Loan Limit. Each Lender, severally and not jointly, agrees to make its Pro Rata Share of such Loans as Borrower shall request from time to time from the date hereof, subject to the terms and conditions set forth in this Agreement, up to the sum of the following sublimits (the "Loan Limit"):
a. Up to eighty-five percent (85%) of the face amount (less maximum discounts, credits and allowances which may be taken by or granted to Account Debtors in connection therewith) of Borrower's Eligible Accounts; plus
b. Up to sixty-five percent (65%) of the lower of the cost or market value of Borrower's Eligible Inventory consisting solely of finished goods (other than finished goods which are in transit); plus
c. Up to fifty percent (50%) of the lower of the cost or market value of Borrower's Eligible Inventory consisting solely of finished goods or finished components of goods which are in transit or Five Hundred Thousand Dollars ($500,000), whichever is less; plus
d. Up to fifty percent (50%), of the lower of the costs or market value of Borrower's Eligible Inventory consisting solely of raw materials less than one (1) year old; plus
e. Up to forty percent (40%) of the lower of the cost or market value of Borrower's Eligible Inventory consisting solely of work-in-process or Two Million Dollars ($2,000,000), whichever is less; plus
f. Subject to Paragraph (2) of this Exhibit A, up to fifty percent (50%) against the face amount of commercial Letters of Credit issued by Issuing Bank for the purpose of purchasing Inventory, provided that such commercial Letters of Credit are in form and substance satisfactory to Collateral Agent; plus
g. Subject to Paragraphs (3)(a) and (3)(c) hereof, up to Four Million One Hundred Sixty-Six Thousand Six Hundred Sixty-Six and 70/100 Dollars ($4,166,666.70) with respect to Borrower's Equipment; plus
h. Subject to Paragraphs (3)(b) and (3)(d) hereof, up to Two Million Five Hundred Thousand Dollars ($2,500,000) with respect to Borrower's real property located at 000 Xxxxxx Xxxxxx, Tarboro, North Carolina; plus
i. Subject to Paragraph (3)(f) hereof, up to Nine Million Dollars ($9,000,000) as a special accommodation; minus
j. Such reserves as Collateral Agent elects, in its reasonable discretion, to establish from time to time, including, without limitation, a reserve to pay royalties or other licensee fees with respect to patents, trademarks and copyrights licensed by Borrower in connection with the production or sale of Inventory, in the event that Co...
Loan Limit. 7.1. Upon repayment of your outstanding loans, you will be subject to a credit review. NCBA reserves the right to assign you a new loan limit at its sole discretion. Should you be assigned a new loan limit, this limit shall remain subject to review and variation from time to time as we may determine. We shall notify you of any variation to the limit.
7.2. Should you go beyond the repayment period your loan limits will be suspended after 90 days and a record of this default will be created on CRB.
Loan Limit. On the date of and after giving effect to any Loan to be made on such date, the Aggregate Revolving Credit Exposure shall not exceed the Loan Limit.
Loan Limit. The Borrower may not Utilise any amount of the Facility exceeding $120,000,000 without the prior written consent of the Agent (acting on the instructions of all the Lenders).
Loan Limit. The maximum outstanding borrowings under the Loan shall not at any time exceed the Loan Limit.
Loan Limit. Subject to the terms and conditions of the Agreement and the Other Agreements, Bank shall, absent the occurrence of an Event of Default, advance an amount up to the sum of the following sublimits (the "Loan Limit"):
(a) Up to eighty-five percent (85%) of the face amount (less maximum discounts, credits and allowances which may be taken by or granted to Account Debtors in connection therewith) of Borrower's Eligible Accounts; plus
(b) Up to seventy percent (70%) of the lower of the cost or market value of Borrower's Eligible Inventory; minus
(c) Such reserves as Bank elects, in its sole discretion, to establish from time to time; provided, that (i) the aggregate amount of advances made pursuant to subparagraphs (a) and (b) above shall in no event exceed Five Million and No/100 Dollars ($5,000,000)
Loan Limit. The aggregate loan limit shall be Four Million two hundred fifty thousand and No/100s Dollars ($4,250,000.00) (the “Loan Limit”). The Loan Limit is inclusive of the amount the Trust will pay to the Bank in respect of the Assignment, but shall be exclusive of any accrued but unpaid interest hereunder. Provision A. 3 of the Twelfth Amendment is deleted in its entirety and the following is substituted in its place:
Loan Limit. 1. The loan limit referred to in this Contract is the maximum outstanding loan balance approved to be granted to Party A by Party B and permitted to be used by Party A within the period agreed herein.
2. Loan limit Within the loan term agreed herein, the loan limit shall be RMB yuan (amount in words: ), which may be applied by Party A for one or more times; Party B is entitled to grant the loan to Party A in one or more installments based on Party A’s application and conditions of the loan. The loan will be used for .
3. Period of issuance of the loan:
Loan Limit. 1.75 times Item 1 during the period from the Closing Date through November 30, 2005 1.50 times Item 1 during the period from December 1, 2005 through November 30, 2006 1.00 times Item 1 during the period from December 1, 2006 through the Maturity Date $ Xxxxx Fargo Foothill, Inc., as Agent under the below referenced Credit Agreement 0000 Xxxxxxxx Xxxxxx Xxxxx 0000 Xxxx Xxxxx Xxxxxx, Xxxxxxxxxx 00000 Ladies and Gentlemen: Reference is made to that certain Credit Agreement, dated as of October 4, 2005 (the “Credit Agreement”), by and among SUMTOTAL SYSTEMS, INC., a Delaware corporation (the “Borrower”), the lenders from time to time party thereto (such lenders, together with their permitted assigns, are referred to hereinafter each individually as a “Lender” and collectively as the “Lenders”), and XXXXX FARGO FOOTHILL, INC., as the arranger and administrative agent for the Lenders (the “Agent”). Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement. This LIBOR Notice represents Borrower’s request to elect the LIBOR Option with respect to [all or a portion of [outstanding Advances] [and] [or the Term Loan] bearing interest at a rate determined by reference to the Base Rate] [the continuation of an outstanding LIBOR Rate Loan] in the amount of $ (the “LIBOR Rate Advance”)[, and is a written confirmation of the telephonic notice of such election given to Agent]. The LIBOR Rate Advance will have an Interest Period of [1] [2] [3] [6] month[s] commencing on . This LIBOR Notice further confirms Borrower’s acceptance, for purposes of determining the rate of interest based on the LIBOR Rate under the Credit Agreement, of the LIBOR Rate as determined pursuant to the Credit Agreement. Borrower represents and warrants that (i) as of the date hereof, each representation or warranty contained in or pursuant to any Loan Document or any agreement, instrument, certificate, document or other writing furnished at any time under or in connection with any Loan Document, and as of the effective date of any advance, continuation or conversion requested above, is true and correct in all material respects (except to the extent any representation or warranty expressly related to an earlier date), (ii) each of the covenants and agreements contained in any Loan Document have been performed (to the extent required to be performed on or before the date hereof or each such effective date), and (iii) no Default or Ev...
