Common use of Revolving Advances Clause in Contracts

Revolving Advances. (a) Bank will make Advances not exceeding the Committed Revolving Line. Amounts borrowed under this Section may be repaid and reborrowed during the term of this Agreement. (b) To obtain an Advance, Borrower must notify Bank by facsimile or telephone by 12:00 p.m. Pacific time on the Business Day the Advance is to be made. Borrower must promptly confirm the notification by delivering to Bank the Payment/Advance Form attached as Exhibit B. Bank will credit Advances to Borrower's deposit account. Bank may make Advances under this Agreement based on instructions from a Responsible Officer or his or her designee or without instructions if the Advances are necessary to meet Obligations which have become due. Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Borrower will indemnify Bank for any 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 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 prior to the execution of this Agreement.

Appears in 2 contracts

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

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Revolving Advances. (ai) Bank will make Subject to and upon the terms and conditions of this Agreement, Borrowers may request Advances in an aggregate outstanding amount not exceeding to exceed the Committed lesser of (i) the Revolving LineLine or (ii) the Borrowing Base. Amounts Subject to the terms and conditions of this Agreement, amounts borrowed under 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 this Agreementthe Advances for working capital purposes. (bii) To obtain Whenever a Borrower desires an Advance, such Borrower must will notify Bank by email, facsimile transmission or telephone by 12:00 no later than 2:00 p.m. Pacific time Time, on the Business Day that is one day before the Business Day the Advance is to be made. Borrower must Each such notification shall be promptly confirm confirmed by a Borrowing Base Certificate in substantially the notification by delivering to Bank the Payment/Advance Form attached as form of Exhibit B. Bank will credit Advances to Borrower's deposit accountC hereto. Bank may is authorized to make Advances under this Agreement Agreement, based on upon instructions received from a Responsible Officer or his or her a designee of a Responsible Officer, or without instructions if the in Bank’s discretion such Advances are necessary to meet Obligations which have become duedue and remain unpaid. Bank may shall be entitled to rely on any telephone email or telephonic notice given by a person whom who Bank reasonably believes is to be a Responsible Officer or designee. Borrower will a designee thereof, and Borrowers shall indemnify and hold Bank harmless for any damages or loss suffered by Bank suffers due to 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. (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 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 prior to the execution of this Agreement.

Appears in 2 contracts

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

Revolving Advances. (a) Bank will make Advances not exceeding the lesser of (i) the Committed Revolving LineLine minus the Sublimit Utilization Amount and (ii) the Borrowing Base 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. 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 term of this Agreement. (b) To obtain an Advance, Borrower must notify Bank by facsimile or telephone by 12:00 p.m. Pacific time on the Business Day the Advance is to be made. Borrower must promptly confirm the notification by delivering to Bank the Payment/Advance Form attached as Exhibit B. Bank will credit Advances to Borrower's deposit account. Bank may make Advances under this Agreement based on instructions from a Responsible Officer or his or her authorized designee or without instructions if the Advances are necessary to meet Obligations which have become due. Bank may rely on any telephone notice given by a person whom Bank reasonably believes is a Responsible Officer or designee. Borrower will indemnify Bank for any 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 operationoperations, condition (financial or 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 prior to the execution of this Agreement.

Appears in 1 contract

Samples: Loan Agreement (California Micro Devices Corp)

Revolving Advances. (a) Bank will make Advances not exceeding (i) the lesser of the Committed Revolving LineLine or the Borrowing Base, minus (ii) the outstanding Obligations under the Other Services Sublimit. Amounts borrowed under this Section may be repaid and reborrowed during the term of this Agreement. (b) To obtain an Advance, Borrower must notify Bank by facsimile or telephone by 12:00 3:00 p.m. Pacific time on the Business Day the Advance is to be made. Borrower must promptly confirm the notification by delivering to Bank the Payment/Advance Form attached as Exhibit B. B (a “Payment/Advance Form”). Bank will credit Advances to Borrower's ’s deposit account. Bank may make Advances under this Agreement based on instructions from a Responsible Officer or his or her designee or without instructions if the Advances are necessary to meet Obligations which have become due. Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Borrower will indemnify Bank for any 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 ’s obligation to lend the undisbursed portion of the Obligations will terminate if, in Bank's sole discretiongood 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 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 prior to the execution of this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Sigmatel Inc)

