Common use of Revolving Line Clause in Contracts

Revolving Line. Subject to the terms and conditions of this Agreement, and so long as no Initial Default or Matured Default has occurred, Bank agrees to loan to Borrower (by advancing funds or issuing Letters of Credit in amounts not to exceed $7,500,000 in the aggregate), such amounts up to $7,500,000 as Borrower may request from time to time on or before the maturity of the Revolving Line Note, provided that the aggregate principal amount of advances at any time outstanding shall not exceed the lesser of (i) $7,500,000 or (ii) the Borrowing Base. Such Borrowing Base shall be computed on a monthly basis, and Borrower agrees to provide Bank on the 10th day of each month with regard to the immediately preceding month all information requested in connection therewith, including without limitation a Borrowing Base Certificate. In the event Bank shall make advances in excess of the formula set forth above, any such advance shall, nevertheless, be secured by all Collateral. In the event outstanding advances with respect to Qualified Receivables or Qualified Inventory fail to comply with such formula, by reason of any accounts receivable or inventory ceasing to be so qualified, for whatever reason, then Borrower shall immediately notify Bank of such situation and shall, within five (5) Business Days of the imbalance, either (i) reduce the amount of the outstanding balances to bring such amounts within the formulas prescribed, or (ii) provide additional Qualified Receivable or Qualified Inventory, without any additional advance being made by Bank with respect thereto, necessary to comply with the formulas required herein. Within the limits set forth in this Section 2.2, Borrower may borrow, repay and reborrow at any one time and from time to time.

Revolving Line. Subject to the terms and conditions of this Agreement, and so long as no Initial Default or Matured Event of Default has occurred, each Bank agrees to loan to Borrower (by advancing funds or issuing Letters of Credit in amounts not to exceed $7,500,000 5,000,000 in the aggregate), such amounts up to said Bank's Pro Rata Share of the aggregate principal amount of $7,500,000 5,000,000 as Borrower may request from time to time on or before the maturity of Termination Date, to be further evidenced by the Revolving Line Note, Notes; provided that the aggregate outstanding principal amount of advances Line Advances at any time outstanding shall not exceed the lesser of (i) $7,500,000 5,000,000 or (ii) the Borrowing Base. Such Borrowing Base shall be computed on a monthly basis, and Borrower agrees to provide Bank to Agent on the 10th 15th day of each month with regard to the immediately preceding month all information requested in connection therewith, including without limitation a Borrowing Base Certificate. In the event Bank Banks shall make advances Line Advances in excess of the formula set forth above, any such advance Line Advance shall, nevertheless, be secured by all Collateral. In the event outstanding advances Line Advances with respect to Qualified Receivables or Qualified Inventory fail to comply with such formula, by reason of any accounts receivable or inventory ceasing to be so qualified, for whatever reason, then Borrower shall immediately notify Bank Agent of such situation and shall, within five (5) Business Days of the imbalance, either (i) reduce the amount of the outstanding balances to bring such amounts within the formulas prescribed, or (ii) provide additional Qualified Receivable or Qualified Inventory, without any additional advance being made by Bank Banks with respect thereto, necessary to comply with the formulas required herein. Within the limits set forth in this Section 2.22.3, Borrower may borrow, repay and reborrow at any one time and from time to time.

