Revolving Loan. The Borrower shall repay to the Lenders in full on the date specified in clause (a) of the definition of “Revolving Termination Date” the aggregate principal amount of the Revolving Loans and Swing Loans outstanding on the Revolving Termination Date.
Revolving Loan. (a) Subject to the terms and conditions hereof, and relying on the representations, covenants and warranties of the Borrower contained herein, GDB agrees, from time to time, during the Revolving Period to lend to the Borrower under the Revolving Loan upon its request up to the aggregate principal amount of the Permitted Loan Limit for the Borrower's working capital needs for the operation of the Premises. During the Revolving Period, the Borrower shall be entitled to receive the entire proceeds of the Revolving Loan in one or more Advances pursuant to this Section 4.7 hereof, except as otherwise specifically set forth in this Agreement. After the expiration of the Revolving Loan Period, the Borrower shall not be entitled to receive any further Advance. The Revolving Loan may revolve during the Revolving Period; accordingly, during the Revolving Loan Period, the Borrower may borrow up to the Permitted Loan Limit, repay all or any portion of such principal amount, and re-borrow up to the Permitted Loan Limit, subject to the terms and conditions set forth herein.
(b) The Revolving Loan shall be evidenced by the Revolving Note and shall be due and payable as required by Section 4.7(k). The Borrower shall not be liable under the Revolving Note except with respect to funds actually advanced to the Borrower by GDB. The Revolving Note shall bear interest from the date thereof on the unpaid principal balance thereof, from time to time outstanding, at a fluctuating interest rate equal to the Revolving Loan Interest Rate.
(c) (i) From and after the Revolving Loan Maturity Date, (ii) upon the failure of Borrower to pay any interest within (10) days after such interest is due with respect to the Revolving Loan prior to the occurrence of any Default or Event of Default, or
Revolving Loan. Subject to all the terms and conditions of this Agreement and so long as no Default exists, from time to time on and after the Initial Closing Date and prior to the Final Maturity Date the Lenders will, severally in accordance with their respective Commitments in the Revolving Loan, make loans to the Company in such amounts as may be requested by the Company in accordance with Section 2.1.
Revolving Loan. Subject to the terms and provisions of the Credit Agreement, Maker may use all or any part of the credit provided to be evidenced by this note at any time before the Revolving Maturity Date. Maker may borrow, repay and reborrow hereunder, and except as set forth in the Credit Agreement there is no limitation on the number of advances made hereunder.
Revolving Loan. Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties of Borrower and the other Loan Parties set forth herein and in the other Loan Documents, each Lender, severally, agrees to lend to Borrower from time to time, its Pro Rata Share of each Revolving Advance. From and after the Closing Date through the Termination Date, the aggregate amount of all Revolving Loan Commitments shall not exceed the following amounts during the following periods: (i) from and after April 14, 1999, to and including June 21, 1999, Twenty Million Dollars (“$20,000,000“); (ii) on and after June 21, 1999, to and including June 29, 1999, Nineteen Million Dollars (“$19,000,000“); (iii) on and after June 30, 1999, to and including July 30, 1999, Eighteen Million Dollars (“$18,000,000“); (iii) on and after July 31, 1999, to and including August 30, 1999, Sixteen Million Dollars (“$16,000,000“); and (iv) on and after August 31, 1999, Fifteen Million Dollars (“$15,000,000“), each as reduced by subsection 2.4(B). Amounts borrowed under this subsection 2.1(A) may be repaid and reborrowed at any time prior to the earlier of (i) the termination of the Revolving Loan Commitment pursuant to subsection 8.3 or (ii) the Termination Date. Except as otherwise provided herein no Lender shall have any obligation to make an advance under this subsection 2.1(A) to the extent such advance would cause the Revolving Loan (after giving effect to any immediate application of the proceeds thereof) to exceed the Maximum Revolving Loan Amount.
Revolving Loan. It is agreed that each Lender's Net Outstandings are intended by the Lenders to be equal at all times to such Lender's Revolving Credit Pro Rata Share of the aggregate outstanding principal amount of the Revolving Loan outstanding. Notwithstanding such agreement, the several and not joint obligation of each Lender to fund the Revolving Loan made in accordance with the terms of this Agreement ratably in accordance with such Lender's Revolving Credit Pro Rata Share and each Lender's right to receive its ratable share of principal payments on the Revolving Loan in accordance with its Revolving Credit Pro Rata Share, the Lenders agree that in order to facilitate the administration of this Agreement and the Financing Documents that settlement among them may take place on a periodic basis in accordance with the provisions of this Section 2.7.
