LOANS AND OTHER FINANCIAL ACCOMMODATIONS. (a) Subject to the terms and provisions of this Agreement, Lender hereby establishes a tranche-funded loan in Borrower's favor in an amount not to exceed the Credit Limit (as defined below). The amount of each tranche shall be determined by Lender from time to time hereafter. Lender may make such loans to Borrower, based upon such facts and circumstances existing at the time of the request, as from time to time Lender elects to make which are secured by Borrower's Inventory, Accounts and all other Collateral and the proceeds thereof. Without limiting the discretionary nature of Lender's decision to make loans hereunder, or the term or demand feature of any loans that Lender may make hereunder, Borrower agrees that the aggregate principal of all loans outstanding at any one time shall not exceed the Borrowing Base (as defined below).
(b) All loans made by Lender pursuant to this Section 5 shall bear interest and, at the option of Lender, shall be evidenced by and repayable in accordance with a note or notes drawn to the order of Lender substantially the form of Exhibit 1 hereto (individually or collectively the "Note"), as the same may hereafter be amended, supplemented or restated from time to time and any note or notes issued in substitution therefor, but in the absence of the Note shall be conclusively evidenced by Lender's records of loans and repayments and shall be payable immediately upon completion and consummation of an initial public offering and/or in accordance with their terms.
(c) The term "
LOANS AND OTHER FINANCIAL ACCOMMODATIONS. (a) From time to time upon Borrower's request, so long as the sum of the aggregate principal amount of all loans outstanding and the requested loan does not exceed the lesser of (i) the Borrowing Base (as defined below), or (ii) the Credit Limit (as defined below), Bank shall make such requested loan, provided that there has not occurred and is not continuing an Event of Default or an event which, with notice or the lapse of time or both, would constitute an Event of Default.
(b) All loans shall bear interest and at the option of the Bank shall be evidenced by and repayable in accordance with a revolving note drawn to the order of Bank substantially the form of Exhibit 1 hereto (the "Note"), as the same may hereafter be amended, supplemented or restated from time to time and any note or notes issued in substitution therefor, but in the absence of the Note shall be evidenced by Bank's records of loans and repayments as limited by Section 7.
LOANS AND OTHER FINANCIAL ACCOMMODATIONS. (a) From time to time upon Borrower’s request, so long as the sum of the aggregate principal amount of all loans outstanding and the requested loan (collectively, the “Loans”) does not exceed the Credit Limit (as defined below), Bank shall make such requested loan, provided that there is no continuing Event of Default or continuing event which, with notice or the lapse of time or both, would constitute an Event of Default (a “Default”).
(b) All Loans shall bear interest and shall be evidenced by and repayable in accordance with a Revolving Promissory Note drawn to the order of Bank and the LIBOR Rider thereto in substantially the form of Exhibit 1 hereto (the “Note”), as the same may hereafter be amended, supplemented or restated from time to time and any note or notes issued in substitution therefor, but in the absence of the Note shall be conclusively evidenced by Bank’s records of Loans and repayments. Interest, other than with respect to those Loans (if any) which bear interest calculated by reference to the LIBOR Rate (as defined below), will be charged to Borrower at a fluctuating per annum rate which is the daily equivalent of the Prime Rate minus one quarter of one percent (.25%), or at such other rate agreed on from time to time by the parties, upon any balance owing to Bank at the close of each day and shall be payable (i) on the first day of each month in arrears; (ii) on termination of this Agreement pursuant to Section 21 hereof; (iii) on acceleration of the
LOANS AND OTHER FINANCIAL ACCOMMODATIONS. Section 2.01 Subject to the terms and provisions of this Agreement, Bank has agreed to extend to Borrower a term loan, evidenced by a Term Note in the form of Exhibit 1 annexed hereto, in the original principal amount of One Million ($1,000,000.00) Dollars (the “Term Loan”). The Term Loan shall mature and bear interest as provided in the Term Note and shall otherwise be subject to the terms and conditions of the Term Note and this Agreement.
