Non-Revolving Line of Credit Sample Clauses

Non-Revolving Line of Credit. The Loan is a non-revolving loan and Borrower may borrow up to the principal amount during the term of the Loan, so long as no Event of Default (hereinafter defined) has occurred and is continuing.
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Non-Revolving Line of Credit. During the Line of Credit Availability ---------------------------- Period and so long as no Event of Default has occurred and is continuing, and the cure period, if applicable, has expired Bank will, on a non-revolving basis, make advances to Borrower ("Line of Credit"), which may not at any time exceed, in the aggregate outstanding, Four Million Dollars ($4,000,000.00) (the "Line of Credit Limit"). Borrower's obligation to repay advances under the Line of Credit are evidenced by a Non-Revolving Line of Credit Note, in a form acceptable to Bank (the "Non-Revolving Line of Credit Note"). During the Line of Credit Availability Period, Borrower may repay principal amounts but not reborrow them. Borrower agrees that Borrower will not permit the outstanding balance under the Line of Credit to exceed the Line of Credit Limit.
Sample 1
Non-Revolving Line of Credit. The Revolving Line of Credit is hereby converted into a non revolving line of credit. In connection therewith, the following modifications are hereby made to the Loan Agreement: (a) All references to the Revolving Line of Credit in the Loan Agreement are hereby amended to refer to the Revolving Line of Credit, as amended by this Agreement, which line of credit, as so amended, is hereinafter referred to as the “Second Line of Credit”. (b) All references to the Revolver Note are hereby amended to refer to the Revolver Note, as amended by this Agreement, which Revolver Note, as so amended, is hereinafter referred to as the “SLOC Note”. (c) All references to the RLOC Maturity Date are hereby amended to refer to the RLOC Maturity Date, as amended by this Agreement, and the RLOC Maturity Date, as so amended, is hereinafter referred to as the “SLOC Maturity Date”. (d) All references to the Maximum RLOC Commitment are hereby amended to refer to the Maximum RLOC Commitment, as amended by this Agreement, and the Maximum RLOC Commitment, as so amended, is hereinafter referred to as the “Maximum SLOC Commitment”. (e) Section 3.1 of the Loan Agreement is hereby deleted in its entirety and the following is substituted therefor:
Sample 1
Non-Revolving Line of Credit. Borrower may borrow, and, upon the request of Borrower, Lender shall make, advances in the amounts requested by Borrower, from time to time, through March 31, 2015, (each an “Advance” and together the “Advances”) in a total amount not exceeding One Million Dollars ($1,000,000.00). Lender’s obligation to make Advances shall terminate if Borrower is in “Default” (as defined below). As of the date of each proposed Advance, Borrower shall be deemed to represent that each representation made in this Line of Credit Loan Agreement (the “Agreement”) is true as of such date. Advances, once repaid, may not be reborrowed. The indebtedness resulting from the Advances shall be evidenced by a Convertible Promissory Note in substantially the form of Exhibit A attached hereto (the “Note”) to be issued upon the initial Advance. Upon execution of this Agreement, Borrower shall issue to Lender a Warrant to purchase Fifty Thousand shares of Borrower’s Common Stock in form and substance of Exhibit B attached hereto (the “Warrant”).
Sample 1
Non-Revolving Line of Credit. (a) Subject to and upon the terms and conditions set forth herein, the Bank hereby agrees to make the loan (the “Loan”) to the Borrower during the Drawing Period in the original principal amount of up to Seven Million Dollars ($7,000,000.00) (the “Available Amount”). (b) The Borrower may make multiple drawings on the Loan up to the Available Amount during the period starting with the Closing Date and ending on the earlier of: (i) the date that is one year from the Closing Date, or (ii) the date on which the full Available Amount is drawn (the “Drawing Period”). (c) This is a non-revolving line of credit. Any amount borrowed, even if repaid before the expiration date of the line of credit, permanently reduces the remaining available line of credit. (d) The Borrower agrees not to permit the principal balance outstanding to exceed the Available Amount. If the Borrower exceeds this limit, the Borrower will immediately pay the excess to the Bank upon the Bank’s demand.
Sample 1
Non-Revolving Line of Credit. Borrowers agree to pay an unused commitment fee equal to one-quarter of one percent (0.25%) times the average daily difference between the Non-Revolving Commitment and the principal indebtedness evidenced by the Non-Revolving Line Note. This fee shall begin to accrue upon the earlier of (A) the date upon which Grizzly becomes a Borrower hereunder or (B) September 30, 1995, and shall be due and payable commencing December 31, 1995 and thereafter on the
Sample 1
Non-Revolving Line of Credit. To use the proceeds of the Non-Revolving Line of Credit for purchases or acquisitions of the stock or assets of businesses, as approved by Bank and its counsel on a case by case basis in the exercise in its sole discretion, as provided in Section 7.28.
Sample 1
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Non-Revolving Line of Credit. Subject to the terms and conditions set forth in this Credit Agreement, Bank agrees to make NRLC Advances to Borrower from time to time on or before the NRLC Maturity Date, provided that the outstanding amount of NRLC Advances from time to time shall not exceed the Maximum NRLC Loan Amount. The NRLC shall be a non-revolving line of credit, against which NRLC Advances may be made to Borrower, and repaid by Borrower. NRLC Advances repaid may not be re-borrowed. Upon occurrence of an Event of Default, Bank, in its absolute and sole discretion and without notice, may suspend the commitment to make NRLC Advances. The obligation of Borrower to repay NRLC Advances is set forth in the NRLC Note. Although the outstanding principal of the NRLC Note may be zero from time to time, the Loan Documents shall remain in full force and effect until the Commitment terminates and all Obligations are paid and performed in full. No NRLC Advance shall be made on or after the NRLC Maturity Date. (a) The NRLC shall be evidenced by the NRLC Note. (b) NRLC Advances may be made for the purpose of funding Borrower’s over-run costs associated with the Snowflake White Mountain Power Plant, working capital and other general corporate uses. (c) Subject to all of the other terms and conditions hereof, NRLC Advances may be made upon written request in accordance with the procedures described below. (d) Each request for an NRLC Advance given pursuant to Section 2.2(e) shall be substantially in the form attached hereto as Exhibit “A” from an Authorized Officer and shall, in addition to complying with the other requirements in this Agreement, shall be made three (3) Banking Days prior to the disbursement of any NRLC Advances.
Sample 1

