Loan and Terms of Payment. 2.1 Promise to Pay. Borrower hereby unconditionally promises to pay Bank the outstanding principal amount of all Credit Extensions and accrued and unpaid interest thereon as and when due in accordance with this Agreement.
Loan and Terms of Payment. 4 2.1 Credit Extensions................................................................4 2.2 Overadvances.....................................................................5 2.3 Interest Rate, Payments..........................................................5 2.4 Fees.............................................................................5
Loan and Terms of Payment. For value received, Borrower promises to pay to the order of Bank such amount, as provided below, together with interest, as provided for below.
2.1 Upon the request of Borrower, made at any time and from time to time during the term hereof, and so long as no Event of Default has occurred, Bank shall lend to Borrower an amount equal to the Borrowing Base; provided, however, that in no event shall Bank be obligated to make advances to Borrower under this Section 2.1 whenever the Daily Balance exceeds, at any time, either the Borrowing Base or the sum of ONE MILLION AND NO/100 ---------------------- ($1,000,000.00), such amount being referred to herein as an "Overadvance". ---------------
2.2 Except as hereinbelow provided, the Credit shall bear interest, on the Daily Balance owing, at a rate of ONE AND NO/1000 (1.000) percentage points --------------- ------- per annum above the Base Rate (the "Rate"). The Credit shall bear interest, from and after the occurrence of an Event of Default and without constituting a waiver of any such Event of Default, on the Daily Balance owing, at a rate three (3) percentage points per annum above the Rate. All Interest chargeable under this Agreement that is based upon a per annum calculation shall be computed on the basis of a three hundred sixty (360) day year for actual days elapsed. The Base Rate as of the date of this Agreement is EIGHT AND 250/1000 ------------------ (8.250%) per annum. In the event that the Base Rate announced is, from time -------- to time hereafter changed, adjustment in the Rate shall be made and based on the Base Rate in effect on the date of such change. The Rate, as adjusted, shall apply to the Credit until the Base Rate is adjusted again. The minimum interest payable by the Borrower under this Agreement shall in no event be less than N/A per month. All interest payable by Borrower under the Credit, --- shall be due and payable on the first day of each calendar month during the term of this Agreement and Bank may, at its option, elect to treat such interest and any and all Bank Expenses as advances under the Credit, which amounts shall thereupon constitute Obligations and shall thereafter accrue interest at the rate applicable to the Credit under the terms of the Agreement.
2.3 Without affecting Borrower's obligation to repay immediately any Overadvance in accordance with Section 2.1 hereof, all Overadvances shall bear additional interest on the amount thereof at a rate equal to N/A --- (N/A%) p...
Loan and Terms of Payment. 21 2.1 Revolving Advances...........................................................21 2.2
Loan and Terms of Payment. 4 2.1 Advances........................................................ 4 2.2 Overadvances.................................................... 4 2.3 Interest Rate, Payments......................................... 4 2.4 Fees............................................................ 5
Loan and Terms of Payment. 4 2.1 Promise to Pay.................................................. 4 2.2 Overadvances.................................................... 4 2.3 Interest Rate, Payments......................................... 4 2.4 Fees............................................................ 5 3
Loan and Terms of Payment. 7 2.1 Advances................................................... 7 2.2 Overadvances............................................... 8 2.3 Interest Rates, Payments, and Calculations................. 8 2.4
Loan and Terms of Payment. For value received, Borrower promises to pay to the order of Bank such amount, as provided for below, together with interest, as provided for below.
2.1 Upon the request of Borrower, made at any time and from time to time during the term hereof, and so long as no Event of Default has occurred, Bank shall lend to Borrower an amount equal to the Borrowing Base; provided, however, that the Daily Balance shall not exceed the lesser of either the Credit Limit or the Borrowing Base, minus (i) all Letter of Credit Obligations and (ii) all obligations under the Special Sublimit (as defined below). If at any time for any reason, the amount of Indebtedness owed by Borrower to Bank pursuant to this Section 2.1 and Section 2.3 of this Agreement is greater than the aggregate amount available to be drawn under this Section 2.1, Borrower shall immediately pay to Bank, in cash, the amount of such excess.
2.2 Except as hereinbelow provided, the Credit shall bear interest, on the Daily Balance owing, at a fluctuating rate of interest equal to the Base Rate plus one half of one (0.50%) percentage points per annum. All interest chargeable under this Agreement that is based upon a per annum calculation shall be computed on the basis of a three hundred sixty (360) day year for actual days elapsed. The Base Rate as of the date of this Agreement is four and three fourths (4.75%) per annum. In the event that the Base Rate announced is, from time to time hereafter, changed, adjustment in the Base Rate shall be made and based on the Base Rate in effect on the date of such change. The Base Rate, as adjusted, shall apply to the Credit until the Base Rate is adjusted again. All interest payable by Borrower under the Credit shall be due and payable on the first day of each calendar month during the term of this Agreement. A late payment charge equal to five percent (5%) of each late payment may be charged on any payment not received by Bank within ten (10) calendar days after the payment due date, but acceptance of payment of this LOAN & SECURITY AGREEMENT (ACCOUNTS AND INVENTORY) charge shall not waive any Event of Default under this Agreement. Upon the occurrence of an Event of Default hereunder, and without constituting a waiver of any such Event of Default, then during the continuation thereof, at Bank's option, the Credit shall bear interest, on the Daily Balance owing, at a rate equal to three percent (3%) per year in excess of the rate applicable immediately prior to the occurren...
Loan and Terms of Payment. 2.1 PROMISE TO PAY. Borrower promises to pay Bank the unpaid principal amount of all Credit Extensions and interest on the unpaid principal amount of the Credit Extensions.
Loan and Terms of Payment. 18 2.1. Revolving Advances................................. 18 2.2. Letters of Credit................................. 19 2.3.
