Revolving Credit Line. Subject to the following terms and conditions, Bank --------------------- agrees to make a line of credit available to Borrower (the "Revolving Credit Line") in the maximum amount of $15,000,000 (the "Maximum Line") or, if less, the amount of the Cash Flow Limit (defined below), pursuant to which Bank will make loans to Borrower (each an "Advance") in such amounts as Borrower may request from time to time, the proceeds of which shall be used for working capital, the proposed Acquisition and future acquisitions and to purchase equipment, including computer equipment. The aggregate outstanding principal balance of all Advances made hereunder may not exceed the Maximum Line. Amounts borrowed under the Revolving Credit Line may be repaid prior to the Termination Date (defined below) without penalty, except as set forth in Exhibit A to the Note (defined below), and may be reborrowed subject to the terms hereof. Bank's commitment to make Advances hereunder is subject to the conditions in Section 4 below and the following limitations:
a. Bank's commitment to lend hereunder terminates on December 16, 2001 (the "Termination Date"), if not sooner terminated under Section 8 below;
b. Bank shall not be obligated to make any Advance which would cause the outstanding principal balance of the Revolving Credit Line (the "Line Balance") to exceed the Maximum Line or, if less, the Cash Flow Limit; and
c. Bank shall not be obligated to make any Advance if an Event of Default, as defined in Section 7 below, or an event which, with the giving of notice or lapse of time, or both, would become an Event of Default (a "Potential Default"), has occurred and has not been cured by Borrower or waived by Bank.
Revolving Credit Line. Subject to the terms and conditions of this Agreement, from the date on which this Agreement becomes effective until the Termination Date, Lender will make Advances to Borrower not exceeding the Credit Limit minus the Credit Card Sublimit or the Borrowing Base, whichever is less; provided that in no event shall Lender be obligated to make any Advance that results in an Overadvance or while any Overadvance is outstanding. Amounts borrowed under this Section may be repaid and reborrowed during the term of this Agreement. It shall be a condition to each Advance that (a) all of the representations and warranties set forth in Section 6 are true and correct on the date of such Advance as though made at and as of each such date and (b) no Default has occurred and is continuing, or would result from such Advance.
Revolving Credit Line. Borrower shall pay DLL interest on the daily outstanding balance of the Revolving Credit Loans at the per annum rates and at the times set forth in the Schedule and the Secured Revolving Credit Note, as applicable. Borrower shall also pay DLL the fees at the rates and/or in the amounts and at the times set forth in the Schedule.
Revolving Credit Line. Borrower shall pay TEXTRON interest on the daily outstanding balance of the Revolving Credit Loans, at the per annum rates set forth in the Schedule and the Secured Revolving Credit Note, as applicable. Borrower shall also pay TEXTRON the fees set forth in the Schedule.
Revolving Credit Line. Subject to the terms and conditions of this Agreement, Lender shall provide to Borrower a revolving credit line in the maximum amount not to exceed the Credit Limit (the “Revolving Loan”) available prior to the Maturity Date, consisting of cash Advances for purposes described in Section 6.6. Borrower may request Lender to make cash Advances (individually an “Advance” and collectively the “Advances”) from the date hereof until the Maturity Date. Within the limits of Lender’s commitment, and subject to the other terms and conditions hereof, Borrower may borrow under this Section 2.1, prepay under Section 2.3, and reborrow under this Section 2.1. The aggregate amount of outstanding Advances shall not exceed the Credit Limit at any one time. Borrower shall repay each cash Advance no later than the Maturity Date. Lender shall open and maintain on its books an account in Borrower’s name showing the aggregate amount of cash Advances made hereunder, repayments of Advances, computation and payment of interest, and other amounts due and paid hereunder. This account shall be conclusive and binding on Borrower as to the amount at any time due to Lender except in the case of manifest error in computation. The Revolving Loan shall be evidenced by the Revolving Note.
Revolving Credit Line. Subject to the terms and conditions of this Agreement, Lender agrees during the period from the date this Agreement is executed and delivered by the parties hereto until the Revolving Maturity Date (the "Revolving Commitment Period") to make loans (the "Revolving Loans") requested by Borrower in a Notice of Borrowing given under this Agreement; provided that, after giving effect to any such requested borrowing (i) the aggregate outstanding principal balance of all Revolving Loans will not exceed the Revolving Commitment Amount and (ii) the Credit Utilization will not exceed the Borrowing Base. The Revolving Loans described in this Section 2.1(a) constitute a revolving credit, and up to the Revolving Commitment Amount and during the Revolving Commitment Period, Borrower may pay, prepay and reborrow.
Revolving Credit Line. On each day that the Credit Utilization exceeds the Borrowing Base, Borrower shall repay Revolving Loans in such an amount as is necessary to reduce the Credit Utilization to an amount equal to or less than the Borrowing Base, and, if, after repayment of all Revolving Loans, the Credit Utilization exceeds the Borrowing Base, Borrower shall deposit with or deliver to Lender and to grant to Lender, a security interest in deposit account balances held or maintained in blocked, non-interest-bearing deposit accounts at Lender to secure all advances to, and debts, liabilities, obligations, covenants and duties of Borrower arising under the Loan Agreement and each other Loan Document, including, without limitation, with respect to the Letters of Credit, pursuant to documentation in form and substance satisfactory to Lender. Borrower shall repay to Lender the outstanding principal balance of the Revolving Loans on or before the Revolving Maturity Date.
Revolving Credit Line. Subject to the terms and conditions of this Agreement, from the date on which this Agreement becomes effective until the Revolving Maturity Date, Lender will make Revolving Advances to Borrower not exceeding the Revolving Credit Limit or the Borrowing Base, whichever is less; provided that in no event shall Lender be obligated to make any Revolving Advance that results in an Overadvance or while any Overadvance is outstanding, provided further, that the initial Borrowing Base shall not include any Eligible Inventory until an audit of Borrower’s Inventory has been completed satisfactory to 4
Revolving Credit Line. Subject to the terms and conditions of this Agreement, from the date on which this Agreement becomes effective until the Termination Date, Borrower may request cash advances under this Section from time to time. Lender has no obligation to Amounts borrowed under this Section may be repaid and reborrowed during the term of this Agreement. It shall be a condition to each Advance that (a) all of the representations and warranties set forth in Section 6 are true and correct on the date of such Advance as though made at and as of each such date and (b) no Default has occurred and is continuing, or would result from such Advance
(a) Borrower may request Formula Advances in an aggregate amount not to exceed the lesser of $1,000,000 or the Borrowing Base; provided that in no event shall Lender be obligated to make any Formula Advance that results in an Overadvance or while any Overadvance is outstanding.
Revolving Credit Line. Company and Physician understand that it will take time before the Wellness Practice begins to generate sufficient revenues to cover their respective costs. In order to allow Physician to cover his direct costs during the start-up phase of the Wellness Practice, Company shall make available to Physician a revolving credit line of $________________, which Physician can access solely for the purpose of covering his direct costs, such as the cost to engage Healthcare Personnel. So long as there exists an outstanding balance under the revolving credit line, the portion of Gross Revenues that would otherwise have been retained by Physician shall be applied towards the repayment of outstanding obligations under the credit line. Attached hereto as Exhibit C is a form of the revolving credit line to be executed by Physician.
