Loan; Use of Loan Proceeds. On the terms and subject to the conditions set forth in this agreement and the Loan Documents (as defined below), Lender shall provide to Borrower and Borrower shall accept from Lender a $7,500,000 revolving loan (the "Loan"). Borrower shall use the proceeds of the Loan to refinance Borrower's existing debt, to finance Borrower's new facility in Gaffney, South Carolina, for working capital, to pay the Fee (defined in ss.5, below), and to pay Lender's Costs (defined in ss.6, below).
Loan; Use of Loan Proceeds. On the terms and subject to the conditions set forth in this agreement, the Loan Commitment, and the Loan Documents (as defined below), Lender shall lend to Borrower on a revolving basis, in one or more loans, advances of funds, or other extensions of credit (each an "Advance") from time to time during the period beginning on the date of this agreement and ending on April 6, 2001 (the "Availability Period"), an amount up to, but not in excess of, $10,000,000.00 (the "Maximum Amount"); provided that the Bank shall not be obligated to make any Advance hereunder if immediately after giving effect to the requested Advance, the aggregate unpaid principal amount of all Advances outstanding would exceed the Maximum Amount. The aggregate unpaid principal amount of all Advances and interest thereon outstanding on April 6, 2001 (the "Termination Date"), shall be due and payable on the Termination Date. After the Termination Date, the Borrower shall not be entitled to receive and the Lender shall not be obligated to make or otherwise fund any Advance. Borrower shall use the proceeds of the Revolving Loan to finance working capital and other general corporate purposes.
Loan; Use of Loan Proceeds. On the terms and subject to the conditions set forth in this agreement, the Loan Commitment, and the Loan Documents (as defined below), Lender shall lend to Borrower on a revolving basis, in one or more loans, advances of funds, or other extensions of credit, including without limitation the face amount of any outstanding letters of credit issued by Lender on Borrower's behalf (each, an "Advance"), from time to time during the period beginning on the date of this agreement and ending on February 28, 1999 (the "Availability Period"), an amount up to, but not in excess of, the amount then available under the Borrowing Base (as defined below); provided that the Bank shall not be obligated to make any Advance hereunder if immediately after giving effect to the requested Advance, the aggregate unpaid principal amount of all Advances outstanding would exceed the amount then available under the Borrowing Base. The aggregate unpaid principal amount of all Advances outstanding on February 28, 1999 (the "Termination Date") shall be due and payable on the Termination Date. After the Termination Date, the Borrower shall not be entitled to receive and the Lender shall not be obligated to make or otherwise fund any Advance. Borrower shall use the proceeds of the Revolving Loan to finance temporary working capital and capital expenditures needs. For purposes of this agreement, the "Borrowing Base" as of any given date shall be the lesser of $3,000,000 or the sum of:
