Common use of The Revolving Line Clause in Contracts

The Revolving Line. Lender agrees to loan Borrower up to $15,000,000 as Borrower may from time to time request as evidenced by a promissory note in the form attached as Exhibit B, maturing on December 31, 2009 (which together with any extensions, renewals and changes in form thereof, is hereinafter referred to as the "Line Note"). Advances under the Line Note shall be used for working capital and general corporate purposes, including issuance of letters of credit. 2.1 Provided there is no Event of Default, Borrower may advance, pay down, and re-advance funds on the Line Note. 2.2 Letters of Credit shall be issued pursuant to Lender's standard procedure, upon receipt by Lender of an application; provided that (a) no event of default has occurred and is continuing, and (b) the requested letter of credit will not expire after the maturity date of the Line Note. Borrower shall pay all standard fees and costs charged by Lender in connection with the issuance of Letters of Credit. Lender shall be reimbursed for drawings under the Letters of Credit either by Borrower or by an advance on the Line Note. 2.3 Borrower may repay the Revolving Line in whole or part at any time without penalty. 2.4 Interest shall accrue and be payable quarterly as set forth in the Line Note at a floating interest rate of BOKF National Prime less 1.25%. Under no circumstances will the rate on the Revolving Line be less than 2.50%. The outstanding principal balance plus accrued interest shall be payable at maturity date of December 31, 2009.

Appears in 2 contracts

Samples: Seventh Amendment to Agreement (Monarch Cement Co), Seventh Amendment to Agreement (Monarch Cement Co)

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The Revolving Line. Lender agrees to loan Borrower up to $15,000,000 as Borrower may from time to time request as evidenced by a promissory note in the form attached as Exhibit B, maturing on December 31, 2009 2007 (which together with any extensions, renewals and changes in form thereof, is hereinafter referred to as the "Line Note"). Advances under the Line Note shall be used for working capital and general corporate purposes, including issuance of letters of credit. 2.1 Provided there is no Event of Default, Borrower may advance, pay down, and re-advance funds on the Line Note. 2.2 Letters of Credit shall be issued pursuant to Lender's standard procedure, upon receipt by Lender of an application; provided that (a) no event of default has occurred and is continuing, and (b) the requested letter of credit will not expire after the maturity date of the Line Note. Borrower shall pay all standard fees and costs charged by Lender in connection with the issuance of Letters of Credit. Lender shall be reimbursed for drawings under the Letters of Credit either by Borrower or by an advance on the Line Note. 2.3 Borrower may repay the Revolving Line in whole or part at any time without penalty. 2.4 Interest shall accrue and be payable quarterly as set forth in the Line Note at a floating interest rate of BOKF National Prime less 1.25%. Under no circumstances will the rate on the Revolving Line be less than 2.50%. The outstanding principal balance plus accrued interest shall be payable at maturity date of December 31, 2009.

Appears in 2 contracts

Samples: Loan Agreement (Monarch Cement Co), Fifth Amendment to Agreement (Monarch Cement Co)

The Revolving Line. Lender agrees to loan Borrower up to $15,000,000 as Borrower may from time to time request as evidenced by a promissory note in the form attached as Exhibit B, maturing on December 31, 2009 2010 (which together with any extensions, renewals and changes in form thereof, is hereinafter referred to as the "Line Note"). Advances under the Line Note shall be used for working capital and general corporate purposes, including issuance of letters of credit. 2.1 Provided there is no Event of Default, Borrower may advance, pay down, and re-advance funds on the Line Note. 2.2 Letters of Credit shall be issued pursuant to Lender's standard procedure, upon receipt by Lender of an application; provided that (a) no event of default has occurred and is continuing, and (b) the requested letter of credit will not expire after the maturity date of the Line Note. Borrower shall pay all standard fees and costs charged by Lender in connection with the issuance of Letters of Credit. Lender shall be reimbursed for drawings under the Letters of Credit either by Borrower or by an advance on the Line Note. 2.3 Borrower may repay the Revolving Line in whole or part at any time without penalty. 2.4 Interest shall accrue and be payable quarterly as set forth in the Line Note at a floating interest rate of BOKF National Prime less 1.250.50%. Under no circumstances will the rate on the Revolving Line be less than 2.503.50%. The outstanding principal balance plus accrued interest shall be payable at maturity date of December 31, 20092010.

