THE REVOLVING LINE OF CREDIT. Lender may loan to any of the Obligors, and any Obligor may borrow from Lender, from time to time in accordance with the terms of this Agreement, up to FIVE MILLION DOLLARS ($5,000,000) less (a) the maximum amount available to be drawn under all issued and outstanding Standby Letters of Credit (assuming all conditions for drawing have been satisfied) at the time of such borrowing under the Revolving Line of Credit, and (b) all amounts drawn under issued Standby Letters of Credit for which the Lender has not been reimbursed by the Obligors at the time of such borrowing under the Revolving Letter of Credit. Obligors' obligations to repay the Revolving Line of Credit Note and the terms and conditions of the Revolving Line of Credit are as contained in this Agreement and the Revolving Line of Credit Note, a copy of which is attached to this Agreement as EXHIBIT 2.2. The proceeds of the Revolving Line of Credit shall be used for general working capital purposes.
THE REVOLVING LINE OF CREDIT. (a) Upon the terms and subject to the conditions of this Agreement, Bank agrees to lend and relend to the Borrower from time to time during the period from and including the date hereof through April 30, 1992, as requested by the Borrower in accordance with the terms of subsection 3.01(b) below, amounts which in the aggregate at any one time outstanding do not exceed Five Hundred Thousand Dollars ($500,000) (the "Revolving Line of Credit").
(b) The Borrower may notify the Bank at any time of its intention to borrow under the provisions of subsection 3.01(a) above.
(c) The Bank will disburse the amount of such borrowing at its main office in lawful money of the United States of America by credit to an account of the Borrower maintained at such office.
3.02 The Revolving Line of Credit will be evidenced by a promissory note made by the Borrower payable to the order of the Bank in the form of Exhibit B attached hereto (the "Revolving Line of Credit Note"; such term shall also apply to any extensions, renewals, modifications, or replacements thereof; the Revolving Line of Credit Note and the Term Note are sometimes hereinafter collectively referred to as the "Notes"), which shall be duly executed by the Borrower.
(a) The Revolving Line of Credit Note shall bear interest on the unpaid principal balance thereof from time to time outstanding at a rate which shall be a floating rate equal to one percentage point (1.0%) above the Bank's "Base Rate", which rate shall change and be adjusted simultaneously with any changes in the Base Rate during the period the Revolving Line of Credit is outstanding. The Bank's Base Rate is the rate published by the Bank from time to time as such and is not necessarily the best or lowest rate charged by the Bank. EXHIBIT 4.11
(b) Interest shall be payable at the aforesaid rate(s) on the outstanding principal balance of the Revolving Line of Credit, both before and after maturity, by acceleration or otherwise, whether or not judgment is rendered hereon, until paid in full. Interest shall be computed on the basis of a year of 360 days, and shall be payable monthly in arrears, on the first day of each month, for the actual number of days in each month commencing on the first such date after the Bank first advances funds hereunder.
3.04 The Borrower may prepay the principal balance outstanding under the Revolving Line of Credit Note from time to time, in full or in part, without penalty.
3.05 In the event that any payment due under the R...
THE REVOLVING LINE OF CREDIT. Subject to the ---------------------------- terms of this Agreement, and provided there exists no Event of Default (as defined in Section 6.01 hereof) or event which, with the passage of time or giving of notice or both would become an Event of Default hereunder, under a revolving line of credit (the "Line of Credit"), the Bank shall make advances (each, an "Advance" and collectively, the "Advances") to the Borrower, from time to time, from the date hereof until May 31, 2008 (the "Termination Date"), in an aggregate outstanding principal amount not to exceed $4,000,000.00 at any time. The proceeds of the Line of Credit shall be used to fund the Borrower's accounts receivable and other short term debt. Within the framework of this commitment, the Borrower may borrow, repay and reborrow under the Line of Credit. Each borrowing under the Line of Credit shall reduce the commitment hereunder but, when repaid, may be reborrowed. The Borrower shall give the Bank at least one (1) business days' notice of the Borrower's wish to borrow under the Line of Credit. The Borrower hereby authorizes the Bank to honor written, electronic, telecopied or telephonic requests for Advances.
THE REVOLVING LINE OF CREDIT. Subject to the terms of this Agreement, the Borrower may at any time and from time to time before the Commitment Termination Date, and so long as no Event of Default (or event which with the giving of notice or the passage of time or both would become an Event of Default) has occurred, borrow from the Bank pursuant hereto, and the Bank shall lend to the Borrower, such requested Advances, each in an amount of not less than Five Hundred Thousand and No/100 U.S. Dollars (US$500,000.00), or any integral multiple thereof, not to exceed in the aggregate at any one time outstanding during the Term hereof the amount of the Commitment. Subject to the terms hereof, the Borrower may borrow, repay and reborrow sums until the Commitment Termination Date.