Revolving Advances. (a) Bank will make Advances not exceeding (i) the lesser of (A) the Committed Revolving LineLine or (B) the Borrowing Base; provided however, that the Borrowing Base shall not limit the amount of Advances unless and until the outstanding Advances exceed the sum of $500,000. Amounts borrowed under this Section may be repaid and reborrowed during the term of this Agreement. (b) To obtain an Advance, Borrower must notify Bank by facsimile or telephone by 12:00 p.m. Pacific time on the Business Day the Advance is to be made. Borrower must promptly confirm the notification by delivering to Bank the Payment/Advance Form attached as Exhibit B. Bank will credit Advances to Borrower's deposit account. Bank may make Advances under this Agreement based on instructions from a Responsible Officer or his or her designee or without instructions if the Advances are necessary to meet Obligations which have become due. Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Borrower will indemnify Bank for any 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 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 prior to the execution of this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Synthetech Inc)

Revolving Advances. (a) Bank will make Advances not exceeding the Committed Revolving LineLine minus the sum of (i) all amounts for services utilized under the Cash Management Services Sublimit, and (ii) the FX Reserve (as defined in Section 2.1.2). Amounts borrowed under this Section section may be repaid and and, pursuant to the terms hereof, reborrowed during the term of this Agreement. (b) To obtain an Advance, Borrower must notify Bank by facsimile or telephone by 12:00 p.m. Pacific time on the Business Day the Advance is to be made. Borrower must promptly confirm the notification by delivering to Bank the Payment/Advance Form attached as Exhibit B. Bank will credit Advances to Borrower's ’s deposit accountaccount maintained with the Bank in Account Number 3300324187 (which account shall be the Cash Collateral Account). Bank may make Advances under this Agreement based on instructions from a Responsible Officer or his or her designee or without instructions if the Advances are necessary to meet Obligations which have become due. Bank may rely on any telephone notice given by a person whom Bank reasonably believes is a Responsible Officer or designee. Borrower will indemnify Bank for any loss Bank suffers due to such reliance. (c) The Committed Revolving Line Bank’s obligation to make Credit Extensions terminates on the Revolving Maturity Date, when all Advances are immediately payable. (d) Bank's ’s obligation to lend the undisbursed portion of the Obligations make Credit Extensions will terminate if, in Bank's ’s sole discretion, there has been (i) a material adverse change in the (A) Borrower’s (1) general affairs, (2) management, (3) results of operation, (4) condition (financial or otherwise) or (B) the prospect of repayment of the Obligations, or there has been (ii) any material adverse deviation by Borrower Borrower 1. from the most recent business plan of Borrower presented to and accepted by Bank prior to the execution of this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Redback Networks Inc)

Revolving Advances. (a) Bank will make Advances not exceeding the Committed Revolving Line, minus (i) the amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit), and minus (ii) the FX Reserve. Amounts borrowed under this Section may be repaid and reborrowed during the term of this Agreement. (b) To obtain an Advance, Borrower must notify Bank by facsimile or telephone by 12:00 3:00 p.m. Pacific time on the Business Day the Advance is to be made. Borrower must promptly confirm the notification by delivering to Bank the Loan Payment/Advance Request Form attached as Exhibit B. B (the “Payment/Advance Form”). Bank will credit Advances to Borrower's ’s deposit account. Bank may make Advances under this Agreement based on instructions from a Responsible Officer or his or her designee or without instructions if the Advances are necessary to meet Obligations which have become due. Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Borrower will indemnify Bank for any 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 ’s obligation to lend the undisbursed portion of the Obligations will terminate if, in Bank's ’s sole discretion, there has been a material adverse change in the general affairs, management, results of operation, condition (financial or 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 prior to the execution of this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Roxio Inc)

