Revolving Line of Credit. (a) The Bank hereby establishes in favor of the Borrower a revolving line of credit (the “Line of Credit”). The Borrower shall be entitled to borrow, repay and reborrow funds under the Line of Credit in accordance with the terms hereof so long as the total principal amount owed to the Bank under the Line of Credit does not exceed $25,000,000.00 (or such lesser amount as is set forth herein) during the Revolving Period. The Bank’s obligation to make advances hereunder shall terminate at the expiration of the Revolving Period.
(b) The Borrower’s indebtedness under the Line of Credit shall be evidenced by a promissory note (as amended, extended or renewed from time to time, the “Line of Credit Note”) of even date herewith executed by the Borrower in favor of the Bank in the original principal amount of $25,000,000.00. The Line of Credit Note shall bear interest at the rate set forth therein and shall be payable as set forth therein.
(c) The Bank shall make each advance under the Line of Credit upon written or telephonic notice from the Borrower to the Bank requesting an advance. The notice shall specify the date for which the advance is requested (which must be a Business Day) and the amount of the advance. The Bank must receive the notice prior to 12:00 noon (Eastern time) on the Business Day of the advance. Alternatively, the Borrower may request advances by drawing checks on a deposit account that is linked to the credit facility hereunder in accordance with disbursement arrangements that are mutually satisfactory to the parties. The Bank will make each requested advance available to the Borrower not later than the close of business on the Business Day of the request by crediting the Borrower’s account maintained with the Bank in the amount of the advance if as of such time: (i) the Bank’s obligation to make advances hereunder has not terminated or expired; (ii) a Default or Event of Default has not occurred; and (iii) all conditions to the advance set forth herein or in any other Loan Documents have been satisfied. The Bank may rely upon any written or telephonic notice given by any person that the Bank in good faith believes is an authorized representative of the Borrower without the necessity of any independent investigation. If any telephonic notice conflicts with a written confirmation, the telephonic notice shall govern if the Bank has acted in reliance thereon.
(d) For purposes hereof, the term “Revolving Period” shall mean a period commencing on th...
Revolving Line of Credit. A. On the terms and subject to the satisfaction by Debtor of the conditions set forth in this Agreement, Creditor agrees to make the Loan to Debtor, which Loan will be in the form of Advances made from time to time as provided in this Agreement. The outstanding aggregate principal amount of the Loan shall not exceed the Maximum Loan Amount at any time. So long as no event has occurred which is, or with the passage of time or the giving of notice or both under the Loan Documents would constitute, an Event of Default or an Acceleration Event, Debtor may borrow, prepay and reborrow, from the Effective Date until the Maturity Date, an amount up to the Maximum Loan Amount.
B. Simultaneously with the execution and delivery of this Agreement, Debtor shall execute and deliver to Creditor the Note. The obligation of Debtor to pay the outstanding aggregate principal amount of all Advances plus accrued interest thereon shall be evidenced by the Note. Debtor irrevocably authorizes Creditor to make or cause to be made, at or about the time of any Advance or at the time of Creditor's receipt of any payment of the principal amount of the Note, an appropriate notation in Creditor's records reflecting the amount of such Advance or payment, as applicable. The outstanding aggregate principal amount of the Note plus accrued interest thereon set forth in Creditor's records maintained with respect to the Note (which may include computer records) shall, absent manifest error, be prima facie evidence of the outstanding aggregate principal amount plus accrued interest thereon due and owing to Creditor, but the failure to record, or any error in so recording, any such amount on Creditor's records shall not limit or otherwise affect the obligations of Debtor under the Note to make payments when due. Notwithstanding the foregoing, Debtor agrees to execute such amendments to the Note, amendments and restatements of the Note and/or substitute and/or additional promissory notes in the form of the Note as Creditor may reasonably request to evidence Debtor's obligations to Creditor under the Loan Documents.
C. Debtor shall notify Creditor at least two Business Days before the Business Day on which Debtor desires to receive an Advance. Notice may be given in person, via telephone, fax, electronic mail, or regular mail, may be oral or written, and shall set forth the requested amount of each Advance and the delivery instructions for the Advance. Creditor's obligation to fund each Advance sh...
Revolving Line of Credit. (a) Upon the terms and conditions and relying on the representations and warranties contained in this Agreement, each Lender severally agrees to make Loans during the Commitment Period to or for the benefit of any Borrower in an aggregate principal amount not to exceed at any time outstanding the lesser of the Facility Amount of such Lender or the Percentage Share of such Lender of the Borrowing Base then in effect; provided, however, that (i) the Loan Balance plus the L/C Exposure shall not exceed at any time the Commitment Amount then in effect, and (ii) the sum of the outstanding principal balance of all Loans by any Lender plus the Percentage Share of such Lender of the L/C Exposure shall not exceed at any time an amount equal to the Percentage Share of such Lender multiplied by the Commitment Amount then in effect. Loans shall be made from time to time on any Business Day designated by a Borrower in its Borrowing Request.
