Common use of Revolving Loan Clause in Contracts

Revolving Loan. Under and subject to the terms and -------------- conditions of this Agreement and within the Revolving Loan Limit and as requested by an authorized officer of Borrower from time to time through but not including the Revolving Loan Termination Date, Bank hereby establishes a Revolving Loan facility (the "Revolving Loan") pursuant to which Bank will from time to time make cash advances to and issue Letters of Credit for the account of Borrower. Unless sooner terminated pursuant to any other provision of this Agreement, the Revolving Loan will terminate and the entire principal balance of the Revolving Loan, together with all unpaid accrued interest thereon, shall be repaid on the Revolving Loan Termination Date, without notice or demand. This shall include, as to Letters of Credit outstanding on the Revolving Loan Termination Date, payment by Borrower to Bank on the Revolving Loan Termination Date of cash or cash equivalents acceptable to Bank in an amount equal to the face amount of all outstanding Letters of Credit. Each advance under the Revolving Loan shall be made or issued following the giving of notice by an authorized officer of Borrower to Bank (which notice shall, subject to the provisions of Sections 2.04(A)(v) and 2.11 hereof, be given not later than one (1) Business Day preceding the Business Day on which such cash advance is required and not later than three (3) Business Days preceding the Business Day on which such Letter of Credit is required), specifying the date of borrowing and the amount thereof. Subject to the provisions of Section 2.04(B)(2)(iii) hereof, cash advance shall be in multiples of $1,000.00. Requests for advances may be made via telecopy or telephonically, and Bank shall be fully justified in relying thereon. Upon fulfillment of all applicable conditions to such advance set forth herein, Bank will make such funds available to the Borrower at Bank's main office by depositing same in Borrower's deposit account with Bank or issuing such Letter of Credit. The outstanding principal balance under the Revolving Loan may fluctuate from time to time, to be reduced by repayments made by Borrower, to be increased by future loans, advances and extensions of credit which may be made by Bank, to or for the benefit of Borrower.

Appears in 1 contract

Samples: Loan Agreement (Sybron Chemicals Inc)

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Revolving Loan. Under (a) Subject to the terms and conditions and relying upon the representations and warranties herein set forth, Lender agrees to extend a revolving credit loan (the “Revolving Loan”) to the Borrower by making loans to the Borrower on a revolving basis on any one or more Business Days prior to the Maturity Date, up to an aggregate principal amount not exceeding the Revolving Loan Available Amount on such Business Day. Within such limits and during such period and subject to the terms and -------------- conditions of this Agreement and within the Revolving Loan Limit and as requested by an authorized officer of Borrower from time to time through but not including the Revolving Loan Termination Date, Bank hereby establishes a Revolving Loan facility (the "Revolving Loan") pursuant to which Bank will from time to time make cash advances to and issue Letters of Credit for the account of Borrower. Unless sooner terminated pursuant to any other provision of this Agreement, the Revolving Loan will terminate Borrower may borrow, repay and the entire principal balance of reborrow the Revolving Loan. Subject to Section 2.3 hereof, together loans extended with all unpaid accrued interest thereon, shall be repaid on the Revolving Loan Termination Date, without notice or demand. This shall include, as respect to Letters of Credit outstanding on the Revolving Loan Termination Date, payment by Borrower to Bank on the Revolving Loan Termination Date of cash or cash equivalents acceptable to Bank in an amount equal to the face amount of all outstanding Letters of Credit. Each advance under the Revolving Loan shall be made or issued following comprised of Revolving Base Rate Loans and/or Revolving LIBOR Rate Loans as selected by the giving of notice by an authorized officer of Borrower to Bank (which notice shall, subject to the provisions of Sections 2.04(A)(v) and 2.11 hereof, be given not later than one (1) Business Day preceding the Business Day on which such cash advance is required and not later than three (3) Business Days preceding the Business Day on which such Letter of Credit is required), specifying the date of borrowing and the amount thereof. Subject to the provisions of Section 2.04(B)(2)(iii) hereof, cash advance shall be in multiples of $1,000.00. Requests for advances may be made via telecopy or telephonically, and Bank shall be fully justified in relying thereon. Upon fulfillment of all applicable conditions to such advance set forth herein, Bank will make such funds available to the Borrower at Bank's main office by depositing same in Borrower's deposit account with Bank or issuing such Letter of Credit. The principal amount outstanding principal balance under the Revolving Loan may fluctuate from time to Commitment shall not, at any time, exceed the Borrowing Base. If at any time the principal amount outstanding under the Revolving Loan Commitment exceeds the Borrowing Base, then the amount of such excess shall be immediately due and payable by the Borrower to the Lender. Notwithstanding the foregoing, the parties have agreed that Borrower may, request and obtain Two Million Dollars ($2,000,000.00) of the Revolving Loan Commitment without the requirement of sufficient Borrowing Base; provided, however, any request for funds under the Revolving Loan Commitment above Two Million Dollars ($2,000,000.00) of principal, outstanding at any time, shall not exceed the then available Borrowing Base. For purposes of illustration, should Borrower request an additional Two Million Five Hundred Thousand Dollars ($2,500,000.00) under the Revolving Loan Commitment, Borrower shall be reduced by repayments made by Borrowerrequired to document to Lender a Borrowing Base of Two Million Five Hundred Thousand Dollars, to be increased by future loans, advances and extensions of credit which may be made by Bank, to or for receive the benefit of Borrowerrequested funds.

Appears in 1 contract

Samples: Revolving Credit Agreement (Show Me Ethanol, LLC)

Revolving Loan. Under and subject Subject to the terms and -------------- conditions of this Agreement Agreement, and within subject to there being no Event of Default (or event which might, with the Revolving Loan Limit giving of notice or the passage of time, mature into an Event of Default) by the Borrower hereunder, the Bank agrees to lend and relend to the Borrower, upon request by the Borrower made to the Bank in the manner described in Sections 4(b) and (c) below, during the period from the date hereof to the earlier of (A) September 1, 2008, or the termination date of any extension hereof agreed to by the Borrower and the Bank as requested described below, or (B) the date of the occurrence of an Event of Default, unless waived by an authorized officer the Bank (the earlier of such dates being referred to herein as the “Commitment Termination Date”), a principal sum of up to Five Million Dollars ($5,000,000) (the “Total Commitment Amount”), as the Borrower may from time to time through but request for the Borrower’s working capital needs (the “Revolving Loan”); provided, however, that the Bank shall not including be required to make, and the Borrower shall not be entitled to receive, any Revolving Loan Termination Dateif, Bank hereby establishes a Revolving Loan facility (the "Revolving Loan") pursuant to which Bank will from time to time make cash advances to and issue Letters of Credit for the account of Borrower. Unless sooner terminated pursuant to any other provision of this Agreementafter giving effect thereto, the Revolving Loan will terminate and the entire aggregate outstanding principal balance of the Revolving Loan, together with all unpaid accrued interest thereon, Loan would exceed the Total Commitment Amount. Each Revolving Loan hereunder shall be repaid in the amount of Five Hundred Thousand Dollars ($500,000) or a multiple thereof. The Revolving Loan shall be evidenced by a Sixteenth Amended and Restated Revolving Credit Promissory Note given by the Borrower to the Bank in substantially the form of Exhibit F attached hereto, as amended and/or restated from time to time (the “Revolving Note”). The Revolving Note shall mature and be payable in full on September 1, 2008, unless accelerated or extended as described herein. The Revolving Note shall replace the Fifteenth Amended and Restated Revolving Credit Promissory Note dated as of October 15, 2004 given by the Borrower to the Bank (the “Prior Note”), and amounts outstanding under the Prior Note shall not be deemed cancelled or satisfied, but shall be evidenced by the Revolving Note instead of by the Prior Note. If the outstanding principal balance of the Revolving Loan Termination Dateat any time exceeds the Total Commitment Amount, the Borrower shall immediately, without notice or demand. This shall include, as to Letters reduce the outstanding principal balance of Credit outstanding on the Revolving Loan such that the Total Commitment Amount is not exceeded. Upon request by the Borrower, the Bank may consider extensions of the Commitment Termination Date, payment by but is not hereby committing in any way thereto. Upon any such extension, at the option of the Bank, the Borrower shall execute a new promissory note substantially identical to Bank on the Revolving Note, except reflecting the new Commitment Termination Date, which thereupon shall be the Revolving Note hereunder. Notwithstanding anything to the contrary herein, the Borrower covenants and agrees to pay down the outstanding balance of the Revolving Loan Termination Date of cash or cash equivalents acceptable to Bank in an amount equal to the face amount of all outstanding Letters of Credit. Each advance under and the Revolving Loan shall be made or issued following Note to Zero Dollars ($0) for not less than thirty (30) consecutive days during each of the giving of notice by an authorized officer of Borrower to Bank (which notice shallBorrower’s fiscal years, subject to commencing with the provisions of Sections 2.04(A)(v) and 2.11 hereofBorrower’s fiscal year beginning on June 3, be given not later than one (1) Business Day preceding the Business Day on which such cash advance is required and not later than three (3) Business Days preceding the Business Day on which such Letter of Credit is required), specifying the date of borrowing and the amount thereof. Subject to the provisions of Section 2.04(B)(2)(iii) hereof, cash advance shall be in multiples of $1,000.00. Requests for advances may be made via telecopy or telephonically, and Bank shall be fully justified in relying thereon. Upon fulfillment of all applicable conditions to such advance set forth herein, Bank will make such funds available to the Borrower at Bank's main office by depositing same in Borrower's deposit account with Bank or issuing such Letter of Credit. The outstanding principal balance under the Revolving Loan may fluctuate from time to time, to be reduced by repayments made by Borrower, to be increased by future loans, advances and extensions of credit which may be made by Bank, to or for the benefit of Borrower2002.