Related to Non-Revolving Line of Credit

  • Revolving Line of Credit (a) The Bank hereby establishes in favor of the Borrower a revolving line of credit (the “Line of Credit”). The Borrower shall be entitled to borrow, repay and reborrow funds under the Line of Credit in accordance with the terms hereof so long as the total principal amount owed to the Bank under the Line of Credit does not exceed $25,000,000.00 (or such lesser amount as is set forth herein) during the Revolving Period. The Bank’s obligation to make advances hereunder shall terminate at the expiration of the Revolving Period. (b) The Borrower’s indebtedness under the Line of Credit shall be evidenced by a promissory note (as amended, extended or renewed from time to time, the “Line of Credit Note”) of even date herewith executed by the Borrower in favor of the Bank in the original principal amount of $25,000,000.00. The Line of Credit Note shall bear interest at the rate set forth therein and shall be payable as set forth therein. (c) The Bank shall make each advance under the Line of Credit upon written or telephonic notice from the Borrower to the Bank requesting an advance. The notice shall specify the date for which the advance is requested (which must be a Business Day) and the amount of the advance. The Bank must receive the notice prior to 12:00 noon (Eastern time) on the Business Day of the advance. Alternatively, the Borrower may request advances by drawing checks on a deposit account that is linked to the credit facility hereunder in accordance with disbursement arrangements that are mutually satisfactory to the parties. The Bank will make each requested advance available to the Borrower not later than the close of business on the Business Day of the request by crediting the Borrower’s account maintained with the Bank in the amount of the advance if as of such time: (i) the Bank’s obligation to make advances hereunder has not terminated or expired; (ii) a Default or Event of Default has not occurred; and (iii) all conditions to the advance set forth herein or in any other Loan Documents have been satisfied. The Bank may rely upon any written or telephonic notice given by any person that the Bank in good faith believes is an authorized representative of the Borrower without the necessity of any independent investigation. If any telephonic notice conflicts with a written confirmation, the telephonic notice shall govern if the Bank has acted in reliance thereon. (d) For purposes hereof, the term “Revolving Period” shall mean a period commencing on the date hereof and terminating on March 18, 2007.

