Operating Loan. The Bank agrees, on the terms and subject to the conditions set forth in this Agreement, to lend up to Five Million and No/100ths Dollars ($5,000,000.00) to the Borrower relating to the Operating Loan, which shall provide both operating line of credit financing and Letter of Credit financing under the same financing facility and will refinance and replace the Existing Operating Note. The Bank will credit proceeds of the Operating Loan to the Borrower’s deposit account with the Bank, bearing account number 00000000. Subject to the terms of this Agreement and the Operating Note, the Bank will lend the Borrower, from time to time until the Operating Loan Termination Date such sums as the Borrower may request by reasonable same-day notice to the Bank, received by the Bank not later than 11:00 a.m. (Omaha, Nebraska time) of such day, but which shall not exceed in the aggregate principal amount at any one time outstanding of Five Million and No/100ths Dollars ($5,000,000.00) less (i) the aggregate amounts of any sums previously disbursed to the Borrower under the Operating Loan by the Bank at the request of, and for the account of, the Borrower and (ii) the aggregate amount of any outstanding Letters of Credit (the “Operating Loan Commitment”). The Borrower may borrow, repay, and reborrow under the Operating Loan, without penalty or premium, from the Closing Date until the Operating Loan Termination Date, either the full amount of the Operating Loan Commitment or any lesser sum. It is the intention of the parties that the outstanding balance of the Operating Loan shall not exceed the Borrowing Base, and if at any time said balance exceeds the Borrowing Base, the Borrower shall forthwith pay the Bank sufficient funds to reduce the balance of the Operating Loan until it is in compliance with this requirement. The Borrower may elect to terminate the Operating Note at any time upon written notice to the Bank. In the event the Borrower elects to terminate the Operating Note, the aggregate principal amount of the Operating Note outstanding, together with any accrued and unpaid interest thereon, shall be due and payable to the Bank on the date of such election, if not sooner paid.
Operating Loan. Bank agrees, on the terms and subject to the conditions set forth in this Agreement and the Loan Documents, and subject to Bank's continued satisfaction with the financial affairs of Borrower, to make one or more Advances to Borrower from time to time, not to exceed in the aggregate amount outstanding at any time the principal sum of Two Million Dollars ($2,000,000.00). This Operating Loan shall be a revolving facility, and it is contemplated that Borrower will request advances, make prepayments, and request additional advances hereunder.
Operating Loan. The Operating Loan is uncommitted, made available at the Bank’s Discretion, and is not automatically available upon satisfaction of the terms and conditions, conditions precedent, or financial tests set out herein. The occurrence of an Event of Default is not a precondition to the Bank’s right to accelerate repayment and cancel the availability of the Operating Loan.
Operating Loan. 2.1 Amount: ------ USD5,000,000 or Canadian Dollar Equivalent demand revolving loan (the "Operating Loan").
Operating Loan. Borrower hereby unconditionally promises to pay to Lender interest on the unpaid principal amount of the Operating Loan for the period from and including the date of such Loan to but excluding the date such Loan shall be paid in full, at a rate equal to the Operating Loan Interest Rate.
Operating Loan. Borrower shall have the right to prepay the Operating Loan in whole or in part, from time to time, with no penalty or premium, provided that each partial, optional prepayment shall be in the minimum amount of $50,000 or an integral multiple of $50,000 in excess thereof, or if the remaining outstanding obligations under the Operating Loan are less than $50,000, then such lesser amount (unless repaid in full).
Operating Loan. Parent has the financial ability and wherewithal to fund the Operating Loan upon the following schedule: $1 million at Closing, $1.5 million by January 25, 2001, and $1 million by February 10, 2001.
Operating Loan. Parent agrees to extend a subordinated loan to Buyer in an amount to be determined by Buyer's management as necessary to meet Buyer's need for operating the Business after the Closing, up to a maximum of $3,500,000 (the "Operating Loan"). The Operating Loan will be evidenced by a promissory note in substantially the form attached as Exhibit C (the "Note"). The Note shall be made and secured pursuant to (a) a Loan and Stock Pledge Agreement, which, among other things, contains a pledge of a certain amount of Buyer's stock owned by Xxxxxxx Xxxxxxx and Xxxxxxx Xxxxxxxx, in substantially the form attached as Exhibit D (the "Loan Agreement") and (b) a Security Agreement, which contains the grant of a security interest in the Buyer's assets junior to that of the Buyer's primary lender, in substantially the form attached as Exhibit E (the "Security Agreement"). Parent shall advance $1 million at Closing and $1.5 million to Buyer by January 25, 2001, and $1 million by February 10, 2001, under the Operating Loan.
Operating Loan. The term "Operating Loan" shall mean that certain loan to be made before the Closing by Purchaser to Seller pursuant to the Funding Agreement and as provided in Section 1.11 below.
Operating Loan. Prime Based Loans: Prime Rate + 1.00% per annum USBR Loans: USBR + 1,00% per annum L/Cs: As set out in the Letter of Credit Indemnity Agreement applicable to the issued L/C Inventory financing: 0.50% per annum (minimum premium to be charged $100)
