Periodic Loans. During the term hereof, Lender hereby agrees to make periodic loans (collectively and individually, the "Loans") to the Borrower in an aggregate principal amount at any one time outstanding not to exceed TWO MILLION DOLLARS ($2,000,000) ("Maximum Amount"). Beginning on the date hereof and ending on the twelve month anniversary hereof, unless terminated earlier pursuant to the default provisions of this Agreement, from time to time Borrower may notify the Lender of its need to borrow funds pursuant to this Agreement. Within five business days of receipt of such notice from the Borrower seeking to borrow funds, the Lender shall forward such funds to the Borrower up to, but not in excess of, the Maximum Amount. All amounts lent hereunder shall be evidenced by ten percent (10%) convertible promissory notes in substantially the same form as attached hereto as Exhibit "A" (the "Notes"). Borrower shall deliver to Lender Notes in the principal amount of funds lent on each date that Lender provides funds to Borrower hereunder.
Periodic Loans. During the term hereof, RCAI hereby agrees to make periodic loans to NAS. During the term hereof, from time to time NAS may notify RCAI of its need to borrow funds pursuant to this Agreement. Within 30 business days of receipt of such notice from NAS seeking to borrow funds and with the approval of RCAI's Board of Directors, RCAI shall forward such funds to NAS. NAS shall utilize the funds as set forth in a monthly Budget, which will be submitted to RCAI and by this reference incorporated herein and for no other purpose, without the specific written authorization and consent from RCAI.
Periodic Loans. During the term hereof, the Lender hereby agrees to make periodic loans to the Borrower as requested from time to time by the Borrower, so long as the aggregate principal amount outstanding at any time does not exceed the Maximum Amount (such periodic loans are referred to herein as the “Loan”). In connection with the Loan, the Borrower shall execute and deliver to the Lender a Promissory Note in the form of the Secured Promissory Note attached hereto as Exhibit A and incorporated by reference herein (the “Note”). During the term hereof, from time to time the Borrower shall notify the Lender of the Borrower’s request to borrow funds pursuant to this Agreement. For each request to borrow funds, the Borrower, through a duly authorized officer, shall deliver to the Lender a completed “Request to Borrow Funds,” substantially in the form attached as Exhibit B and incorporated herein (the “Request”). Unless otherwise directed in a Request, the Lender shall remit the loan amount requested by wire transfer in immediately payable U.S. funds to an account designated by the Borrower by the end of the second business day following the Lender’s receipt of the Request to Borrow Funds. By virtue of this Agreement, the Lender hereby acknowledges and agrees that the Prior Notes have been satisfied in full and that no amounts are due and owing by Borrower under the Prior Notes. The Lender shall document loans hereunder by making notations to the “Schedule of Loan Advances and Repayments,” attached as Exhibit C and incorporated herein.
Periodic Loans. During the term hereof, Lender hereby agrees to make periodic loans to the Borrower in an aggregate principal amount at any one time outstanding, not to exceed Five Million Dollars ($5,000,000.00) (“Maximum Amount”). During the term hereof, from time to time Borrower may notify the Lender of its need to borrow funds pursuant to this Agreement. Within two business days of receipt of such notice from the Borrower seeking to borrow funds, the Lender shall forward such funds to the Borrower up to, but no in excess of, the Maximum Amount. This is a revolving loan. The amount repaid may be reborrowed during the term.
Periodic Loans. From and after the date hereof, through and until the termination of the Term, Lender hereby agrees, subject to the terms and conditions contained herein, to make periodic loans to the Borrower in an aggregate principal amount at any one time outstanding, not to exceed $10,000,000 plus the corresponding increase in principal amount of the Note described in Section 2 below ("Maximum Amount"). During the term hereof, from time to time, Borrower may notify the Lender of its need to borrow funds pursuant to this Agreement. Within five business days of receipt of such notice from the Borrower seeking to borrow funds, the Lender shall forward to the Borrower the amount of funds requested by Borrower in such notice, up to, but (together with other amounts outstanding hereunder) not in excess of, the Maximum Amount. Lender hereby agrees to fund $3,000,000 hereunder immediately upon execution of this Agreement.