  • Line of Credit Subject to the terms and conditions of this Agreement, Bank hereby agrees to make advances to Borrower from time to time up to and including April 2, 2015, not to exceed at any time the aggregate principal amount of One Million Five Hundred Thousand Dollars ($1,500,000.00) (“Line of Credit”), the proceeds of which shall be used to finance Borrower’s working capital requirements. Borrower’s obligation to repay advances under the Line of Credit shall be evidenced by a promissory note dated as of May 1, 2012 (“Line of Credit Note”), all terms of which are incorporated herein by this reference.

  • Line of Credit Amount (a) During the availability period described below, the Bank will provide a line of credit to the Borrower. The amount of the line of credit (the “Facility No. 1 Commitment”) is Five Million and 00/100 Dollars ($5,000,000.00). (b) This is a revolving line of credit. During the availability period, the Borrower may repay principal amounts and reborrow them. (c) The Borrower agrees not to permit the principal balance outstanding to exceed the Facility No. 1

  • Revolving Credit Advances The Borrower shall repay to the Administrative Agent for the ratable account of the Lenders on the Termination Date the aggregate outstanding principal amount of the Revolving Credit Advances then outstanding.

  • Revolving Loan Commitment Each Lender with a Revolving Loan Commitment agrees to make loans on a revolving basis (“Revolving Loans”) from time to time until the Termination Date in such Lender’s Pro Rata Share of such aggregate amounts as the Company may request from all Lenders; provided that the Revolving Outstandings will not at any time exceed Revolving Loan Availability.

  • Letter of Credit Advances (i) The Borrower shall repay to the Paying Agent for the account of each Issuing Bank and each other Revolving Credit Lender that has made a Letter of Credit Advance on the earlier of demand and the Termination Date the outstanding principal amount of each Letter of Credit Advance made by each of them. (ii) The Obligations of the Borrower under this Agreement, any Letter of Credit Agreement and any other agreement or instrument relating to any Letter of Credit, and the obligations of Revolving Credit Lenders to reimburse any Issuing Bank for Letter of Credit Advances not reimbursed by the Borrower, shall be unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement, such Letter of Credit Agreement and such other agreement or instrument under all circumstances, including, without limitation, the following circumstances: (A) any lack of validity or enforceability of any Loan Document, any Letter of Credit Agreement, any Letter of Credit or any other agreement or instrument relating thereto (all of the foregoing being, collectively, the “L/C Related Documents”); (B) any change in the time, manner or place of payment of, or in any other term of, all or any of the Obligations of the Borrower in respect of any L/C Related Document or any other amendment or waiver of or any consent to departure from all or any of the L/C Related Documents; (C) the existence of any claim, set-off, defense or other right that the Borrower may have at any time against any beneficiary or any transferee of a Letter of Credit (or any Persons for which any such beneficiary or any such transferee may be acting), any Issuing Bank or any other Person, whether in connection with the transactions contemplated by the L/C Related Documents or any unrelated transaction; (D) any statement or any other document presented under a Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; (E) payment by any Issuing Bank under a Letter of Credit against presentation of a draft or certificate that does not comply with the terms of such Letter of Credit; (F) any exchange, release or non-perfection of any Collateral or other collateral, or any release or amendment or waiver of or consent to departure from the Guaranties or any other guarantee, for all or any of the Obligations of the Borrower in respect of the L/C Related Documents; or (G) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including, without limitation, any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Borrower or a Guarantor.