Appears in 1 contract

Samples: Loan Agreement (Frischs Restaurants Inc)

Revolving Loan. Under and subject Subject to the terms and -------------- conditions of this Agreement and within in reliance upon the Revolving Loan Limit representations and as requested by an authorized officer warranties of Borrower the Borrowers herein set forth, each Lender agrees, severally but not jointly, to lend to Borrowers from time to time through but not including such Lender's Pro Rata Share of the Revolving Loan. The Revolving Loan Commitment is the U.S. Dollar Equivalent of One Hundred Fifteen Million Dollars ($115,000,000). Amounts borrowed under this subsection 2.1(B) may be repaid and reborrowed at any time prior to the earlier of (i) the termination of the Revolving Loan Commitment pursuant to Section 8.3 and (ii) the Termination Date, Bank hereby establishes a . No Lender shall have any obligation to make advances under this subsection 2.1(B) to the extent any requested advance would cause the balance of the U.S. Dollar Equivalent of all Revolving Loans then outstanding to exceed (i) the Overall Maximum Available Revolving Loan facility Amount or (ii) (x) the "TNFI Maximum Available Revolving Loan"Loan Amount in the case of a requested advance to TNFI, (y) pursuant the TNFE Maximum Available Revolving Loan Amount in the case of a requested advance to which Bank will TNFE or (z) the TNFHK Maximum Available Revolving Loan Amount in the case of a requested advance to TNFHK; provided that Lenders may, in their sole discretion, with the approval of all Lenders elect from time to time to make cash advances to and issue Letters in excess of Credit for the account Overall Maximum Available Revolving Loan Amount, the Applicable Available Maximum Revolving Loan Amount or the Revolving Loan Commitment. If advances in excess of Borrower. Unless sooner terminated the Overall Maximum Available Revolving Loan Amount and/or any Applicable Available Maximum Revolving Loan Amount are made pursuant to the approval of Lenders as set forth in the proviso to the preceding sentence, then for purposes of subsection 2.4(B)(1), the Overall Maximum Available Revolving Loan Amount and/or any other provision Applicable Available Maximum Revolving Loan Amount shall be deemed increased by such amount but only for so long as Lenders allow such Loans to be outstanding. Subject to the conditions of this Agreement, the Revolving Loan will terminate and the entire principal balance of the Revolving Loan, together with all unpaid accrued interest thereon, shall be repaid on the Revolving Loan Termination Date, without notice or demand. This shall include, as to Letters of Credit outstanding on the Revolving Loan Termination Date, payment by Borrower to Bank on the Revolving Loan Termination Date of cash or cash equivalents acceptable to Bank in an amount equal to the face amount of all outstanding Letters of Credit. Each advance under the Revolving Loan Loans shall be made or issued following (i) at the giving request of notice by an authorized officer of Borrower to Bank TNFI for its account, as requested in accordance with subsection 2.1(C), for which TNFI (which notice shall, subject to the provisions of Sections 2.04(A)(v) and 2.11 hereof, be given not later than one (1) Business Day preceding the Business Day on which such cash advance is required and not later than three the Foreign Subsidiaries) shall be obligated, and (3ii) Business Days preceding at the Business Day on which such Letter request of Credit is requiredeither Foreign Subsidiary for its account, as requested in accordance with subsection 2.1(C), specifying and for which the date of borrowing and the amount thereof. Subject to the provisions of Section 2.04(B)(2)(iii) hereof, cash advance Foreign Subsidiaries shall be in multiples of $1,000.00jointly and severally obligated. Requests for advances may be made via telecopy or telephonically, and Bank Each Applicable Maximum Available Revolving Loan Amount shall be fully justified in relying thereon. Upon fulfillment of all applicable conditions computed weekly by reference to such advance set forth herein, Bank will make such funds available a borrowing limit calculation submitted by TNFI to the Borrower at Bank's main office by depositing same in Borrower's deposit account with Bank or issuing such Letter of Credit. The outstanding principal balance under the Revolving Loan may fluctuate from time Administrative Agent pursuant to time, to be reduced by repayments made by Borrower, to be increased by future loans, advances and extensions of credit which may be made by Bank, to or for the benefit of BorrowerSection 5.1(F).

Appears in 1 contract

Samples: Loan Agreement (North Face Inc)

Revolving Loan. Under and subject Subject to the terms and -------------- conditions of set forth in this Loan Agreement and within the Revolving other Loan Limit Documents, Bank agrees to lend to Borrower for working capital and as requested by an authorized officer of Borrower general corporate purposes, on a revolving basis from time to time during the period commencing on the date hereof and continuing through but and including 11:00 a.m. (Dallas, Texas time) on September 29, 2004 (the “Termination Date”), such amounts as Borrower may request hereunder (the “Revolving Loan”); provided, however, the total principal amount outstanding at any time shall not including exceed the lesser of (referred to herein as the “Availability”) (a) an amount (the “Borrowing Base”) up to the sum of (i) 80% of Borrower’s Eligible Accounts (as hereinafter defined), plus (ii) 50% of Borrower’s Eligible Inventory, plus (iii) 25% of Borrower’s Eligible Raw Material Inventory, plus (iv) 30% of the book value (i.e. adjusted for depreciation, in such amount as approved by Lender) of Borrower’s equipment, minus (iv) the Reserve, or (b) $10,000,000 (the “Committed Sum”). The Availability under the Revolving Loan Termination Date, Bank hereby establishes a Revolving Loan facility shall be reduced by (the "Revolving Loan"a) pursuant to which Bank will from time to time make cash advances to and issue Letters of Credit for the account of Borrower. Unless sooner terminated pursuant to any other provision of this Agreement, amounts outstanding under the Revolving Loan will terminate and (b) the entire outstanding Letter of Credit Liabilities. If at any time the aggregate principal balance amount outstanding under the Revolving Loan shall exceed the Availability, Borrower agrees to immediately repay to Bank such excess amount, plus all accrued but unpaid interest thereon. Subject to the terms and conditions hereof, Borrower may borrow, repay and reborrow hereunder. All sums advanced hereunder in respect of the Revolving Loan, together with all accrued but unpaid accrued interest thereon, shall be repaid due and payable in full on the Revolving Loan Termination Date, without notice or demand. This shall include, as to Letters of Credit outstanding on the Revolving Loan Termination Date, payment by Borrower to Bank on the Revolving Loan Termination Date of cash or cash equivalents acceptable to Bank in an amount equal to the face amount of all outstanding Letters of Credit. Each advance under the Revolving Loan shall be made or issued following the giving of notice by an authorized officer of Borrower to Bank (which notice shall, subject to the provisions of Sections 2.04(A)(v) and 2.11 hereof, be given not later than one (1) Business Day preceding the Business Day on which such cash advance is required and not later than three (3) Business Days preceding the Business Day on which such Letter of Credit is required), specifying the date of borrowing and the amount thereof. Subject to the provisions of Section 2.04(B)(2)(iii) hereof, cash advance shall be in multiples of $1,000.00. Requests for advances may be made via telecopy or telephonically, and Bank shall be fully justified in relying thereon. Upon fulfillment of all applicable conditions to such advance set forth herein, Bank will make such funds available to the Borrower at Bank's main office by depositing same in Borrower's deposit account with Bank or issuing such Letter of Credit. The outstanding principal balance under the Revolving Loan may fluctuate from time to time, to be reduced by repayments made by Borrower, to be increased by future loans, advances and extensions of credit which may be made by Bank, to or for the benefit of Borrower.

Appears in 1 contract

Samples: Letter Loan Agreement (Amx Corp /Tx/)

Revolving Loan. Under and subject Subject to the terms and -------------- conditions of this Agreement AGREEMENT and within the Revolving Loan Limit and as requested by an authorized officer of Borrower maximum amount available at any time under the BORROWING BASE, BANKS with a REVOLVING LOAN COMMITMENT severally agree to lend BORROWER, from time to time through until the LOAN TERMINATION DATE applicable to the REVOLVING LOAN and up to their respective REVOLVING LOAN COMMITMENTS, such sums as BORROWER may request, but which sums shall not collectively exceed in the aggregate principal amount at any time outstanding the lesser of (i) the amount available under the BORROWING BASE or (ii) Ten Million and No/100 Dollars ($10,000,000.00). The aggregate maximum principal amount outstanding on the REVOLVING LOAN at any time may never exceed the amount of the TOTAL REVOLVING LOAN COMMITMENT or the amount then derived from the BORROWING BASE. Subject to the conditions and limitations set forth in this AGREEMENT, advances and readvances under the REVOLVING LOAN (collectively, “Advances”) will be made to BORROWER, from time to time during the period commencing on the date of this AGREEMENT to but not including the Revolving Loan Termination DateLOAN TERMINATION DATE applicable to the REVOLVING LOAN, Bank hereby establishes a Revolving Loan facility (unless extended by written agreement between BANKS, AGENT and BORROWER. So long as no EVENT OF DEFAULT has occurred and is continuing, BORROWER may, from the "Revolving Loan") pursuant to which Bank will from time to time make cash advances to and issue Letters of Credit for the account of Borrower. Unless sooner terminated pursuant to any other provision date of this Agreement, AGREEMENT through the Revolving Loan will terminate and the entire principal balance of the Revolving Loan, together with all unpaid accrued interest thereon, shall be repaid on the Revolving Loan Termination Date, without notice or demand. This shall include, as to Letters of Credit outstanding on the Revolving Loan Termination Date, payment by Borrower to Bank on the Revolving Loan Termination Date of cash or cash equivalents acceptable to Bank in an amount equal LOAN TERMINATION DATE applicable to the face amount REVOLVING LOAN, borrow, repay and reborrow sums not to exceed at any time outstanding the lesser of all outstanding Letters of Credit. Each advance under the Revolving Loan shall be made or issued following the giving of notice by an authorized officer of Borrower to Bank (which notice shall, subject to the provisions of Sections 2.04(A)(v) and 2.11 hereof, be given not later than one (1) Business Day preceding the Business Day on which such cash advance is required and not later than three maximum principal amount available as provided for above as of the relevant date or (32) Business Days preceding the Business Day on which such Letter BORROWING BASE as of Credit is required), specifying the date of borrowing and the amount thereofrelevant date. Subject In addition to the provisions of Section 2.04(B)(2)(iii) hereofforegoing, cash advance the REVOLVING LOAN shall be in multiples of $1,000.00. Requests for advances may be made via telecopy or telephonicallydeemed to automatically terminate, and Bank shall be fully justified in relying thereon. Upon fulfillment of all applicable conditions to such advance set forth herein, Bank will make such funds available to the Borrower at Bank's main office by depositing same in Borrower's deposit account with Bank or issuing such Letter of Credit. The amounts outstanding principal balance under the Revolving Loan may fluctuate from time REVOLVING LOAN shall become immediately due and payable, if the occurrence of an EVENT OF DEFAULT (as defined in this AGREEMENT or any other LOAN DOCUMENT) causes the REVOLVING LOAN to time, to be reduced by repayments made by Borrower, to be increased by future loans, advances become immediately due and extensions of credit which may be made by Bank, to or for the benefit of Borrowerpayable.