Section 2.02 Subject to the terms and provisions of this Agreement, Bank hereby establishes a discretionary revolving line of credit in Borrower’s favor in the amount of the Credit Limit, as determined by Bank from time to time hereafter. Bank may make such loans, advances and grant credit accommodations to Borrower, based upon such facts and circumstances existing at the time of the request, as from time to time Bank elects to make which are secured by Borrower’s Inventory, Accounts and all other Collateral and the proceeds thereof (the “Revolving Loan”). Without limiting the discretionary nature of Bank’s obligation to make Revolving Loans hereunder, or the demand feature of any Revolving Loans Bank does make hereunder, Borrower agrees that the aggregate unpaid principal of all Revolving Loans outstanding at any one time shall not exceed the Borrowing Base. In order to facilitate the borrowing procedures hereunder, MFIC and Microfluidics hereby appoint Microfluidics as such corporation’s duly authorized agent to request, receive and distribute loans hereunder and to communicate with Bank with respect hereto, and Microfluidics does hereby accept such appointment.
Section 2.03 All such Revolving Loans shall bear interest and at the option of Bank shall be evidenced by a Revolving Line of Credit Note(s) in the form of Exhibit 2 annexed hereto, but in all events shall be conclusively evidenced by the Bank’s record of disbursements and repayments and shall be payable ON DEMAND. Interest, net of those loans (if any) which bear interest calculated by reference to LIBOR (as defined below), will be charged to Borrower at a fluctuating rate which is the daily equivalent to a rate equal to the Prime Rate, or at such other rate agreed on from time to time by the parties, upon any balance owing to Bank at the close of each day and shall be payable on the first day of each month in arrears until the Bank makes demand. The rate of interest payable by Borrower shall be changed effective as of that date in which a change in the Prime...
LOANS AND OTHER FINANCIAL ACCOMMODATIONS. II.1 The Term Loan Facility. ----------------------
LOANS AND OTHER FINANCIAL ACCOMMODATIONS. (a) Subject to the terms and provisions of this Agreement, the Bank hereby establishes a discretionary revolving line of credit in Borrower’s favor in the amount of the Credit Limit (as defined below), as determined by Bank from time to time hereafter. Bank may make such loans to Borrower, based upon such facts and circumstances existing at the time of the request, as from time to time Bank elects to make which are secured by the Collateral and the proceeds thereof. Without limiting the discretionary nature of Bank’s decision to make loans hereunder, or the demand feature of any loans that Bank does make hereunder, Borrower agrees that the aggregate unpaid principal of all loans outstanding at any one time shall not exceed the Credit Limit (as defined below).
LOANS AND OTHER FINANCIAL ACCOMMODATIONS. 22 Section 2.1 Total Facility.......................................... 22 Section 2.2 Revolving Loans......................................... 23 Section 2.3 [Intentionally Omitted]................................. 23 Section 2.4 Letters of Credit....................................... 23 Section 2.5 Advance Requests........................................ 27 Section 2.6 Interest Election; Unavailability of LIBOR Loans......
LOANS AND OTHER FINANCIAL ACCOMMODATIONS. (a) As used in this Agreement, the following terms shall have the following meanings:
LOANS AND OTHER FINANCIAL ACCOMMODATIONS. 26 2.1 The A Term Loan Facility...................................................................... 26 (a) Amount of A Term Loan................................................................ 26 (b) Substitute A Term Note............................................................... 26 2.2 The B Term Loan Facility...................................................................... 26 (a) Amount of B Term Loan................................................................ 26 (b) B Term Note.......................................................................... 27 (c) B Term Loan Fee...................................................................... 27 2.3 The Canadian Term Loan Facility............................................................... 27 (a) Amount of Canadian Term Loan......................................................... 27 (b) Canadian Term Note................................................................... 27 2.4
LOANS AND OTHER FINANCIAL ACCOMMODATIONS. 2.1 The A Term Loan Facility. ------------------------
(a) Amount of A Term Loan. Subject to the terms and conditions --------------------- of this Agreement and in reliance upon the representations and warranties of the Borrowers herein set forth, the Lender hereby agrees to continue the Term Loan (as defined in the Original Agreement) (defined herein as the "A Term Loan") in an amount equal to $7,296,956 ----------- and on the other terms and conditions set forth in this Agreement and the other Loan Documents. The amount of any voluntary reductions of the outstanding A Term Loan as described in Section 2.6(a) may be -------------- reborrowed by the U.S. Borrowers, subject to the satisfaction of the other terms and conditions hereof, provided that at no time will the Lender be obligated to make any A Term Loan if after giving effect to such Loan, the aggregate outstanding amount of the A Term Loan shall exceed the Available A Term Loan Amount at such time; and provided, further, that at any time the A Term Loan has been repaid in full, no further amounts may be reborrowed under the A Term Loan Facility. As of the Effective Date, Term Loans (as such term is defined in the Original Agreement) outstanding under the Original Agreement shall be deemed to be A Term Loans outstanding under this Agreement.