(b) Subject to the terms of this Agreement, during the Commitment Period, any Borrower may borrow, repay, and reborrow and convert Loans of one type or with one Interest Period into Loans of another type or with a different Interest Period. Except for prepayments made pursuant to Section 2.12, each borrowing, conversion, and prepayment of principal of Loans shall be in an amount at least equal to $100,000 and multiples of $100,000. Each borrowing, prepayment, or conversion of or into a Loan of a different type or, in the case of a Eurodollar Rate Loan, having a different Interest Period, shall be deemed a separate borrowing, conversion, and prepayment for purposes of the foregoing, one for each type of Loan or Interest Period. Anything in this Agreement to the contrary notwithstanding, the aggregate principal amount of Eurodollar Rate Loans having the same Interest Period shall be at least equal to $1,000,000 with multiples of $100,000; and if any Eurodollar Rate Loan would otherwise be in a lesser principal amount for any period, such Loan shall be a Alternative Base Rate Loan during such period.
(c) Not later than 2:00 p.m., Central Standard or Daylight Savings Time, as the case may be, on the date specified for each borrowing, each Lender shall make available to the Administrative Agent an amount equal to the Percentage Share of such Lender of the borrowing to be made on such date, at an account designated by the Administrative Agent, for the account of the requesting Borrower. The amount so received by the Administrative Agent sh...
Revolving Line of Credit. Subject to the terms and conditions of this Agreement, provided that no event of default then has occurred and is continuing, Bank shall, upon Borrower's request make advances ("Revolving Loans") to Borrower, for general corporate purposes, future capital equipment expenditures and the issuance of letters of credit, in an amount not to exceed $3,000,000 (the "Revolving Line of Credit") until April 2, 2001 (the "Revolving Line of Credit Maturity Date"). Revolving Loans may be repaid and reborrowed, provided that all outstanding principal and accrued interest on the Revolving Loans shall be payable in full on the Revolving Line of Credit Maturity Date.
Revolving Line of Credit. The Lender agrees to extend the Revolving Loan to Borrower, subject to the terms and conditions of this Agreement. Until the Ending Date, Borrower may borrow, repay and reborrow Advances in accordance with this Agreement.
Revolving Line of Credit. (a) On the Closing Date, Lender agrees to open a Revolving Line of Credit in favor of Borrower in the maximum aggregate principal amount of Ten Million Dollars ($10,000,000), reducing to Five Million Dollars ($5,000,000), effective on December 31, 1997. Subject to the fulfillment of the conditions precedent set forth in Sections 13.1 and 13.3 hereof, during the period commencing on the Closing Date and ending on the earliest to occur of (i) the Termination Date and (ii) the date of -------- termination of the Revolving Line of Credit pursuant to Section 2.6 or Section 11 below, Borrower may borrow and repay and reborrow up to a maximum aggregate principal amount of the Revolving Line of Credit; provided, however, that (A) ----------------- each Revolving Advance must be in the amount of One Hundred Thousand Dollars ($100,000) or an integral multiple thereof, (B) Revolving Advances will be made by Lender to Borrower only on the first and the fifteenth of each calendar month (or, in each instance, the next succeeding Business Day, as the case may be), (C) any Revolving Advances constituting LIBOR Rate Borrowings must be obtained and paid in accordance with Section 2.4 below, and (D) repayments of Revolving Advances shall be made in accordance with Section 2.6(a) below; and, provided, --------- further, that at no time shall the aggregate principal amount outstanding under ------- the Revolving Line of Credit exceed the Margin (such requirement being referred to herein as the "MARGIN REQUIREMENT"). If at any time hereafter the Margin ------------------ Requirement is not satisfied, Borrower agrees to repay immediately the then principal balance of the Revolving Note by that amount necessary to satisfy the Margin Requirement.
(b) The Debt arising from the disbursement of any and all Revolving Advances shall be evidenced by the Revolving Note, which shall be executed and delivered by Borrower simultaneously herewith. Each request for a Revolving Advance shall be made by Borrower to Lender in such manner as Lender may request from time to time hereafter (including, without limitation, by telephone, confirmed promptly in writing, or by facsimile transmission) and shall specify the requested amount thereof together with the duration of the initial Interest Period with respect thereto (if a LIBOR Rate Borrowing is requested) and such other data as Lender, in its credit judgment, may request in connection therewith. The principal amount of the Revolving Note shall b...