Appears in 1 contract

Samples: Loan Agreement (REX AMERICAN RESOURCES Corp)

Revolving Loan. Under Upon the terms and subject to the terms conditions hereof, Lender agrees to make available a revolving loan (the “Revolving Loan”) to Borrower of Thirty Five Million and -------------- conditions of this Agreement No/100 Dollars ($35,000,000.00) (the “Revolving Loan Amount”). Borrower may obtain advances, prepay and within obtain new advances under the Revolving Loan Limit Loan, subject to the prepayment provisions of Section 2.2. Lender also agrees to make available to the Foreign Subsidiaries letters of credit, multicurrency borrowings, bank guarantees, international allocation credits, and as requested by an authorized officer of Borrower other products and services from time to time through but requested by the Borrower or such Foreign Subsidiaries to be provided to one or more Foreign Subsidiaries, on terms acceptable to Lender in its sole discretion (collectively, “Alternative Borrowing”), in an amount not including the Revolving Loan Termination Dateto exceed, Bank hereby establishes a Revolving Loan facility (the "Revolving Loan") pursuant to which Bank will from time to time make cash with all other advances to and issue or Domestic Letters of Credit for the account of Borrower. Unless sooner terminated pursuant to any other provision of this Agreementoutstanding, the Revolving Loan will terminate Amount, it being understood and agreed that the entire principal balance of the Revolving Loan, together with all unpaid accrued interest thereon, shall amount available to be repaid on the Revolving Loan Termination Date, without notice or demand. This shall include, as to Letters of Credit outstanding on the Revolving Loan Termination Date, payment by Borrower to Bank on the Revolving Loan Termination Date of cash or cash equivalents acceptable to Bank in an amount equal to the face amount of all outstanding Letters of Credit. Each advance borrowed under the Revolving Loan shall be made or issued following correspondingly reduced by the giving of notice by an authorized officer of Borrower to Bank (which notice shall, subject to the provisions of Sections 2.04(A)(v) and 2.11 hereof, be given not later than one (1) Business Day preceding the Business Day on which such cash advance is required and not later than three (3) Business Days preceding the Business Day on which such Letter of Credit is required), specifying the date of borrowing and the face amount thereof. Subject to the provisions of Section 2.04(B)(2)(iii) hereof, cash advance shall be in multiples of $1,000.00. Requests for advances may be made via telecopy or telephonically, and Bank shall be fully justified in relying thereon. Upon fulfillment of all applicable conditions to such advance set forth hereinAlternative Borrowing issued. Further, Bank will make such funds available to the Borrower at Bank's main office by depositing same in Borrower's deposit account with Bank or issuing such Letter of Credit. The outstanding principal balance under the Revolving Loan may fluctuate Lender may, from time to time, at the request of Borrower and on terms satisfactory to Lender and Borrower, provide letters of credit to Borrower and its domestic affiliates and subsidiaries (“Domestic Letters of Credit”). The amount available to be borrowed under the Revolving Loan shall be reduced by repayments made the aggregate amount available to be drawn under any Domestic Letters of Credit, plus any unreimbursed amounts or letter of credit borrowings. In no event shall the amount outstanding under the Revolving Loan, including amounts outstanding from advances to Borrower or from Alternative Borrowing and Domestic Letters of Credit, exceed the Revolving Loan Amount. Lender shall charge an origination fee equal to a per annum basis of 0.50% of the face amount of any international letters of credit issued hereunder, payable in advance quarterly on the last day of the prior calendar quarter, as well as charge its standard issuance, documentation and examination fees therefore. All Alternative Borrowing shall have an expiration date no later than twenty four (24) months from the date of issuance, unless Lender, in its sole discretion, consents in writing to a longer term for any such Alternative Borrowing on terms and conditions that are satisfactory to it. Lender shall have no obligation to issue Alternative Borrowing, or to amend, extend, renew or replace any Alternative Borrowing, unless it is in form and substance acceptable to Lender. The Alternative Borrowing shall be guaranteed by Borrower's Guaranty dated December 23, 2010 (as amended), and the reference therein to the Loan in the principal amount of $20,000,000.00 shall be increased by future loans, advances and extensions of credit which may be made by Bank, deemed amended to or for the benefit of Borrower$35,000,000.00 Revolving Loan described herein.

Appears in 1 contract

Samples: Loan Agreement (Daktronics Inc /Sd/)

Revolving Loan. Under and subject Subject to the terms and -------------- conditions of this Agreement Agreement, and within subject to there being no Event of Default (or event which might, with the Revolving Loan Limit giving of notice or the passage of time, mature into an Event of Default) hereunder, the Bank agrees to lend and relend to the Borrower, upon request by the Borrower made to the Bank in the manner described in Sections 4(b) and (c) below, during the period from the date hereof to the earlier of (A) October 15, 2013, or the termination date of any extension hereof agreed to by the Borrower and the Bank as requested described below, or (B) the date of the occurrence of an Event of Default, unless waived by an authorized officer the Bank (the earlier of such dates being referred to herein as the “Revolver Commitment Termination Date”), a principal sum of up to Five Million Dollars ($5,000,000) (the “Total Revolver Commitment Amount”), as the Borrower may from time to time through but request for the Borrower's working capital needs (the “Revolving Loan”); provided, however, that the Bank shall not including be required to make, and the Borrower shall not be entitled to receive, any Revolving Loan Termination Dateif, Bank hereby establishes a Revolving Loan facility (the "Revolving Loan") pursuant to which Bank will from time to time make cash advances to and issue Letters of Credit for the account of Borrower. Unless sooner terminated pursuant to any other provision of this Agreementafter giving effect thereto, the Revolving Loan will terminate and the entire aggregate outstanding principal balance of the Revolving Loan, together with all unpaid accrued interest thereon, Loan would exceed the Total Revolver Commitment Amount. Each Revolving Loan hereunder shall be repaid in the amount of Five Hundred Thousand Dollars ($500,000) or a multiple thereof. The Revolving Loan shall be evidenced by a Twentieth Amended and Restated Revolving Credit Promissory Note given by the Borrower to the Bank in substantially the form of Exhibit H attached hereto, as amended and/or restated from time to time (the “Revolving Note”). The Revolving Note shall mature and be payable in full on October 15, 2013, unless accelerated or extended as described herein. The Revolving Note shall replace the Nineteenth Amended and Restated Revolving Credit Promissory Note dated as of October 21, 2010 given by the Borrower to the Bank (the “Prior Note”), and amounts outstanding under the Prior Note shall not be deemed cancelled or satisfied, but shall be evidenced by the Revolving Note instead of by the Prior Note. If the outstanding principal balance of the Revolving Loan Termination Dateat any time exceeds the Total Revolver Commitment Amount, the Borrower shall immediately, without notice or demand. This shall include, as to Letters reduce the outstanding principal balance of Credit outstanding on the Revolving Loan such that the Total Revolver Commitment Amount is not exceeded. Upon request by the Borrower, the Bank may consider extensions of the Revolver Commitment Termination Date, payment by but is not hereby committing in any way thereto. Upon any such extension, at the option of the Bank, the Borrower shall execute a new promissory note substantially identical to Bank on the Revolving Note, except reflecting the new Revolver Commitment Termination Date, which thereupon shall be the Revolving Note hereunder. Notwithstanding anything to the contrary herein, the Borrower covenants and agrees to pay down the outstanding balance of the Revolving Loan Termination Date of cash or cash equivalents acceptable to Bank in an amount equal to the face amount of all outstanding Letters of Credit. Each advance under and the Revolving Loan shall be made or issued following Note to Zero Dollars ($0) for not less than thirty (30) consecutive days during each of the giving of notice by an authorized officer of Borrower to Bank (which notice shall, subject to the provisions of Sections 2.04(A)(v) and 2.11 hereof, be given not later than one (1) Business Day preceding the Business Day on which such cash advance is required and not later than three (3) Business Days preceding the Business Day on which such Letter of Credit is required), specifying the date of borrowing and the amount thereof. Subject to the provisions of Section 2.04(B)(2)(iii) hereof, cash advance shall be in multiples of $1,000.00. Requests for advances may be made via telecopy or telephonically, and Bank shall be fully justified in relying thereon. Upon fulfillment of all applicable conditions to such advance set forth herein, Bank will make such funds available to the Borrower at Bank's main office by depositing same in Borrower's deposit account fiscal years, having commenced with Bank or issuing such Letter of Credit. The outstanding principal balance under the Revolving Loan may fluctuate from time to timeBorrower's fiscal year beginning on June 3, to be reduced by repayments made by Borrower, to be increased by future loans, advances and extensions of credit which may be made by Bank, to or for the benefit of Borrower2002.

Appears in 1 contract

Samples: Loan Agreement (Frischs Restaurants Inc)

Revolving Loan. Under Subject to, and subject upon the terms, conditions, covenants and agreements contained herein, and in reliance upon the covenants, agreements, representations and warranties of Obligors set forth herein, and provided that at the time of any proposed borrowing hereunder no Default exists, Bank agrees to the terms lend to Borrower, and -------------- conditions of this Agreement Borrower may borrow, repay and within the Revolving Loan Limit reborrow, at any time and as requested by an authorized officer of Borrower from time to time through but not including prior to the Revolving Loan Termination Maturity Date, Bank hereby establishes a up to, but not exceeding, an aggregate amount equal to Two Million Five Hundred Thousand and No/100 Dollars ($2,500,000.00). Each Revolving Loan facility (Credit Advance shall be evidenced by the "Revolving Loan") pursuant to which Bank will from time to time make cash advances to and issue Letters of Credit for the account of BorrowerNote. Unless sooner terminated pursuant to Notwithstanding any other provision of this Agreement, Agreement or of the Revolving Loan will terminate Note to the contrary, Bank shall not be required to make any Advance under the Revolving Note which would result in an aggregate amount outstanding thereunder in excess of Two Million Five Hundred Thousand and No/100 Dollars ($2,500,000.00). Bank’s business records shall be prima facie evidence of the unpaid principal amount of the Revolving Note, and the entire amount of accrued but unpaid interest. The principal of and interest to accrue on the Revolving Note shall be due and payable as follows: Interest only on the unpaid principal balance of the Revolving LoanNote shall be due and payable monthly as it accrues, beginning on February 5, 2021, and continuing regularly and monthly on the fifth (5th) day of each month thereafter until the Revolving Loan Maturity Date, at which time the outstanding principal amount advanced under the Revolving Note, together with all accrued but unpaid accrued interest thereoninterest, shall mature and be finally due and payable. All Revolving Credit Advances, and all renewals, extensions, modifications and rearrangements of the Revolving Note, if any, shall be repaid on the Revolving Loan Termination Datedeemed to have been made pursuant to this Agreement and, without notice or demand. This shall includeaccordingly, as to Letters of Credit outstanding on the Revolving Loan Termination Date, payment by Borrower to Bank on the Revolving Loan Termination Date of cash or cash equivalents acceptable to Bank in an amount equal to the face amount of all outstanding Letters of Credit. Each advance under the Revolving Loan shall be made or issued following the giving of notice by an authorized officer of Borrower to Bank (which notice shall, subject to the terms, conditions and provisions of Sections 2.04(A)(v) and 2.11 hereof, and Borrower shall be given not later than one (1) Business Day preceding the Business Day on which such cash advance is required and not later than three (3) Business Days preceding the Business Day on which such Letter deemed to have ratified, as of Credit is required), specifying the date of borrowing each Revolving Credit Advance and each renewal, extension, modification or rearrangement, all of the amount thereofrepresentations, covenants, warranties, promises and agreements set forth herein as of such date. Subject to the provisions of Section 2.04(B)(2)(iii) hereof, cash advance shall be in multiples of $1,000.00. Requests for advances may be made via telecopy or telephonically, and Bank shall never be fully justified in relying thereon. Upon fulfillment of all applicable conditions required to such advance set forth hereinmodify, Bank will make such funds available to the Borrower at Bank's main office by depositing same in Borrower's deposit account with Bank renew, extend or issuing such Letter of Credit. The outstanding principal balance under rearrange the Revolving Loan may fluctuate from time to timeNote, to be reduced by repayments made by Borrower, to be increased by future loans, advances and extensions regardless of credit which may be made by Bank, to or for the benefit of Borrowerwhether any Default has ever occurred.

