New Revolving Note Sample Clauses
The "New Revolving Note" clause establishes the terms under which a new promissory note is issued to evidence a revolving line of credit between the lender and borrower. Typically, this clause outlines the principal amount, interest rate, repayment schedule, and conditions for borrowing and repaying funds under the revolving credit arrangement. By formalizing the issuance of a new note, the clause ensures that both parties have a clear, updated record of the borrower's obligations, thereby reducing confusion and providing a legal basis for future advances and repayments.
New Revolving Note. Exhibit A to the Credit Agreement is hereby amended to read as set forth on Exhibit A attached to this Amendment.
New Revolving Note. The Borrower has executed and delivered to the Lender that certain Fifth Amended and Restated Revolving Note of even date herewith in the original principal amount of $4,250,000 made payable to the order of the Lender (the "New Revolving Note"). The Borrower and Guarantors acknowledge and agree that the New Revolving Note is a complete restatement and amendment of the Fourth Amended Note and supersedes the Fourth Amended Note in its entirety. Borrower acknowledges and agrees that any and all references contained in the Credit Agreement, the First Life Insurance Assignment, the Second Life Insurance Assignment, the Third Life Insurance Assignment or any other document or agreement executed in connection therewith to the term "Note" or "Revolving Note" shall henceforth mean and refer to the New Revolving Note. Borrower fully acknowledges and agrees that any indebtedness of the Borrower to the Lender pursuant to the New Revolving Note shall be secured by, among other things, the First Life Insurance Assignment, the Second Life Insurance Assignment and the Third Life Insurance Assignment. Upon execution of this Agreement and the New Revolving Note, the Lender shall return the Fourth Amended Note to the Borrower.
New Revolving Note. The Borrower has executed and delivered to the Lender that certain Sixth Amended and Restated Revolving Note of even date herewith in the original principal
New Revolving Note. The Borrower shall have executed and ------------------ delivered to the New Lender the New Revolving Note.
New Revolving Note. Upon execution of this Amendment and the satisfaction of all of the conditions precedent, the Bank will extend a short term revolving loan to the Borrower in the maximum principal sum of One Hundred Fifty Thousand ($150,000.00) ("The New Revolving Note") according to the provisions of the New Revolving Note and this Amendment. All outstanding accrued interest and principal on the New Revolving Note is due and payable in full on March 31, 2000. Interest shall accrue at the rate of 1% in excess of the Bank's Base Rate (as defined in the New Note).
3.3 The first line in Exhibit A-1 (Borrower Base Definition) shall be deleted and replaced with the following: "Borrowing Base means the sum of 80% of Eligible Accounts Receivable (as defined below) plus the lesser of $300,000.00 or 40% of Eligible Inventory (as defined below)."
3.4 Section 8.2(a) of the Agreement is hereby deleted and the following paragraphs shall replace such section: "Tangible Net Worth. Maintain a minimum Tangible Net Worth of at least $1,400,000.00 from June 30, 1999 through March 31, 2000." "Tangible Net Worth" means the total assets less total liabilities and less the following types of assets: (1) leasehold improvements; (2) receivables and other investments in or amounts due from any shareholder, director, officer, employee or other person or entity related to or affiliated with the Borrower; (3) goodwill, patents, copyrights, mailing lists, tradenames, trademarks, servicing rights, organizational and franchise costs, bond underwriting costs and other like assets properly classified as intangible.
3.5 Section 8.2(b) of the Agreement is hereby deleted and the following paragraph shall replace such section: "Total Liabilities to Tangible Net Worth Ration. Maintain a ratio of total liabilities to Tangible Net Worth of less than 1.25 to 1.00 from June 30, 1999 and at all times thereafter."
3.6 Section 8.2(c) of the Agreement is hereby deleted and the following paragraph shall replace such section:
(i) The Borrower shall operate at a profit during the fiscal quarter ending September 30, 1999; and
(ii) The Borrower shall have a net income that exceeds $60,000.00 during the fiscal quarter that ends December 31, 1999; and
(iii) The Borrower shall have a net income that exceeds $130,000.00 during the five month time period which ends on February 28, 2000."
3.7 Section 8.2(d) of the Agreement is hereby deleted and the following paragraphs shall replace such section: "The Borrower shall maintain a D...
New Revolving Note