Common use of Revolving Advances Clause in Contracts

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing Base. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 p.m. Pacific Time, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate in substantially the form of Exhibit C hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section to a Borrower’s deposit account at Bank.

Appears in 2 contracts

Samples: Loan and Security Agreement, Loan and Security Agreement (Lightpath Technologies Inc)

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Revolving Advances. (ia) Subject to and upon Bank will make Advances not exceeding the terms and conditions of this Agreement, Borrowers may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Committed Revolving Line or (ii) the Borrowing BaseLine. Subject to the terms and conditions of this Agreement, amounts Amounts borrowed pursuant to under this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposesthis Agreement. (iib) Whenever a Borrower desires To obtain an Advance, such Borrower will must notify Bank by email, facsimile transmission or telephone no later than 2:00 by 12:00 p.m. Pacific Time, time on the Business Day that is one day before the Business Day the Advance is to be made. Each such Borrower must promptly confirm the notification shall be promptly confirmed by a Borrowing Base Certificate in substantially delivering to Bank the form of Payment/Advance Form attached as Exhibit C heretoB. Bank will credit Advances to Borrower's deposit account. Bank is authorized to may make Advances under this Agreement, Agreement based upon on instructions received from a Responsible Officer or a his or her designee of a Responsible Officer, or without instructions if in Bank’s discretion such the Advances are necessary to meet Obligations which have become due and remain unpaiddue. Bank shall be entitled to may rely on any email or telephonic telephone notice given by a person who whom Bank reasonably believes to be is a Responsible Officer or a designee thereof, and Borrowers shall designee. Borrower will indemnify and hold Bank harmless for any damages loss Bank suffers due to such reliance. (c) The Committed Revolving Line terminates on the Revolving Maturity Date, when all Advances are immediately payable. (d) Bank's obligation to lend the undisbursed portion of the Obligations will terminate if, in Bank's sole discretion, there has been a material adverse change in the general affairs, management, results of operation, condition (financial or loss suffered otherwise) or the prospect of repayment of the Obligations, or there has been any material adverse deviation by Borrower from the most recent business plan of Borrower presented to and accepted by Bank as a result prior to the execution of such reliance. Bank will credit the amount of Advances made under this Section to a Borrower’s deposit account at BankAgreement.

Appears in 2 contracts

Samples: Loan and Security Agreement (Viking Systems Inc), Loan and Security Agreement (Taser International Inc)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing Base. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder Notwithstanding the foregoing, Bank may, in its sole discretion and upon Borrower’s request, make Advances to Borrower after the Revolving Maturity Date, and all other terms and conditions under this Agreement shall be due and payable on the last business day of each month during the term hereofapply to such Advances. Borrowers Borrower may prepay any Advances without penalty or premium. Borrowers Borrower shall use the proceeds of the Advances for working capital and corporate purposes. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 p.m. Pacific Time, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate an Advance Request Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section to a Borrower’s deposit account at Bank.

Appears in 2 contracts

Samples: Loan and Security Agreement (MR2 Group, Inc.), Loan Agreement (MR2 Group, Inc.)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers Borrower may request and Bank agrees to make Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing BaseLine. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers Borrower may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s 's discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(a) to a Borrower’s 's deposit account at Bankaccount.

Appears in 2 contracts

Samples: Loan Agreement (Clarient, Inc), Loan Agreement (Chromavision Medical Systems Inc)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing Base, minus, in each case, the amount of services being provided under the Cash Management Sublimit. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (ii) Whenever a Borrower desires Borrowers desire an Advance, such Borrower Borrowers will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Time, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed made (i) by telephone or in-person followed by written confirmation from Borrowers within 24 hours, (ii) by electronic mail or facsimile transmission, or (iii) by delivering to Bank a Borrowing Base Certificate Revolving Advance Request Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(a) to a Borrower’s deposit account at with Bank.

Appears in 2 contracts

Samples: Loan and Security Agreement, Loan and Security Agreement (SharpSpring, Inc.)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing Base, minus, in each case, the aggregate face amount of all outstanding Letters of Credit. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers Borrower may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s 's discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(a) to a Borrower’s 's deposit account at Bankaccount.

Appears in 2 contracts

Samples: Loan and Security Agreement (Silicon Image Inc), Loan and Security Agreement (Tci Solutions Inc)

Revolving Advances. (i) i. Subject to and upon the terms and conditions of this Agreement, Borrowers Borrower may request Advances under the Revolving Line in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing BaseLine. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers Borrower may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (ii) . Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific TimeEastern time, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed made (i) by a Borrowing Base Certificate telephone or in-person followed by written confirmation from Borrower within 24 hours, (ii) by electronic mail or facsimile transmission, or (iii) by delivering to Bank an Advance Request Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereofOfficer, and Borrowers Borrower shall indemnify and hold Bank WEST\291919990.7 harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will (i) at all times prior to the Transition Period End Date, remit the amount of Advances made under this Section 2.1(a) in accordance with the instructions provided by Borrower and (ii) on and after the Transition Period End Date, credit the amount of Advances made under this Section 2.1(a) to a Borrower’s deposit account at Bank.

Appears in 2 contracts

Samples: Loan and Security Agreement (Silk Road Medical Inc), Loan and Security Agreement (Silk Road Medical Inc)

Revolving Advances. (ia) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Bank agrees to make Advances to Borrower in an aggregate outstanding amount not to exceed the lesser of (i) the Committed Revolving Line or (ii) the Borrowing Base, whichever is less. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) 2.1 may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposesthis Agreement. (iib) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s 's discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1 to a Borrower’s 's deposit account account (c) The Committed Revolving Line shall terminate on the Revolving Maturity Date, at Bankwhich time all Advances under this Section 2.1 and other amounts due under this Agreement (except as otherwise expressly specified herein) shall be immediately due and payable.

Appears in 2 contracts

Samples: Loan and Security Agreement (Maker Communications Inc), Loan and Security Agreement (Maker Communications Inc)

Revolving Advances. (a) Bank will make Advances not exceeding (i) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Advances in an aggregate outstanding amount not to exceed the lesser of (iA) the Committed Revolving Line or (iiB) the Borrowing Base; and minus (ii) all amounts for (A) services utilized under the Cash Management Services Sublimit, (B) all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit) and (C) the FX Reserve. Subject to the terms and conditions of this Agreement, amounts Amounts borrowed pursuant to under this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposesthis Agreement. (iib) Whenever a Borrower desires To obtain an Advance, such Borrower will must notify Bank by email, facsimile transmission or telephone no later than 2:00 by 3:00 p.m. Pacific Time, time on the Business Day that is one day before the Business Day the Advance is to be made. Each such Borrower must promptly confirm the notification shall be promptly confirmed by a Borrowing Base Certificate in substantially delivering to Bank the form of Loan Payment/Advance Request Form attached as Exhibit C heretoB (the “Payment/Advance Form”). Bank is authorized will credit Advances to Borrower’s deposit account. Bank may make Advances under this Agreement, Agreement based upon on instructions received from a Responsible Officer or a his or her designee of a Responsible Officer, or without instructions if in Bank’s discretion such the Advances are necessary to meet Obligations which have become due and remain unpaiddue. Bank shall be entitled to may rely on any email or telephonic telephone notice given by a person who whom Bank reasonably believes to be is a Responsible Officer or a designee thereof, and Borrowers shall designee. Borrower will indemnify and hold Bank harmless for any damages loss Bank suffers due to such reliance. (c) The Committed Revolving Line terminates on the Revolving Maturity Date, when all Advances are immediately payable. (d) Bank’s obligation to lend the undisbursed portion of the Obligations will terminate if, in Bank’s sole discretion, there has been a material adverse change in the general affairs, management, results of operation, condition (financial or loss suffered otherwise) or the prospect of repayment of the Obligations, or there has been any material adverse deviation by Borrower from the most recent business plan of Borrower presented to and accepted by Bank as a result prior to the execution of such reliance. Bank will credit the amount of Advances made under this Section to a Borrower’s deposit account at BankAgreement.

Appears in 2 contracts

Samples: Loan and Security Agreement (Sirf Technology Holdings Inc), Loan and Security Agreement (Sirf Technology Holdings Inc)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing Base, minus, in each case, the amount of services being provided under the Cash Management Sublimit and the aggregate amounts outstanding under the International Sublimit. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (ii) Whenever a Borrower desires Borrowers desire an Advance, such Borrower Borrowers will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed made (i) by telephone or in-person followed by written confirmation from Borrowers within 24 hours, (ii) by electronic mail or facsimile transmission, or (iii) by delivering to Bank a Borrowing Base Certificate Revolving Advance Request Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(a) to a Borrower’s deposit account at Bankaccount.

Appears in 2 contracts

Samples: Loan and Security Agreement (Tabula Rasa HealthCare, Inc.), Loan and Security Agreement (Tabula Rasa HealthCare, Inc.)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing BaseLine. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers Borrower may prepay any Advances without penalty or premium. Borrowers The Advances shall use the proceeds of the Advances be used for general working capital purposes. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific TimeEastern time, on the Business Day that is one day before prior to the Business Day that the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(a) to a Borrower’s deposit account at Bankaccount.

Appears in 1 contract

Samples: Loan and Security Agreement (Safeguard Scientifics Inc)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) minus the aggregate undrawn face amount of all outstanding Letters of Credit, provided that, at any time during which the aggregate amount of the outstanding Advances plus the aggregate undrawn face amount of all outstanding Letters of Credit is in excess of $400,000, the aggregate amount of the outstanding Advances plus the aggregate face amount of all outstanding Letters of Credit shall not exceed the Borrowing Base. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers Borrower may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s 's discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(a) to a Borrower’s 's deposit account at Bankaccount.