Revolving Advances. (a) Bank will make Advances not exceeding (i) the Committed Revolving Line, minus (ii) the Cash Management Services Sublimit, minus (iii) the amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit), and minus (iv) the FX Reserve. Amounts borrowed under this Section may be repaid and reborrowed during the term of this Agreement. (b) To obtain an Advance, Borrower must notify Bank by facsimile or telephone by 12:00 p.m. Pacific time on the Business Day the Advance is to be made. Borrower must promptly confirm the notification by delivering to Bank the Payment/Advance Form attached as Exhibit B. Bank will credit Advances to Borrower's deposit account. Bank may make Advances under this Agreement based on instructions from a Responsible Officer or his or her designee or without instructions if the Advances are necessary to meet Obligations which have become due. Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Borrower will indemnify Bank for any 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 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 prior to the execution of this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Digitalthink Inc)

Revolving Advances. (a) Bank will make Advances not exceeding (i) the Committed lesser of (A) the amount of the Revolving Line; (B) the Borrowing Base (however, no Borrowing Base is needed if borrowing is less than $20,000,000). Amounts borrowed under this Section may be repaid and reborrowed during the term of this Agreement. (b) To obtain an Advance, Borrower must notify Bank by facsimile or telephone by 12:00 p.m. 11:00 a.m. Pacific time on the Business Day the Advance is to be mademade if the advance is to be wired out of the Bank and by 3:00 p.m. Pacific time for disbursement to an account within Cathay Bank. Borrower must promptly confirm the notification by delivering to Bank the Payment/Advance Form attached as Exhibit B. Bank will credit Advances to Borrower's ’s deposit account. Bank may make Advances under this Agreement based on instructions from a Responsible Officer or his or her designee or without instructions if the Advances are necessary to meet Obligations which have become due. Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Borrower will indemnify Bank for any loss Bank suffers due to such reliance. (c) The Committed Revolving Line terminates on the Revolving Maturity Date, when all Advances and interest accrued are immediately payable. (d) Bank's ’s obligation to lend the undisbursed portion of the Obligations will terminate if, in Bank's ’s sole discretion, there has been a material adverse change in the general affairs, management, results of operation, condition (financial or 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 prior to the execution of this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Silicon Storage Technology Inc)

Revolving Advances. (a) Bank will make Advances not exceeding the Committed Revolving LineLine minus (i) the amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit), minus (ii) all amounts utilized under the Cash Management Services Sublimit and minus (iii) the FX Reserve. Amounts borrowed under this Section may be repaid and reborrowed during the term of this Agreement. (b) To obtain an Advance, Borrower must notify Bank by facsimile or telephone by 12:00 3:00 p.m. Pacific time on the Business Day the Advance is to be made. Borrower must promptly confirm the notification by delivering to Bank the Loan Payment/Advance Request Form attached as Exhibit B. B (the “Payment/Advance Form”). Bank will credit Advances to Borrower's ’s deposit account. Bank may make Advances under this Agreement based on instructions from a Responsible Officer or his or her designee or without instructions if the Advances are necessary to meet Obligations which have become due. Bank may rely on any telephone notice given by a person whom Bank reasonably believes is a Responsible Officer or designee. Borrower will indemnify Bank for any 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 ’s obligation to lend the undisbursed portion of the Obligations will terminate if, in Bank's ’s sole discretion, there has been a material adverse change in the general affairs, management, results of operation, condition (financial or 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 prior to the execution of this Agreement.

Appears in 1 contract

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

Revolving Advances. (a) Bank will make Advances not exceeding (i) the Committed Revolving Line, minus (ii) the Cash Management Services Sublimit, minus (iii) the amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit). Amounts borrowed under this Section may be repaid and reborrowed during the term of this Agreement. (b) To obtain an Advance, Borrower must notify Bank by facsimile or telephone by 12:00 p.m. Pacific time on the Business Day the Advance is to be made. Borrower must promptly confirm the notification by delivering to Bank the Payment/Advance Form attached as Exhibit B. Bank will credit Advances to Borrower's deposit account. Bank may make Advances under this Agreement based on instructions from a Responsible Officer or his or her designee or without instructions if the Advances are necessary to meet Obligations which have become due. Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Borrower will indemnify Bank for any 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 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 prior to the execution of this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Optika Inc)

