Nature and Duration of Loan. The Loan shall be a reducing revolving loan payable in full upon the date and upon the terms and conditions provided in the Promissory Note. Lender and Borrowers intend the Loan to be in the nature of a line of credit under which Borrowers may repeatedly draw funds on a revolving basis in accordance with the terms and conditions of this Loan Agreement and the Promissory Note. The right of Borrowers to draw funds and the obligation of Lender to advance funds shall not accrue until all of the conditions set forth in Article 4 CONDITIONS TO LOAN DISBURSEMENTS have been fully satisfied, and shall terminate: (a) upon occurrence of an Event of Default or (b)upon maturity of the Promissory Note, unless the Promissory Note is renewed or extended by Lender, in which case such termination shall occur upon the maturity of the final renewal or extension of the Promissory Note. Upon such termination, any and all amounts owing to Lender pursuant to the Promissory Note and this Loan Agreement shall thereupon be due and payable in full.
Nature and Duration of Loan. The Loan shall be a revolving loan payable in full upon the date and upon the terms and conditions provided in this Loan and Security Agreement. Lender and Borrower intend the Loan to be in the nature of a line of credit under which Borrower may repeatedly draw funds on a revolving basis in accordance with the terms and conditions of this Loan and Security Agreement. The right of Borrower to draw funds and the obligation of Lender to advance funds shall not accrue until all of the conditions set forth in Section 6 Conditions to Loan Disbursements have been fully satisfied, and shall terminate: (a) upon occurrence of an Event of Default or (b) upon the expiration of the final Loan Commitment Period.
Nature and Duration of Loan. The Loan shall be a revolving loan payable in full upon the date and upon the terms and conditions provided in the Promissory Note. Lender and Borrower intend the Loan to be in the nature of a line of credit under which Borrower may repeatedly draw funds on a revolving basis in accordance with the terms and conditions of this Loan Agreement and the Promissory Note. The right of Borrower to draw funds and the obligation of Lender to advance funds shall not accrue until all of the conditions set forth in Section 4 Conditions to Loan Disbursements have been fully satisfied, and shall terminate: (i) upon occurrence of an Event of Default or (ii) upon maturity of the Promissory Note, unless the Promissory Note is renewed or extended by Lender in which case such termination shall occur upon the maturity of the final renewal or extension of the Promissory Note. Upon such termination, any and all amounts owing to Lender pursuant to the Promissory Note and this Loan Agreement shall thereupon be due and payable in full.
Nature and Duration of Loan. The Loan shall be a term loan payable in full upon the date and upon the terms and conditions provided in the Promissory Note.
Nature and Duration of Loan. The Loan shall be a reducing revolving loan payable in full upon the dates and upon the terms and conditions provided in the Promissory Note. Lender and Borrower intend the Loan to be in the nature of a line of credit under which Borrower may repeatedly draw and repay funds on a revolving basis in accordance with the terms and conditions of this Loan Agreement and the Promissory Note. The right of Borrower to draw funds and the obligation of Lender to advance funds shall not accrue until all of the conditions set forth in Section 4 Conditions to Loan Disbursements have been fully satisfied, and shall terminate: (i) upon occurrence of an Event of Default or (ii) upon maturity of the Promissory Note, unless the Promissory Note is renewed or extended by Lender in which case such termination shall occur upon the maturity of the final renewal or extension of the Promissory Note. Upon such termination, any and all amounts owing to Lender pursuant to the Promissory Note shall thereupon be due and payable in full. Upon request of Borrower, commercial or standby letters of credit for the account of Borrower may be issued against the Promissory Note, provided that the aggregate face amount of all such letters of credit which are outstanding or payable may not exceed fifteen million dollars ($15,000,00.00) at any time. The terms, conditions, and maturity of any such letters of credit shall be reasonably acceptable to Lender. In addition to the letter of credit fee provided below, Borrower shall pay Lender’s standard and customary charges for issuance of letters of credit. Borrower shall submit such documents and applications for issuance of letters of credit as are required by Lender. Upon issuance of any letter of credit against the Promissory Note, an amount equal to the letter of credit shall be deducted from the amount available for disbursement on the Promissory Note and will not be available to Borrower so long as the letter of credit is outstanding or subject to payment. Upon submission of any drawing under any such letter of credit which is honored by Lender, the amount of the drawing shall thereupon be immediately disbursed under the Promissory Note for payment of the drawing. Interest on such amount shall accrue under the Promissory Note only from the date of disbursement of funds to pay a drawing.