Appears in 1 contract

Samples: Loan and Security Agreement (Persistence Software Inc)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers Borrower may request Advances in an aggregate outstanding principal amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing Base. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers Borrower may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:30 p.m. Pacific Time, Eastern time on the Business Day that is one day before prior to the Business Day that the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaidunpaid after the lapse of any applicable cure period. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(a) to a Borrower’s deposit account at Bankaccount.

Appears in 1 contract

Samples: Loan and Security Agreement (Bladelogic Inc)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) MINUS the aggregate undrawn face amount of all outstanding Letters of Credit, provided that, at any time during which the aggregate amount of the outstanding Advances plus the aggregate undrawn face amount of all outstanding Letters of Credit is in excess of $200,000, the aggregate amount of the outstanding Advances plus the aggregate face amount of all outstanding Letters of Credit shall not exceed the Borrowing Base. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers Borrower may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C EXHIBIT B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s 's discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(a) to a Borrower’s 's deposit account at Bankaccount.

Appears in 1 contract

Samples: Loan Agreement (Persistence Software Inc)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers Borrower may request and Bank agrees to make Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing BaseLine. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers Borrower may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(a) to a Borrower’s deposit account at Bankaccount.

Appears in 1 contract

Samples: Loan Agreement (Safeguard Scientifics Inc)

Revolving Advances. (ia) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Bank agrees to make Advances to Borrower in an aggregate outstanding amount not to exceed the lesser of (i) the Committed Revolving Line or the Borrowing Base, whichever is less, minus (ii) the Borrowing Baseprincipal amount of all outstanding advances under that certain Letter Agreement dated March 25, 1996 between Borrower and Bank. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) 2.1 may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposesthis Agreement. (iib) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C EXHIBIT B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s 's discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1 to a Borrower’s 's deposit account account. (c) The Committed Revolving Line shall terminate on the Revolving Maturity Date, at Bankwhich time all Advances under this Section 2.1 and other amounts due under this Agreement (except as otherwise expressly specified herein) shall be immediately due and payable.

Appears in 1 contract

Samples: Loan and Security Agreement (Concord Communications Inc)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Advances Bank, agrees to make advances (each a "Revolving Advance" and collectively, the "Revolving Advances") to Borrower, subject to Section 2.1(a)(ii), in an aggregate outstanding amount not to exceed the lesser of (iA) the Committed Revolving Line or (iiB) the Borrowing Base, minus, in each case, the aggregate face amount of all Letters of Credit. Subject to the terms and conditions of this Agreement, amounts Amounts borrowed pursuant to this Section 2.1(a2.1 (a) may be repaid and reborrowed at any time prior to the earlier to occur of (i) the Revolving Maturity Date, at which time all Revolving Advances under this Section 2.1(a2.1 (a) shall be immediately due and payable. Interest hereunder shall be due and payable on or (ii) the last business day termination of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposesBank's obligation to advance money pursuant to Section 9.1(b). (ii) Whenever a Borrower desires an a Revolving Advance, such Borrower will shall notify Bank (which notice shall be irrevocable) by email, facsimile transmission or telephone to he received no later than 2:00 3:00 p.m. Pacific Eastern Standard Time, on the Business Day that is one day before the Business Day the Revolving Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate a 1. Payment/Advance Form in substantially the form of Exhibit C heretoC. The notice shall be signed by a Responsible Officer or his or her designee. Bank is authorized to make Revolving Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s 's discretion such Revolving Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Revolving Advances made under this Section 2.1 (a) to a Borrower’s 's deposit account at maintained with Bank. (iii) Borrower shall use Revolving Advances solely for working capital and general corporate purposes.

Appears in 1 contract

Samples: Loan and Security Agreement (Align Technology Inc)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, (i) until the Acquisition Line End Date, Borrowers may request Advances in an aggregate outstanding amount not to exceed the Revolving Line minus the aggregate face amount of all outstanding Letters of Credit and (ii) after the Acquisition Line End Date, Borrowers may request Advances in an aggregate outstanding amount not to exceed the lesser of (iA) the Revolving Line or (iiB) the Borrowing Base, minus, in each case, the aggregate face amount of all outstanding Letters of Credit. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (ii) Whenever a Borrower desires an Advance, such a Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C D hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s 's discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(a) to a Borrower’s 's deposit account at Bankaccount.

Appears in 1 contract

Samples: Loan and Security Agreement (Quovadx Inc)

Revolving Advances. (ia) Subject to Provided that no Default or Event of Default has occurred and upon the terms is continuing and conditions of this Agreement, Borrowers may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing Base. Subject subject to the terms and conditions of this Agreement, Lender hereby agrees to make revolving Advances to Borrower from time to time up to but not including the Final Maturity Date. The aggregate amount of Advances outstanding after giving effect to any proposed new Advance shall not exceed the lesser of (i) the Line of Credit Commitment, or (ii) the Borrowing Base. Borrower may repay outstanding Advances and, subject to the terms and conditions of this Agreement, any amounts borrowed pursuant to this Section 2.1(a) so repaid may be repaid and reborrowed at any time prior to reborrowed. On the Revolving Final Maturity Date, at which time all Advances under this Section 2.1(a) Borrower shall be immediately due and payable. Interest hereunder shall be due and payable on pay to Lender the last business day of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds entire unpaid principal balance of the Advances for working capital purposestogether with all accrued but unpaid interest thereon. The Advances, and Borrower’s obligation to repay the same, shall be evidenced by this Agreement and the books and records of Lender. (iib) Whenever Borrower may request one or more Advances on any Business Day. Concurrent with such request, Borrower shall provide to Lender a duly completed and signed Daily Availability Report that supports the requested Advance amount. Provided that the terms and conditions for the requested Advance have been met, Lender will make the requested Advance available to Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 p.m. Pacific Time, on the Business Day of request; provided that the request is one day before received by 9:30 a.m., Pacific time, and Borrower has provided to Lender a Daily Availability Report on a daily basis for the prior 30 days. In all other cases, Lender will make the requested Advance available to Borrower on the Business Day following the Advance Business Day of request; provided that the request is to be made. Each such notification shall be promptly confirmed received by a Borrowing Base Certificate in substantially the form of Exhibit C hereto. Bank is authorized to make Advances under this Agreement12:00 p.m., based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section to a Borrower’s deposit account at BankPacific time.

Appears in 1 contract

Samples: Loan and Security Agreement (Point.360)

Revolving Advances. (ia) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Bank will make Advances in an aggregate outstanding amount not to exceed the lesser of exceeding (i) the lesser of the Committed Revolving Line or the Borrowing Base, minus (ii) the Borrowing Baseoutstanding Obligations under the Other Services Sublimit. Subject to the terms and conditions of this Agreement, amounts Amounts borrowed pursuant to under this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposesthis Agreement. (iib) Whenever a Borrower desires To obtain an Advance, such Borrower will must notify Bank by email, facsimile transmission or telephone no later than 2:00 by 3:00 p.m. Pacific Time, time on the Business Day that is one day before the Business Day the Advance is to be made. Each such Borrower must promptly confirm the notification shall be promptly confirmed by delivering to Bank the Payment/Advance Form attached as Exhibit B (a Borrowing Base Certificate in substantially the form of Exhibit C hereto“Payment/Advance Form”). Bank is authorized will credit Advances to Borrower’s deposit account. Bank may make Advances under this Agreement, Agreement based upon on instructions received from a Responsible Officer or a his or her designee of a Responsible Officer, or without instructions if in Bank’s discretion such the Advances are necessary to meet Obligations which have become due and remain unpaiddue. Bank shall be entitled to may rely on any email or telephonic telephone notice given by a person who whom Bank reasonably believes to be is a Responsible Officer or a designee thereof, and Borrowers shall designee. Borrower will indemnify and hold Bank harmless for any damages loss Bank suffers due to such reliance. (c) The Committed Revolving Line terminates on the Revolving Maturity Date, when all Advances are immediately payable. (d) Bank’s obligation to lend the undisbursed portion of the Obligations will terminate if, in good faith, the Bank determines based on information available to it and in its reasonable judgement, there has been a material adverse change in the general affairs, management, results of operation, condition (financial or loss suffered otherwise) or the prospect of repayment of the Obligations, or there has been any material adverse deviation by Borrower from the most recent business plan of Borrower presented to and accepted by Bank as a result prior to the execution of such reliance. Bank will credit the amount of Advances made under this Section to a Borrower’s deposit account at BankAgreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Sigmatel Inc)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing Base. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder Borrowers shall be due and payable on deliver to Bank a promissory note for the last business day Advances in substantially the form attached hereto as Exhibit B-1. Bank may enforce its rights in respect of each month during the term hereof. Borrowers may prepay any Advances under this Agreement without penalty or premiumsuch note. Borrowers shall use the proceeds of the Advances for working capital purposes. Borrowers may prepay any Advances without penalty or premium. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Time, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed made (i) by telephone or in-person followed by written confirmation from Borrowers within 24 hours, (ii) by electronic mail or facsimile transmission, or (iii) by delivering to Bank a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(a) to a BorrowerParent’s deposit account at with Bank.

