Common use of Termination of Revolver Clause in Contracts

Termination of Revolver. Notwithstanding anything contained in this Section 1 or elsewhere to the contrary, from and after the initial public offering of the Borrower’s common stock and the payment by Borrower of the Three Million Five Hundred Thousand Dollars ($3,500,000.00) as required under the Third Amended and Restated Revolving Line of Credit Note, Borrower shall not be entitled to reborrow any amounts hereunder and the Loans shall thereafter be considered a term loan payable in accordance with the terms of such note.”

Appears in 2 contracts

Samples: Commercial Loan Agreement (Applied Digital Solutions Inc), Commercial Loan Agreement (VeriChip CORP)

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Termination of Revolver. Notwithstanding anything contained in this Section 1 or elsewhere to the contrary, from and after the initial public offering of the Borrower’s common stock and the payment by Borrower of the Three Seven Million Five Hundred Thousand Dollars ($3,500,000.007,000,000.00) as required under the Third Second Amended and Restated Revolving Line of Credit Note, Borrower shall not be entitled to reborrow any amounts hereunder and the Loans shall thereafter be considered a term loan payable in accordance with the terms of such note.”

Appears in 1 contract

Samples: Commercial Loan Agreement (VeriChip CORP)

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Termination of Revolver. Notwithstanding anything contained in this Section 1 or elsewhere to the contrary, from and after the initial public offering of the Borrower’s 's common stock and the payment by Borrower of the Three Seven Million Five Hundred Thousand Dollars ($3,500,000.007,000,000.00) as required under the Third Second Amended and Restated Revolving Line of Credit Note, Borrower shall not be entitled to reborrow any amounts hereunder and the Loans shall thereafter be considered a term loan payable in accordance with the terms of such note."

Appears in 1 contract

Samples: Commercial Loan Agreement (Applied Digital Solutions Inc)

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