Appears in 1 contract

Samples: Loan Agreement (Sanara MedTech Inc.)

Revolving Loan. Under and subject Subject to the terms and -------------- conditions of this Agreement Agreement, and within subject to there being no Event of Default (or event which might, with the Revolving Loan Limit giving of notice or the passage of time, mature into an Event of Default) hereunder, the Bank agrees to lend and relend to the Borrower, upon request by the Borrower made to the Bank in the manner described in Sections 4(b) and (c) below, during the period from the date hereof to the earlier of (A) October 31, 2016, or the termination date of any extension hereof agreed to by the Borrower and the Bank as requested described below, or (B) the date of the occurrence of an Event of Default, unless waived by an authorized officer the Bank (the earlier of such dates being referred to herein as the "Revolver Commitment Termination Date"), a principal sum of up to Eleven Million Dollars ($11,000,000) (the "Total Revolver Commitment Amount"), as the Borrower may from time to time through but not including request for the Revolving Loan Termination Date, Bank hereby establishes a Revolving Loan facility Borrower's working capital needs (the "Revolving Loan") pursuant ); provided, however, that the Bank shall not be required to which Bank will from time make, and the Borrower shall not be entitled to time make cash advances to and issue Letters of Credit for the account of Borrower. Unless sooner terminated pursuant to receive, any other provision of this AgreementRevolving Loan if, after giving effect thereto, the Revolving Loan will terminate and the entire aggregate outstanding principal balance of the Revolving Loan, together with all unpaid accrued interest thereon, Loan would exceed the Total Revolver Commitment Amount. Each Revolving Loan draw hereunder shall be repaid in the amount of Two Hundred Fifty Thousand Dollars ($250,000) or a multiple thereof; provided, however, no minimum or incremental draw amount requirement shall apply if the Borrower maintains an active commercial sweep account at the Bank. The Revolving Loan shall be evidenced by a Revolving Credit Promissory Note given by the Borrower to the Bank in substantially the form of Exhibit H attached hereto, as amended and/or restated from time to time (the "Revolving Note"). The Revolving Note shall mature and be payable in full on October 31, 2016, unless accelerated or extended as described herein. If the outstanding principal balance of the Revolving Loan Termination Dateat any time exceeds the Total Revolver Commitment Amount, the Borrower shall immediately, without notice or demand. This shall include, as to Letters reduce the outstanding principal balance of Credit outstanding on the Revolving Loan such that the Total Revolver Commitment Amount is not exceeded. Upon request by the Borrower, the Bank may consider extensions of the Revolver Commitment Termination Date, payment by but is not hereby committing in any way thereto. Upon any such extension, at the option of the Bank, the Borrower shall execute a new promissory note substantially identical to Bank on the Revolving Loan Note, except reflecting the new Revolver Commitment Termination Date of cash or cash equivalents acceptable to Bank in an amount equal to the face amount of all outstanding Letters of Credit. Each advance under Date, which thereupon shall be the Revolving Loan shall be made or issued following the giving of notice by an authorized officer of Borrower to Bank (which notice shall, subject to the provisions of Sections 2.04(A)(v) and 2.11 hereof, be given not later than one (1) Business Day preceding the Business Day on which such cash advance is required and not later than three (3) Business Days preceding the Business Day on which such Letter of Credit is required), specifying the date of borrowing and the amount thereof. Subject to the provisions of Section 2.04(B)(2)(iii) hereof, cash advance shall be in multiples of $1,000.00. Requests for advances may be made via telecopy or telephonically, and Bank shall be fully justified in relying thereon. Upon fulfillment of all applicable conditions to such advance set forth herein, Bank will make such funds available to the Borrower at Bank's main office by depositing same in Borrower's deposit account with Bank or issuing such Letter of Credit. The outstanding principal balance under the Revolving Loan may fluctuate from time to time, to be reduced by repayments made by Borrower, to be increased by future loans, advances and extensions of credit which may be made by Bank, to or for the benefit of BorrowerNote hereunder.

Appears in 1 contract

Samples: Loan Agreement (Frischs Restaurants Inc)

Revolving Loan. Under and subject Subject to the terms and -------------- conditions of this Agreement Agreement, and within subject to there being no Event of Default (or event which might, with the Revolving Loan Limit giving of notice or the passage of time, mature into an Event of Default) by the Borrower hereunder, the Bank agrees to lend and relend to the Borrower, upon request by the Borrower made to the Bank in the manner described in Sections 4(b) and (c) below, during the period from the date hereof to the earlier of (A) September 1, 2006, or the termination date of any extension hereof agreed to by the Borrower and the Bank as requested described below, or (B) the date of the occurrence of an Event of Default, unless waived by an authorized officer the Bank (the earlier of such dates being referred to herein as the “Commitment Termination Date”), a principal sum of up to Five Million Dollars ($5,000,000) (the “Total Commitment Amount”), as the Borrower may from time to time through but request for the Borrower’s working capital needs (the “Revolving Loan”); provided, however, that the Bank shall not including be required to make, and the Borrower shall not be entitled to receive, any Revolving Loan Termination Dateif, Bank hereby establishes a Revolving Loan facility (the "Revolving Loan") pursuant to which Bank will from time to time make cash advances to and issue Letters of Credit for the account of Borrower. Unless sooner terminated pursuant to any other provision of this Agreementafter giving effect thereto, the Revolving Loan will terminate and the entire aggregate outstanding principal balance of the Revolving Loan, together with all unpaid accrued interest thereon, Loan would exceed the Total Commitment Amount. Each Revolving Loan hereunder shall be repaid in the amount of Five Hundred Thousand Dollars ($500,000) or a multiple thereof. The Revolving Loan shall be evidenced by a Fifteenth Amended and Restated Revolving Credit Promissory Note given by the Borrower to the Bank in substantially the form of Exhibit F attached hereto, as amended and/or restated from time to time (the “Revolving Note”). The Revolving Note shall mature and be payable in full on September 1, 2006, unless accelerated or extended as described herein. The Revolving Note shall replace the Fourteenth Amended and Restated Revolving Credit Promissory Note dated as of September 15, 2003 given by the Borrower to the Bank (the “Prior Note”), and amounts outstanding under the Prior Note shall not be deemed cancelled or satisfied, but shall be evidenced by the Revolving Note instead of by the Prior Note. If the outstanding principal balance of the Revolving Loan Termination Dateat any time exceeds the Total Commitment Amount, the Borrower shall immediately, without notice or demand. This shall include, as to Letters reduce the outstanding principal balance of Credit outstanding on the Revolving Loan such that the Total Commitment Amount is not exceeded. Upon request by the Borrower, the Bank may consider extensions of the Commitment Termination Date, payment by but is not hereby committing in any way thereto. Upon any such extension, at the option of the Bank, the Borrower shall execute a new promissory note substantially identical to Bank on the Revolving Note, except reflecting the new Commitment Termination Date, which thereupon shall be the Revolving Note hereunder. Notwithstanding anything to the contrary herein, the Borrower covenants and agrees to pay down the outstanding balance of the Revolving Loan Termination Date of cash or cash equivalents acceptable to Bank in an amount equal to the face amount of all outstanding Letters of Credit. Each advance under and the Revolving Loan shall be made or issued following Note to Zero Dollars ($0) for not less than thirty (30) consecutive days during each of the giving of notice by an authorized officer of Borrower to Bank (which notice shallBorrower’s fiscal years, subject to commencing with the provisions of Sections 2.04(A)(v) and 2.11 hereofBorrower’s fiscal year beginning on June 3, be given not later than one (1) Business Day preceding the Business Day on which such cash advance is required and not later than three (3) Business Days preceding the Business Day on which such Letter of Credit is required), specifying the date of borrowing and the amount thereof. Subject to the provisions of Section 2.04(B)(2)(iii) hereof, cash advance shall be in multiples of $1,000.00. Requests for advances may be made via telecopy or telephonically, and Bank shall be fully justified in relying thereon. Upon fulfillment of all applicable conditions to such advance set forth herein, Bank will make such funds available to the Borrower at Bank's main office by depositing same in Borrower's deposit account with Bank or issuing such Letter of Credit. The outstanding principal balance under the Revolving Loan may fluctuate from time to time, to be reduced by repayments made by Borrower, to be increased by future loans, advances and extensions of credit which may be made by Bank, to or for the benefit of Borrower2002.

Appears in 1 contract

Samples: Loan Agreement (Frischs Restaurants Inc)

Revolving Loan. Under On the terms and subject to the terms and -------------- conditions of contained in this Agreement and within the Loan Agreement, Lender agrees to make revolving advances to Borrower (each, a "Revolving Loan Limit and as requested by an authorized officer of Borrower Advance") from time to time through but not including on any Business Day during the period from the date hereof until the Revolving Loan Termination Date in an aggregate principal amount at any time outstanding for all such Revolving Advances not to exceed the Revolving Commitment. Each borrowing of a Revolving Advance (other than a Revolving Advance made on the Amendment Closing Date) shall be made on notice (substantially in the form of Exhibit B hereto) given by Borrower to Lender not later than 9:00 a.m. (prevailing Chicago time) not less than five (5) Business Days prior to the date of such proposed borrowing. On the Amendment Closing Date, Bank hereby establishes Borrower shall make a borrowing of a Revolving Advance in an amount not less than $750,000. Thereafter, each borrowing of a Revolving Advance shall be in an aggregate amount of not less than $200,000 and in increments of $50,000. Borrower may not borrow more than two (2) Revolving Advances in any calendar month. On and after the Amendment Closing Date, the proceeds of each Revolving Advance shall be used solely to pay (i) fees, expenses and other amounts due hereunder, (ii) operating expenses incurred by Borrower in the ordinary course of business after the Amendment Closing Date, (ii) accounts payable that (A) were incurred by Borrower in the ordinary course of business prior to the Amendment Closing Date, (B) are owed to Persons that are not Affiliates of Borrower and (C) were incurred in accordance with the Cash Flow Forecast, and (iii) up to $350,000 of additional Borrower's accounts payable payables owed by the Borrower to radio stations for media purchases outstanding as of the Amendment Closing Date. Subject to the terms and conditions contained in this Loan facility (the "Revolving Loan") pursuant to which Bank will from time to time make cash advances to and issue Letters of Credit for the account of Borrower. Unless sooner terminated pursuant to any other provision of this Agreement, the Revolving Loan will terminate and repaid may be reborrowed by Borrower under this Section 2.1(b). Borrower shall repay the entire unpaid principal balance amount of the Revolving Loan, together with all unpaid accrued plus any fees and interest thereon, shall be repaid in full on the Revolving Loan Termination Date, without notice or demand. This shall include, as to Letters of Credit outstanding on the Revolving Loan Termination Date, payment by Borrower to Bank on the Revolving Loan Termination Date of cash or cash equivalents acceptable to Bank in an amount equal to the face amount of all outstanding Letters of Credit. Each advance under the Revolving Loan shall be made or issued following the giving of notice by an authorized officer of Borrower to Bank (which notice shall, subject to the provisions of Sections 2.04(A)(v) and 2.11 hereof, be given not later than one (1) Business Day preceding the Business Day on which such cash advance is required and not later than three (3) Business Days preceding the Business Day on which such Letter of Credit is required), specifying the date of borrowing and the amount thereof. Subject to the provisions of Section 2.04(B)(2)(iii) hereof, cash advance shall be in multiples of $1,000.00. Requests for advances may be made via telecopy or telephonically, and Bank shall be fully justified in relying thereon. Upon fulfillment of all applicable conditions to such advance set forth herein, Bank will make such funds available to the Borrower at Bank's main office by depositing same in Borrower's deposit account with Bank or issuing such Letter of Credit. The outstanding principal balance under the Revolving Loan may fluctuate from time to time, to be reduced by repayments made by Borrower, to be increased by future loans, advances and extensions of credit which may be made by Bank, to or for the benefit of Borrower."