Appears in 1 contract

Samples: Loan and Security Agreement (Identiv, Inc.)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing Base. Subject to the terms and conditions of this Exim Agreement, amounts borrowed pursuant Bank agrees to this Section 2.1(a) may be repaid and reborrowed make Advances to Borrower in an amount not to exceed, at any time prior outstanding, the Exim Committed Line or the Borrowing Base, whichever is less, as determined by the Borrowing Base Certificate to be delivered to the Revolving Maturity DateBank. To evidence the Advances, at which time all Advances under this Section 2.1(a) Borrower shall be immediately due execute and payable. Interest hereunder shall be due and payable deliver to Bank on the last business day of each month during date hereof a promissory note (the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use "Note") in substantially the proceeds of the Advances for working capital purposes. (ii) form attached hereto as EXHIBIT B. Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific TimeEastern time, on the Business Day that is one day before the Business Day the Advance is to be mademade together with any additional documentation required under the Borrower Agreement, including without limitation, as set forth in Section 2.03 of the Borrower Agreement. Each such notification shall be promptly confirmed by a Borrowing Base Certificate In addition to the procedure set forth in substantially the form of Exhibit C hereto. preceding sentence, Bank is authorized to make Advances under this Exim Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s 's discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee (as designated in writing by a Responsible Officer) thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section to a Borrower’s 's deposit account account. Amounts borrowed pursuant to this Section may be repaid at Bankany time and re-borrowed at any time during the term of this Exim Agreement so long as no Event of Default has occurred and is continuing.

Appears in 1 contract

Samples: Loan and Security Agreement (Aspen Technology Inc /De/)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Advances Bank agrees to make advances (each a “Revolving Advance” and collectively, the “Revolving Advances”) to Borrower, subject to Section 2.1(a)(ii), in an aggregate outstanding amount not to exceed the lesser Committed Revolving Line, minus the aggregate face amount of (i) all Letters of Credit and minus the Revolving Line or (ii) FX Amount and minus the Borrowing Baseoutstanding Equipment Advances. Subject to the terms and conditions of this Agreement, amounts Amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the earlier to occur of (i) the Revolving Maturity Date, at which time all Revolving Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on or (ii) the last business day termination of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposesBank’s obligation to advance money pursuant to Section 9.1(b). (ii) Whenever a Borrower desires an a Revolving Advance, such Borrower will shall notify Bank (which notice shall be irrevocable) by email, facsimile transmission or telephone to be received no later than 2:00 p.m. 12:00 noon Pacific Time, on the Business Day that is one day before the Business Day the Revolving Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C heretoC. The notice shall be signed by a Responsible Officer or his or her designee. Bank is authorized to make Revolving Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Revolving Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Revolving Advances made under this Section 2.1(a) to a Borrower’s deposit account at maintained with Bank. (iii) Borrower shall use Revolving Advances solely for working capital, the issuance of letters of credit, equipment purchases, permitted acquisitions described in this Agreement and other general corporate purposes.

Appears in 1 contract

Samples: Loan and Security Agreement (Align Technology Inc)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing Base. Subject to the terms and conditions of this ------------------ Exim Agreement, amounts borrowed pursuant Bank agrees to make Advances to Borrower in an amount not to exceed the lesser of the Exim Committed Line or the Borrowing Base. For purposes of this Section 2.1(aExim Agreement "Borrowing Base" shall mean an amount equal to ninety percent (90%) may be repaid of the Exim Eligible Foreign Accounts. To evidence the Advances, Borrower shall execute and reborrowed at any time prior deliver to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable Bank on the last business day of each month during date hereof a promissory note (the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use "Note") in substantially the proceeds of the Advances for working capital purposes. (ii) form attached hereto as EXHIBIT B. --------- Whenever a Borrower desires an Advance, such either Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific TimeCalifornia time, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit EXHIBIT C hereto. In addition to the procedure set forth in the preceding --------- sentence, Bank is authorized to make Advances under this Exim Agreement, based upon written instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s 's discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1.1 to a Borrower’s 's deposit account account. Amounts borrowed pursuant to this Section 2.1.1 may be repaid and re-borrowed at Bankany time during the term of this Exim Agreement so long as no Event of Default has occurred and is continuing.

Appears in 1 contract

Samples: Loan and Security Agreement (Open Market Inc)

Revolving Advances. (ia) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Bank agrees to make Advances to Borrower in an aggregate outstanding amount not to in exceed the lesser of (i) the Committed Revolving Line or the Borrowing Base, whichever is less, minus (ii) the Borrowing Baseface amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit) and minus (iii) any other amounts outstanding to the Bank (excluding advances made pursuant to Sections 2.1.2, 2.1.3.A and 2.1.3.B). Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) 2.1 may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposesthis Agreement. (iib) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific TimeEastern time, on the Business Day that is one day before the Business Day the Advance Advances is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C EXHIBIT B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s 's discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1 to a Borrower’s 's deposit account account. (c) The Committed Revolving Line shall terminate on the Revolving Maturity Date, at Bankwhich time all Advances under this Section 2.1 and other amounts due under this Agreement (except as otherwise expressly specified herein) shall be immediately due and payable."

Appears in 1 contract

Samples: Loan Modification Agreement (Art Technology Group Inc)

Revolving Advances. (ia) Subject to and upon the terms and conditions of this Agreement, Borrowers Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) One Million Three Hundred Thousand Dollars ($1,300,000) or (ii) the Borrowing Base; provided, however, that after an Equity Event, Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) One Million Five Hundred Thousand Dollars ($1,500,000) or (ii) the Borrowing Base; provided, further, that after an IPO/Equity Infusion, Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Committed Revolving Line or (ii) the Borrowing Base. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) 2.1.1 may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) 2.1.1 shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers Borrower may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (iib) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C B-1 hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s 's discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1.1 to a Borrower’s 's deposit account at Bankaccount.

Appears in 1 contract

Samples: Loan and Security Agreement (N2h2 Inc)

Revolving Advances. (ia) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Bank agrees to make Advances to Borrower in an aggregate outstanding amount not to exceed the lesser of (i) the Committed Revolving Line or the Borrowing Base, whichever is less, minus (ii) the Borrowing Baseface amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit). Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) 2.1 may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposesthis Agreement. (iib) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the 8 form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s 's discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1 to a Borrower’s 's deposit account account. (c) The Committed Revolving Line shall terminate on the Revolving Maturity Date, at Bankwhich time all Advances under this Section 2.1 and other amounts due under this Agreement (except as otherwise expressly specified herein) shall be immediately due and payable.

Appears in 1 contract

Samples: Loan and Security Agreement (T/R Systems Inc)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers Agent may request Advances in an aggregate amount not to exceed the lesser of the (i) Committed Revolving Line, and (ii) the amount required to pay off Borrower's debt to Handelsbanken. Notwithstanding the foregoing and subject to the conditions set forth below, beginning on January 1, 2000, subject to and upon the terms and conditions of this Agreement, Agent may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Committed Revolving Line or (ii) the Borrowing Base. Notwithstanding the foregoing, upon the earlier of (i) January 1, 2000, and (ii) the occurrence of the Equity Event, and continuing until the occurrence of the IP Transfer set forth in Section 6.14(a) hereof, Borrowers shall pay down the outstanding principal and accrued interest under the Committed Revolving Line so that the aggregate outstanding Advances plus the face amount of the Letter of Credit (or if drawn, the unreimbursed amount of the Letter of Credit) do not exceed the amount specified in that certain Floating Charge Agreement dated November 26, 1999, by and between Bank and Viewlocity AB to the extent Bank has a valid perfected security interest in the property described therein. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (ii) Whenever a Borrower desires Borrowers desire an Advance, such Borrower Agent will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C EXHIBIT B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s 's discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(a) to a Borrower’s Agent's deposit account at Bankaccount.

Appears in 1 contract

Samples: Loan and Security Agreement (Viewlocity Inc)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing Base. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder Notwithstanding the foregoing, Bank may, in its sole discretion and upon Borrower’s request, make Advances to Borrower after the Revolving Maturity Date, and all other terms and conditions under this Agreement shall be due and payable on the last business day of each month during the term hereofapply to such Advances. Borrowers Borrower may prepay any Advances without penalty or premium. Borrowers Borrower shall use the proceeds of the Advances for short-term working capital and corporate purposes. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 p.m. Pacific Time, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate an Advance Request Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section to a Borrower’s deposit account at Bank.

Appears in 1 contract

Samples: Loan Agreement (Spectrum Global Solutions, Inc.)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Committed Revolving Line or (ii) the Borrowing Base, minus, in each case, the aggregate undrawn face amount of the outstanding Letters of Credit, and any drawn but unreimbursed Letters of Credit. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers Borrower may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of Borrower's obligation to repay the Advances for working capital purposesis evidenced by this Agreement and a Promissory Note in substantially the form of Exhibit B attached hereto. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s 's discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(a) to a Borrower’s 's deposit account at Bankaccount.

Appears in 1 contract

Samples: Loan and Security Agreement (Novatel Wireless Inc)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Committed Revolving Line or (ii) the Borrowing Base, minus, in each case, the aggregate face amount of all outstanding Letters of Credit. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers Borrower may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:30 p.m. Pacific TimeEastern time, on the Business Day that is one day before prior to the Business Day that the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s 's discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance, except for damages or losses, caused by Bank's gross negligence or willful misconduct. Bank will credit the amount of Advances made under this Section 2.l(a) to a Borrower’s 's deposit account at Bankaccount.

