Common use of REVOLVING FEATURE Clause in Contracts

REVOLVING FEATURE. Until the day preceding the first anniversary of the date hereof, Borrower may borrow and reborrox xxxxxxder at any time, up to a maximum aggregate amount outstanding not to exceed at any time the amounts as set forth in Paragraph 3, above, provided, that all of the conditions set forth below shall have been satisfied as of the date of borrowing. (i) Borrower shall have given Lender at least five (5) days prior written notice (the "Notice") of Borrower's intent to borrow undxx xxxx Note; (ii) the Notice shall include the stated purpose for the proceeds borrowed under this Note and shall include a certification that no Event of Default shall have occurred and be continuing; (iii) Borrower shall only be permitted to use the proceeds under this Note (a) to assist Borrower in its working capital needs, or (b) to provide bridge financing for acquisitions by Borrower approved by Lender, or (c) to make payments due under the Unsecured Credit Note issued by Borrower to Lender, dated as of November 20, 1996, in the original principal amount of $3,445,024.00, as amended as of the date hereof (the "Initial Note"); (iv) no Event of Default shall have occurred and be continuing; and (v) the minimum amount that may be borrowed at any one time under this Note shall be $250,000 (the "Minimum Draw"). The Minimum Draw may be increased in $50,000 increments only. Lender shall incur no liability for its refusal to advance funds based upon its determination that any conditions of such further advances have not been met.

REVOLVING FEATURE. Until Xxxxxxxx acknowledges that sufficient Advances were made under the day preceding Loan Agreement so that such loan was extended to the first anniversary of the date hereofLoan Maximum, such that no further Advances will be made. Notwithstanding this, Borrower may borrow re-borrow, on a revolving basis, the difference between the outstanding principal amount hereunder and reborrox xxxxxxder at Five Million Dollars ($5,000,000.00) (the "Revolving Loan Maximum"). Xxxxxx's obligation to make any time, up to a maximum aggregate amount outstanding not to exceed at any time the amounts as set forth in Paragraph 3, above, provided, that all of the conditions set forth below shall have been satisfied as of the date of borrowing. advance under this Promissory Note is conditioned upon (i) all representations and warranties made by Borrower shall have given Lender at least five (5) days prior written notice (in the "Notice") of Borrower's intent to borrow undxx xxxx Note; Loan Agreement remaining true, accurate and complete, (ii) Borrower's continued compliance with all other terms and conditions of the Notice shall include the stated purpose for the proceeds borrowed under this Note and shall include a certification that no Event of Default shall have occurred and be continuing; Loan Agreement, (iii) Borrower shall only be permitted to use the proceeds under this Note (a) to assist Borrower in its working capital needs, or (b) to provide bridge financing for acquisitions by Borrower approved by Lender, or (c) to make payments due under the Unsecured Credit Note issued by Borrower to Lender, dated as of November 20, 1996, in the original principal amount of $3,445,024.00, as amended as of the date hereof (the "Initial Note"); (iv) no Event of Default having occurred under this Promissory Note, or any other Promissory Note between the parties hereto, or under any other Loan Document, (iv) Borrower demonstrating to Lender's satisfaction that such funds shall have occurred be used in Borrower's core operations (as Lender shall determine), and be continuing; and (v) Borrower delivering to Lender such mortgage(s), amendment(s) to the minimum amount that Mortgage and/or other documents, and taking such other actions as Lender shall deem appropriate to secure this Note, and Lender obtaining such endorsements, riders, modifications and/or updates to the Title Policy as Lender may be borrowed at any one deem appropriate in connection with such security. Subject to these conditions, Xxxxxx shall advance to Borrower hereunder, such amounts as Borrower may from time-to-time under this Note request, in multiples of not less than One Hundred Thousand Dollars ($100,000.00), not to exceed the Revolving Loan Maximum. Such requests for advances hereunder shall be $250,000 (funded the "Minimum Draw"). The Minimum Draw may be increased in $50,000 increments only. next Business Day if received by Xxxxxx not later than 11:00 a.m. of any Business Day, subject to Lender shall incur no liability for its refusal requiring additional time to confirm Borrower has satisfied the foregoing conditions at the time each such advance funds based upon its determination that any conditions of such further advances have not been metis requested and made.

REVOLVING FEATURE. Until the day preceding the first anniversary of the date hereof, Borrower may borrow from time-to-time prior to the Maturity Date draw, on a revolving basis, the difference between the outstanding principal amount hereunder and reborrox xxxxxxder at Eight Million Dollars ($8,000,000.00) (the “Revolving Loan Maximum”). Lender’s obligation to make any time, up to a maximum aggregate amount outstanding not to exceed at any time the amounts as set forth in Paragraph 3, above, provided, that all of the conditions set forth below shall have been satisfied as of the date of borrowing. advance under this Promissory Note is conditioned upon (i) all representations and warranties made by Borrower shall have given Lender at least five (5) days prior written notice (in the "Notice") of Borrower's intent to borrow undxx xxxx Note; Amended Loan Agreement remaining true, accurate and complete, (ii) Borrower’s continued compliance with all other terms and conditions of the Notice shall include the stated purpose for the proceeds borrowed under this Note and shall include a certification that no Event of Default shall have occurred and be continuing; Amended Loan Agreement, (iii) Borrower shall only be permitted to use the proceeds under this Note (a) to assist Borrower in its working capital needs, or (b) to provide bridge financing for acquisitions by Borrower approved by Lender, or (c) to make payments due under the Unsecured Credit Note issued by Borrower to Lender, dated as of November 20, 1996, in the original principal amount of $3,445,024.00, as amended as of the date hereof (the "Initial Note"); (iv) no Event of Default having occurred under this Promissory Note, or any other Promissory Note between the parties hereto, or under any other Loan Document, (iv) Borrower demonstrating to Lender’s satisfaction that such funds shall have occurred be used in operations of Borrower’s ethanol production facility and be continuing; and to make distributions to Borrower’s members, and (v) Borrower delivering to Lender such mortgage(s), amendment(s) to the minimum amount that Mortgage and/or other documents, and taking such other actions as Lender shall deem appropriate to secure this Note, and Xxxxxx obtaining such endorsements, riders, modifications and/or updates to the Title Policy as Lender may be borrowed at any one deem appropriate in connection with such security. Subject to these conditions, Xxxxxx shall advance to Borrower hereunder, such amounts as Borrower may from time-to-time under this Note request, not to exceed the Revolving Loan Maximum. Such requests for advances hereunder shall be $250,000 (funded the "Minimum Draw"). The Minimum Draw may be increased in $50,000 increments only. next Business Day if received by Xxxxxx not later than 11:00 a.m. of any Business Day, subject to Lender shall incur no liability for its refusal requiring additional time to confirm Borrower has satisfied the foregoing conditions at the time each such advance funds based upon its determination that any conditions of such further advances have not been metis requested and made.