The Revolving Loan. (a) Subject to the terms and conditions hereof, the Lender agrees to make revolving credit loans (the "REVOLVING LOANS") to the Borrowers, jointly and severally, from time to time during the Commitment Period in an aggregate principal amount at any one time outstanding up to but not exceeding the Available Commitment. During the Commitment Period, the Borrowers may use the Revolving Commitment by borrowing, prepaying the Revolving Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. The Lender shall have no obligation to make any Revolving Loans if, after giving effect to such Revolving Loans, the aggregate amount of all outstanding Revolving Loans would exceed the Available Commitment then in effect. The Revolving Loans made hereunder may be LIBOR Loans or Prime Rate Loans, as determined by the Borrowers and with notice to the Lender in accordance with Sections 1.2 and 1.6.
(b) The Borrowers' right to request Revolving Loans shall terminate on the Revolver Expiration Date and no further Revolving Loans shall be permitted on or after that date.
(c) Each Borrower agrees that it will execute and deliver to the Lender a promissory note of the Borrowers dated the Closing Date, substantially in the form of EXHIBIT A (as amended, supplemented, replaced or otherwise modified from time to time, the "REVOLVING NOTE"), jointly and severally payable to the Lender and in a maximum principal amount equal to the Revolving Commitment. The Lender is hereby authorized to record the date, Type and amount of each Revolving Loan made by the Lender, the date and amount of each payment or prepayment of principal thereof, each continuation thereof, each conversion of all or a portion thereof to another Type and, in the case of LIBOR Loans, the length of each Interest Period and LIBOR Rate with respect thereto, on the schedule (or any continuation of the schedule) annexed to and constituting a part of its Revolving Note, and any such recordation shall, absent manifest error and to the extent permitted by applicable law, constitute PRIMA FACIE evidence of the accuracy of the information so recorded, PROVIDED that the failure to make any such recordation (or any error therein) shall not affect the joint and several obligation of the Borrowers to repay (with applicable interest) the Revolving Loans made to the Borrowers in accordance with the terms of this Agreement.
The Revolving Loan. Lender agrees to extend the Revolving Loan to Borrower in accordance with the terms of, and subject to the conditions set forth in, this Agreement, the Revolving Note and the other Loan Documents. An initial Borrowing Tranche under the Revolving Loan shall be borrowed on the Closing Date and, thereafter, any such Borrowing Tranche may be converted or renewed from time to time in accordance with the terms and subject to the conditions set forth in this Agreement. Subject to Section 2.6, the Interest Rate Floor Amount and any other conditions and limitations set forth in this Agreement, any Borrowing Tranche under the Revolving Loan shall be treated as, at Borrower’s election subject to and in accordance with the terms set forth in this Agreement: (a) a LIBO Rate Tranche and shall bear interest per annum at a rate equal to 1.15% (115 basis points) plus the LIBO Rate; or (b) a Base Rate Tranche and shall bear interest at a rate equal to the Base Rate. The unpaid principal balance plus all accrued but unpaid interest on the Revolving Loan shall be due and payable on the Revolving Loan Maturity Date, or such earlier date on which such amount shall become due and payable on account of acceleration by Lender in accordance with the terms of the Revolving Note and this Agreement.
The Revolving Loan. Bank will loan to Borrower an amount not to exceed Twelve Million Dollars ($12,000,000) outstanding in the aggregate at any one time (the "Revolving Loan"). Borrower may borrow, repay and reborrow all or part of the Revolving Loan in amounts of not less than One Hundred Thousand Dollars ($100,000) in accordance with the terms of the Revolving Note. All borrowings of the Revolving Loan must be made before July 1, 2002 at which time all unpaid principal and interest of the Revolving Loan shall be due and payable. The Revolving Loan shall be evidenced by a promissory note (the "Revolving Note") on the standard form used by Bank for commercial loans. Bank shall enter each amount borrowed and repaid in Bank's records and such entries shall be deemed to be the amount of the Revolving Loan outstanding. Omission of Bank to make any such entries shall not discharge Borrower of its obligation to repay in full with interest all amounts borrowed.
The Revolving Loan. Bank will loan to Borrower an amount not to exceed Ten Million Dollars ($10,000,000) outstanding in the aggregate at any one time (the "Revolving Loan"). Borrower may borrow, repay and reborrow all or part of the Revolving Loan in accordance with the terms of the Revolving Note. All borrowings of the Revolving Loan must be made before July 2, 2001 at which time all unpaid principal and interest of the Revolving Loan shall be due and payable. The Revolving Loan shall be evidenced by a promissory note (the "Revolving Note") on the standard form used by Bank for commercial loans. Bank shall enter each amount borrowed and repaid in Bank's records and such entries shall be deemed to be the amount of the Revolving Loan outstanding. Omission of Bank to make any such entries shall not discharge Borrower of its obligation to repay in full with interest all amounts borrowed.
