Operating Line of Credit Sample Clauses

Operating Line of Credit. Subject to the terms and conditions of this Agreement, each Lender hereby severally agrees to make loans ("Operating Loans") to the Borrower from time to time on Business Days during the period beginning on the date hereof and ending on the Short-term Maturity Date in amounts equal to such Lender's pro rata share (as set forth below) of each requested loan provided that, after giving effect to any requested loan the aggregate of all Operating Loans from such Lender will not exceed at any one time outstanding an amount equal to (a) the sum set forth opposite such Lender's name below (such Lender's "Operating Commitment"); less (b) the Acceptance Advances in respect of Drafts accepted and discounted by such Lender in accordance with the terms of Article 3 hereof.
Sample 1Sample 2Sample 3
AutoNDA by SimpleDocs
Operating Line of Credit. From the date hereof until the Short-term Maturity Date, a commitment fee shall be computed daily at the rate of 1/4 of 1% per annum on an amount equal to the unused portion of the Operating Commitments less the Acceptance Advances;
Sample 1Sample 2Sample 3
Operating Line of Credit. Create an operating line of credit greater than $100,000, when such an operating line of credit exists at the time of this Agreement, it must be on terms satisfactory to the Lender and be subject to an intercreditor agreement satisfactory to the Lender.
Sample 1
Operating Line of Credit. Notwithstanding anything to the contrary set out herein, the Borrower shall repay on demand the outstanding unpaid balance of the Operating Line of Credit and all accrued and unpaid interest thereon.
Sample 1
Operating Line of Credit. Idaho Asphalt Supply, Inc., an Idaho corporation and affiliate of Holding ("IAS"), has provided financing to the Company (the "Initial Operating Line") for its working capital requirements for calendar year 2004. In addition, IAS will provide to, or secure on behalf of, the Company, financing for the working capital requirements to meet the 2005 Operating Budget attached as Exhibit 2 ("Operating Line"). IAS may, in its sole discretion, elect to provide or secure financing for the Company's working capital requirements for subsequent years pursuant to each annual Operating Budget. The Operating Budget for calendar year 2005 is attached hereto as Exhibit 2.
Sample 1
Operating Line of Credit. The definition of "Operating Line of Credit" is hereby amended to read in full as follows:
Sample 1

Related to Operating Line of Credit

  • 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.

  • Revolving Line of Credit From time to time prior to the expiration of the Term, so long as an Event of Default has not occurred or if an Event of Default has occurred, such Event of Default has been timely remedied, Lender will, in its Discretion and subject to the terms and conditions set forth in this Agreement, make Revolving Loans to Borrower in such amounts as Borrower may request, provided that the aggregate principal amount of all Revolving Loans shall not exceed the lesser of the Revolving Advance Limit or the Borrowing Base. Borrower may request from time to time Revolving Loan advances by submitting a signed, completed Borrowing Base Certificate to Lender, in each case given no later than 1:00 p.m. (Eastern time) on the Business Day of the proposed Revolving Loan advance. Subject to the terms and conditions of this Agreement, Lender will make the proceeds of each such requested Revolving Loan advance available to Borrower on the day requested by transferring funds to Borrower's Operating Account or as otherwise instructed by Borrower. Lender shall not be obligated to make Revolving Loans to Borrower at any time; each Revolving Advance which is made under this Agreement will be made at the option of, and in the Discretion of, Lender. The Revolving Loans will not be evidenced by a promissory note and a copy of Lender's books and records related to the Revolving Loans shall constitute prima facie evidence of the outstanding amount of Revolving Loans. The Revolving Loans will be due and payable upon the earlier of the occurrence of an Event of Default or the expiration of the Initial Term. Should an Overadvance exist, Borrower shall immediately make principal reduction payments of such excess to Lender as are required to reduce the outstanding balance of the Revolving Loans such that no Overadvance exists. For each Revolving Loan made to Borrower via wire transfer, Borrower shall pay Lender an Electronic Payment Fee of $25.00, or such other amount as Lender shall customarily charge its Borrowers for the cost and expense of making electronic transfers of funds.

  • The Line of Credit On terms and conditions as set forth herein, the Bank agrees to make Advances to the Borrowers from time to time from the date hereof to the Expiration Date, provided the aggregate amount of such Advances outstanding at any time does not exceed $40,000,000.00 (the “Line of Credit”). Within the foregoing limits, the Borrowers may borrow, partially or wholly prepay, and reborrow under this Section 2.1. Proceeds of the Line of Credit shall be used to assist with seasonal working capital needs and acquisitions.

  • Line of Credit Amount (a) During the availability period described below, the Bank will provide a line of credit to the Borrowers. The amount of the line of credit (the “Facility No. 1 Commitment”) is Twenty Million and 00/100 Dollars ($20,000,000.00).

  • Line of Credit Note Xxxxxxxx's obligation to repay advances under the Line of Credit shall be evidenced by a promissory note substantially in the form of Exhibit A attached hereto ("Line of Credit Note"), all terms of which are incorporated herein by this reference.

  • Credit Line If your application is approved by us, this agreement will constitute a revolving line of credit for an amount which will be the credit line under your Account. We will advise you of the amount of your credit line. That amount will be the maximum amount you may have outstanding at any time. You agree not to attempt to obtain more credit than the amount of your credit line. However, if you temporarily exceed your credit line, you agree to repay the excess immediately, even if we have not yet billed you. Obtaining such credit does not increase your credit line and if you exceed your Credit Limit repeatedly, we may suspend your credit privilege under this Agreement. We retain the right to increase or decrease your credit line at any time for any reason. Any increase of reduction on the limit of your credit line will be shown on your monthly statement or by separate notice together with any changes in the applicable minimum monthly payments. Your eligibility for this credit line is determined by our loan policy and may be terminated at our sole discretion, without demand or notice. You may close your credit line at any time by notifying us in writing and returning all Cards cut in half. If you terminate this Agreement or if we terminate or suspend your credit privileges, the provisions of this Agreement and your liability hereunder shall otherwise remain in full force and effect until you have paid us all sums due under this Agreement and returned all Cards.

  • of Credit Agreement Section 1.1(b)(i) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

  • Letter of Credit Accommodations (a) Subject to and upon the terms and conditions contained herein, at the request of Borrower, Lender agrees to provide or arrange for Letter of Credit Accommodations for the account of Borrower containing terms and conditions acceptable to Lender and the issuer thereof. Any payments made by Lender to any issuer thereof and/or related parties in connection with the Letter of Credit Accommodations shall constitute additional Revolving Loans to Borrower pursuant to this Section 2.

  • Loan Commitment Disbursement to Borrower Except as expressly and specifically set forth herein, Lender has no obligation or other commitment to loan any funds to Borrower or otherwise make disbursements to Borrower. Borrower hereby waives any right Borrower may have to make any claim to the contrary.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!