Revolving Advances. (a) Bank will make Revolving Advances not exceeding (i) the lesser of (A) the Committed Revolving LineLine or (B) the Borrowing Base. Amounts borrowed under this Section may be repaid and reborrowed during the term of this Agreement. (b) To obtain an a Revolving Advance, Borrower must notify Bank by facsimile or telephone by 12:00 2:00 p.m. Pacific time on the Business Day the Revolving Advance is proposed to be made. Borrower must promptly confirm the notification by delivering to Bank the Payment/Advance Form Form, in the form attached hereto as Exhibit B. Bank will credit Revolving Advances to Borrower's deposit account. Bank may make Revolving Advances under this Agreement based on instructions from a Responsible Officer or his or her designee or without instructions if the any such Revolving Advances are necessary to meet Obligations which have become due. Bank may rely on any telephone telephonic notice given by a person whom Bank believes is a Responsible Officer or such Person's designee. , and Borrower will indemnify hereby indemnifies Bank for any loss Bank suffers due to any such reliance. (c) The Committed Revolving Line terminates on the Revolving Maturity Date, when all Revolving Advances and related Obligations are immediately payable. (d) Bank's obligation to lend the undisbursed portion of the Obligations will terminate if, in Bank's sole commercially reasonable discretion, there has been a material adverse change in the general affairs, management, results of operation, condition (financial or 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 prior to the execution of this Agreement.

Appears in 1 contract

Samples: Loan Agreement (Ats Medical Inc)

Revolving Advances. (a) Bank will make Advances not exceeding (i) the lesser of (A) the Committed Revolving LineLine or (B) the Borrowing Base. Amounts borrowed under this Section may be repaid and reborrowed during the term of this Agreement. (b) To obtain an Advance, Borrower must notify Bank by facsimile or telephone by 12:00 3:00 p.m. Pacific Eastern time on the Business Day the Advance is to be made. Borrower must promptly confirm the notification by delivering to Bank the Payment/Advance Form attached as Exhibit B. B (the “Payment/Advance Form”). Bank will credit Advances to Borrower's ’s deposit account. Bank may make Advances under this Agreement based on instructions from a Responsible Officer or his or her designee or without instructions if the Advances are necessary to meet Obligations which have become due. For purposes of this Section 2.1.1(b), Bank may rely on any telephone notice given by a person whom Bank reasonably believes is a Responsible Officer or designee. Borrower will indemnify Bank for any 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 ’s obligation to lend the undisbursed portion of the Obligations will terminate if, in Bank's ’s sole but reasonable discretion, there has been a material adverse change in the general affairs, management, results of operation, condition (financial or 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 prior to the execution of this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Optio Software Inc)

Revolving Advances. (a) Subject to and upon the terms and conditions of this Agreement, Bank will agrees to make Advances to Borrower in an aggregate outstanding amount not exceeding to exceed (i) the lesser of the Committed Revolving LineLine or the Borrowing Base, minus (ii) in each case the face amount of all Outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit). Amounts Subject to the terms and conditions of this Agreement, amounts borrowed under pursuant to this Section 2.1.1 may be repaid and reborrowed during at any time up until the term Revolving Maturity Date. Prior to the first Advance, Bank shall have conducted an audit of this AgreementBorrower's Accounts with results satisfactory to Bank. (b) To obtain Whenever Borrower desires an Advance, Borrower must will notify Bank by facsimile transmission or telephone by 12:00 no later than 3:00 p.m. Pacific time time, on the Business Day that the Advance is to be made. Borrower must Each such notification shall be promptly confirm the notification confirmed by delivering to Bank the a Loan Payment/Advance Telephone Request Form attached 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. Bank shall be entitled to rely on any telephonic notice given by a Person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as Exhibit B. a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1 to Borrower's deposit account. Bank may make Advances under this Agreement based on instructions from a Responsible Officer or his or her designee or without instructions if the Advances are necessary to meet Obligations which have become due. Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Borrower will indemnify Bank for any loss Bank suffers due to such reliance. (c) The Committed Revolving Line terminates shall terminate on the Revolving Maturity Date, when at which time all outstanding Advances are made under this Section 2.1.1 shall be immediately due and 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 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 prior to the execution of this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Vidamed Inc)