Appears in 1 contract

Samples: Loan and Security Agreement (Soundbite Communications Inc)

Revolving Advances. (a) Bank will make Advances not exceeding (i) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Advances in an aggregate outstanding amount not to exceed the lesser of (iA) the Committed Revolving Line or (iiB) the Borrowing Base. Subject to the terms and conditions of this Agreement, amounts Amounts borrowed pursuant to under this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereofof this Agreement. All advances shall be evidenced by the Revolving Promissory Note to be executed and delivered by Borrowers may prepay any Advances without penalty or premium. Borrowers to Bank on the Closing Date and shall use be repaid in accordance with the proceeds terms of the Advances for working capital purposesRevolving Promissory Note. (iib) Whenever a Borrower desires To obtain an Advance, such Borrower will Company must notify Bank by email, facsimile transmission or telephone no later than 2:00 by 3:00 p.m. Pacific Time, Eastern time on the Business Day that is one day before the Business Day the Advance is to be made. Each such Company must promptly confirm the notification shall be promptly confirmed by a Borrowing Base Certificate in substantially delivering to Bank the form of Loan Payment/Advance Request Form attached as Exhibit C heretoB (the “Payment/Advance Form”). Bank is authorized will credit Advances to Company’s deposit account. Bank may make Advances under this Agreement, Agreement based upon on instructions received from a Responsible Officer of Company or a his or her designee of a Responsible Officer, or without instructions if in Bank’s discretion such the Advances are necessary to meet Obligations which have become due and remain unpaiddue. Bank shall be entitled to may rely on any email or telephonic telephone notice given by a person who whom Bank reasonably believes to be is a Responsible Officer of Company or a designee thereof, and designee. Borrowers shall will indemnify and hold Bank harmless for any damages loss Bank suffers due to such reliance. (c) The Committed Revolving Line terminates on the Revolving Maturity Date, when all Advances are immediately payable. (d) Bank’s obligation to lend the undisbursed portion of the Committed Revolving Line will terminate if, in Bank’s sole, but reasonable, discretion, there has been a material adverse change in the general affairs, management, results of operation, condition (financial or loss suffered otherwise) or the prospect of repayment of the Obligations, or there has been any material adverse deviation by Borrowers from the most recent business plan of Borrowers presented to and accepted by Bank as a result prior to the execution of such reliance. Bank will credit the amount of Advances made under this Section to a Borrower’s deposit account at BankAgreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Visual Networks Inc)

Revolving Advances. (ia) Subject to and upon the terms and conditions of this Agreement, Borrowers Borrower may request request, and Bank agrees to make, Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Committed Revolving Line or (ii) the Borrowing Base, whichever is less. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) 2.1.1 may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) 2.1.1 shall be immediately due and payable. Interest hereunder shall be due and payable on If at any time the last business day of each month during outstanding Advances under this Section 2.1.1 exceed the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds lesser of the Advances for working capital purposesBorrowing Base or the Committed Revolving Line, Borrower shall immediately pay Bank, in cash, the amount of such excess. (iib) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific TimeCalifornia time, on the Business Day that is one day before the Business Day the an Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate in substantially the form of Exhibit C hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s 's discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2. 1.1 to Borrower's deposit account, as specified by such Borrower. Each written request for an Advance, and each confirmation of a telephone request for such an Advance, shall be in substantially the form of Exhibit B hereto executed by Borrower’s deposit account at Bank.

Appears in 1 contract

Samples: Loan and Security Agreement (Pharmchem Inc)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing Base. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers Borrower may prepay any Advances without penalty or premium. Borrowers The Advances shall use the proceeds of the Advances be used for general working capital purposespurposes and shall not be used to finance or otherwise facilitate the Acquisition. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific TimeEastern time, on the Business Day that is one day before prior to the Business Day that the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s 's discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(a) to a Borrower’s 's deposit account at Bankaccount.

Appears in 1 contract

Samples: Loan and Security Agreement (Safeguard Scientifics Inc)

Revolving Advances. (ia) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Bank will make Advances in an aggregate outstanding amount not to exceed the lesser of exceeding (i) the Committed Revolving Line or Line, minus (ii) the Borrowing BaseCash Management Services Sublimit, minus (iii) the amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit). Subject to the terms and conditions of this Agreement, amounts Amounts borrowed pursuant to under this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposesthis Agreement. (iib) Whenever a Borrower desires To obtain an Advance, such Borrower will must notify Bank by email, facsimile transmission or telephone no later than 2:00 by 12:00 p.m. Pacific Time, time on the Business Day that is one day before the Business Day the Advance is to be made. Each such Borrower must promptly confirm the notification shall be promptly confirmed by a Borrowing Base Certificate in substantially delivering to Bank the form of Payment/Advance Form attached as Exhibit C heretoB. Bank will credit Advances to Borrower's deposit account. Bank is authorized to may make Advances under this Agreement, Agreement based upon on instructions received from a Responsible Officer or a his or her designee of a Responsible Officer, or without instructions if in Bank’s discretion such the Advances are necessary to meet Obligations which have become due and remain unpaiddue. Bank shall be entitled to may rely on any email or telephonic telephone notice given by a person who whom Bank reasonably believes to be is a Responsible Officer or a designee thereof, and Borrowers shall designee. Borrower will indemnify and hold Bank harmless for any damages loss Bank suffers due to such reliance. (c) The Committed Revolving Line terminates on the Revolving Maturity Date, when all Advances are immediately payable. (d) Bank's obligation to lend the undisbursed portion of the Obligations will terminate if, in Bank's sole discretion, there has been a material adverse change in the general affairs, management, results of operation, condition (financial or loss suffered otherwise) or the prospect of repayment of the Obligations, or there has been any material adverse deviation by Borrower from the most recent business plan of Borrower presented to and accepted by Bank as a result prior to the execution of such reliance. Bank will credit the amount of Advances made under this Section to a Borrower’s deposit account at BankAgreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Optika Inc)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers so long as the MRR Retention Rate is at least ninety percent (90%) and Bank shall have received, in form and substance satisfactory to Bank, an audit of the Collateral, the results of which shall be satisfactory to Bank, Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing Base, minus, in each case, the Letters of Credit Sublimit. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers Borrower may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed made (i) by telephone or in-person followed by written confirmation from Borrower within 24 hours, (ii) by electronic mail or facsimile transmission, or (iii) by delivering to Bank a Borrowing Base Certificate Revolving Advance Request Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(a) to a Borrower’s deposit account at Bankaccount.

Appears in 1 contract

Samples: Loan and Security Agreement (UserTesting, Inc.)

Revolving Advances. (a) Bank will make Advances not exceeding (i) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Advances in an aggregate outstanding amount not to exceed the lesser of (iA) the Committed Revolving Line or (iiB) the Borrowing Base. Subject to the terms and conditions of this Agreement, amounts Amounts borrowed pursuant to under this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposesthis Agreement. (iib) Whenever a Borrower desires To obtain an Advance, such Borrower will must notify Bank by email, facsimile transmission or telephone no later than 2:00 by 3:00 p.m. Pacific Time, Eastern time on the Business Day that is one day before the Business Day the Advance is to be made. Each such Borrower must promptly confirm the notification shall be promptly confirmed by a Borrowing Base Certificate in substantially delivering to Bank the form of Payment/Advance Form attached as Exhibit C heretoB (the “Payment/Advance Form”). Bank is authorized will credit Advances to Borrower’s deposit account. Bank may make Advances under this Agreement, Agreement based upon on instructions received from a Responsible Officer or a his or her designee of a Responsible Officer, or without instructions if in Bank’s discretion such the Advances are necessary to meet Obligations which have become due and remain unpaiddue. For purposes of this Section 2.1.1(b), Bank shall be entitled to may rely on any email or telephonic telephone notice given by a person who whom Bank reasonably believes to be is a Responsible Officer or a designee thereof, and Borrowers shall designee. Borrower will indemnify and hold Bank harmless for any damages loss Bank suffers due to such reliance. (c) The Committed Revolving Line terminates on the Revolving Maturity Date, when all Advances are immediately payable. (d) Bank’s obligation to lend the undisbursed portion of the Obligations will terminate if, in Bank’s sole but reasonable discretion, there has been a material adverse change in the general affairs, management, results of operation, condition (financial or loss suffered otherwise) or the prospect of repayment of the Obligations, or there has been any material adverse deviation by Borrower from the most recent business plan of Borrower presented to and accepted by Bank as a result prior to the execution of such reliance. Bank will credit the amount of Advances made under this Section to a Borrower’s deposit account at BankAgreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Optio Software Inc)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers Parent Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing BaseAvailability Amount. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers Borrower may prepay all or a portion of any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (ii) Whenever a Borrower desires an Advance, such Parent Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific TimeEastern time, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed made (i) by a Borrowing Base Certificate in substantially the form of Exhibit C heretotelephone or in-person followed by written confirmation from Parent Borrower within 24 hours, (ii) by electronic mail or facsimile transmission, or (iii) by delivering to Bank an Advance Request Form. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(a) to a Borrower’s deposit account at Deposit Account maintained by the Borrower requesting such Advance with Bank. (iii) The Revolving Line terminates on the Revolving Maturity Date, when the outstanding principal amount of all Advances, the accrued and unpaid interest thereon, and all other outstanding Obligations relating to the Revolving Line shall be immediately due and payable.

Appears in 1 contract

Samples: Loan and Security Agreement (BlackSky Technology Inc.)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing Base, minus, in each case, the aggregate face amount of all outstanding Letters of Credit. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers Borrower may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible the Borrower’s Chief Financial Officer or a designee of a Responsible the Borrower’s Chief Financial Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible the Borrower’s Chief Financial Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(a) to a Borrower’s deposit account at Bankaccount.

Appears in 1 contract

Samples: Loan Agreement (Tripath Technology Inc)

Revolving Advances. (i) Subject On the Closing Date, Bank shall be deemed to have made an Advance to Borrower in the aggregate principal amount of Fourteen Million Five Hundred Twenty-Four Thousand One Hundred Sixty-Six Dollars and Sixty-Seven Cents ($14,524,166.67), which shall refinance all Indebtedness under the Original Agreement. Thereafter and subject to and upon the terms and conditions of this Agreement, Borrowers Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) Revolving Line, minus the Revolving Line or (ii) Cash Management Sublimit and the Borrowing Baseaggregate amounts outstanding under the International Sublimit. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers Borrower may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 12:00 p.m. Pacific TimeEastern time, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed made (i) by telephone or in-person followed by written confirmation from Borrower within twenty-four (24) hours, (ii) by electronic mail or facsimile transmission, or (iii) by delivering to Bank a Borrowing Base Certificate Revolving Advance Request Form in substantially the form of Exhibit C heretoset forth in the Client Reporting File. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance, except for such damages or losses caused by Bank’s gross negligence or willful misconduct. Bank will credit the amount of Advances made under this Section 2.1(a) to a Borrower’s deposit account at Bankaccount.

