Common use of Periodic Reduction of Maximum WCMA Line of Credit Clause in Contracts

Periodic Reduction of Maximum WCMA Line of Credit. Commencing on the last Business Day of the fourth (4th) full calendar month following the Closing Date, and continuing on the last Business Day of each calendar month thereafter to and including the last Business Day of the sixty-second (62nd) such calendar month, the Maximum WCMA Line of Credit shall be reduced by an amount equal to one-eighty-fourth (1/84th) of the Loan Amount per month. Unless the WCMA Line of Credit shall have been earlier terminated pursuant to the terms hereof, on the last Business Day of the sixty-third (63rd) such calendar month, the WCMA Line of Credit shall, without further action of either of the parties hereto, be terminated, Customer shall pay to MLBFS the entire WCMA Loan Balance, if any, and all other Obligations, and the WCMA Account, at the option of Customer, will either be converted to a WCMA Cash Account (subject to any requirements of MLPF&S) or terminated. No failure or delay on the part of MLBFS in entering into the WCMA computer system any scheduled reduction in the Maximum WCMA Line of Credit pursuant to this Section shall have the effect of preventing or delaying such reduction.

Appears in 2 contracts

Samples: Letter Agreement (Stockeryale Inc), Loan and Security Agreement (Stockeryale Inc)

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Periodic Reduction of Maximum WCMA Line of Credit. Commencing on the last Business Day of the fourth (4th) first full calendar month following the Closing Date, and continuing on the last Business Day of each calendar month thereafter to and including the last Business Day of the sixtyfifty-second ninth (62nd59th) such calendar month, the Maximum WCMA Line of Credit shall be reduced by an amount equal to one-eighty-fourth sixtieth (1/84th1/60th) of the Loan Amount per month. Unless the WCMA Line of Credit shall have been earlier terminated pursuant to the terms hereof, on the last Business Day of the sixty-third sixtieth (63rd60th) such calendar monthmonth following the Closing Date, the WCMA Line of Credit shall, without further action of either of the parties hereto, be terminated, Customer shall pay to MLBFS the entire WCMA Loan Balance, if any, and all other Obligations, and the WCMA Account, at the option of Customer, will either be converted to a WCMA Cash Account (subject to any requirements of MLPF&S) or terminated. No failure or delay on the part of MLBFS in entering into the WCMA computer system any scheduled reduction in reduction. In the Maximum WCMA Line of Credit pursuant to this Section shall have the effect of preventing or delaying such reduction.

Appears in 1 contract

Samples: Loan Agreement (Evergreen International Aviation Inc)

Periodic Reduction of Maximum WCMA Line of Credit. Commencing on the last Business Day of the fourth (4th) first full calendar month following the Closing Date, and continuing on the last Business Day of each calendar month thereafter to and including the last Business Day of the sixty-second sixteenth (62nd16th) such calendar month, the Maximum WCMA Line of Credit shall be reduced by an amount equal to onethe amount set forth below opposite the number of such month following the Closing Date as follows: Months Monthly Reduction (Percentage of Loan Amount) 1-eighty12 $10,000.00 13-fourth (1/84th) of the Loan Amount per month. 16 $20,000.00 Unless the WCMA Line of Credit shall have been earlier terminated pursuant to the terms hereofof this Forbearance Agreement, on the last Business Day of the sixty-third seventeenth (63rd17th) such calendar monthmonth following the Closing Date, the WCMA Line of Credit shall, without further action of either of the parties hereto, be terminated, Customer shall pay to MLBFS the entire WCMA Loan Balance, if any, and all other Obligations, and the WCMA Account, at the option of Customer, will either be converted to a WCMA Cash Account (subject to any requirements of MLPF&S) or terminated. No failure or delay on the part of MLBFS in entering into the WCMA computer system any scheduled reduction in the Maximum WCMA Line of Credit pursuant to this Section shall have the effect of preventing or delaying such reduction.

Appears in 1 contract

Samples: Forbearance Agreement (Dreams Inc)

Periodic Reduction of Maximum WCMA Line of Credit. Commencing on the last Business Day of the fourth (4th) first full calendar month following the Closing Conversion Date, and continuing on the last Business Day of each calendar month thereafter to and including the last Business Day of the sixtyfifty-second ninth (62nd59th) such calendar month, the Maximum WCMA Line of Credit shall be reduced by an amount equal to one-eighty-fourth sixtieth (1/84th1/60th) of the Loan Amount per month. Unless the WCMA Line of Credit shall have been earlier terminated pursuant to the terms hereof, on the last Business Day of the sixty-third sixtieth (63rd60th) such calendar monthmonth following the Conversion Date, the WCMA Line of Credit shall, without further action of either of the parties hereto, be terminated, Customer shall pay to MLBFS the entire WCMA Loan Balance, if any, and all other Obligations, and the WCMA Account, at the option of Customer, will either be converted to a WCMA Cash Account (subject to any requirements of MLPF&S) or terminated. No failure or delay on the part of MLBFS in entering into the WCMA computer system any scheduled reduction in the Maximum WCMA Line of Credit pursuant to this Section shall have the effect of preventing or delaying such reduction.