Revolving Loan. Unless sooner terminated by Lender as a result of the occurrence of a demand, an Event of Default, or a Defaulting Event, Borrower's eligibility to request Revolving Loans shall commence on the date hereof and shall continue for a period through and including March 31, 2003 (the "Term"). Borrower's eligibility to request Revolving Loans may be extended after the Term (and after any Renewal Term, as defined below) only with the express written consent of both Borrower and Lender. Any such extension (and any further extension) shall be made only with the express written consent of both Borrower and Lender (each being a "Renewal Term"). At the end of the Term (or at the end of a Renewal Term, if applicable), Borrower shall pay the entire balance of the Revolving Loans, and all other outstanding Obligations. Further, upon termination of the Revolving Loan facility, all of the rights, interests and remedies of Lender and Obligations of Borrower shall survive and Borrower shall have no right to receive, and Lender shall have no obligation to make, any further Revolving Loans. Upon full, final and indefeasible payment of the Obligations to Lender, all rights and remedies of Borrower and Lender hereunder shall cease, so long as any payment so made to Lender and applied to the Obligations is not thereafter recovered from or repaid by Lender in whole or in part in any bankruptcy, insolvency or similar proceeding instituted by or against Borrower, whereupon this Agreement shall be automatically reinstated without any further action by Borrower and Lender and shall continue to be fully applicable to such Obligations to the same extent as though the payment so recovered or repaid had never been originally made on such Obligations.
Revolving Loan. This Mortgage is given to secure a revolving credit Loan or Loans and shall secure not only presently existing indebtedness under the Loan Agreement and other Loan Documents, but also future advances, whether such advances are obligatory or to be made at the option of Mortgagee, or otherwise, as are made within thirty (30) years from the Effective Date (the date that is thirty (30) years from the Effective Date being the Maturity Date of the Obligations under the Loan Documents) to the same extent as if such future advances were made on the date of the execution of this Mortgage, although there may be no advance made at the time of execution of this Mortgage and although there may be no unpaid principal or interest (collectively, “Indebtedness”) outstanding at the time any advance is made. The lien of this Mortgage shall be valid as to all Indebtedness including future advances, from the time of its filing for record in the recorder’s or registrar’s office of the county in which the real estate is located. This Mortgage secures, among other Indebtedness, a “revolving credit” arrangement within the meaning of the Illinois Interest Act, 815 ILCS 205/4.1. The total amount of Indebtedness may increase or decrease from time to time, as provided in the Loan Agreement, and any disbursements which Mortgagee may make under this Mortgage, the Loan Agreement or any other document with respect hereto (e.g., Protective Advances) shall be additional Indebtedness and Obligations secured hereby. This Mortgage is intended to and shall be valid and have priority over all subsequent liens and encumbrances, including statutory liens, excepting solely taxes and assessments levied on the real estate, to the extent of the maximum amount secured hereby.
Revolving Loan. Provided there does not exist an Event of Default, and no event with which notice or lapse of time or both would become such an Event of Default, and subject to the terms and provisions of this Agreement, Lender will, under the Note, lend or advance for the account of Borrower from time to time, and, Borrower may borrow, repay and re-borrow (provided that unless Borrower intends to pay and satisfy the Loan in full, Borrower shall not reduce the outstanding principal balance under the Loan to a sum of less than One Thousand and 00/100 Dollars ($1,000.00)) such amounts as may be required for the purpose of providing working capital to the Borrower, not exceeding in the aggregate an amount equal to (i) eighty-five percent (85%) of Eligible Receivables, less such reserves as Lender, in its sole discretion elects to establish, provided further that a Receivable may be devalued in such amount as shall be determined by Lender in its sole discretion due to "Dilution" which is defined as and is the result of non-cash credits posted against the Receivable which result in payment or other satisfaction of all or any portion of the Receivable for reasons other than full payment of the Receivable in cash (the "Borrowing Base"); or, the sum of Seven Million Five Hundred Thousand and 00/100 Dollars ($7,500,000.00), whichever is less. It is acknowledged that the Borrowing Base under the Loan may be adjusted during the term of the Loan by Lender at any time, in its sole discretion, based upon the result of the audits and collateral examinations conducted during the term of the Loan. The aggregate amounts outstanding under the Loan shall not at any time exceed the amount provided above, and in the event the amount outstanding at any time exceeds the permitted amount, said excess amount shall bear interest at the rate set forth in the Note and shall be due and payable in full on DEMAND.
Revolving Loan. 4.1 In case where the Loan under this Contract is revolving in nature, the first loan period shall be from the day of first drawdown, the commencement day for second loan period shall be one day after the end of first loan period. In case where the month in which the commencement day of any of the loan period does not contain a day corresponding to the day of first drawdown, the last day of that month shall be used and so forth. Unless otherwise agreed by the Lender, a set of loan period shall not be changed once it is confirmed.
4.2 The loan amount for each of the loan periods subsequent to the first loan period must be less than the previous loan period. Upon maturity of each loan period, the Borrower shall repay the Loan as per agreement. The loan within a single loan period shall not be revolved.
4.3 In case where floating rate is used for the RMB revolving loan, the benchmark lending rate shall be determined based on the benchmark lending rate as published by the People’s Bank of China for loans tenure corresponding to the loan period.