Appears in 1 contract

Samples: Loan and Security Agreement (908 Devices Inc.)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers Agreement (1) Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser Revolving Line, less the aggregate face amount of Letters of Credit issued under the Letter of Credit Sublimit, and (i2) the Revolving Line or (ii) the Borrowing Base. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall Each Advance must be due and payable on in an amount equal to or greater than the last business day lesser of each month during Five Hundred Thousand Dollars ($500,000) or the term hereofamount that has not yet been drawn under the Revolving Line (less the aggregate face amount of Letters of Credit issued under the Letter of Credit Sublimit). Borrowers Except as set forth in the Prime Referenced Rate Addendum, Borrower may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 p.m. 3:00 pm Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(a) to a Borrower’s deposit account at Bank.account

Appears in 1 contract

Samples: Loan and Security Agreement (Scientific Learning Corp)

Revolving Advances. (ia) Subject to and upon Bank will make Advances not exceeding the terms and conditions of this AgreementCommitted Revolving Line, Borrowers may request Advances in an aggregate outstanding amount not to exceed the lesser of minus (i) the Revolving Line or amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit), minus (ii) the Borrowing BaseCash Management Services Sublimit. Subject to the terms and conditions of this Agreement, amounts Amounts borrowed pursuant to under this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposesthis Agreement. (iib) Whenever a Borrower desires To obtain an Advance, such Borrower will must notify Bank by email, facsimile transmission or telephone no later than 2:00 by 12:00 p.m. Pacific Time, time on the Business Day that is one day before the Business Day the Advance is to be made. Each such Borrower must promptly confirm the notification shall be promptly confirmed by a Borrowing Base Certificate in substantially delivering to Bank the form of Payment/Advance Form attached as Exhibit C heretoB. Bank will credit Advances to Borrower's deposit account. Bank is authorized to may make Advances under this Agreement, Agreement based upon on instructions received from a Responsible Officer or a his or her designee of a Responsible Officer, or without instructions if in Bank’s discretion such the Advances are necessary to meet Obligations which have become due and remain unpaiddue. Bank shall be entitled to may rely on any email or telephonic telephone notice given by a person who whom Bank reasonably believes to be is a Responsible Officer or a designee thereof, and Borrowers shall designee. Borrower will indemnify and hold Bank harmless for any damages loss Bank suffers due to such reliance. (c) The Committed Revolving Line terminates on the Revolving Maturity Date, when all Advances are immediately payable. (d) Bank's obligation to lend the undisbursed portion of the Obligations will terminate if, in Bank's sole discretion, there has been a material adverse change in the general affairs, management, results of operation, condition (financial or loss suffered otherwise) or the prospect of repayment of the Obligations, or there has been any material adverse deviation by Borrower from the most recent business plan of Borrower presented to and accepted by Bank as a result prior to the execution of such reliance. Bank will credit the amount of Advances made under this Section to a Borrower’s deposit account at BankAgreement.

Appears in 1 contract

Samples: Loan Modification Agreement (Inktomi Corp)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (iA) the Revolving Line or (iiB) the Borrowing Base. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers Borrower may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed made (A) by telephone or in-person followed by written confirmation from Borrower within 24 hours, (B) by electronic mail or facsimile transmission, or (C) by delivering to Bank a Borrowing Base Certificate Revolving Advance Request Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliancereliance to the extent provided in Section 13.2. Bank will credit the amount of Advances made under this Section 2.1(a) to a Borrower’s deposit account at Bankaccount.

Appears in 1 contract

Samples: Loan and Security Agreement (EverQuote, Inc.)

Revolving Advances. (ia) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Bank agrees to make Advances to Borrower in an aggregate outstanding amount at any time outstanding not to exceed the lesser of (i) the Committed Revolving Line or (ii) the Borrowing BaseLine. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) 2.1.1 may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (iib) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereofOfficer, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1.1 to a Borrower’s deposit account account. Borrower shall deliver to Bank a promissory note in substantially the form of Exhibit C-1. (c) The Committed Revolving Line shall terminate on the Revolving Maturity Date, at Bankwhich time all Advances under this Section 2.1.1 and any other amounts due under this Agreement (except as otherwise expressly specified herein) shall be immediately due and payable.

Appears in 1 contract

Samples: Loan and Security Agreement (Versata Inc)

Revolving Advances. (ia) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Bank agrees to make Revolving Advances to Borrower in an aggregate outstanding amount not to exceed the lesser of (i) the Committed Revolving Line or the Borrowing Base, whichever is less, (ii) minus, the Borrowing Baseface amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit), and (iii) minus the Foreign Exchange Reserve. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) 2.1.1 may be repaid and reborrowed at any time prior up to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (iib) Whenever a Borrower desires an a Revolving Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Revolving Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Revolving Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s 's discretion such Revolving Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Revolving Advances made under this Section 2.1 to a Borrower’s 's deposit account account. (c) The Committed Revolving Line shall terminate on the Revolving Maturity Date, at Bankwhich time all Revolving Advances under this Section 2.1.1 and other amounts due under this Agreement (except as otherwise expressly specified herein) shall be immediately due and payable.

Appears in 1 contract

Samples: Loan Modification Agreement (Endogen Inc)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers Borrower may request Advances in an aggregate outstanding amount not to exceed the Revolving Line, minus the aggregate face amount of all outstanding Letters of Credit. At any time Borrower’s unrestricted cash on deposit with Bank is less than $10,000,000, Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing Base, minus the aggregate face amount of all outstanding Letters of Credit. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers Borrower may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific TimeEastern time, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(a) to a Borrower’s deposit account at Bankaccount.

Appears in 1 contract

Samples: Loan and Security Agreement (Auxilium Pharmaceuticals Inc)

Revolving Advances. (ia) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Bank agrees to make Advances to any Borrower in an aggregate outstanding amount not to exceed the lesser of (i) the Committed Revolving Line or (ii) the Borrowing Base, whichever is less. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) 2.1 may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposesthis Agreement. (iib) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific TimeEastern time, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Transaction Report and Loan Request Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s 's discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrowers, jointly and severally, shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1 to a such Borrower’s 's deposit account account. (c) The Committed Revolving Line shall terminate on the Revolving Maturity Date, at Bankwhich time all Advances under this Section 2.1 and other amounts due under this Agreement (except as otherwise expressly specified herein) shall be immediately due and payable.

Appears in 1 contract

Samples: Loan and Security Agreement (Simione Central Holdings Inc)

Revolving Advances. (ia) Subject to Provided that no Default or Event of Default has occurred and upon the terms is continuing and conditions of this Agreement, Borrowers may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing Base. Subject subject to the terms and conditions of this Agreement, Lxxxxx hereby agrees to make revolving Advances to Borrower from time to time up to but not including the Final Maturity Date. The aggregate amount of Advances outstanding after giving effect to any proposed new Advance shall not exceed the lesser of (i) the Line of Credit Commitment, or (ii) the Borrowing Base. Borrower may repay outstanding Advances and, subject to the terms and conditions of this Agreement, any amounts borrowed pursuant to this Section 2.1(a) so repaid may be repaid and reborrowed at any time prior to reborrowed. On the Revolving Final Maturity Date, at which time all Advances under this Section 2.1(a) Borrower shall be immediately due and payable. Interest hereunder shall be due and payable on pay to Lender the last business day of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds entire unpaid principal balance of the Advances for working capital purposestogether with all accrued but unpaid interest thereon. The Advances, and Bxxxxxxx’s obligation to repay the same, shall be evidenced by this Agreement and the books and records of Lender. (iib) Whenever Borrower may request one or more Advances on any Business Day. Concurrent with such request, Borrower shall provide to Lender a duly completed and signed Daily Availability Report that supports the requested Advance amount. Provided that the terms and conditions for the requested Advance have been met, Lender will make the requested Advance available to Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 p.m. Pacific Time, on the Business Day of request; provided that the request is one day before received by 9:30 a.m., Pacific time, and Borrower has provided to Lender a Daily Availability Report on a daily basis for the prior 30 days. In all other cases, Lender will make the requested Advance available to Borrower on the Business Day following the Advance Business Day of request; provided that the request is to be made. Each such notification shall be promptly confirmed received by a Borrowing Base Certificate in substantially the form of Exhibit C hereto. Bank is authorized to make Advances under this Agreement12:00 p.m., based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section to a Borrower’s deposit account at BankPacific time.

Appears in 1 contract

Samples: Loan and Security Agreement (Sugarfina Corp)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing Base. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers Borrower may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 p.m. Pacific Time, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate in substantially the form of Exhibit C hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section to a Borrower’s deposit account at Bank.

Appears in 1 contract

Samples: Loan and Security Agreement (Lightpath Technologies Inc)

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Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing Base, minus, in each case, the aggregate face amount of all outstanding Letters of Credit. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers Borrower may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, --------- based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s 's discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(a) to a Borrower’s 's deposit account at Bankaccount.