Appears in 1 contract

Samples: Swmx, Inc.

Revolving Loan. Under and subject Subject to the terms and -------------- conditions of this Agreement and within hereof, Lender agrees to make loans (the Revolving Loan Limit and as requested by an authorized officer of Credit Loans”) to Borrower at Borrower’s request from time to time through but during the term of this Agreement in an aggregate amount outstanding at any time for all Revolving Credit Loans not including exceeding the Revolving Loan Termination Date, Bank hereby establishes a Revolving Loan facility following (the "Revolving Loan") as further adjusted pursuant to which Bank will this Section 1.1(a), the “Maximum Amount”): the lesser of (i) the Lender’s Revolving Commitment and (ii) the Formula Amount. Lender may create and maintain additional reserves with respect to the Maximum Amount from time to time make cash advances based on such credit and collateral considerations as Lender may deem appropriate in the reasonable good faith judgment of the Lender. Borrower may borrow, prepay (in whole or in part), and reborrow Revolving Credit Loans; provided that the principal amount of all Revolving Credit Loans outstanding at any one time will not exceed the Maximum Amount. If the amount of Revolving Credit Loans outstanding at any time exceeds the Maximum Amount, Borrower will immediately pay the amount of such excess to Lender in cash. In the event Borrower fails to pay such excess, Lender may, in its discretion, setoff such amount against any Borrower’s accounts at Lender. The Revolving Credit Loans will be evidenced by the Fifth Amended and issue Letters Restated Revolving Note of Borrower dated as of the date hereof and all amendments, extensions and renewals thereto and restatements and replacements thereof (“Revolving Credit for the account of BorrowerNote”). Unless sooner terminated pursuant to any other provision of this Agreement, the Revolving Loan will terminate and the entire principal balance The proceeds of the Revolving LoanCredit Loans will be used after the Closing Date for working capital and other general business purposes; provided, together with all unpaid accrued interest thereonhowever, shall be repaid on the Borrower may not use the proceeds of the Revolving Loan Termination Date, without notice or demand. This shall include, as Credit Loans to Letters of Credit outstanding on repay the Revolving Loan Termination Date, payment by Borrower to Bank on the Revolving Loan Termination Date of cash or cash equivalents acceptable to Bank in an amount equal to the face amount of all outstanding Letters of Credit. Each advance under the Revolving Loan shall be made or issued following the giving of notice by an authorized officer of Borrower to Bank (which notice shall, subject to the provisions of Sections 2.04(A)(v) and 2.11 hereof, be given not later than one (1) Business Day preceding the Business Day on which such cash advance is required and not later than three (3) Business Days preceding the Business Day on which such Letter of Credit is required), specifying the date of borrowing and the amount thereof. Subject to the provisions of Section 2.04(B)(2)(iii) hereof, cash advance shall be in multiples of $1,000.00. Requests for advances may be made via telecopy or telephonically, and Bank shall be fully justified in relying thereon. Upon fulfillment of all applicable conditions to such advance set forth herein, Bank will make such funds available to the Borrower at Bank's main office by depositing same in Borrower's deposit account with Bank or issuing such Letter of Credit. The outstanding principal balance under the Revolving Loan may fluctuate from time to time, to be reduced by repayments made by Borrower, to be increased by future loans, advances and extensions of credit which may be made by Bank, to or for the benefit of BorrowerSubordinated Indebtedness.

Appears in 1 contract

Samples: Senior Credit Agreement (Streamline Health Solutions Inc.)

Revolving Loan. Under Subject to, and subject to upon the terms terms, conditions, covenants and -------------- conditions of this Agreement agreements contained herein, and within in reliance upon the Revolving Loan Limit covenants, agreements, representations and as requested by an authorized officer warranties of Borrower from time to time through but not including the Revolving Loan Termination Date, Bank hereby establishes a Revolving Loan facility (the "Revolving Loan") pursuant to which Bank will from time to time make cash advances to and issue Letters of Credit for the account of Borrower. Unless sooner terminated pursuant to any other provision of this Agreement, the Revolving Loan will terminate and the entire principal balance of the Revolving Loan, together with all unpaid accrued interest thereon, shall be repaid on the Revolving Loan Termination Date, without notice or demand. This shall include, as to Letters of Credit outstanding on the Revolving Loan Termination Date, payment by Borrower to Bank on the Revolving Loan Termination Date of cash or cash equivalents acceptable to Bank in an amount equal to the face amount of all outstanding Letters of Credit. Each advance under the Revolving Loan shall be made or issued following the giving of notice by an authorized officer of Borrower to Bank (which notice shall, subject to the provisions of Sections 2.04(A)(v) and 2.11 hereof, be given not later than one (1) Business Day preceding the Business Day on which such cash advance is required and not later than three (3) Business Days preceding the Business Day on which such Letter of Credit is required), specifying the date of borrowing and the amount thereof. Subject to the provisions of Section 2.04(B)(2)(iii) hereof, cash advance shall be in multiples of $1,000.00. Requests for advances may be made via telecopy or telephonically, and Bank shall be fully justified in relying thereon. Upon fulfillment of all applicable conditions to such advance set forth herein, Bank will make such funds available and provided that at the time of any proposed borrowing hereunder no Default exists, Lender agrees to the lend to Borrower, and Borrower may borrow, repay and reborrow, at Bank's main office by depositing same in Borrower's deposit account with Bank or issuing such Letter of Credit. The outstanding principal balance under the Revolving Loan may fluctuate any time, and from time to time, prior to the Drawdown Termination Date (in the form of Revolving Credit Advances) up to, but not exceeding, an aggregate amount (including the outstanding principal balance of all Revolving Credit Advances), equal to the Loan Commitment Amount. Each Revolving Credit Advance shall be reduced evidenced by repayments the Revolving Note and will bear interest at the rate of the lesser of: seven percent (7.00%) per annum, or the Maximum Rate. Notwithstanding any provision of this Loan Agreement or of the Revolving Note to the contrary, Lender shall not be required to make any Advance under the Revolving Note which would result in an aggregate amount outstanding thereunder in excess of the Loan Commitment Amount. The indebtedness evidenced by the Revolving Note shall be due and payable upon demand, and if no demand is made by Borrowerand until demand is made, then interest only as it accrues shall be payable on a monthly basis on the first day of each month, commencing from September 1, 2022, and the entire indebtedness shall be due and payable on December 31, 2022. All Revolving Credit Advances, and all renewals, extensions, modifications and rearrangements of the Revolving Note, if any, shall be deemed to have been made pursuant to this Loan Agreement and, accordingly, shall be increased by future loanssubject to the terms, advances conditions and extensions provisions hereof, and Borrower shall be deemed to have ratified, as of credit which may be made by Bankthe date of each Revolving Credit Advance and each renewal, to extension, modification or for rearrangement, all the benefit representations, covenants, warranties, promises and agreements set forth herein as of Borrowersuch date.

Appears in 1 contract

Samples: Credit Loan Agreement (Lodging Fund REIT III, Inc.)

Revolving Loan. Under Upon the terms and subject to the terms and -------------- conditions of this Agreement and within the Revolving Loan Limit and as requested by an authorized officer of Borrower from time hereof, Lender agrees to time through but not including the Revolving Loan Termination Date, Bank hereby establishes make available a Revolving Loan facility revolving loan (the "Revolving Loan") pursuant to which Bank will Borrower of Twenty Million and No/100 Dollars ($20,000,000.00) (the "Revolving Loan Amount"). Borrower may obtain advances, prepay and obtain new advances under the Revolving Loan, subject to the prepayment provisions of Section 2.2. Lender also agrees to make available to the Foreign Subsidiaries letters of credit, multicurrency borrowings, bank guarantees, international allocation credits, and other products and services from time to time make cash advances requested by the Borrower or such Foreign Subsidiaries to and issue Letters of Credit for the account of Borrower. Unless sooner terminated pursuant be provided to any other provision of this Agreementone or more Foreign Subsidiaries, on terms acceptable to Lender in its sole discretion (collectively, "Alternative Borrowing"), in an amount not to exceed the Revolving Loan will terminate Amount, it being understood and agreed that the entire principal balance of the Revolving Loan, together with all unpaid accrued interest thereon, shall amount available to be repaid on the Revolving Loan Termination Date, without notice or demand. This shall include, as to Letters of Credit outstanding on the Revolving Loan Termination Date, payment by Borrower to Bank on the Revolving Loan Termination Date of cash or cash equivalents acceptable to Bank in an amount equal to the face amount of all outstanding Letters of Credit. Each advance borrowed under the Revolving Loan shall be made or issued following correspondingly reduced by the giving of notice by an authorized officer of Borrower to Bank (which notice shall, subject to the provisions of Sections 2.04(A)(v) and 2.11 hereof, be given not later than one (1) Business Day preceding the Business Day on which such cash advance is required and not later than three (3) Business Days preceding the Business Day on which such Letter of Credit is required), specifying the date of borrowing and the face amount thereof. Subject to the provisions of Section 2.04(B)(2)(iii) hereof, cash advance shall be in multiples of $1,000.00. Requests for advances may be made via telecopy or telephonically, and Bank shall be fully justified in relying thereon. Upon fulfillment of all applicable conditions to such advance set forth hereinAlternative Borrowing issued. Further, Bank will make such funds available to the Borrower at Bank's main office by depositing same in Borrower's deposit account with Bank or issuing such Letter of Credit. The outstanding principal balance under the Revolving Loan may fluctuate Lender may, from time to time, at the request of Borrower and on terms satisfactory to Lender and Borrower, provide letters of credit to Borrower and its domestic affiliates and subsidiaries ("Domestic Letters of Credit"). The amount available to be borrowed under the Revolving Loan shall be reduced by repayments made the aggregate amount available to be drawn under any Domestic Letters of Credit, plus any unreimbursed amounts or letter of credit borrowings. In no event shall the amount outstanding under the Revolving Loan, including amounts outstanding from advances to Borrower or from Alternative Borrowing and Domestic Letters of Credit, exceed the Revolving Loan Amount. Lender shall charge an origination fee equal to a per annum basis of 0.50% of the face amount of any international letters of credit issued hereunder, payable in advance quarterly on the last day of the prior calendar quarter, as well as charge its standard issuance, documentation and examination fees therefore. All Alternative Borrowing shall have an expiration date no later than twenty four (24) months from the date of issuance. Lender shall have no obligation to issue Alternative Borrowing, or to amend, extend, renew or replace any Alternative Borrowing, unless it is in form and substance acceptable to Lender. The Alternative Borrowing shall be guaranteed by Borrower's Guaranty dated December 23, 2010 (as amended), and the reference therein to the Loan in the principal amount of $10,000,000.00 shall be increased by future loans, advances and extensions of credit which may be made by Bank, deemed amended to or for the benefit of Borrower$20,000,000.00 Revolving Loan described herein.

