expiration Date, as requested by Borrower in accordance with the terms of Section 2.2 hereof, up to a maximum principal amount at any time outstanding equal to the Line of Credit Maximum Availability. The Line of Credit Loans shall be evidenced by the Line of Credit Note. If the unpaid balance of the Line of Credit Loans should exceed the Line of Credit Maximum Availability or any other limitation set forth in this Agreement, such Line of Credit Loans shall nevertheless constitute Obligations that are secured by the Collateral and entitled to all benefits thereof. In no event shall Borrower be authorized to request a Line of Credit Loan at any time that there exists a Default or an Event of Default or at any time on or after the Line of Credit Facility Expiration Date. Nothwithstanding anything herein to the contrary, the sum of the aggregate outstanding principal balance of the Line of Credit Loans and the Revolving Credit Loans at any one time plus the aggregate stated amount of all Letters of Credit (other than Cash-Secured Letters of Credit) then outstanding may not exceed the sum of the Line of Credit Maximum Availability plus the Revolving Credit Maximum Availability as then in effect
(B) Insofar as Borrower may request and Lender may be willing in its sole and absolute discretion to make Line of Credit Loans to Borrower at a time when the unpaid balance of Line of Credit Loans exceeds, or would exceed with the making of such Line of Credit Loan, the Line of Credit Maximum Availability (any such Loan or Loans being herein referred to individually as a "Line of Credit Overadvance" and collectively as "Line of Credit Overadvances"), Lender shall enter such Line of Credit Overadvances as debits in the Loan Account. All Line of Credit Overadvances shall be repaid on demand and shall be evidenced by the Line of Credit Note.
(C) The Line of Credit Loans shall be used solely for Borrower's general corporate needs, for capital expenditures as outlined on Schedule 1.1, all to the extent not inconsistent with the provisions of this Agreement.
Line of Credit Loans. (a) Subject at all times to all of the terms and conditions of this Agreement, the Lenders hereby severally (and not jointly and severally) agree to extend to the Borrowers (jointly and severally) a secured line of credit loan facility, to December 31, 1997 (the "Line of Credit Termination Date"), in an aggregate principal amount not to exceed, at any time outstanding, Twelve Million ($12,000,000) Dollars (the "Line of Credit Commitment"). Such line of credit loans are herein sometimes referred to individually as a "Line of Credit Advance" and collectively as the "Line of Credit Advances". Subject at all times to all of the terms and conditions of this Agreement, to the Line of Credit Termination Date and within the limits of the Line of Credit Commitment, Fleet shall lend fifty-five (55%) percent and Mellon shall lend forty-five (45%) percent of the aggregate amount of each Line of Credit Advance and of all Line of Credit Advances, and the Borrowers (including, without limitation, any one or more of the now-existing Subsidiaries directly) shall jointly and severally, as to all Borrowers, borrow, prepay (without penalty, except as otherwise provided in the Line of Credit Notes) and reborrow under this Section 2.02. Each request for a Line of Credit Advance by the Lenders shall be made in writing by the Chairman, the President or the Chief Financial Officer of IGI or other authorized Person designated by IGI in writing, or by telephonic communication by such officer of IGI or other designated Person to the Lenders, which shall be confirmed by written notice to the Lenders to be delivered to the Lenders by the third Business Day next following the subject request, which notice shall be in substantially the form of the Borrowing Request Certificate annexed as Exhibit "J" to the Original Agreement.
(b) The Borrowers shall jointly and severally pay the Lenders interest on all Line of Credit Advances at the rate(s) per annum as in effect from time to time in accordance with the Line of Credit Notes. Such interest shall be payable monthly in arrears, and shall be computed on the daily unpaid balance of all Line of Credit Advances made under the Borrowers' revolving credit loan accounts with the Lenders, based on a three hundred sixty (360) day year, counting the actual number of days elapsed. In addition, the Borrowers shall jointly and severally pay to the Lenders, quarterly through the Line of Credit Termination Date, in arrears, a fee (the "Line of Credit Comm...