Nature and Duration of Loan. The Loan shall be a revolving loan payable in full upon the dates and upon the terms and conditions provided in the Promissory Note. Borrower may, at its option, reduce the Maximum Available Advance Amount of the Loan by providing written notice to Lender and paying any and all amounts owing to Lender above the reduced Maximum Available Advance Amount. Lender and Borrower intend the Loan to be in the nature of a line of credit under which Borrower may repeatedly draw and repay funds on a revolving basis in accordance with the terms and conditions of this Loan Agreement and the Promissory Note. The right of Borrower to draw funds and the obligation of Lender to advance funds shall not accrue until all of the conditions set forth in Section 4, Conditions to Loan Disbursements, have been fully satisfied, and shall terminate: (i) upon occurrence of an Event of Default, (ii) upon written notice from Borrower to Lender of termination of the Loan, or (iii) upon maturity of the Promissory Note, unless the Promissory Note is renewed or extended by Lender, in which case such termination shall occur upon the maturity of the final renewal or extension of the Promissory Note. Upon such termination, any and all amounts owing to Lender pursuant to the Promissory Note shall thereupon be due and payable in full.
6. Borrower shall pay Lender a facility fee of $30,000.00 and legal expenses incurred of $745.00 concurrent with the execution of this Agreement and a facility fee of 0.15% of the Maximum Available Advance Amount then in effect, if any, on June 1, 2007 and June 1, 2008.
7. Except as expressly modified by this Agreement, all other terms and conditions of the Loan Agreement shall remain in full force and effect.
Nature and Duration of Loan. The Term Loan shall be a multiple advance term loan payable in full upon the dates and conditions provided in the Term Note. The obligation of Lender to disburse any proceeds of the Term Loan to Borrowers shall not accrue until all of the conditions set forth in Section 4 Conditions to Loan Disbursements have been fully satisfied. Upon the maturity of the Term Loan any and all amounts owing to Lender pursuant to the Term Note and this Loan Agreement shall thereupon be due and payable in full unless the Term Loan is renewed or extended by Lender in which case such termination shall occur upon the maturity of the final renewal or extension of the Term Loan.
Nature and Duration of Loan. The Revolving Loan shall be a revolving loan payable in full upon the date and upon the terms and conditions provided in the Revolving Loan Note. Lender and Borrower intend the Revolving Loan to be in the nature of a line of credit under which Borrower may repeatedly draw funds on a revolving basis in accordance with the terms and conditions of this Loan Agreement and the Revolving Loan Note. The right of Borrower to draw funds and the obligation of Lender to advance funds shall not accrue until all of the conditions set forth in Section 4 Conditions to Loan Disbursements have been fully satisfied, and shall terminate: (i) upon occurrence and during the continuation of an Event of Default or event which, with the passage of time or giving of notice or both, would constitute an Event of Default, or (ii) upon maturity of the Revolving Loan Note, unless the Revolving Loan Note is renewed or extended by Lender in which case such termination shall occur upon the maturity of the final renewal or extension of the Revolving Loan Note. Upon such termination, any and all amounts owing to Lender pursuant to the Revolving Loan Note and this Loan Agreement shall thereupon be due and payable in full.
Nature and Duration of Loan. The Line of Credit shall be a revolving loan payable in full upon the dates and upon the terms and conditions provided in the Line of Credit Note. Lender and Borrower intend the Line of Credit to be in the nature of a line of credit under which Borrower may repeatedly draw and repay funds on a revolving basis in accordance with the terms and conditions of this Loan Agreement and the Line of Credit Note. The right of Borrower to draw funds and the obligation of Lender to advance funds shall not accrue until all of the conditions set forth in Section 4 CONDITIONS TO LOAN DISBURSEMENTS have been fully satisfied, and shall terminate: (i) upon occurrence of an Event of Default or (ii) upon maturity of the Line of Credit Note, unless the Line of Credit Note is renewed or extended by Lender in which case such termination shall occur upon the maturity of the final renewal or extension of the Line of Credit Note. Upon such termination, any and all amounts owing to Lender pursuant to the Line of Credit Note shall thereupon be due and payable in full. The Term Loan shall be an amortizing term loan payable in installments as provided in the Term Loan Note.
Nature and Duration of Loan