Revolving Advances. (a) Bank will make Advances not exceeding (i) the Committed lesser of (A) the amount of the Revolving Line; (B) the Borrowing Base (however, no Borrowing Base is needed if borrowing is less than $20,000,000). Amounts borrowed under this Section may be repaid and reborrowed during the term of this Agreement. (b) . To obtain an Advance, Borrower must notify Bank by facsimile or telephone by 12:00 p.m. 11:00 a.m. Pacific time on the Business Day the Advance is to be mademade if the advance is to be wired out of the Bank and by 3:00 p.m. Pacific time for disbursement to an account within Cathay Bank. Borrower must promptly confirm the notification by delivering to Bank the Payment/Advance Form attached as Exhibit B. Bank will credit Advances to Borrower's deposit account. Bank may make Advances under this Agreement based on instructions from a Responsible Officer or his or her designee or without instructions if the Advances are necessary to meet Obligations which have become due. Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Borrower will indemnify Bank for any loss Bank suffers due to such reliance. (c) . The Committed Revolving Line terminates on the Revolving Maturity Date, when all Advances and interest accrued 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 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 prior to the execution of this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Silicon Storage Technology Inc)

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Revolving Advances. (a) Bank will make Advances not exceeding (i) the lesser of (a) the Committed Revolving LineLine or (b) the Borrowing Base, minus (ii) all amounts utilized for Cash Management Services, the amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit), and the FX Reserve. Amounts borrowed under this Section may be repaid and reborrowed during the term of this Agreement. (b) To obtain an Advance, Borrower must notify Bank by facsimile or telephone by 12:00 p.m. Pacific time on the Business Day the Advance is to be made. Borrower must promptly confirm the notification by delivering to Bank the Payment/Advance Form attached as Exhibit B. Bank will credit Advances to Borrower's deposit account. Bank may make Advances under this Agreement based on instructions from a Responsible Officer or his or her designee or without instructions if the Advances are necessary to meet Obligations which have become due. Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Borrower will indemnify Bank for any loss Bank suffers due to such reliance. (c) The Committed Revolving Line terminates on August 31, 2004 (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 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 prior to the execution of this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Epoch Biosciences Inc)

Revolving Advances. (a) Bank will make Advances not exceeding the lesser of (i) the Committed Revolving LineLine minus the Sublimit Utilization Amount and (ii) the Borrowing Base 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. 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 term of this Agreement. (b) To obtain an Advance, Borrower must notify Bank by facsimile or telephone by 12:00 p.m. Pacific time on the Business Day the Advance is to be made. Borrower must promptly confirm the notification by delivering to Bank the Payment/Advance Form attached as Exhibit B. Bank will credit Advances to Borrower's ’s deposit account. Bank may make Advances under this Agreement based on instructions from a Responsible Officer or his or her authorized designee or without instructions if the Advances are necessary to meet Obligations which have become due. Bank may rely on any telephone notice given by a person whom Bank reasonably believes is a Responsible Officer or designee. Borrower will indemnify Bank for any 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 ’s obligation to lend the undisbursed portion of the Obligations will terminate if, in Bank's ’s sole discretion, there has been a material adverse change in the general affairs, management, results of operationoperations, condition (financial or 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 prior to the execution of this Agreement.

Appears in 1 contract

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

Revolving Advances. (a) Bank will make Advances not exceeding (i) the lesser of (A) the Committed Revolving LineLine or (B) the Borrowing Base minus (ii) any amounts used for Cash Management Services. Amounts borrowed under this Section may be repaid and reborrowed during the term of this Agreement. (b) To obtain an Advance, Borrower must notify Bank by facsimile or telephone by 12:00 3:00 p.m. Pacific Eastern time on the Business Day the Advance is to be made. Borrower must promptly confirm the notification by delivering to Bank the Payment/Advance Form attached as Exhibit B. B (the “Payment/Advance Form”). Bank will credit Advances to Borrower's ’s deposit account. Bank may make Advances under this Agreement based on instructions from a Responsible Officer or his or her designee or without instructions if the Advances are necessary to meet Obligations which have become due. For purposes of this Section 2.1.1(b), Bank may rely on any telephone notice given by a person whom Bank reasonably believes is a Responsible Officer or designee. Borrower will indemnify Bank for any 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 ’s obligation to lend the undisbursed portion of the Obligations will terminate if, in Bank's ’s sole but reasonable discretion, there has been a material adverse change in the general affairs, management, results of operation, condition (financial or 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 prior to the execution of this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Optio Software Inc)

