Common use of Procedure for Revolving Loans Clause in Contracts

Procedure for Revolving Loans. The Company may by written notice request a borrowing of Revolving Loans prior to 12:00 noon (New York time) on the Business Day of its request to incur, on the next Business Day, a Revolving Loan. Together with each request for a Revolving Loan (or at such other intervals as Laurus may request), the Company shall deliver to Laurus a Borrowing Base Certificate in the form of Exhibit B attached hereto, which shall be certified as true and correct by the Chief Executive Officer or Chief Financial Officer of the Company together with all supporting documentation relating thereto. All Revolving Loans shall be disbursed from whichever office or other place Laurus may designate from time to time and shall be charged to the Company' account on Laurus' books. The proceeds of each Revolving Loan made by Laurus shall be made available to the Company on the Business Day following the Business Day so requested in accordance with the terms of this Article 4 by way of credit to the applicable Company's operating account maintained with such bank as the Company designated to Laurus. Any and all Obligations due and owing hereunder may be charged to the Company' account and shall constitute Revolving Loans.

Appears in 2 contracts

Samples: Security and Purchase Agreement (On the Go Healthcare Inc), Security and Purchase Agreement (On the Go Healthcare Inc)

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Procedure for Revolving Loans. The Company Agent may by written notice request a borrowing of Revolving Loans prior to 12:00 noon (New York time) on the Business Day of its request to incur, on the next Business Day, a Revolving Loan. Together with each request for a Revolving Loan (or at such other intervals as Laurus may request), the Company Agent shall deliver to Laurus a Borrowing Base Certificate in the form of Exhibit EXHIBIT B attached hereto, which shall be certified as true and correct by the Chief Executive Officer or Chief Financial Officer of the Company Agent together with all supporting documentation relating thereto. All Revolving Loans shall be disbursed from whichever office or other place Laurus may designate from time to time and shall be charged to the CompanyCompanies' account on Laurus' books. The proceeds of each Revolving Loan made by Laurus shall be made available to the Company Agent on the Business Day following the Business Day so requested in accordance with the terms of this Article Section 4 by way of credit to the applicable Company's operating account maintained with such bank as the Company Agent designated to Laurus. Any and all Obligations due and owing hereunder may be charged to the CompanyCompanies' account and shall constitute Revolving Loans.

Appears in 1 contract

Samples: Security Agreement (American Technologies Group Inc)

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