Appears in 1 contract

Samples: Loan and Security Agreement (Egain Communications Corp)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Committed Revolving Line or (ii) the Borrowing Base, minus, in each case, the aggregate undrawn face amount of the outstanding Letters of Credit, and any drawn but unreimbursed Letters of Credit. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers Borrower may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of Borrower's obligation to repay the Advances for working capital purposesis evidenced by this Agreement and a Promissory Note in substantially the form of Exhibit B attached hereto. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s 's discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section to a Borrower’s deposit account at Bank.entitled

Appears in 1 contract

Samples: Loan and Security Agreement (Novatel Wireless Inc)

Revolving Advances. (ia) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Bank agrees to make Advances to Borrower in an aggregate outstanding amount not to exceed the lesser Committed Revolving Line; provided, however, that, at any time that the ratio of (i) Borrower's cash, cash equivalents, short term investments and accounts receivable to Borrower's Current Liabilities, less current deferred revenue, is not at least 2.50 to 1.00, then Bank agrees to make Advances to Borrower in an aggregate outstanding amount not to exceed the Revolving Line or (ii) Borrowing Base and shall have no obligation to make any Advances to Borrower in an aggregate outstanding amount in excess of the Borrowing Base. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) 2.1 may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposesthis Agreement. (iib) Whenever a Borrower desires To obtain an Advance, such Borrower will must notify Bank by email, facsimile transmission or telephone no later than 2:00 by 3:00 p.m. Pacific Time, time on the Business Day that is one day before the Business Day the Advance is to be made. Each such Borrower must promptly confirm the notification shall be promptly confirmed by a Borrowing Base Certificate in substantially delivering to Bank the form of Payment/Advance Form attached as Exhibit C heretoB. Bank will credit Advances to Borrower's deposit account. Bank is authorized to may make Advances under this Agreement, Agreement based upon on instructions received from a Responsible Officer or a his or her designee of a Responsible Officer, or without instructions if in Bank’s discretion such the Advances are necessary to meet Obligations which have become due and remain unpaiddue. Bank shall be entitled to may rely on any email or telephonic telephone notice given by a person who whom Bank reasonably believes to be is a Responsible Officer or a designee thereof, and Borrowers shall designee. Borrower will indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result suffers due to that reliance. (c) The Committed Revolving Line terminates on the Maturity Date, when all Advances and interest charges are immediately payable." (b) The following is inserted immediately following Section 2.1.1 of such reliance. Bank will credit the amount of Advances made under this Section to a Borrower’s deposit account at Bank.Loan Agreement:

Appears in 1 contract

Samples: Loan Modification Agreement (Tripath Imaging Inc)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing BaseLine. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers Borrower may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(a) to a Borrower’s deposit account at Bankaccount.

Appears in 1 contract

Samples: Loan and Security Agreement (Tripath Technology Inc)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers Agreement (1) Borrower may request Advances from time to time in an aggregate outstanding principal amount not to exceed on any date the lesser of (iA) the maximum principal amount of the Committed Revolving Line or (iiB) the Borrowing Base. Subject to the terms Base as of such date, and conditions of this Agreement, (2) amounts borrowed pursuant to this Section 2.1(a2.1(b) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a2.1(b) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers Borrower may prepay at any time, in whole or in part, any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Eastern Standard Time, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C hereto. C. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(b) to a Borrower’s deposit account account. (iii) As a condition precedent to the initial Advance, Bank shall, upon prior notice to Borrower, conduct an audit of Borrower’s Accounts, at Borrower’s expense, the results of which must be satisfactory to Bank.

Appears in 1 contract

Samples: Loan and Security Agreement (Vastera Inc)

Revolving Advances. (ia) Subject to and upon the terms and conditions of this Agreement, Borrowers Borrower may request request, and Bank agrees to make, Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Committed Revolving Line or (ii) the Borrowing Base, whichever is less. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) 2.1.1 may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) 2.1.1 shall be immediately due and payable. Interest hereunder shall be due and payable on If at any time the last business day of each month during outstanding Advances under this Section 2.1.1 exceed the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds lesser of the Advances for working capital purposesBorrowing Base or the Committed Revolving Line, Borrower shall immediately pay Bank, in cash, the amount of such excess. (iib) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 p.m. Pacific Time11:00 a.m. California time, on the Business Day that is one day before the Business Day the a Prime Rate Advance is to be made, and 11:00 a.m. California time on the Business Day that is three (3) Business Days prior to the Business Day on which a LIBOR Rate Advance is made. Each such notification request for a LIBOR Rate Advance shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C B-1 hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s 's discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1.1 to Borrower's deposit account, as specified by such Borrower. Each such notice shall specify: (i) the date such Advance is to be made, which shall be a Business Day; (ii) the amount of such Advance; (iii) whether such Advance is to be a Prime Rate Advance or a LIBOR Rate Advance; and (iv) if the Advance is to be a LIBOR Rate Advance, the Interest Period for such Advance. Each written request for an Advance, and each confirmation of a telephone request for such an Advance, shall be in substantially the form of Exhibit B-1 hereto executed by Borrower’s deposit account at Bank.

Appears in 1 contract

Samples: Loan and Security Agreement (Pharmchem Laboratories Inc)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing Base. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers Borrower may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 p.m. Pacific Time, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate in substantially the form of Exhibit C hereto, which may be accompanied by an Advance/Paydown Request in the form of Exhibit B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section to a Borrower’s deposit account at Bank.

Appears in 1 contract

Samples: Loan and Security Agreement (Usa Technologies Inc)

Revolving Advances. (ia) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Bank agrees to make Advances to Borrower in an aggregate outstanding amount not to exceed the lesser of (i) the Committed Revolving Line or the Borrowing Base, whichever is less, minus (ii) the Borrowing Baseface amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit). Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) 2.1 may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposesthis Agreement. (iib) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s 's discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1 to a Borrower’s 's deposit account account. (c) The Committed Revolving Line shall terminate on the Revolving Maturity Date, at Bankwhich time all Advances under this Section 2.1 and other amounts due under this Agreement (except as otherwise expressly specified herein) shall be immediately due and payable.

Appears in 1 contract

Samples: Loan and Security Agreement (T/R Systems Inc)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing Base, minus, in each-----case, the aggregate face amount of all outstanding Letters of Credit. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers Borrower may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes... (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances --------- under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s 's discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1 (a) to a Borrower’s 's deposit account at Bank.account. The obligation to repay the Advances is evidenced by this Agreement and the promissory note attached hereto as Exhibit C. ----------

Appears in 1 contract

Samples: Loan and Security Agreement (Logicvision Inc)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers from and after an audit of the Collateral with results reasonably satisfactory to Bank, Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing Base. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers Borrower may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s 's reasonable discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any actual damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(a) to a Borrower’s 's designated deposit account at Bankaccount.

Appears in 1 contract

Samples: Loan and Security Agreement (Tippingpoint Technologies Inc)

Revolving Advances. (ia) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Bank will make Advances in an aggregate outstanding amount not to exceed exceeding the lesser of (i) the Committed Revolving Line or minus the Sublimit Utilization Amount and (ii) the Borrowing BaseBase minus the sum of (a) the Sublimit Utilization Amount and (b) an amount equal to 50% of the sum of the outstanding principal balance of the Equipment Advances. Subject Amounts borrowed under this Section may be repaid (without penalty except for penalties which may apply pursuant to Section 6.8(g)) and reborrowed during the terms and conditions term of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (iib) Whenever a Borrower desires To obtain an Advance, such Borrower will must notify Bank by email, facsimile transmission or telephone no later than 2:00 by 12:00 p.m. Pacific Time, time on the Business Day that is one day before the Business Day the Advance is to be made. Each such Borrower must promptly confirm the notification shall be promptly confirmed by a Borrowing Base Certificate in substantially delivering to Bank the form of Payment/Advance Form attached as Exhibit C heretoB. Bank will credit Advances to Borrower’s deposit account. Bank is authorized to may make Advances under this Agreement, Agreement based upon on instructions received from a Responsible Officer or a his or her authorized designee of a Responsible Officer, or without instructions if in Bank’s discretion such the Advances are necessary to meet Obligations which have become due and remain unpaiddue. Bank shall be entitled to may rely on any email or telephonic telephone notice given by a person who whom Bank reasonably believes to be is a Responsible Officer or a designee thereof, and Borrowers shall designee. Borrower will indemnify and hold Bank harmless for any damages loss Bank suffers due to such reliance. (c) The Committed Revolving Line terminates on the Revolving Maturity Date, when all Advances are immediately payable. (d) Bank’s obligation to lend the undisbursed portion of the Obligations will terminate if, in Bank’s sole discretion, there has been a material adverse change in the general affairs, management, results of operations, condition (financial or loss suffered otherwise) or the prospect of repayment of the Obligations, or there has been any material adverse deviation by Borrower from the most recent business plan of Borrower presented to and accepted by Bank as a result prior to the execution of such reliance. Bank will credit the amount of Advances made under this Section to a Borrower’s deposit account at BankAgreement.

Appears in 1 contract

Samples: Loan and Security Agreement (California Micro Devices Corp)

Revolving Advances. (ia) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Bank agrees to make Advances to Borrower in an aggregate outstanding amount not to exceed the lesser of (i) the Committed Revolving Line or the Borrowing Base, whichever is less, minus (ii) the Borrowing Baseface amount of all outstanding Letters -of Credit (including drawn but unreimbursed Letters of Credit). Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (iib) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, Officer or without instructions if in Bank’s 's discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1 to Borrower's deposit account. Borrower shall deliver to Bank a Borrower’s deposit account promissory note in substantially the form of Exhibit C-1. (c) The Committed Revolving Line shall terminate on the Revolving Maturity Date, at Bankwhich time all Advances under this Section 2.1.1 shall be immediately due and payable.

Appears in 1 contract

Samples: Loan and Security Agreement (Sagent Technology Inc)

Revolving Advances. (ia) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Bank agrees to make Advances to Borrower in an aggregate outstanding amount not to exceed the lesser of (i) the Committed Revolving Line or the Borrowing Base, whichever is less, minus (ii) the Borrowing Baseface amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit, and minus (iii) the Foreign Exchange Reserve. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) 2.1.1 may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (iib) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s 's discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1.1 to a Borrower’s 's deposit account account. (c) The Committed Revolving Line shall terminate on the Revolving Maturity Date, at Bankwhich time all Advances under this Section 2.1.1 shall be immediately due and payable.