Revolving Advances. (a) Bank will make Advances not exceeding the Committed Revolving Line, minus (i) the amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit), minus (ii) the Cash Management Services Sublimit. Amounts borrowed under this Section may be repaid and reborrowed during the term of this Agreement. (b) To obtain an Advance, Borrower must notify Bank by facsimile or telephone by 12:00 p.m. Pacific time on the Business Day the Advance is to be made. Borrower must promptly confirm the notification by delivering to Bank the Payment/Advance Form attached as Exhibit B. Bank will credit Advances to Borrower's deposit account. Bank may make Advances under this Agreement based on instructions from a Responsible Officer or his or her designee or without instructions if the Advances are necessary to meet Obligations which have become due. Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Borrower will indemnify Bank for any 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 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 prior to the execution of this Agreement.

Appears in 1 contract

Samples: Loan Modification Agreement (Inktomi Corp)

Revolving Advances. (a) Bank will make Advances not exceeding (i) the lesser of (A) the Committed Revolving LineLine or (B) the Borrowing Base. Amounts borrowed under this Section may be repaid and reborrowed during the term of this Agreement. All advances shall be evidenced by the Revolving Promissory Note to be executed and delivered by Borrowers to Bank on the Closing Date and shall be repaid in accordance with the terms of the Revolving Promissory Note. (b) To obtain an Advance, Borrower Company must notify Bank by facsimile or telephone by 12:00 3:00 p.m. Pacific Eastern time on the Business Day the Advance is to be made. Borrower Company must promptly confirm the notification by delivering to Bank the Loan Payment/Advance Request Form attached as Exhibit B. B (the “Payment/Advance Form”). Bank will credit Advances to Borrower's Company’s deposit account. Bank may make Advances under this Agreement based on instructions from a Responsible Officer of Company or his or her designee or without instructions if the Advances are necessary to meet Obligations which have become due. Bank may rely on any telephone notice given by a person whom Bank reasonably believes is a Responsible Officer of Company or designee. Borrower Borrowers will indemnify Bank for any 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 ’s obligation to lend the undisbursed portion of the Obligations Committed Revolving Line will terminate if, in Bank's sole ’s sole, but reasonable, discretion, there has been a material adverse change in the general affairs, management, results of operation, condition (financial or otherwise) or the prospect of repayment of the Obligations, or there has been any material adverse deviation by Borrower Borrowers from the most recent business plan of Borrower Borrowers presented to and accepted by Bank prior to the execution of this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Visual Networks Inc)

Revolving Advances. (a) Subject to and upon the terms and conditions of this Agreement, Bank will agrees to make Advances to Borrower in an aggregate outstanding amount at any time outstanding not exceeding to exceed the Committed Revolving Line. Amounts Subject to the terms and conditions of this Agreement, amounts borrowed under pursuant to this Section 2.1.1 may be repaid and reborrowed during at any time prior to the term of this AgreementRevolving Maturity Date. (b) To obtain Whenever Borrower desires an Advance, Borrower must will notify Bank by facsimile transmission or telephone by 12:00 no later than 3:00 p.m. Pacific time time, on the Business Day that the Advance is to be made. Borrower must Each such notification shall be promptly confirm the notification confirmed by delivering to Bank the a Payment/Advance Form attached as in substantially the form of Exhibit B. Bank will credit Advances to Borrower's deposit accountB hereto. Bank may is authorized to make Advances under this Agreement Agreement, based on upon instructions received from a Responsible Officer or his or her designee Officer, or without instructions if the in Bank’s discretion such Advances are necessary to meet Obligations which have become duedue and remain unpaid. Bank may shall be entitled to rely on any telephone telephonic notice given by a person whom who Bank reasonably believes is to be a Responsible Officer Officer, and Borrower shall indemnify and hold Bank harmless for any damages or designeeloss 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. Borrower will indemnify shall deliver to Bank for any loss Bank suffers due to such reliancea promissory note in substantially the form of Exhibit C-1. (c) The Committed Revolving Line terminates shall terminate on the Revolving Maturity Date, when at which time all Advances are 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. (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 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 prior to the execution of this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Versata Inc)