Appears in 2 contracts

Samples: Eighth Amendment to Loan Agreement (Monarch Cement Co), Eighth Amendment to Loan Agreement (Monarch Cement Co)

The Revolving Line. Lender agrees to loan Borrower up to $15,000,000 as Borrower may from time to time request as evidenced by a promissory note in the form attached as Exhibit B, maturing on December 31, 2009 2008 (which together with any extensions, renewals and changes in form thereof, is hereinafter referred to as the "Line Note"). Advances under the Line Note shall be used for working capital and general corporate purposes, including issuance of letters of credit. 2.1 Provided there is no Event of Default, Borrower may advance, pay down, and re-advance funds on the Line Note. 2.2 Letters of Credit shall be issued pursuant to Lender's standard procedure, upon receipt by Lender of an application; provided that (a) no event of default has occurred and is continuing, and (b) the requested letter of credit will not expire after the maturity date of the Line Note. Borrower shall pay all standard fees and costs charged by Lender in connection with the issuance of Letters of Credit. Lender shall be reimbursed for drawings under the Letters of Credit either by Borrower or by an advance on the Line Note. 2.3 Borrower may repay the Revolving Line in whole or part at any time without penalty. 2.4 Interest shall accrue and be payable quarterly as set forth in the Line Note at a floating interest rate of BOKF National Prime less 1.25%. Under no circumstances will the rate on the Revolving Line be less than 2.50%. The outstanding principal balance plus accrued interest shall be payable at maturity date of December 31, 2009.

Appears in 2 contracts

Samples: Loan Agreement (Monarch Cement Co), Loan Agreement (Monarch Cement Co)

The Revolving Line. Lender agrees to loan Borrower up to $15,000,000 10,000,000 as Borrower may from time to time request as evidenced by a promissory note in the form attached as Exhibit B, maturing on December 31, 2009 2005 (which together with any extensions, renewals and changes in form thereof, is hereinafter referred to as the "Line Note"). Advances under the Line Note shall be used for working capital and general corporate purposes, including issuance of letters of credit. 2.1 2.1. Provided there is no Event of Default, Borrower may advance, pay down, and re-advance funds on the Line Note. 2.2 2.2. Letters of Credit shall be issued pursuant to Lender's standard procedure, upon receipt by Lender of an application; provided that (a) no event of default has occurred and is continuing, and (b) the requested letter of credit will not expire after the maturity date of the Line Note. Borrower shall pay all standard fees and costs charged by Lender in connection with the issuance of Letters of Credit. Lender shall be reimbursed for drawings under the Letters of Credit either by Borrower or by an advance on the Line Note. 2.3 2.3. Borrower may repay prepay the Revolving Line in whole or part at any time without penalty. 2.4 2.4. Interest shall accrue and be payable quarterly as set forth in the Line Note at a floating interest rate of BOKF National Prime X.X. Xxxxxx Xxxxx prime rate less 1.25%. Under no circumstances will the rate on the Revolving Line be less than 2.501.00%. The outstanding principal balance plus accrued interest shall be payable at maturity date of December 31, 20092005. TERMS AND CONDITIONS: Unless otherwise agreed to in writing by Lender: 1. Financial Statements: Borrower will provide annual audited financial statements within 120 days of the end of each fiscal year and quarterly unaudited financial statements within 60 days after the end of each quarter. Along with quarterly financial statements, Borrower will provide Lender with its internally-prepared analysis of cash sources and uses for the four-quarter period then ended, in form and content to be determined by Borrower and Lender as mutually acceptable.

Appears in 1 contract

Samples: Third Amendment to Agreement (Monarch Cement Co)

The Revolving Line. Lender agrees to loan Borrower up to $15,000,000 10,000,000 as Borrower may from time to time request as evidenced by a promissory note in the form attached as Exhibit B, maturing on December 31, 2009 2006 (which together with any extensions, renewals and changes in form thereof, is hereinafter referred to as the "Line Note"). Advances under the Line Note shall be used for working capital and general corporate purposes, including issuance of letters of credit. 2.1 2.1. Provided there is no Event of Default, Borrower may advance, pay down, and re-advance funds on the Line Note. 2.2 2.2. Letters of Credit shall be issued pursuant to Lender's standard procedure, upon receipt by Lender of an application; provided that (a) no event of default has occurred and is continuing, and (b) the requested letter of credit will not expire after the maturity date of the Line Note. Borrower shall pay all standard fees and costs charged by Lender in connection with the issuance of Letters of Credit. Lender shall be reimbursed for drawings under the Letters of Credit either by Borrower or by an advance on the Line Note. 2.3 2.3. Borrower may repay the Revolving Line in whole or part at any time without penalty. 2.4 2.4. Interest shall accrue and be payable quarterly as set forth in the Line Note at a floating interest rate of BOKF National Prime less 1.25%. Under no circumstances will the rate on the Revolving Line be less than 2.501.00%. The outstanding principal balance plus accrued interest shall be payable at maturity date of December 31, 20092006. GENERAL PROVISIONS: Unless otherwise specified herein, all terms and conditions, representations, and warranties of Borrower in the Loan Agreement remain in full force and effect. In addition to the terms of the Loan Agreement, as modified by this Fourth Amendment, Borrower consents to the provisions of the Term Note and the Line Note; provided however, that to the extent any conflict exists between the Loan Agreement and the Notes, then the Loan Agreement shall be controlling.

