The Operating Loan. Subject to the terms and conditions set forth in this Credit Agreement and in the other Loan Documents, Xxxxxx has agreed to advance funds to Borrower from time to time pursuant to a $40,000,000.00 revolving credit facility to finance (a) the working capital needs and general business operations of the Borrowers other than Rabern and Holdco, and (b) Permitted Acquisitions, including, without limitation, the Rabern Acquisition (the “Operating Loan”). Advances under the Operating Loan, in addition to other conditions set forth in this Credit Agreement (including the limitations of the Borrowing Base Report as set forth below), are subject to the following terms and conditions: FIRST AMENDMENT TO COMMERCIAL
The Operating Loan. 1. The Operating Loan and Funding. Within two business days of execution of this Agreement, the Buyer will loan Forty Thousand Dollars ($40,000) to the Company pursuant to a loan commitment in the aggregate amount of One Hundred Sixty Thousand Dollars ($160,000) (inclusive of the Bridge Loan) (the "Operating Loan"). Subject to compliance by the Company and Sellers with the terms of this Agreement, the Buyer agrees to fund the remaining Forty Thousand Dollars ($40,000) of the Operating Loan on March 12, 2003. The Additional Amount of the Operating Loan will be used solely for operating expenses incurred on and after the date of this Agreement. The Operating Loan will mature on December 12, 2003, with all outstanding principal and interest being due in one lump sum on such date except as provided in the next sentence. If the Buyer elects not to exercise the Purchase Option (as defined below), then (i) the Operating Loan will mature twelve months following the earlier of: (a) notice at any time from the Buyer that it is not exercising the Purchase Option or (b) the expiration of the Purchase Option, with equal monthly payments of principal and interest being made on a straight amortization basis, and (ii) sixty thousand dollars of the amount of the Operating Loan will be deemed forgiven (the "Forgiven Amount"); provided, however, if within one year of such date the Company obtains financing from any unrelated third party the full amount of the Operating Loan (including the Forgiven Amount) will be immediately due and payable. The Operating Loan shall be represented by a Promissory Note (which shall subsume and supercede the promissory note relating to the Bridge Loan) in the form attached hereto as Exhibit A which shall be executed and delivered by the Company concurrent with the execution of this Agreement.
The Operating Loan. On the terms and conditions set forth in the MLA and this Supplement, Lender agrees to make Advances to CGI to fund Advances to LLC during the period set forth below in any aggregate principal amount not to exceed, at any one time outstanding, the lesser of the "LLC Borrowing Base" (as calculated pursuant to the LLC Borrowing Base Report attached hereto as "LLC Borrowing Base Report") or ONE MILLION FIVE HUNDRED THOUSAND DOLLARS ($1,500,000) (the "LLC Commitment"). Within the limits of the LLC Commitment, CGI may borrow, repay and reborrow.
The Operating Loan