Revolving Advances. (ai) Subject to and upon the terms and conditions of this Agreement, Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) ninety percent (90%) of the face value of the Pledged Collateral. If the aggregate outstanding balance of the Advances ever exceeds such lesser amount, Borrower shall promptly repay Bank will make Advances not exceeding the Committed Revolving Lineamount of such excess. Amounts Subject to the terms and conditions of this Agreement, amounts borrowed under pursuant to this Section 2.1(b) may be repaid and reborrowed during at any time prior to the term of Revolving Maturity Date, at which time all Advances under this AgreementSection 2.1(b) shall be immediately due and payable. Borrower may prepay any Advances without penalty or premium. (bii) To obtain Whenever Borrower desires an Advance, Borrower must will notify Bank by facsimile transmission or telephone by 12:00 no later than 3:00 p.m. Pacific time time, on the Business Day that the Advance is to be made. Borrower must Each such notification shall be promptly confirm the notification confirmed by delivering to Bank the a Payment/Advance Form attached as in substantially the form of Exhibit B. Bank will credit Advances to Borrower's deposit accountB hereto. Bank may is authorized to make Advances under this Agreement Agreement, based on upon instructions received from a Responsible Officer or his or her designee or without instructions if the Advances are necessary to meet Obligations which have become dueOfficer. Bank may shall be entitled to rely on any telephone telephonic notice given by a person whom who Bank reasonably believes is to be a Responsible Officer or designee. Officer, and Borrower will shall indemnify and hold Bank harmless for any damages or loss suffered by Bank suffers due to as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(b) to Borrower’s deposit account. (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 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 prior to the execution of this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Biomarin Pharmaceutical Inc)

Revolving Advances. (a1) Bank will make Revolving Advances not exceeding (i) the lesser of (A) the Committed Revolving LineLine or (B) the Borrowing Base, minus (ii) the amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit). Amounts borrowed under this Section may be repaid and reborrowed during the term of this Agreement. (b2) To obtain an a Revolving Advance, Borrower must notify Bank by facsimile or telephone by 12:00 p.m. P.M. (Pacific time time) on the Business Day the such Advance is to be made. Borrower must promptly confirm the notification by delivering to Bank the Payment/Advance Form attached as Exhibit B. B (“Payment/Advance Form”). Bank will credit Revolving Advances to Borrower's ’s deposit account. Bank may make Revolving Advances under this Agreement based on instructions from a Responsible Officer or his or her designee or without instructions if the such Revolving Advances are necessary to meet Obligations which have become due. Bank may rely on any telephone telephonic notice given by a person whom Bank believes is a Responsible Officer or designee. designee for such purpose. (3) Borrower will indemnify Bank for any loss Bank suffers due to such reliance, except for any loss caused from the gross negligence or willful misconduct of Bank. (c4) The Committed Revolving Line terminates on the Revolving Maturity Date, when all Revolving Advances and related Obligations are immediately payable, with the understanding that with respect to Non Formula Revolving Advances a special provision as to the maturity thereof applies and is set forth in the definition of Revolving Maturity Date in Section 13 hereof. (d5) Bank's ’s obligation to lend the undisbursed portion of the Obligations Credit Extensions will terminate if, in Bank's ’s sole discretion, there has been a material adverse change in the general affairs, management, results of operation, condition (financial or 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 prior to the execution of this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Senorx Inc)

Revolving Advances. (a) Bank will make Advances not exceeding (i) the lesser of (A) the Committed Revolving Line. Line or (B) the Borrowing Base, minus (ii) the amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit) Amounts borrowed under this Section may be repaid and reborrowed during the term of this Agreement. (b) To obtain an Advance, Borrower must notify Bank by facsimile or telephone by 12:00 3:00 p.m. Pacific time on the Business Day the Advance is to be made. Borrower must promptly confirm the notification by delivering to Bank the Payment/Advance Form attached as Exhibit B. B (a "Payment/Advance Form"). Bank will credit Advances to Borrower's deposit account. Bank may make Advances under this Agreement based on instructions from a Responsible Officer or his or her designee or without instructions if the Advances are necessary to meet Obligations which have become due. Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Borrower will indemnify Bank for any 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 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 prior to the execution of this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Perficient Inc)

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