Appears in 1 contract

Samples: Fourth Amendment to Agreement (Monarch Cement Co)

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The Revolving Line. Lender agrees to loan Borrower up to $15,000,000 10,000,000 as Borrower may from time to time request as evidenced by a promissory note in the form attached as Exhibit B, maturing on December 31, 2009 2003 (which together with any extensions, renewals and changes in form thereof, is hereinafter referred to as the "Line Note"). Advances under the Line Note shall be used for working capital and general corporate purposes, including issuance of letters of credit. 2.1 2.1. Provided there is no Event of Default, Borrower may advance, pay down, and re-advance funds on the Line Note. 2.2 2.2. Letters of Credit shall be issued pursuant to Lender's standard procedure, upon receipt by Lender of an application; provided that (a) no event of default has occurred and is continuing, and (b) the requested letter of credit will not expire after the maturity date of the Line Note. Borrower shall pay all standard fees and costs charged by Lender in connection with the issuance of Letters of Credit. Lender shall be reimbursed for drawings under the Letters of Credit either by Borrower or by an advance on the Line Note. 2.3 2.3. Borrower may repay prepay the Revolving Line in whole or part at any time without penalty. 2.4 2.4. Interest shall accrue and be payable quarterly as set forth in the Line Note at a floating interest rate of BOKF National Prime X.X. Xxxxxx Xxxxx prime rate less 1.25%. Under no circumstances will the rate on the Revolving Line be less than 2.50.75%. The outstanding principal balance plus accrued interest shall be payable at maturity date of December 31, 20092003. TERMS AND CONDITIONS: Unless otherwise agreed to in writing by Lender: 1. Financial Statements: Borrower will provide annual audited financial statements within 120 days of the end of each fiscal year and quarterly unaudited financial statements within 60 days after the end of each quarter.

Appears in 1 contract

Samples: First Amendment to Agreement (Monarch Cement Co)

The Revolving Line. Lender agrees to loan Borrower up to $15,000,000 as Borrower may from time to time request as evidenced by a promissory note in the form attached as Exhibit B, maturing on December 31, 2009 2011 (which together with any extensions, renewals and changes in form thereof, is hereinafter referred to as the "Line Note"). Advances under the Line Note shall be used for working capital and general corporate purposes, including issuance of letters of credit. 2.1 Provided there is no Event of Default, Borrower may advance, pay down, and re-advance funds on the Line Note. 2.2 Letters of Credit shall be issued pursuant to Lender's standard procedure, upon receipt by Lender of an application; provided that (a) no event of default has occurred and is continuing, and (b) the requested letter of credit will not expire after the maturity date of the Line Note. Borrower shall pay all standard fees and costs charged by Lender in connection with the issuance of Letters of Credit. Lender shall be reimbursed for drawings under the Letters of Credit either by Borrower or by an advance on the Line Note. 2.3 Borrower may repay the Revolving Line in whole or part at any time without penalty. 2.4 Interest shall accrue and be payable quarterly as set forth in the Line Note at a floating interest rate of BOKF National Prime less 1.250.50%. Under no circumstances will the rate on the Revolving Line be less than 2.503.50%. The outstanding principal balance plus accrued interest shall be payable at maturity date of December 31, 20092011.

Appears in 1 contract

Samples: Loan Agreement (Monarch Cement Co)

The Revolving Line. Lender agrees to loan Borrower up to $15,000,000 as Borrower may from time to time request as evidenced by a promissory note in the form attached as Exhibit B, maturing on December 31February 3, 2009 2012 (which together with any extensions, renewals and changes in form thereof, is hereinafter referred to as the "Line Note"). Advances under the Line Note shall be used for working capital and general corporate purposes, including issuance of letters of credit. 2.1 Provided there is no Event of Default, Borrower may advance, pay down, and re-advance funds on the Line Note. 2.2 Letters of Credit shall be issued pursuant to Lender's standard procedure, upon receipt by Lender of an application; provided that (a) no event of default has occurred and is continuing, and (b) the requested letter of credit will not expire after the maturity date of the Line Note. Borrower shall pay all standard fees and costs charged by Lender in connection with the issuance of Letters of Credit. Lender shall be reimbursed for drawings under the Letters of Credit either by Borrower or by an advance on the Line Note. 2.3 Borrower may repay the Revolving Line in whole or part at any time without penalty. 2.4 Interest shall accrue and be payable quarterly as set forth in the Line Note at a floating interest rate of BOKF National Prime less 1.250.50%. Under no circumstances will the rate on the Revolving Line be less than 2.503.50%. The outstanding principal balance plus accrued interest shall be payable at maturity date of December 31February 3, 20092012.

Appears in 1 contract

Samples: Loan Agreement (Monarch Cement Co)

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