Line of Credit Loans. Subject to the provisions of Sections 2.5(c) or 2.12 hereof, during the period from the date made through and including the date of payment in full, each Line of Credit Loan shall bear interest on the outstanding principal amount thereof at a rate per annum equal to the Base Rate, on a floating basis."
Line of Credit Loans a. All Line of Credit Loans pursuant to this Agreement (other than Letters of Credit under subsection (f) below) shall be disbursed by Lender as credits to the operating account maintained by Borrower with Lender. Lender, within its discretion, is irrevocably authorized by Borrower to construe and interpret the presentation to Lender for payment of a check drawn on any deposit account maintained by Borrower with Lender, in an amount greater than the then available balance in such account, as a request by Borrower for a Line of Credit Loan bearing interest based on the Prime Rate on the date of such presentation for the account of Borrower, to the extent of the amount available at such date under the Borrowing Base.
b. Borrower by resolution, a certified copy of which is annexed to this Agreement as Schedule 3 and which may be amended and modified from time to time by Borrower upon written notice to Lender, shall appoint one or more agents and attorneys-in-fact ("Borrower's Agents") for the purpose of requesting Loans and otherwise dealing with Lender in all matters under or relating to this Agreement, the Supplemental Agreements, the Loans, and the Obligations. Borrower's Agents are authorized to act jointly and severally, and their authority may only be revoked by a writing delivered to Lender as provided in Section 8.2 of this Agreement. Lender is authorized to make Loans upon receipt of a written Notice of Borrowing executed by a Borrower's Agent and setting forth Borrower's disbursement instructions, together with a Borrowing Certificate also executed by a Borrower's Agent and certifying the amount of the Borrowing Base as of the date a Loan is requested. The Notice of Borrowing with Borrowing Certificate shall be in the form attached hereto as Exhibit D. The crediting of the proceeds of any Loan to the account of Borrower shall evidence the making of the Loan and constitute the acknowledgment of Borrower of receipt of such Loan proceeds. Lender shall have no liability for any action, error or mistake not involving Lender's own gross negligence or willful misconduct, based upon any request or instruction of a Borrower's Agent.
c. No Loan shall be made which, by itself or together with the principal balance then outstanding of prior Loans, would cause the total outstanding principal balance of the Line of Credit Loans to exceed the Borrowing Base described in Section 2.1(a) of this Agreement.
Line of Credit Loans. Borrower agrees to pay the outstanding principal of and accrued interest on the Line of Credit Loans on June 30, 2001, or, upon the occurrence of an Event of Default, at the time provided for in Section 7.2. In addition, Borrower agrees to make, on demand, such principal payments as are necessary so that the unpaid principal balance of the Line of Credit Loans does not at any time exceed the Borrowing Base. Without limiting the right of Lender to demand payment as provided herein, Borrower shall pay accrued interest on the first day of each month commencing the month following the date of this Agreement and continuing until all of the obligations under the Line of Credit Loans are paid in full.
Line of Credit Loans. Subject to the provisions of Section 2.8(b) hereof, during the period from the date made through and including the date of payment in full, each Line of Credit Loan shall bear interest on the outstanding principal amount thereof at a rate per annum equal to, at the election of the Borrower: (i) the Prime Rate, on a floating basis; or (ii) the LIBOR Rate (as determined for each available Interest Period) plus the Applicable LIBOR Rate Margin (as adjusted from time to time pursuant to the terms of this Agreement) for an available Interest Period as set forth under the definition of "Interest Period" herein.
Line of Credit Loans. Borrower shall repay the outstanding principal balance of the Line of Credit Loans, plus all accrued but unpaid interest thereon, upon the Maturity Date applicable to Line of Credit Loans or, if earlier, upon acceleration in accordance with Article 10. Borrower may prepay Line of Credit Loans at any time. Borrower shall not reborrow any Line of Credit Loans. Scheduled payments of interest accruing hereunder on the principal balance of the Line of Credit Loans shall be made by Borrower on June 30 and December 31 of each calendar year; provided, however, that such interest payments shall not commence until December 31, 1997.