Periodic Loans. From and after the Effective Date through and until the termination of the Term (as hereinafter defined) CCUS may make periodic loans to Acceris hereunder. However, nothing contained herein shall be construed as an obligation on the part of CCUS to make any future advances. Similarly, nothing contained herein alters any obligation on the part of CCUS and/or understanding of the parties pursuant to any other arrangement. Acceris agrees to execute and deliver a promissory note substantially in the form attached hereto as Exhibit A, evidencing its obligation to repay advances hereunder (any such promissory note, the “Note”). Any funds advanced by CCUS to Acceris hereunder during the Term or otherwise subject hereof, including the assigned LC Debt (the “Indebtedness”) shall bear interest at a rate equal to ten percent (10%) per annum from the date thereof and shall be governed by this Agreement. Interest shall accrue and be compounded quarterly and shall result in a corresponding increase in the principal amount of the Indebtedness. CCUS and Acceris acknowledge and agree that (a) as of the Effective Date Acceris owed to CCUS the Assigned LC Debt in the principal sum of Two Million Five Hundred Seventy- Seven Thousand Seventy and 00/l00ths Dollars ($2,577,070.00), including interest thereon at a rate equal to ten percent (10%) per annum to and including August 29, 2003 evidenced by the Promissory Note issued by Acceris as of the Effective Date, and (b) that on December 3, 2003 CCUS advanced the sum of One Hundred Thousand Dollars ($100,000) to Acceris evidenced by the Promissory Note issued by Acceris as of the date hereof.
Periodic Loans. From and after the date hereof, through and until the termination of the Term, Lender hereby agrees, subject to the terms and conditions contained herein, to make periodic loans to Borrower's parent, I-Link, Incorporated in an aggregate principal amount at any one time outstanding, not to exceed Ten Million Dollars ($10,000,000).
Periodic Loans. 2.1 During the term hereof, unless Lender shall terminate this Agreement upon an event of default under any Related Agreement, Lender hereby agrees to make periodic loans (collectively and individually, the "Loans") to Company in an aggregate principal amount at any one time outstanding not to exceed FIVE HUNDRED THOUSAND DOLLARS (U.S.) ($500,000 USD) ("Maximum Amount"). Lender shall lend Company the initial amount of TWO HUNDRED FIFTY THOUSAND DOLLARS ($250,000) on the date hereof (the "Initial Installment"). After March 1, 2004 and subject to the other terms and conditions set forth herein, additional amounts up to the Maximum Amount will be available to Company for draw through the term of this Agreement. In order for Company to draw down funds subsequent to the Initial Installment, Company must notify Lender at least ten days prior to the date on which Company is seeking borrow additional funds and the aggregate amount of funds to be borrowed on such date.
2.2 A condition precedent to each draw made at any time hereunder shall be that all representations and warranties made by Company in any Related Agreement or in connection herewith shall be true, correct, valid and complete at such time and the making of such loan shall be deemed to be a representation and warranty of Company to the effect that no event has occurred which may constitute an event of default under any Related Agreements or any other agreement to which Company is a party or by which Company or any of its properties are bound.
2.3 All amounts lent hereunder shall be evidenced by Notes in substantially the same form as attached hereto as Exhibit A (the "Notes"). Company shall deliver to Lender Notes in the principal amount of funds lent on each date that Lender provides funds to Company hereunder.
Periodic Loans. From and after the date hereof through and until the termination of the Term (defined below), Lender may make periodic loans to the Borrower in an aggregate principal amount at any one time outstanding, not to exceed ten million dollars ($10,000,000) (the "MAXIMUM AMOUNT"). Borrower shall execute a promissory note substantially in the form attached as EXHIBIT A evidencing its obligations hereunder (the "NOTE"). During the Term, from time to time, Borrower may notify the Lender of its need to borrow funds pursuant to this Agreement for capital investments, working capital or other operational cash requirements of Borrower. Any funds advanced by Lender for capital investments, working capital or other operational cash requirements of Borrower during the Term up to the Maximum Amount shall be governed by this Agreement. Borrower and Lender acknowledge and agree that on June 6, 2001 Lender disbursed to Borrower six hundred seventeen thousand dollars ($617,000) and of that amount seventy five thousand seven hundred dollars ($75,700) was lent to Borrower under this Agreement.
Periodic Loans. From and after the Effective Date through and until the termination of the Term (as hereinafter defined) Counsel Corp may make periodic loans to Acceris hereunder. However, nothing contained herein shall be construed as an obligation on the part of Counsel Corp to make any future advances. Similarly, nothing contained herein alters any obligation on the part of Counsel Corp and/or understanding of the parties pursuant to any other arrangement. Acceris agrees to execute and deliver a promissory note substantially in the form attached hereto as Exhibit A, evidencing its obligation to repay Subsequent Advances hereunder (any such promissory note, including the January 26, 2004 promissory note, the “Note”). Any funds advanced by Counsel Corp to Acceris hereunder during the Term or otherwise subject hereof, including the Original Advances, the Additional Advance and the Subsequent Advances (the “Indebtedness”) shall bear interest at a rate equal to ten percent (10%) per annum from the date thereof and shall be governed by this Loan Agreement and the Stock Pledge Agreement. Interest shall accrue and be compounded quarterly and shall result in a corresponding increase in the principal amount of the Indebtedness.