  • Revolving Loan Commitments (a) Subject to the terms and conditions set forth herein, each Revolving Lender, severally and not jointly, shall (i) make Revolving Loans (other than Revolving LC Loans) to the Borrower during the Revolving Loan Availability Period, in an aggregate principal amount not in excess of such Revolving Lender’s Available Revolving Loan Commitment and (ii) participate in the issuance of any Revolving LCs (and any drawings of the Revolving LC Available Amounts thereunder) from time to time during the Revolving Loan Availability Period in an aggregate outstanding principal amount not in excess of such Revolving Lender’s Revolving Loan Commitment. (b) After giving effect to the making of any Revolving Loans (other than Revolving LC Loans), the aggregate outstanding principal amount of all Revolving Loans shall not exceed the Available Aggregate Revolving Loan Commitment at such time. (c) Each Revolving Loan Borrowing shall be in an amount specified in a Borrowing Notice delivered pursuant to Section 2.7. (d) Proceeds of the Revolving Loans (other than Revolving LC Loans which shall be used to repay the Revolving LC Issuing Bank for Revolving LC Disbursements) shall be used solely for (i) the payment of transaction fees and expenses, (ii) payment of gas purchase, hedging, transportation, balancing and storage costs and expenses (including to meet credit support requirements under gas purchase, hedging, transportation, balancing or storage agreements), (iii) to provide credit support as may be required from time to time under Project-related agreements on behalf of the Borrower or the RG Facility Entities, (iv) to fund in cash or to issue Revolving LCs to satisfy the DSRA Reserve Amount in respect of any Senior Secured Debt Instrument, and (v) other working capital and other general corporate purposes. (e) Revolving Loans repaid or prepaid may be re-borrowed at any time and from time to time until the expiration of the Revolving Loan Availability Period.

  • Revolving Credit Loan The undersigned Borrower hereby requests a [Revolving Credit Loan under §2.1] [Swing Loan under §2.5] of the Credit Agreement: Principal Amount: $ Type (LIBOR Rate, Base Rate): Drawdown Date: Interest Period for LIBOR Rate Loans: by credit to the general account of the Borrower with the Agent at the Agent’s Head Office.

  • Repayment of Revolving Credit Advances The Borrower shall repay to the Agent for the ratable account of the Lenders on the Revolver Termination Date the aggregate principal amount of the Revolving Credit Advances then outstanding.

  • Disbursement of Revolving Credit and Swingline Loans Not later than 2:00 p.m. on the proposed borrowing date, (i) each Revolving Credit Lender will make available to the Administrative Agent, for the account of the Borrower, at the office of the Administrative Agent in funds immediately available to the Administrative Agent, such Revolving Credit Lender’s Revolving Credit Commitment Percentage of the Revolving Credit Loans to be made on such borrowing date and (ii) the Swingline Lender will make available to the Administrative Agent, for the account of the Borrower, at the office of the Administrative Agent in funds immediately available to the Administrative Agent, the Swingline Loans to be made on such borrowing date. The Borrower hereby irrevocably authorizes the Administrative Agent to disburse the proceeds of each borrowing requested pursuant to this Section in immediately available funds by crediting or wiring such proceeds to the deposit account of the Borrower identified in the most recent notice substantially in the form attached as Exhibit C (a “Notice of Account Designation”) delivered by the Borrower to the Administrative Agent or as may be otherwise agreed upon by the Borrower and the Administrative Agent from time to time. Subject to Section 5.7 hereof, the Administrative Agent shall not be obligated to disburse the portion of the proceeds of any Revolving Credit Loan requested pursuant to this Section to the extent that any Revolving Credit Lender has not made available to the Administrative Agent its Revolving Credit Commitment Percentage of such Loan. Revolving Credit Loans to be made for the purpose of refunding Swingline Loans shall be made by the Revolving Credit Lenders as provided in Section 2.2(b).

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