THE REVOLVING LINE OF CREDIT. All Revolving Line of Credit Loans made by the Bank under this Agreement shall be evidenced by, and repaid with interest in accordance with, a single promissory $50,000,000 Revolving Line of Credit Note (the "Revolving Note") of the Borrower in substantially the form of Exhibit A, duly completed, dated the date of this Agreement, and payable to the Bank, such Revolving Note to represent the obligation of the Borrower to repay the Revolving Line of Credit Loans. The Bank is hereby authorized by the Borrower to endorse on the schedule attached to the Revolving Note the amount and type of each Revolving Line of Credit Loan and each renewal and payment of principal amount received by the Bank for the account of the applicable Lending Office on account of the Revolving Line of Credit Loans, which endorsement shall, in the absence of manifest error, be conclusive as to the outstanding balance of the Revolving Line of Credit Loans made by the Bank; provided, however, that the failure to make such notation with respect to any Revolving Line of Credit Loan or renewal or payment shall not limit or otherwise affect the obligations of the Borrower under this Agreement or the Revolving Note. On and after the Termination Date, the unpaid principal amount of the Revolving Note shall be repaid ON DEMAND.
THE REVOLVING LINE OF CREDIT. On terms and conditions as set forth herein, the Bank agrees to make Revolving Advances in Dollars or in Alternate Currency to each Borrower from time to time from the date hereof to the Expiration Date, provided the aggregate amount of such Revolving Advances outstanding at any time does not exceed $10,000,000 or the Dollar equivalent in Alternate Currency (the "Revolving Line of Credit"). Within the foregoing limits, each Borrower may borrow, partially or wholly prepay, and reborrow under this Section 2.01.
THE REVOLVING LINE OF CREDIT. Subject to the terms and conditions of this Agreement, each Lender agrees severally to make its Pro Rata Part of Advances to the Borrower during the period from the date hereof until the Termination Date, by making Revolving Loans under the Revolving Line of Credit to the Borrower from time to time, provided, however, that at no time shall the sum of the aggregate principal amount of such Revolving Loans to the Borrower made by all Lenders under the Revolving Line of Credit at such time outstanding exceed the Borrowing Base Amount then in effect. Notwithstanding the foregoing, it is agreed and understood that each Lender's obligation to fund Revolving Loans is limited to such Lender's Revolving Loan Commitment less its Pro Rata Part of the Total Outstandings.
THE REVOLVING LINE OF CREDIT. Subject to the terms and conditions of this Agreement, the Lender agrees to make Advances to the Borrower during the period from the date hereof until the Termination Date, by making Revolving Loans under the Revolving Line of Credit to the Borrower from time to time, provided, however, that at no time shall the sum of the aggregate principal amount of such Revolving Loans to the Borrower made by the Lender under the Revolving Line of Credit at such time outstanding exceed the Borrowing Base Amount then in effect.
THE REVOLVING LINE OF CREDIT. Subject to all of the terms and provisions of this Agreement, Bank agrees to make Advances to the Borrower from time to time during the period from the Effective Date up to but not exceeding more than thirty (30) days before the Maturity Date in an aggregate amount not to exceed at any one time outstanding, the principal amount of One Million Dollars ($1,000,000.00) for the first six (6) months of the term of the Line and to increase thereafter to Two Million Dollars ($2,000,000.00) provided there has been no Default. Borrower may borrow, repay and reborrow under the Line so long as the unpaid principal balance does not exceed the maximum amount specified above.
THE REVOLVING LINE OF CREDIT. (a) Subject to the terms and conditions of this Agreement and in reliance upon the representations, warranties and covenants contained in this Agreement, the Lender agrees to provide a line of credit to the Borrower in an amount equal to the Maximum Loan Amount during the Availability Period. The Loan shall be evidenced by the Note, which Borrower shall execute and deliver to the Lender at Closing. All advances to Borrower by the Lender under the Note shall be made by the Lender by deposit to the Loan Account.
(b) The proceeds from the Loan shall be used to finance Borrower’s purchase of Consumer Loans from its Parent pursuant to and in accordance with the terms of the Approved Purchase Agreement; provided, however, proceeds from the Loan may be distributed by the Borrower to the Parent for payment of operating costs so long as (i) such distribution shall not cause the Outstanding Loan Balance to exceed the Maximum Loan Amount and (ii) no Event of Default has occurred under the Loan Documents or will occur based on such distribution. The proceeds of the Loan shall not be used for any acquisition, consolidation, merger, reorganization or similar type of transaction with any Person without the Lender’s prior written consent.