Appears in 1 contract

Samples: Loan Agreement (Daktronics Inc /Sd/)

Revolving Loan. Under and subject Subject to the terms and -------------- conditions of this Agreement Agreement, and within subject to there being no Event of Default (or event which might, with the Revolving Loan Limit giving of notice or the passage of time, mature into an Event of Default) by the Borrower hereunder, the Bank agrees to lend and relend to the Borrower, upon request by the Borrower made to the Bank in the manner described in Sections 4(b) and (c) below, during the period from the date hereof to the earlier of (A) September 1, 2010, or the termination date of any extension hereof agreed to by the Borrower and the Bank as requested described below, or (B) the date of the occurrence of an Event of Default, unless waived by an authorized officer the Bank (the earlier of such dates being referred to herein as the “Commitment Termination Date”), a principal sum of up to Five Million Dollars ($5,000,000) (the “Total Commitment Amount”), as the Borrower may from time to time through but request for the Borrower’s working capital needs (the “Revolving Loan”); provided, however, that the Bank shall not including be required to make, and the Borrower shall not be entitled to receive, any Revolving Loan Termination Dateif, Bank hereby establishes a Revolving Loan facility (the "Revolving Loan") pursuant to which Bank will from time to time make cash advances to and issue Letters of Credit for the account of Borrower. Unless sooner terminated pursuant to any other provision of this Agreementafter giving effect thereto, the Revolving Loan will terminate and the entire aggregate outstanding principal balance of the Revolving Loan, together with all unpaid accrued interest thereon, Loan would exceed the Total Commitment Amount. Each Revolving Loan hereunder shall be repaid in the amount of Five Hundred Thousand Dollars ($500,000) or a multiple thereof. The Revolving Loan shall be evidenced by a Seventeenth Amended and Restated Revolving Credit Promissory Note given by the Borrower to the Bank in substantially the form of Exhibit F attached hereto, as amended and/or restated from time to time (the “Revolving Note”). The Revolving Note shall mature and be payable in full on September 1, 2010, unless accelerated or extended as described herein. The Revolving Note shall replace the Sixteenth Amended and Restated Revolving Credit Promissory Note dated as of September 27, 2005 given by the Borrower to the Bank (the “Prior Note”), and amounts outstanding under the Prior Note shall not be deemed cancelled or satisfied, but shall be evidenced by the Revolving Note instead of by the Prior Note. If the outstanding principal balance of the Revolving Loan Termination Dateat any time exceeds the Total Commitment Amount, the Borrower shall immediately, without notice or demand. This shall include, as to Letters reduce the outstanding principal balance of Credit outstanding on the Revolving Loan such that the Total Commitment Amount is not exceeded. Upon request by the Borrower, the Bank may consider extensions of the Commitment Termination Date, payment by but is not hereby committing in any way thereto. Upon any such extension, at the option of the Bank, the Borrower shall execute a new promissory note substantially identical to Bank on the Revolving Note, except reflecting the new Commitment Termination Date, which thereupon shall be the Revolving Note hereunder. Notwithstanding anything to the contrary herein, the Borrower covenants and agrees to pay down the outstanding balance of the Revolving Loan Termination Date of cash or cash equivalents acceptable to Bank in an amount equal to the face amount of all outstanding Letters of Credit. Each advance under and the Revolving Loan shall be made or issued following Note to Zero Dollars ($0) for not less than thirty (30) consecutive days during each of the giving of notice by an authorized officer of Borrower to Bank (which notice shallBorrower’s fiscal years, subject to commencing with the provisions of Sections 2.04(A)(v) and 2.11 hereofBorrower’s fiscal year beginning on June 3, be given not later than one (1) Business Day preceding the Business Day on which such cash advance is required and not later than three (3) Business Days preceding the Business Day on which such Letter of Credit is required), specifying the date of borrowing and the amount thereof. Subject to the provisions of Section 2.04(B)(2)(iii) hereof, cash advance shall be in multiples of $1,000.00. Requests for advances may be made via telecopy or telephonically, and Bank shall be fully justified in relying thereon. Upon fulfillment of all applicable conditions to such advance set forth herein, Bank will make such funds available to the Borrower at Bank's main office by depositing same in Borrower's deposit account with Bank or issuing such Letter of Credit. The outstanding principal balance under the Revolving Loan may fluctuate from time to time, to be reduced by repayments made by Borrower, to be increased by future loans, advances and extensions of credit which may be made by Bank, to or for the benefit of Borrower2002.

Appears in 1 contract

Samples: Loan Agreement (Frischs Restaurants Inc)

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Revolving Loan. Under and subject Subject to the terms and -------------- conditions of this Agreement and within hereof, Lender agrees to make loans (the Revolving Loan Limit and as requested by an authorized officer of Credit Loans”) to Borrower at Borrower’s request from time to time through but during the term of this Agreement in an aggregate amount outstanding at any time for all Revolving Credit Loans not including exceeding the Revolving Loan Termination Date, Bank hereby establishes a Revolving Loan facility following (the "Revolving Loan") as further adjusted pursuant to which Bank will this Section 1.1(a), the “Maximum Amount”): the lesser of (i) the Lender’s Revolving Commitment and (ii) the Formula Amount. Lender may create and maintain additional reserves with respect to the Maximum Amount from time to time make cash advances based on such credit and collateral considerations as Lender may deem appropriate in the reasonable good faith judgment of the Lender. Borrower may borrow, prepay (in whole or in part), and reborrow Revolving Credit Loans; provided that the principal amount of all Revolving Credit Loans outstanding at any one time will not exceed the Maximum Amount. If the amount of Revolving Credit Loans outstanding at any time exceeds the Maximum Amount, Borrower will immediately pay the amount of such excess to Lender in cash. In the event Borrower fails to pay such excess, Lender may, in its discretion, setoff such amount against any Borrower’s accounts at Lender. The Revolving Credit Loans will be evidenced by the Third Amended and issue Letters Restated Revolving Note of Borrower of even date herewith and all amendments, extensions and renewals thereto and restatements and replacements thereof (“Revolving Credit for the account of BorrowerNote”). Unless sooner terminated pursuant to any other provision of this Agreement, the Revolving Loan will terminate and the entire principal balance The proceeds of the Revolving LoanCredit Loans will be used after the Closing Date for working capital and other general business purposes; provided, together with all unpaid accrued interest thereonhowever, shall be repaid on the Borrower may not use the proceeds of the Revolving Loan Termination Date, without notice or demand. This shall include, as Credit Loans to Letters of Credit outstanding on repay the Revolving Loan Termination Date, payment by Borrower to Bank on the Revolving Loan Termination Date of cash or cash equivalents acceptable to Bank in an amount equal to the face amount of all outstanding Letters of Credit. Each advance under the Revolving Loan shall be made or issued following the giving of notice by an authorized officer of Borrower to Bank (which notice shall, subject to the provisions of Sections 2.04(A)(v) and 2.11 hereof, be given not later than one (1) Business Day preceding the Business Day on which such cash advance is required and not later than three (3) Business Days preceding the Business Day on which such Letter of Credit is required), specifying the date of borrowing and the amount thereof. Subject to the provisions of Section 2.04(B)(2)(iii) hereof, cash advance shall be in multiples of $1,000.00. Requests for advances may be made via telecopy or telephonically, and Bank shall be fully justified in relying thereon. Upon fulfillment of all applicable conditions to such advance set forth herein, Bank will make such funds available to the Borrower at Bank's main office by depositing same in Borrower's deposit account with Bank or issuing such Letter of Credit. The outstanding principal balance under the Revolving Loan may fluctuate from time to time, to be reduced by repayments made by Borrower, to be increased by future loans, advances and extensions of credit which may be made by Bank, to or for the benefit of BorrowerSubordinated Indebtedness.

Appears in 1 contract

Samples: Senior Credit Agreement (Streamline Health Solutions Inc.)

Revolving Loan. Under Subject to and subject upon the terms, covenants and conditions hereinafter set forth, the Banks hereby severally agree to make loans to the terms and -------------- conditions of Borrower under this Agreement and within the Revolving Loan Limit and as requested by an authorized officer of Borrower Section 2.A. from time to time through until and including the Expiration Date (and thereafter until and including July 1 of each succeeding calendar year if no "Event of Default" has occurred and if this Agreement is extended in writing by the Banks and the Borrower for additional one year period(s) pursuant to Section 1 l. J. herein), at such time and in such amount as to each loan as the Borrower shall request, up to but not including exceeding in aggregate principal amount at any one time outstanding the Revolving Loan Termination DateAmount, Bank hereby establishes nor exceeding on a several basis the Revolving Loan facility (Commitment of the "Revolving Loan") pursuant to which Bank will from time to time make cash advances to and issue Letters of Credit for Banks. In addition, at the account request of Borrower. Unless sooner terminated pursuant to any other provision of this Agreement, the Revolving Loan will terminate and the entire principal balance of the Revolving Loan, together with all unpaid accrued interest thereon, which request shall be repaid on made by the Revolving Loan Termination Date, without notice or demand. This shall include, as to Letters of Credit outstanding on the Revolving Loan Termination Date, payment execution and delivery by Borrower to Bank on the Agent of Marquette's, LaSalle's or Firstar's standard form application for letters of credit duly completed to reflect the letter of credit being requested, the Banks will severally make advances pursuant to the Revolving Loan Termination Date Commitment of cash or cash equivalents acceptable the Banks in the form of a letter of credit, the form and substance of which shall be determined by the Banks, but without limiting the generality of the foregoing, the Banks may require a draft thereunder to Bank in be accompanied by such documentation as the Banks may deem necessary. In no event shall the Banks be required to issue any such letter of credit with a term extending beyond the Expiration Date. Any and all letters of credit issued by the Banks shall be treated as an amount equal to the face amount of all outstanding Letters of Credit. Each advance under the Revolving Loan shall be made or issued following the giving of notice by an authorized officer Loan. The obligation of Borrower to Bank (which notice shall, subject reimburse the Banks for any draft(s) submitted under and paid by the Banks pursuant to any such letter(s) of credit shall be evidenced by the provisions Revolving Notes. In no event shall the Banks be required to issue any letter(s) of Sections 2.04(A)(v) and 2.11 hereof, be given not later than one (1) Business Day preceding the Business Day on which such cash advance is required and not later than three (3) Business Days preceding the Business Day on which such Letter credit hereunder in an aggregate amount in excess of Credit is required), specifying the date of borrowing and the amount thereof$2,000,000.00. Subject to the provisions of Section 2.04(B)(2)(iii) hereof, cash advance shall be in multiples of $1,000.00. Requests for advances may be made via telecopy or telephonically, foregoing and Bank shall be fully justified in relying thereon. Upon fulfillment of all applicable upon the terms and conditions to such advance set forth herein, Bank will make such funds available to the Borrower at Bank's main office by depositing same in Borrower's deposit account with Bank or issuing such Letter may borrow, repay and re-borrow within the limit of Credit. The outstanding principal balance under the Revolving Loan may fluctuate Amount under this Section 2.A. from time the date hereof to time, to be reduced by repayments made by Borrower, to be increased by future loans, advances and extensions of credit which may be made by Bank, to or for including the benefit of BorrowerExpiration Date.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (First Team Sports Inc)