The Revolving Loan. Bank will loan to Borrower an amount not to exceed Ten Million Dollars ($10,000,000) outstanding in the aggregate at any one time (the "Revolving Loan"). Borrower may borrow, repay and reborrow all or part of the Revolving Loan in the amounts of not less than One Hundred Thousand Dollars ($100,000) in accordance with the terms of the Revolving Note. All borrowings of the Revolving Loan must be made before June 30, 1999 at which time all unpaid principal and interest of the Revolving Loan shall be due and payable. The Revolving Loan shall be evidenced by a promissory note (the "Revolving Note") on the standard form used by Bank for commercial loans. Bank shall enter each amount borrowed and repaid in Bank's record and such entries shall be deemed to be the amount of the Revolving Loan outstanding absent manifest error. Omission of Bank to make any such entries shall not discharge Borrower of its obligation to repay in full with interest all amounts borrowed.
The Revolving Loan. (a) The Lender agrees to lend to the Borrower and the Borrower agrees to borrow on a revolving basis from time to time the principal amount (the "Revolving Loan") not to exceed at any time outstanding the lesser (the "Revolving Loan Committed Amount") of Six Million Dollars ($6,000,000) or the Borrowing Base.
(b) If at any time the outstanding principal balance of the Revolving Loan exceeds the limitations provided in subsection (a) above, the Borrower promises to pay to the order of the Lender, on demand, the amount of the excess.
(c) The obligation of the Borrower to repay the advances under the Revolving Loan shall be evidenced by the Borrower's Revolving Promissory Note of even date herewith (the "Revolving Promissory Note") payable to the Lender in the form attached hereto as EXHIBIT A-2. The Revolving Promissory Note shall bear interest and shall be repaid by the Borrower in the manner and at the times set forth in the Revolving Promissory Note.
(d) The Borrower may prepay the principal sum outstanding on the Revolving Loan only in accordance with the terms of the Revolving Note. Sums borrowed and repaid may be re-advanced under the terms and conditions of this Agreement.
(e) The proceeds of the Revolving Loan shall be used by the Borrower for the purposes set forth in Recital A above, and, unless prior written consent of the Lender is obtained, for no other purpose.
The Revolving Loan. Section 2(a)(i), the first sentence of Section 2(a)(ii), and Section 2(a)(iii) of the Agreement are hereby amended and restated in their respective entireties as follows:
The Revolving Loan. Bank will loan to Borrower an amount not to exceed Fifty Million and 00/100 Dollars ($50,000,000.00) outstanding in the aggregate at any one time (the “Revolving Loan”). Revolving Loans will be denominated in Dollars. The proceeds of the Revolving Loan shall be used for Borrower’s general working capital and corporate purposes. Borrower may borrow, repay and reborrow all or part of the Revolving Loan in amounts of not less than One Million and 00/100 Dollars ($1,000,000.00) in accordance with the terms of the Revolving Note (defined below). All borrowings of the Revolving Loan must be made before the Maturity Date, at which time all unpaid principal and interest of the Revolving Loan shall be due and payable. The Revolving Loan shall be evidenced by Bank’s standard form of commercial promissory note (the “Revolving Note”). Bank shall enter each amount borrowed and repaid in Bank’s records and such entries shall be deemed correct absent manifest error. Omission of Bank to make any such entries shall not discharge Borrower of its obligation to repay in full with interest all amounts borrowed. As of the date of this Agreement, the principal amount outstanding under Borrower’s revolving loan with Bank evidenced by the promissory note dated March 31, 2008 (“Old Note”) shall be deemed the initial principal amount outstanding under the Revolving Loan, and the Old Note is hereby cancelled and superceded by the Revolving Note.
The Revolving Loan. Bank agrees, on the terms and conditions hereinafter set forth, to make loans to Borrower (collectively, the "Revolving Loan"), by means of one or more advances made from time to time during the period of time from the date hereof, to and including the earlier of August 30, 2014 (the "Revolving Loan Maturity Date"), or the date of the occurrence of an Event of Default (as hereinafter defined), not to exceed the lesser of (a) $12,500,000 ("the "Maximum Revolving Loan Amount") or (b) the availability under the Borrowing Base (as hereinafter defined) after taking into consideration the outstanding principal amount of Term Loan 2 and Term Loan 4 (the "Borrowing Base Availability").
The Revolving Loan. The Bank agrees to extend the Revolving Loan Maturity Date from December 31, 1997, to December 31, 1998, under the provisions of Section 2.a(iv) of the Agreement. The extension is subject to execution and delivery by the Company to the Bank of