Appears in 1 contract

Samples: Loan and Security Agreement (Rent a Wreck of America Inc)

Periodic Reduction of Maximum WCMA Line of Credit. Commencing on the last Business Day of the fourth (4th) first full calendar month following the Closing Date, and continuing on the last Business Day of each calendar month thereafter to and including the last Business Day of the sixty-second one hundred nineteenth (62nd119th) such calendar month, the Maximum WCMA Line of Credit shall be reduced by an amount equal to one-eighty-fourth one hundred eightieth (1/84th1/180th) of the Loan Amount per month. Unless the WCMA Line of Credit shall have been earlier terminated pursuant to the terms hereof, on the last Business Day of the sixty-third one hundred twentieth (63rd120th) such calendar month, the WCMA Line of Credit shall, without further action of either of the parties hereto, be terminated, Customer shall pay to MLBFS the entire WCMA Loan Balance, if any, and all other Obligations, and the WCMA Account, at the option of Customer, will either be converted to a WCMA Cash Account (subject to any requirements of MLPF&S) or terminated. No failure or delay on the part of MLBFS in entering into the WCMA computer system any scheduled reduction in the Maximum WCMA Line of Credit pursuant to this Section shall have the effect of preventing or delaying such reduction.

Appears in 1 contract

Samples: Loan and Security Agreement (Dynacq Healthcare Inc)

Periodic Reduction of Maximum WCMA Line of Credit. Commencing on the last Business Day of the fourth (4th) first full calendar month following the Closing Date, and continuing on the last Business Day of each calendar month thereafter to and including the last Business Day of the sixtyeighty-second third (62nd83rd) such calendar month, the Maximum WCMA Line of Credit shall be reduced by an amount equal to one-eighty-fourth (1/84th1/ 84th) of the Loan Amount per month. Unless the WCMA Line of Credit shall have been earlier terminated pursuant to the terms hereof, on the last Business Day of the sixtyeighty-third fourth (63rd84th) such calendar monthmonth following the Closing Date, the WCMA Line of Credit shall, without further action of either of the parties hereto, be terminated, Customer shall pay to MLBFS the entire WCMA Loan Balance, if any, and all other Obligations, and the WCMA Account, at the option of Customer, will either be converted to a WCMA Cash Account (subject to any requirements of MLPF&S) or terminated. No failure or delay on the part of MLBFS in entering into the WCMA computer system any scheduled reduction in the Maximum WCMA Line of Credit pursuant to this Section shall have the effect of preventing or delaying such reduction.

Appears in 1 contract

Samples: Employment Agreement (Telebyte Technology Inc)

Periodic Reduction of Maximum WCMA Line of Credit. Commencing on the last Business Day of the fourth (4th) first full calendar month following the Closing Date, and continuing on the last Business Day of each calendar month thereafter to and including the last Business Day of the sixtythirty-second fifth (62nd35th) such calendar month, the Maximum WCMA Line of Credit shall be reduced by an amount equal to one-eightythirty-fourth sixth (1/84th1/36th) of the Loan Amount per month. Unless the WCMA Line of Credit shall have been earlier terminated pursuant to the terms hereof, on the last Business Day of the sixtythirty-third sixth (63rd36th) such calendar month, the WCMA Line of Credit shall, without further action of either of the parties hereto, be terminated, Customer shall pay to MLBFS the entire WCMA Loan Balance, if any, and all other Obligations, and the WCMA Account, at the option of Customer, will either be converted to a WCMA Cash Account (subject to any requirements of MLPF&S) or terminated. No failure or delay on the part of MLBFS in entering into the WCMA computer system any scheduled reduction in the Maximum WCMA Line of Credit pursuant to this Section shall have the effect of preventing or delaying such reduction.

Appears in 1 contract

Samples: Security Agreement (Lakeland Industries Inc)

Periodic Reduction of Maximum WCMA Line of Credit. Commencing on the last Business Day of the fourth (4th) full calendar month following the Closing Conversion Date, and continuing on the last Business Day of each calendar month thereafter to and including the last Business Day of the sixtyeighty-second third (62nd83rd) such calendar month, the Maximum WCMA Line of Credit shall be reduced by an amount equal to one-eightyseventy-fourth sixth (1/84th) of the Loan Amount per month. Unless the WCMA Line of Credit shall have been earlier terminated pursuant to the terms hereof, on the last Business Day of the sixtyeighty-third fourth (63rd84th) such calendar monthmonth following the Conversion Date, the WCMA Line of Credit shall, without further action of either of the parties hereto, be terminated, Customer shall pay to MLBFS the entire WCMA Loan Balance, if any, and all other Obligations, and the WCMA Account, at the option of Customer, will either be converted to a WCMA Cash Account (subject to any requirements of MLPF&S) or terminated. No failure or delay on the part of MLBFS in entering into the WCMA computer system any scheduled reduction in the Maximum WCMA Line of Credit pursuant to this Section shall have the effect of preventing or delaying such reduction.