Revolving Loan. Under (a) Bank agrees to make advances to Borrowers from time to time until the Review Date, subject to all of the terms and conditions of this Agreement (the "Loan"). All requests by Borrowers for advances shall be made in such manner and form and with such prior notice to Bank as Bank may reasonably require from time to time. Each such request (other than a request made under Subsection 2.01(d)) shall contain or be accompanied by such information and documents (which shall be Certified if required by Bank) concerning the Collateral, Borrowers' financial condition, use of the proceeds of such advance and of advances previously made and/or any other matters as Bank may from time to time require. In no event shall Bank be obligated to make any advance hereunder if a Default or an Event of Default shall have occurred or if such advance would cause the total principal amount of advances made and outstanding hereunder to exceed the Maximum Loan Amount. Even if the total principal amount of advances outstanding shall at any time and for any reason exceed the Maximum Loan Amount, Borrowers and all guarantors shall nonetheless be liable for the entire principal amount outstanding, with interest thereon at the rate and calculated in the manner provided herein and in the Note, in accordance with and subject to this Agreement, the Note and the guaranties of such guarantors. If the total principal amount of advances outstanding under the Loan shall at any time exceed the Maximum Loan Amount, Borrowers shall pay to Bank within one (1) Banking Day after demand the amount of such excess, with interest thereon at the rate and calculated in the manner provided herein and in the Note. Borrowers agree that Borrowers shall be jointly and severally liable for, and the Collateral shall secure, the repayment of each advance made by Bank to or for any Borrower hereunder, with interest at the rate and calculated in the manner provided herein and in the Note, whether or not such advance was duly requested or authorized by any Borrower and whether or not any person requesting such advance was duly authorized to make such request. Subject to all of the terms and -------------- conditions of this Agreement and within the Revolving Loan Limit Other Agreements, Borrowers may borrow, repay and as requested by an authorized officer of Borrower from time reborrow hereunder until the Review Date. All principal, all accrued and unpaid interest and all other sums and charges owing to time through but not including the Revolving Loan Termination Date, Bank hereby establishes a Revolving Loan facility (the "Revolving Loan") pursuant to which Bank will from time to time make cash advances to and issue Letters of Credit for the account of Borrower. Unless sooner terminated pursuant to any other provision of this Agreement, the Revolving Loan will terminate and the entire principal balance of the Revolving Loan, together with all unpaid accrued interest thereon, hereunder shall be repaid due and payable on the Revolving Loan Termination Date, Review Date without notice or demand. This shall includeBank may, in its sole discretion, agree, but only in writing, to extend the Review Date for such time and upon such terms and conditions as to Letters of Credit outstanding on the Revolving Loan Termination Date, payment by Borrower to Bank on the Revolving Loan Termination Date of cash or cash equivalents acceptable to Bank in an amount equal to the face amount of all outstanding Letters of Credit. Each advance under the Revolving Loan shall be made or issued following the giving of notice by an authorized officer of Borrower to Bank (which notice shall, subject to the provisions of Sections 2.04(A)(v) and 2.11 hereof, be given not later than one (1) Business Day preceding the Business Day on which such cash advance is required and not later than three (3) Business Days preceding the Business Day on which such Letter of Credit is required), specifying the date of borrowing and the amount thereof. Subject to the provisions of Section 2.04(B)(2)(iii) hereof, cash advance shall be in multiples of $1,000.00. Requests for advances may be made via telecopy or telephonically, and Bank shall be fully justified determine in relying thereon. Upon fulfillment of all applicable conditions to such advance set forth herein, Bank will make such funds available to the Borrower at Bank's main office by depositing same in Borrower's deposit account with Bank or issuing such Letter of Credit. The outstanding principal balance under the Revolving Loan may fluctuate from time to time, to be reduced by repayments made by Borrower, to be increased by future loans, advances and extensions of credit which may be made by Bank, to or for the benefit of Borrowerits sole discretion.

Appears in 1 contract

Samples: Loan and Security Agreement (Hunter Group Inc)

Revolving Loan. Under and subject Subject to the terms and -------------- conditions of set forth in this Loan Agreement and within the Revolving other Loan Limit Documents, Bank agrees to lend to Borrower for working capital and as requested by an authorized officer of Borrower general corporate purposes, on a revolving basis from time to time during the period commencing on the date hereof and continuing through but not and including 11:00 a.m. (Dallas, Texas time) on September 29, 2003 (the Revolving Loan "Termination Date"), Bank hereby establishes a Revolving Loan facility such amounts as Borrower may request hereunder (the "Revolving Loan"); provided, however, the total principal amount outstanding at any time shall not exceed the lesser of (referred to herein as the "Availability") pursuant (a) an amount (the "Borrowing Base") up to which Bank will from time to time make cash advances to and issue Letters the sum of Credit for the account (i) 80% of Borrower's Eligible Accounts (as hereinafter defined), plus (ii) 30% of Borrower's Eligible Inventory, plus (iii) 25% of Borrower's Eligible Raw Material Inventory minus (iv) the Reserve, or (b) $12,500,000 (the "Committed Sum"). Unless sooner terminated pursuant to any other provision of this Agreement, The Availability under the Revolving Loan will terminate shall be reduced by (i) amounts outstanding under the EXIM Facility and the entire Revolving Loan, and (ii) the outstanding Letter of Credit Liabilities. If at any time the aggregate principal balance amount outstanding under the Loan shall exceed the Availability, Borrower agrees to immediately repay to Bank such excess amount, plus all accrued but unpaid interest thereon. Subject to the terms and conditions hereof, Borrower may borrow, repay and reborrow hereunder. All sums advanced hereunder in respect of the Revolving Loan, together with all accrued but unpaid accrued interest thereon, shall be repaid due and payable in full on the Revolving Loan Termination Date, without notice or demand. This shall include, as to Letters of Credit outstanding on the Revolving Loan Termination Date, payment by Borrower to Bank on the Revolving Loan Termination Date of cash or cash equivalents acceptable to Bank in an amount equal to the face amount of all outstanding Letters of Credit. Each advance under the Revolving Loan shall be made or issued following the giving of notice by an authorized officer of Borrower to Bank (which notice shall, subject to the provisions of Sections 2.04(A)(v) and 2.11 hereof, be given not later than one (1) Business Day preceding the Business Day on which such cash advance is required and not later than three (3) Business Days preceding the Business Day on which such Letter of Credit is required), specifying the date of borrowing and the amount thereof. Subject to the provisions of Section 2.04(B)(2)(iii) hereof, cash advance shall be in multiples of $1,000.00. Requests for advances may be made via telecopy or telephonically, and Bank shall be fully justified in relying thereon. Upon fulfillment of all applicable conditions to such advance set forth herein, Bank will make such funds available to the Borrower at Bank's main office by depositing same in Borrower's deposit account with Bank or issuing such Letter of Credit. The outstanding principal balance under the Revolving Loan may fluctuate from time to time, to be reduced by repayments made by Borrower, to be increased by future loans, advances and extensions of credit which may be made by Bank, to or for the benefit of Borrower.

Appears in 1 contract

Samples: Letter Loan Agreement (Amx Corp /Tx/)

Revolving Loan. Under and subject to The Loan includes a revolving line of credit in -------------- the terms and -------------- conditions maximum principal amount of this Agreement and within the Revolving Loan Limit and as requested by an authorized officer of Borrower from time to time through but not including the Revolving Loan Termination Date, Bank hereby establishes a Revolving Loan facility SIXTEEN MILLION Dollars ($16,000,000) (the "Revolving LoanCommitment Limit") pursuant to ), which Bank will from time to time make cash advances to shall be evidenced by that certain Revolving Note of even date herewith in such maximum principal amount (the "Revolving Note"). Principal of and issue Letters of Credit for the account of Borrower. Unless sooner terminated pursuant to any other provision of this Agreement, Interest on the Revolving Loan will terminate shall be due and payable upon the entire principal balance terms set forth in the Revolving Note. As a sub-facility under the Revolving Loan, Bank shall issue for the benefit of Borrower one or more standby letters of credit (each a "L/C", and collectively the "L/Cs"), under which the aggregate of all amounts available to be drawn and all unpaid reimbursement obligations shall not exceed TWO MILLION DOLLARS ($2,000,000). No L/C shall have an expiration date more than 365 days from its date of issuance or in any event later than the maturity date of the Revolving Loan. As an additional sub-facility under the Revolving Loan, together with Bank shall issue for the benefit of Borrower one or more standby letters of credit expiring June 1, 1997 (each a "Short Term L/C", and collectively the "Short Term L/Cs"), under which the aggregate of all amounts available to be drawn and all unpaid accrued interest thereonreimbursement obligations shall not exceed NINE MILLION DOLLARS ($9,000,000). The Short Term L/C sub-facility shall terminate on June 1, 1997. In no event shall be repaid on the Revolving Loan Termination Date, sum (without notice or demand. This shall include, as to Letters duplication) of Credit outstanding on the Revolving Loan Termination Date, payment by Borrower to Bank on the Revolving Loan Termination Date of cash or cash equivalents acceptable to Bank in an amount equal to (i) the face amount of all outstanding Letters L/Cs and Short Term plus (ii) the amount of Creditall outstanding L/C and Short Term L/C ---- reimbursement obligations plus (iii) the outstanding Revolving Loan advances ---- exceed the Revolving Commitment Limit. Each advance All L/Cs and Short Term shall be drawn on such terms and conditions as are acceptable to Bank, and shall be governed by the terms of Bank's standard form letter of credit applications and reimbursement agreements for commercial letters of credit, which applications and reimbursement agreements Borrower hereby covenants and agrees to execute and deliver to Bank. Borrower shall pay Bank its usual and customary fees in connection with the L/Cs and the Short Term L/Cs. Borrower may from time to time repay all or a portion of the amounts outstanding under the Revolving Loan shall be made or issued following upon the giving of notice by an authorized officer of Borrower to Bank (which notice shall, subject to the provisions of Sections 2.04(A)(v) terms and 2.11 hereof, be given not later than one (1) Business Day preceding the Business Day on which such cash advance is required and not later than three (3) Business Days preceding the Business Day on which such Letter of Credit is required), specifying the date of borrowing and the amount thereof. Subject to the provisions of Section 2.04(B)(2)(iii) hereof, cash advance shall be in multiples of $1,000.00. Requests for advances may be made via telecopy or telephonically, and Bank shall be fully justified in relying thereon. Upon fulfillment of all applicable conditions to such advance set forth herein, Bank will make such funds available to the Borrower at Bank's main office by depositing same in Borrower's deposit account with Bank or issuing such Letter of Credit. The outstanding principal balance under the Revolving Loan may fluctuate from time to time, to be reduced by repayments made by Borrower, to be increased by future loans, advances and extensions of credit which may be made by Bank, to or for the benefit of BorrowerNote.