Revolving Line. Subject to the full, complete, and timely satisfaction of each of the terms and conditions of this AgreementSection 2 and as elsewhere set forth herein, and so long as no Initial Default or Matured Default has occurredrelying on the representations and warranties of Borrower hereinafter set forth, from the date hereof until the Revolving Line Termination Date, Bank agrees to loan extend to Borrower (by advancing funds or issuing Letters an open-end revolving credit line pursuant to which Borrower may borrow, repay, and reborrow under the terms of Credit in this Agreement amounts not to exceed $7,500,000 in the aggregate), such amounts up to $7,500,000 as Borrower may request from exceeding at any one time to time on or before the maturity of the Revolving Line Note, provided that outstanding the aggregate principal amount of advances at any time outstanding shall not exceed equal to the lesser of (ia) $7,500,000 22,500,000.00, minus the aggregate face amount of all outstanding Letters of Credit, (b) the Available Loan Amount, minus the aggregate outstanding principal balances of the Term Notes, or (iic) the Borrowing Base. Such Borrowing Base , minus the aggregate face amount of all outstanding Letters of Credit, which revolving loan shall be computed on a monthly basisevidenced by the issuance, execution, and Borrower agrees to provide Bank on delivery of the 10th day of each month with regard Revolving Note. If at any time, prior to the immediately preceding month all information expiration of the Revolving Line, Borrower is not entitled to any advances or payments by the terms of this Agreement, notwithstanding the terms of Section 1.7 and elsewhere in this Agreement, Bank may, in its sole discretion, make requested advances and payments; provided, however, it is expressly acknowledged and agreed that, in connection therewithsuch event, including without limitation a Borrowing Base Certificate. In the event Bank shall have the right, in its sole discretion, to decline to make advances in excess of the formula set forth above, any such requested advance shallor payment and to demand any payment required under, neverthelessand otherwise to enforce, be secured by all Collateral. In Section 1.4 hereof and any other applicable term of this Agreement and the event outstanding advances with respect other Credit Documents without prior notice to Qualified Receivables or Qualified Inventory fail to comply with such formula, by reason Borrower and the making of any accounts receivable or inventory ceasing to such advances and payments shall not be so qualified, for whatever reason, then Borrower shall immediately notify Bank construed as a waiver of such situation and shall, within five (5) Business Days of the imbalance, either (i) reduce the amount of the outstanding balances to bring such amounts within the formulas prescribed, or (ii) provide additional Qualified Receivable or Qualified Inventory, without any additional advance being made right by Bank with respect thereto, necessary to comply with the formulas required herein. Within the limits set forth in this Section 2.2, Borrower may borrow, repay and reborrow at any one time and from time to timeBank.

Revolving Line. Subject to the terms and conditions of this Agreement, and so long as no Initial Default or Matured Event of Default has occurred, each Bank agrees to loan to Borrower (by advancing funds or issuing Letters of Credit in amounts not to exceed $7,500,000 6,000,000 in the aggregate), such amounts up to said Bank's Pro Rata Share of the aggregate principal amount of $7,500,000 6,000,000 as Borrower may request from time to time on or before the maturity of Termination Date, to be further evidenced by the Revolving Line Note, Notes; provided that the aggregate principal amount of advances Outstanding Line Obligations at any time outstanding shall not exceed the lesser of (i) $7,500,000 6,000,000 or (ii) the Borrowing Base. Such Borrowing Base shall be computed on a monthly basis, and Borrower agrees to provide Bank to Agent on the 10th 15th day of each month with regard to the immediately preceding month all information requested in connection therewith, including without limitation a Borrowing Base Certificate. In the event Bank Outstanding Line Obligations shall make advances in excess of at any time exceed the formula set forth above, any all such advance Outstanding Line Obligations shall, nevertheless, be secured by all Collateral. In the event outstanding advances Outstanding Line Obligations with respect to Qualified Receivables or Qualified Inventory fail to comply with such formula, by reason of any accounts receivable or inventory ceasing to be so qualified, for whatever reason, then Borrower shall immediately notify Bank Agent of such situation and shall, within five (5) Business Days of the imbalance, either (i) reduce the amount of the outstanding balances to bring such amounts within the formulas prescribed, or (ii) provide additional Qualified Receivable or Qualified Inventory, without any additional advance being made by Bank Banks with respect thereto, necessary to comply with the formulas required herein. Within the limits set forth in this Section 2.22.3, Borrower may borrow, repay and reborrow at any one time and from time to time.