Appears in 1 contract

Samples: Loan and Security Agreement (Bsquare Corp /Wa)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) minus the Borrowing Baseamount of services being provided under the Cash Management Reserve and the aggregate amounts outstanding under the International Sublimit. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers Borrower may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Time, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed made (i) by telephone or in-person followed by written confirmation from Borrower within 24 hours, (ii) by electronic mail or facsimile transmission, or (iii) by delivering to Bank a Borrowing Base Certificate Revolving Advance Request Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereofOfficer, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(a) to a Borrower’s deposit account at with Bank.

Appears in 1 contract

Samples: Loan and Security Agreement (Zedge, Inc.)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing Base. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder Notwithstanding the foregoing, Bank may, in its sole discretion and upon a Borrower’s request, make Advances to such Borrower after the Revolving Maturity Date, and all other terms and conditions under this Agreement shall be due and payable on the last business day of each month during the term hereofapply to such Advances. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for short-term working capital and corporate purposes. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 p.m. Pacific Time, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by an Advance Request Form in substantially the form of Exhibit B hereto, along with (i) aged listings of accounts receivable and accounts payable, (ii) a sales journal, (iii) a collections journal, (iv) a deferred revenue schedule and (v) a Borrowing Base Certificate signed by a Responsible Officer in substantially the form of Exhibit C hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section to a the appropriate Borrower’s deposit account at Bank.

Appears in 1 contract

Samples: Loan and Security Agreement (Catasys, Inc.)

Revolving Advances. (ia) Subject to and upon Bank will make Advances not exceeding the terms and conditions of this AgreementCommitted Revolving Line, Borrowers may request Advances in an aggregate outstanding amount not to exceed the lesser of minus (i) the Revolving Line or amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit), and minus (ii) the Borrowing BaseFX Reserve. Subject to the terms and conditions of this Agreement, amounts Amounts borrowed pursuant to under this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposesthis Agreement. (iib) Whenever a Borrower desires To obtain an Advance, such Borrower will must notify Bank by email, facsimile transmission or telephone no later than 2:00 by 3:00 p.m. Pacific Time, time on the Business Day that is one day before the Business Day the Advance is to be made. Each such Borrower must promptly confirm the notification shall be promptly confirmed by a Borrowing Base Certificate in substantially delivering to Bank the form of Loan Payment/Advance Request Form attached as Exhibit C heretoB (the “Payment/Advance Form”). Bank is authorized will credit Advances to Borrower’s deposit account. Bank may make Advances under this Agreement, Agreement based upon on instructions received from a Responsible Officer or a his or her designee of a Responsible Officer, or without instructions if in Bank’s discretion such the Advances are necessary to meet Obligations which have become due and remain unpaiddue. Bank shall be entitled to may rely on any email or telephonic telephone notice given by a person who whom Bank reasonably believes to be is a Responsible Officer or a designee thereof, and Borrowers shall designee. Borrower will indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of suffers due to such reliance. Bank . (c) The Committed Revolving Line terminates on the Revolving Maturity Date, when all Advances are immediately payable. (d) Bank’s obligation to lend the undisbursed portion of the Obligations will credit terminate if, in Bank’s sole discretion, there has been a material adverse change in the amount general affairs, management, results of Advances made under this Section to a Borrower’s deposit account at Bankoperation, condition (financial or otherwise) or the prospect of repayment of the Obligations.

Appears in 1 contract

Samples: Loan and Security Agreement (Roxio Inc)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing Base. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder Borrowers shall be due and payable on deliver to Bank a promissory note for the last business day Advances in substantially the form attached hereto as Exhibit B-1. Bank may enforce its rights in respect of each month during the term hereof. Borrowers may prepay any Advances under this Agreement without penalty or premiumsuch note. Borrowers shall use the proceeds of the Advances for working capital purposes. Borrowers may prepay any Advances without penalty or premium. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 1:00 p.m. Pacific Time, Time on the Business Day that is one day before the Business Day the Advance is requested to be made. Each such notification shall be promptly confirmed made (i) by telephone or in-person followed by delivering to Bank a Borrowing Base Certificate Revolving Advance Request Form in substantially the form of Exhibit C B hereto written confirmation from Borrower within 24 hours, or (ii) by electronic mail or facsimile transmission of a Revolving Advance Request Form in substantially the form of Exhibit B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(a) to a BorrowerParent’s deposit account at with Bank.

Appears in 1 contract

Samples: Loan and Security Agreement (Identiv, Inc.)

Revolving Advances. (a) Bank will make Advances not exceeding (i) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Advances in an aggregate outstanding amount not to exceed the lesser of (iA) the Committed Revolving Line or (B) the Borrowing Base minus (ii) the Borrowing Baseoutstanding principal balance of the Advances minus (iii) the amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit) and minus (iv) all amounts for services utilized for Cash Management Services. Subject to the terms and conditions of this Agreement, amounts Amounts borrowed pursuant to under this Section 2.1(a) may be repaid and reborrowed at any time prior to until the Business Day immediately preceding the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (iib) Whenever a Borrower desires To obtain an Advance, such Borrower will must notify Bank by email, facsimile transmission or telephone no later than 2:00 by 12:00 p.m. Pacific Time, time on the Business Day that is one day before the Business Day the Advance is to be made. Each such Borrower must promptly confirm the notification shall be promptly confirmed by a Borrowing Base Certificate in substantially delivering to Bank the form of Payment/Advance Form attached as Exhibit C heretoB. Bank will credit Advances to Borrower's deposit account. Bank is authorized to may make Advances under this Agreement, Agreement based upon on instructions received from a Responsible Officer or a his or her designee of a Responsible Officer, or without instructions if in Bank’s discretion such the Advances are necessary to meet Obligations which have become due and remain unpaiddue. Bank shall be entitled to may rely on any email or telephonic telephone notice given by a person who whom Bank reasonably believes to be is a Responsible Officer or a designee thereof, and Borrowers shall designee. Borrower will indemnify and hold Bank harmless for any damages loss Bank suffers due to such reliance. (c) The Committed Revolving Line terminates on the Revolving Maturity Date, when all Advances are immediately due and payable. (d) Bank's obligation to lend the undisbursed portion of the Obligations will terminate if, in Bank's reasonable discretion, there has been a material adverse change in the general affairs, management, results of operation, condition (financial or loss suffered otherwise) or the prospect of repayment of the Obligations, or there has been any material adverse deviation by Borrower from the most recent business plan of Borrower presented to and accepted by Bank as a result prior to the execution of such reliance. Bank will credit the amount of Advances made under this Section to a Borrower’s deposit account at BankAgreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Insightful Corp)

Revolving Advances. (ia) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Bank agrees to make Advances to Borrower in an aggregate outstanding amount not to exceed the lesser of (i) the Committed Revolving Line or (ii) the Borrowing Base, whichever is less. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) 2.1.1 may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (iib) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1.1 to a Borrower’s deposit account account. Borrower shall deliver to Bank a promissory note in substantially the form of Exhibit C-1. (c) The Committed Revolving Line shall terminate on the Revolving Maturity Date, at Bankwhich time all Advances under this Section 2.1.1 shall be immediately due and payable.

Appears in 1 contract

Samples: Loan and Security Agreement (Anda Networks Inc)

Revolving Advances. (a) Bank agrees to make Advances not exceeding (i) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Advances in an aggregate outstanding amount not to exceed the lesser of (iA) the Committed Revolving Line or (iiB) the Borrowing Base, minus (ii) the amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit). Subject to Amounts borrowed under this Section may be repaid without premium or penalty and reborrowed during the terms and conditions term of this Agreement. (b) Whenever Borrower desires Bank to make an Advance, amounts borrowed pursuant Borrower must notify Bank of such proposed Advance and the date on which it desires Bank to this Section 2.1(amake such Advance by facsimile or telephone no later than 3 p.m. two (2) may be repaid and reborrowed at any time Business Days prior to the Funding Date. Borrower must promptly confirm the notification by delivering to Bank the Payment/Advance Form attached as Exhibit B hereto. Such notice shall (i) be made at least two (2) Business Days in advance of the desired Funding Date, and (ii) be irrevocable. Bank will credit Advances to Borrower's deposit account. Borrower's request for an Advance shall be deemed to be a representation and warranty by Borrower that no Default or Event of Default has occurred and is continuing, and that the representations and warranties set forth in Section 5 are true and correct in all material respects as of the time of such notice as if made at such time, provided that those representations and warranties expressly referring to another date shall be true, correct and complete in all material respects as of that date. Bank's obligation to make Credit Extensions shall be expressly subject to: (x) in the case of the initial Credit Extension the satisfaction of the conditions set forth in Sections 3.1 and 3.2, and (y) in the case of all subsequent Credit Extensions, the satisfaction of the conditions set forth in Section 3.2. (c) The Committed Revolving Line terminates on the Revolving Maturity Date, at which time when all Advances under this Section 2.1(a) shall be are immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 p.m. Pacific Time, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate in substantially the form of Exhibit C hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section to a Borrower’s deposit account at Bank.