Appears in 1 contract

Samples: Loan Agreement (Main Street & Main Inc)

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Periodic Reduction of Maximum WCMA Line of Credit. Commencing on the last Business Day of the fourth (4th) first full calendar month following the Closing Date, and continuing on the last Business Day of each calendar month thereafter to and including the last Business Day of the sixtyforty-second seventh (62nd47th) such calendar month, the Maximum WCMA Line of Credit shall be reduced by an amount equal to one-eightyforty-fourth eight (1/84th1/48th) of the Loan Amount per month. Unless the WCMA Line of Credit shall have been earlier terminated pursuant to the terms hereof, on the last Business Day of the sixtyforty-third eight (63rd48th) such calendar month, the WCMA Line of Credit shall, without further action of either of the parties hereto, be terminated, Customer shall pay to MLBFS the entire WCMA Loan Balance, if any, and all other Obligations, and the WCMA Account, at the option of Customer, will either be converted to a WCMA Cash Account (subject to any requirements of MLPF&S) or terminated. No failure or delay on the part of MLBFS in entering into the WCMA computer system any scheduled reduction in the Maximum WCMA Line of Credit pursuant to this Section shall have the effect of preventing or delaying such reduction.

Appears in 1 contract

Samples: Security Agreement (Continucare Corp)

Periodic Reduction of Maximum WCMA Line of Credit. Commencing on the last Business Day of the fourth (4th) full firstfull calendar month following the Closing Date, and continuing on the last Business Day of each calendar month thereafter to and including the last Business Day of the sixtyfifty-second ninth (62nd59th) such calendar month, the Maximum WCMA Line of Credit shall be reduced by an amount equal to one-eighty-fourth sixtieth (1/84th1/60th) of the Loan Amount per month. Unless the WCMA Line of Credit shall have been earlier terminated pursuant to the terms hereof, on the last Business Day of the sixty-third sixtieth (63rd60th) such calendar monthmonth following the Closing Date, the WCMA Line of Credit shall, without further action of either of the parties hereto, be terminated, Customer shall pay to MLBFS the entire WCMA Loan Balance, if any, and all other Obligations, and the WCMA Account, at the option of Customer, will either be converted to a WCMA Cash Account (subject to any requirements of MLPF&S) or terminated. No failure or delay on the part of MLBFS in entering into the WCMA computer system any scheduled reduction in the Maximum WCMA Line of Credit pursuant to this Section shall have the effect of preventing or delaying such reduction.

Appears in 1 contract

Samples: Loan Agreement (Evergreen International Aviation Inc)

Periodic Reduction of Maximum WCMA Line of Credit. Commencing on the last Business Day of the fourth (4th) first full calendar month following the Closing Date, and continuing on the last Business Day of each calendar month thereafter to and including the last Business Day of the sixtytwenty-second third (62nd23rd) such calendar month, the Maximum WCMA Line of Credit shall be reduced by an amount equal to one-eightytwenty-fourth (1/84th1/24th) of the Loan Amount per month. Unless the WCMA Line of Credit shall have been earlier terminated pursuant to the terms hereof, on the last Business Day of the sixtytwenty-third fourth (63rd24th) such calendar monthmonth following the Closing Date, the WCMA Line of Credit shall, without further action of either of the parties hereto, be terminated, Customer shall pay to MLBFS the entire WCMA Loan Balance, if any, and all other Obligations, and the WCMA Account, at the option of Customercustomer, will either be converted to a WCMA Cash Account (subject to any requirements of MLPF&S) or terminated. No failure or delay on the part of MLBFS in entering into the WCMA computer system any scheduled reduction in the Maximum WCMA Line of Credit pursuant to this Section shall have the effect of preventing or delaying such reduction.

Appears in 1 contract

Samples: Loan Agreement (Sel-Leb Marketing Inc)

Periodic Reduction of Maximum WCMA Line of Credit. Commencing on the last Business Day of the fourth (4th) first full calendar month following the Closing Date, and continuing on the last Business Day of each calendar month thereafter to and including the last Business Day of the sixtyfifty-second ninth (62nd59th) such calendar month, the Maximum WCMA Line of Credit shall be reduced by an amount equal to one-eighty-fourth two hundred fortieth (1/84th1/240th) of the Loan Amount per month. Unless the WCMA Line of Credit shall have been earlier terminated pursuant to the terms hereof, on the last Business Day of the sixty-third sixtieth (63rd60th) such calendar month, the WCMA Line of Credit shall, without further action of either of the parties hereto, be terminated, Customer shall pay to MLBFS the entire WCMA Loan Balance, if any, and all other Obligations, and the WCMA Account, at the option of Customer, will either be converted to a WCMA Cash Account (subject to any requirements of MLPF&S) or terminated. No failure or delay on the part of MLBFS in entering into the WCMA computer system any scheduled reduction in the Maximum WCMA Line of Credit pursuant to this Section shall have the effect of preventing or delaying such reduction.

Appears in 1 contract

Samples: Loan and Security Agreement (Continucare Corp)

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