Revolving Line of Credit. During the Line of Credit Availability Period and so long as no Event of Default has occurred and is continuing, Bank will, on a revolving basis, make advances to Borrower (“Line of Credit”), which, except as set forth below, may not at any time exceed an aggregate amount outstanding equal to the lesser of Thirty Million Dollars ($30,000,000.00) or the Borrowing Base (collectively the “Line of Credit Limit”). Borrower’s obligation to repay advances under the Line of Credit shall be evidenced by a promissory note in a form acceptable to Bank (the “Line of Credit Note”). During the Line of Credit Availability Period, Borrower may repay principal amounts and reborrow them. Borrower agrees that Borrower will not permit the outstanding balance under the Line of Credit to exceed the Line of Credit Limit unless Borrower increases the Restricted Cash Deposit by an amount equal to the sum that would otherwise be overadvanced, in which case Borrower shall have the right to borrow an amount in excess of the Borrowing Base but not more than $30,000,000.00. Provided no Event of Default has occurred and is continuing at such time, Borrower may request (i) one year extensions of the Line of Credit Availability Period within 390 days of the then applicable Line of Credit Expiration Date, but Bank has no obligation to grant the extension and/or (ii) the addition to Borrower of an additional fund or funds managed by Manager or an Affiliate of Manager acceptable to Bank, but Bank has no obligation to grant the addition and/or (iii) the deletion from Borrower of a fund managed by Manager or an Affiliate of Manager, but Bank has no obligation to grant the deletion.
Revolving Line of Credit. (a) Subject to the terms and conditions set forth in this Credit Agreement, the RLC shall be a revolving line of credit, against which RLC Advances may be made to Borrower, repaid by Borrower and new RLC Advances made to Borrower, as Borrower may request, provided that (i) no RLC Advance shall be made if an Event of Default shall be continuing, (ii) no RLC Advance shall be made that would cause the outstanding principal balance of the RLC to exceed the lesser of the RLC Commitment or the Borrowing Base, and (iii) no RLC Advance shall be made on or after the RLC Maturity Date.
(b) The RLC shall be evidenced by the Note.
Revolving Line of Credit. Grantor acknowledges and agrees that (a) the Credit Agreement and the Revolving Notes evidence a revolving line of credit and indebtedness which may be repaid and readvanced from time to time, (b) this Deed of Trust shall secure all additional or future advances and readvances of principal under the Credit Agreement and the Revolving Notes, (c) the line of credit evidenced by the Credit Agreement and the Revolving Notes and secured by this Deed of Trust shall be used primarily for business or commercial purposes, (d) this Deed of Trust shall remain in full force and effect, without loss of priority, until the earlier of (i) the payment and performance in full of the Indebtedness and the Obligations (other than Unasserted Obligations) and the receipt by Beneficiary of Grantor’s written request to terminate the line of credit evidenced by the Credit Agreement and the Revolving Notes and secured by this Deed of Trust or (ii) the termination or maturity of the line of credit evidenced by the Credit Agreement and the Revolving Notes and secured by this Deed of Trust (whether by acceleration or otherwise) and the payment and performance in full of the Indebtedness and the Obligations (other than Unasserted Obligations), and (e) this Deed of Trust shall not be extinguished as a result of the Indebtedness and Obligations evidenced by the Credit Agreement and the Revolving Notes having a zero balance from time to time (and, to the full extent permitted by applicable law, Grantor hereby waives the operation of any applicable law, statutory or otherwise, having a contrary effect).
Revolving Line of Credit. Subject to the terms and conditions of this Agreement, each Lender agrees severally to make Revolving Advances to Borrower from time to time from the date hereof to and including the Termination Date in an aggregate principal amount at any time outstanding up to but not exceeding such Lender’s Commitment; provided that the aggregate principal amount of all Revolving Advances of such Lender at any time shall not exceed such Lender’s Commitment at such time minus such Lender’s Pro Rata Share of the Letter of Credit Liabilities at such time; and provided, further, that the aggregate principal amount of all Revolving Advances at any time outstanding shall not exceed the Combined Commitments at such time minus the sum of (a) the Letter of Credit Liabilities at such time plus (b) the aggregate principal amount of the outstanding Swing Loans at such time. Lenders shall have no obligation to make any Revolving Advance (other than a Revolving Advance to reimburse Issuing Bank for any draw on a Letter of Credit issued pursuant to the terms hereof) if an Event of Default or an Unmatured Event of Default has occurred and is continuing unless agreed to by Majority Lenders. The obligations of Lenders under the Commitments are several and not joint. The failure of any Lender to make a Revolving Advance required to be made by it shall not relieve any other Lender of its obligation to make its Revolving Advance, and no Lender shall be responsible for the failure of any other Lender to make the Revolving Advance to be made by such other Lender. Subject to the foregoing limitations, and the other terms and provisions of this Agreement, Borrower may borrow, repay and reborrow Revolving Advances hereunder.
