Revolving Credit Advances and Borrowings. (a) Subject to the terms and conditions hereof, Xxxxxx agrees to make available to Borrower from time to time until the Commitment Termination Date advances pursuant to its Revolving Loan Commitment (each, a “Revolving Credit Advance”); provided, that the aggregate principal amount of such Revolving Credit Advances will not result in the Revolving Exposure exceeding the Revolving Loan Commitment, or the limitations set forth in Section 6.5 hereof. Until the Commitment Termination Date, Borrower may from time to time borrow, repay and reborrow under this Section 2.1(a).
(i) Borrower shall deliver to Lender a Notice of Borrowing with respect to each proposed borrowing of a Revolving Credit Advance (other than Revolving Credit Advances made pursuant to clause (ii) of this Section 2.1(a) or Section 2.3), such Notice of Borrowing to be delivered no later than: (A) 11:00 a.m. (Pacific Standard Time) (or such later time acceptable to Lender in its sole discretion) on the day of such proposed borrowing, in the case of Revolving Credit Advances in an aggregate principal amount equal to or less than $250,000, and (B) the day that is two Business Days prior to such proposed borrowing, in the case of Revolving Credit Advances in an aggregate principal amount greater than $250,000. Once given, a Notice of Borrowing shall be irrevocable and Borrower shall be bound thereby.
(ii) Borrower hereby authorizes Xxxxxx to make Revolving Credit Advances based on telephonic or electronic notices made by any Person which Xxxxxx, in good faith, believes to be acting on behalf of Xxxxxxxx, in accordance with procedures established by or otherwise acceptable to Lender from time to time in its sole discretion (including Xxxxxx’s confirmation of such notices). All Revolving Credit Advances will be advanced to the primary operating account of Borrower, unless Borrower otherwise instructs Xxxxxx in writing.
(b) The making of each Advance by Xxxxxx, whether under Section 2.1(a) or Section 2.3, will be deemed to be a representation by Borrower that the Advance will not violate the terms of Section 2.1(a) or Section 2.3, respectively. Lender shall have no duty to follow, or any liability for, the application by Borrower of any proceeds of any Advance.
(c) Any Revolving Credit Advance constituting the Initial Draw shall be advanced to an account of Xxxxxxxx’s at Fifth Third or its Affiliates and held until satisfaction of all conditions precedent to the Concorde Acquisition having been met.
Revolving Credit Advances and Borrowings. Subject to the terms and conditions hereof, Xxxxxx agrees to make available to Borrower from time to time until the Commitment Termination Date advances pursuant to its Revolving Loan Commitment (each, a “Revolving Credit Advance”); provided, that the aggregate principal amount of such Revolving Credit Advances will not result in the Revolving Exposure exceeding the Revolving Loan Commitment. Until the Commitment Termination Date, Borrower may from time to time borrow, repay and reborrow under this Section 2.1(a).