Appears in 1 contract

Samples: Loan and Security Agreement (Onyx Software Corp/Wa)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Advances at any time before the Revolving Maturity Date in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) minus the Borrowing Baseface amount of outstanding Letters of Credit and minus the face amount of outstanding Private Partner Guaranties. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. If at any time the aggregate outstanding Advances made under this Section exceed the Revolving Line minus the face amount of outstanding Letters of Credit and minus the face amount of outstanding Private Partner Guaranties, Borrowers shall use immediately pay Bank the proceeds of the Advances for working capital purposesexcess in cash. (ii) Whenever a Borrower desires Borrowers desire an Advance, such Borrower Borrowers will notify Bank by email, facsimile transmission or telephone no later than 2:00 1:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C B hereto, together with a statement in form and substance acceptable to Bank setting forth each Borrower's Investments. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s 's discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section to a Borrower’s 's deposit account at Bankaccount, as directed by the Borrower requesting the Advance.

Appears in 1 contract

Samples: Loan Agreement (Safeguard Scientifics Inc Et Al)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing Base, minus, in each case, the face amount of all outstanding Letters of Credit. Notwithstanding the foregoing, Borrower may request Advances without regard to the Borrowing Base (each, a “Nonformula Advance”), provided that (x) the aggregate amount of all Nonformula Advances shall not exceed the lesser of the availability under the Revolving Line or the Nonformula Sublimit at any time and (y) Borrower is in compliance with Section 6.9 prior to and after giving effect to such Nonformula Advance being made. Any Non-Formula Advance shall be deemed an Advance for all purposes of this Agreement. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Line Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers Borrower may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 12:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed made (i) by telephone or in-person followed by written confirmation from Borrower within 24 hours, (ii) by electronic mail or facsimile transmission, or (iii) by delivering to Bank a Borrowing Base Certificate Revolving Advance Request Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(a) to a Borrower’s deposit account at Bankaccount.

Appears in 1 contract

Samples: Loan and Security Agreement (Bridgeline Digital, Inc.)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) minus the Borrowing Baseaggregate face amount of all outstanding Letters of Credit, including any drawn but unreimbursed amounts. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers Borrower may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:30 p.m. Pacific TimeEastern time, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s 's discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance, except for damages or loss arising from Bank's own willful misconduct or gross negligence. Bank will credit the amount of Advances made under this Section 2.1(a) to a Borrower’s 's deposit account at Bankidentified in the Payment/Advance form.

Appears in 1 contract

Samples: Loan and Security Agreement (Medicines Co/ Ma)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing BaseLine. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers Borrower may prepay any Advances without penalty or premium. Borrowers shall use , and may reborrow any amounts prepaid any time prior to the proceeds of the Advances for working capital purposesRevolving Maturity Date. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(a) to a Borrower’s deposit account at Bankaccount.

Appears in 1 contract

Samples: Loan and Security Agreement (Patient Infosystems Inc)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) minus the Borrowing Baseaggregate face amount of all outstanding Letters of Credit and amounts outstanding under the Foreign Exchange Sublimit. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers Borrower may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C A hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(a) to a Borrower’s deposit account at Bankaccount. The obligation to repay the Advances is evidenced by this Agreement and the Note.

Appears in 1 contract

Samples: Loan Agreement (Logicvision Inc)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing BaseLine. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers Borrower may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed made (i) by telephone or in-person followed by written confirmation from Borrower within 24 hours, (ii) by electronic mail, or (iii) by delivering to Bank a Borrowing Base Certificate Revolving Advance Request Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s 's discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(a) to a Borrower’s 's deposit account at Bankaccount.

Appears in 1 contract

Samples: Loan and Security Agreement (6d Bytes Inc.)

Revolving Advances. Borrower promises to pay to the order of Bank, in lawful money of the United States of America, the aggregate unpaid principal amount of all Advances made by Bank to Borrower hereunder. Borrower shall also pay interest on the unpaid principal amount of such Advances at rates in accordance with the terms hereof. (ia) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Bank agrees to make Advances to Borrower in an aggregate outstanding amount not to exceed (a) until the lesser Initial Public Offering: (i) Five Million Dollars ($5,000,000) minus (ii) the face amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit), and (b) from and after the Initial Public Offering and subject to Section 3.3: (i) the Committed Revolving Line or minus (ii) the Borrowing Baseface amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit). Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) 2.1 may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposesthis Agreement. (iib) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C EXHIBIT B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s 's discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section SECTION 2.1 to a Borrower’s 's deposit account account. (c) The Committed Revolving Line shall terminate on the Revolving Maturity Date, at Bankwhich time all Advances under this SECTION 2.1 and other amounts due under this Agreement (except as otherwise expressly specified herein) shall be immediately due and payable.

Appears in 1 contract

Samples: Loan and Security Agreement (MMC Networks Inc)

Revolving Advances. (ia) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Bank will make Advances in an aggregate outstanding amount not to exceed exceeding the lesser of (i) the Committed Revolving Line or minus the Sublimit Utilization Amount and (ii) the Borrowing BaseBase minus the sum of (a) the Sublimit Utilization Amount and (b) an amount equal to 65% of the sum of the outstanding principal balance of the Equipment Advances. Subject Amounts borrowed under this Section may be repaid (without penalty except for penalties which may apply pursuant to Section 6.8(f)) and reborrowed during the terms and conditions term of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (iib) Whenever a Borrower desires To obtain an Advance, such Borrower will must notify Bank by email, facsimile transmission or telephone no later than 2:00 by 12:00 p.m. Pacific Time, time on the Business Day that is one day before the Business Day the Advance is to be made. Each such Borrower must promptly confirm the notification shall be promptly confirmed by a Borrowing Base Certificate in substantially delivering to Bank the form of Payment/Advance Form attached as Exhibit C heretoB. Bank will credit Advances to Borrower's deposit account. Bank is authorized to may make Advances under this Agreement, Agreement based upon on instructions received from a Responsible Officer or a his or her authorized designee of a Responsible Officer, or without instructions if in Bank’s discretion such the Advances are necessary to meet Obligations which have become due and remain unpaiddue. Bank shall be entitled to may rely on any email or telephonic telephone notice given by a person who whom Bank reasonably believes to be is a Responsible Officer or a designee thereof, and Borrowers shall designee. Borrower will indemnify and hold Bank harmless for any damages loss Bank suffers due to such reliance. (c) The Committed Revolving Line terminates on the Revolving Maturity Date, when all Advances are immediately payable. (d) Bank's obligation to lend the undisbursed portion of the Obligations will terminate if, in Bank's sole discretion, there has been a material adverse change in the general affairs, management, results of operations, condition (financial or loss suffered otherwise) or the prospect of repayment of the Obligations, or there has been any material adverse deviation by Borrower from the most recent business plan of Borrower presented to and accepted by Bank as a result prior to the execution of such reliance. Bank will credit the amount of Advances made under this Section to a Borrower’s deposit account at BankAgreement.

Appears in 1 contract

Samples: Loan Agreement (California Micro Devices Corp)

Revolving Advances. (ia) Subject to and upon the terms and conditions of this Agreement, Borrowers Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line $2,500,000 or (ii) the Borrowing Base. Notwithstanding the foregoing, upon Borrower's achievement of a Borrowing Base the value of which is equal to or exceeds Ten Million Dollars ($10,000,000), Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (A) $5,000,000 or (B) the Borrowing Base. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) 2.1 may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) 2.1 shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers Borrower may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (iib) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C EXHIBIT B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s 's discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1 to a Borrower’s 's deposit account at Bankaccount.

Appears in 1 contract

Samples: Loan and Security Agreement (Nvidia Corp/Ca)

Revolving Advances. (i) Subject to and upon the terms and conditions of this Agreement, Borrowers Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing Base, minus, in each case, the aggregate face amount of all outstanding Letters of Credit, the FX Reserve. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) 2.1 may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) 2.1 shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers Borrower may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 00 to a Borrower’s deposit account at Bankaccount.

Appears in 1 contract

Samples: Loan and Security Agreement (Media Arts Group Inc)

Revolving Advances. (ia) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Bank agrees to make Advances to Borrower in an aggregate outstanding amount not to exceed the lesser of (i) the lesser of the Committed Revolving Line or the Borrowing Base, minus (ii) the Borrowing Baseaggregate face amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit). Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) 2.1.1 may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) 2.1.1 shall be immediately due and payable. Interest hereunder Notwithstanding the foregoing, the aggregate Advances outstanding under this Section 2.1.1 shall be due and payable on the last business day of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds not exceed Two Hundred Fifty Thousand Dollars ($250,000) unless Bank has performed an audit of the Advances for working capital purposesCollateral, the results of which are satisfactory to Bank. (iib) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s 's discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1.1 to a Borrower’s 's deposit account at Bankaccount.

Appears in 1 contract

Samples: Loan and Security Agreement (Bsquare Corp /Wa)

Revolving Advances. (ia) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Bank agrees to make Advances to Borrower in an aggregate outstanding amount not to exceed the lesser of (i) the Committed Revolving Line or (ii) the Borrowing Base, less in each case the face amount of any outstanding Letters of Credit (as hereafter defined), including drawn but unreimbursed Letters of Credit. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) 2.1 may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Interest hereunder shall be due and payable on the last business day of each month during the term hereof. Borrowers may prepay any Advances without penalty or premium. Borrowers shall use the proceeds of the Advances for working capital purposes. (iib) Whenever a Borrower desires an Advance, such Borrower will notify Bank by email, facsimile transmission or telephone no later than 2:00 3:00 p.m. Pacific Timetime, on the Business Day that is one day before the Business Day the Advance is to be made. Each such notification shall be promptly confirmed by a Borrowing Base Certificate Payment/Advance Form in substantially the form of Exhibit C B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any email or telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1 to Borrower's deposit account. Borrower shall deliver to Bank a Borrower’s deposit account promissory note in substantially the form of Exhibit C. (c) The Committed Revolving Line shall terminate on the Revolving Maturity Date, at Bankwhich time all Advances under this Section 2.1 shall be immediately due and payable.

Appears in 1 contract

Samples: Loan and Security Agreement (Hybrid Networks Inc)

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