Appears in 1 contract

Samples: Business Loan Agreement (Taitron Components Inc)

Revolving Loan. Under Subject to, and upon the terms, conditions, covenants and agreements contained herein, and in reliance upon the covenants, agreements, representations and warranties of Borrowers set forth herein, and provided that at the time of any proposed borrowing hereunder no Default exists, Bank agrees to lend to Borrowers, and Borrowers may borrow, repay and reborrow, at any time and from time to time prior to the Revolving Loan Maturity Date (in the form of Revolving Credit Advances or of letters of credit issued on behalf of Borrowers) up to, but not exceeding, an aggregate amount (including the outstanding principal balance of all Revolving Credit Advances and the face amounts of all outstanding letters of credit), equal to the lesser of Ten Million and No/100 Dollars ($10,000,000.00) or the Borrowing Base. Each Revolving Credit Advance shall be evidenced by the Revolving Note. Notwithstanding any provision of this Agreement or of the Revolving Note to the contrary, Bank shall not be required to make any Advance under the Revolving Note which would result, together with the face amounts of all letters of credit issued by Bank, in an aggregate amount outstanding thereunder in excess of the Borrowing Base. Except to the extent prohibited by law, any such payment shall be considered an Advance under the Revolving Loan. All letters of credit to be issued hereunder shall be at the sole discretion of, and upon such terms as are reasonably acceptable to, Bank and subject to the terms and -------------- conditions provisions of this Agreement and within Section 2.7 hereof. Bank’s business records shall be prima facie evidence of the unpaid principal amount of the Revolving Loan Limit Note, and as requested by an authorized officer the amount of Borrower from time accrued but unpaid interest. The principal of and interest to time through but not including accrue on the Revolving Loan Termination Date, Bank hereby establishes a Revolving Loan facility (Note shall be due and payable as follows: Accrued but unpaid interest on the "Revolving Loan") pursuant to which Bank will from time to time make cash advances to and issue Letters of Credit for the account of Borrower. Unless sooner terminated pursuant to any other provision of this Agreement, the Revolving Loan will terminate and the entire unpaid principal balance of the Revolving LoanNote shall be due and payable monthly as it accrues, beginning on July 1, 2023, and continuing regularly and monthly on the first (1st) day of each month thereafter until the Revolving Loan Maturity Date, at which time the outstanding principal amount advanced under the Revolving Note, together with all accrued but unpaid accrued interest thereoninterest, shall mature and be finally due and payable. All Revolving Credit Advances, and all renewals, extensions, modifications and rearrangements of the Revolving Note, if any, shall be repaid on the Revolving Loan Termination Datedeemed to have been made pursuant to this Agreement and, without notice or demand. This shall includeaccordingly, as to Letters of Credit outstanding on the Revolving Loan Termination Date, payment by Borrower to Bank on the Revolving Loan Termination Date of cash or cash equivalents acceptable to Bank in an amount equal to the face amount of all outstanding Letters of Credit. Each advance under the Revolving Loan shall be made or issued following the giving of notice by an authorized officer of Borrower to Bank (which notice shall, subject to the terms, conditions and provisions of Sections 2.04(A)(v) and 2.11 hereof, and Borrowers shall be given not later than one (1) Business Day preceding the Business Day on which such cash advance is required and not later than three (3) Business Days preceding the Business Day on which such Letter deemed to have ratified, as of Credit is required), specifying the date of borrowing each Revolving Credit Advance and each renewal, extension, modification or rearrangement, all of the amount thereofrepresentations, covenants, warranties, promises and agreements set forth herein as of such date. Subject to the provisions of Section 2.04(B)(2)(iii) hereof, cash advance shall be in multiples of $1,000.00. Requests for advances may be made via telecopy or telephonically, and Bank shall never be fully justified in relying thereon. Upon fulfillment of all applicable conditions required to such advance set forth hereinmodify, Bank will make such funds available to the Borrower at Bank's main office by depositing same in Borrower's deposit account with Bank renew, extend or issuing such Letter of Credit. The outstanding principal balance under rearrange the Revolving Loan may fluctuate from time to timeNote, to be reduced by repayments made by Borrower, to be increased by future loans, advances and extensions regardless of credit which may be made by Bank, to or for the benefit of Borrowerwhether any Default has ever occurred.

Appears in 1 contract

Samples: Loan Agreement (Stabilis Solutions, Inc.)

Revolving Loan. Under and subject Subject to the terms and -------------- conditions of this Agreement Agreement, and within subject to there being no Event of Default (or event which might, with the Revolving Loan Limit giving of notice or the passage of time, mature into an Event of Default) hereunder, the Bank agrees to lend and relend to the Borrower, upon request by the Borrower made to the Bank in the manner described in Sections 4(b) and (c) below, during the period from the date hereof to the earlier of (A) April 15, 2012, or the termination date of any extension hereof agreed to by the Borrower and the Bank as requested described below, or (B) the date of the occurrence of an Event of Default, unless waived by an authorized officer the Bank (the earlier of such dates being referred to herein as the “Revolver Commitment Termination Date”), a principal sum of up to Five Million Dollars ($5,000,000) (the “Total Revolver Commitment Amount”), as the Borrower may from time to time through but request for the Borrower’s working capital needs (the “Revolving Loan”); provided, however, that the Bank shall not including be required to make, and the Borrower shall not be entitled to receive, any Revolving Loan Termination Dateif, Bank hereby establishes a Revolving Loan facility (the "Revolving Loan") pursuant to which Bank will from time to time make cash advances to and issue Letters of Credit for the account of Borrower. Unless sooner terminated pursuant to any other provision of this Agreementafter giving effect thereto, the Revolving Loan will terminate and the entire aggregate outstanding principal balance of the Revolving Loan, together with all unpaid accrued interest thereon, Loan would exceed the Total Revolver Commitment Amount. Each Revolving Loan hereunder shall be repaid in the amount of Five Hundred Thousand Dollars ($500,000) or a multiple thereof. The Revolving Loan shall be evidenced by a Nineteenth Amended and Restated Revolving Credit Promissory Note given by the Borrower to the Bank in substantially the form of Exhibit H attached hereto, as amended and/or restated from time to time (the “Revolving Note”). The Revolving Note shall mature and be payable in full on April 15, 2012, unless accelerated or extended as described herein. The Revolving Note shall replace the Eighteenth Amended and Restated Revolving Credit Promissory Note dated as of October 21, 2009 given by the Borrower to the Bank (the “Prior Note”), and amounts outstanding under the Prior Note shall not be deemed cancelled or satisfied, but shall be evidenced by the Revolving Note instead of by the Prior Note. If the outstanding principal balance of the Revolving Loan Termination Dateat any time exceeds the Total Revolver Commitment Amount, the Borrower shall immediately, without notice or demand. This shall include, as to Letters reduce the outstanding principal balance of Credit outstanding on the Revolving Loan such that the Total Revolver Commitment Amount is not exceeded. Upon request by the Borrower, the Bank may consider extensions of the Revolver Commitment Termination Date, payment by but is not hereby committing in any way thereto. Upon any such extension, at the option of the Bank, the Borrower shall execute a new promissory note substantially identical to Bank on the Revolving Note, except reflecting the new Revolver Commitment Termination Date, which thereupon shall be the Revolving Note hereunder. Notwithstanding anything to the contrary herein, the Borrower covenants and agrees to pay down the outstanding balance of the Revolving Loan Termination Date of cash or cash equivalents acceptable to Bank in an amount equal to the face amount of all outstanding Letters of Credit. Each advance under and the Revolving Loan shall be made or issued following Note to Zero Dollars ($0) for not less than thirty (30) consecutive days during each of the giving of notice by an authorized officer of Borrower to Bank (which notice shallBorrower’s fiscal years, subject to having commenced with the provisions of Sections 2.04(A)(v) and 2.11 hereofBorrower’s fiscal year beginning on June 3, be given not later than one (1) Business Day preceding the Business Day on which such cash advance is required and not later than three (3) Business Days preceding the Business Day on which such Letter of Credit is required), specifying the date of borrowing and the amount thereof. Subject to the provisions of Section 2.04(B)(2)(iii) hereof, cash advance shall be in multiples of $1,000.00. Requests for advances may be made via telecopy or telephonically, and Bank shall be fully justified in relying thereon. Upon fulfillment of all applicable conditions to such advance set forth herein, Bank will make such funds available to the Borrower at Bank's main office by depositing same in Borrower's deposit account with Bank or issuing such Letter of Credit. The outstanding principal balance under the Revolving Loan may fluctuate from time to time, to be reduced by repayments made by Borrower, to be increased by future loans, advances and extensions of credit which may be made by Bank, to or for the benefit of Borrower2002.

Appears in 1 contract

Samples: Loan Agreement (Frischs Restaurants Inc)

Revolving Loan. Under Upon the terms and subject to the terms conditions hereof, Lender agrees to make available a revolving loan (the “Revolving Loan”) to Borrower of Forty Million and -------------- conditions of this Agreement No/100 Dollars ($40,000,000.00) (the “Revolving Loan Amount”). Borrower may obtain advances, prepay and within obtain new advances under the Revolving Loan Limit and Loan, subject to the prepayment provisions of Section 2.2. Lender agrees to make available to Borrower, as requested by an authorized officer of Borrower from time to time through but not including the Revolving Loan Termination Date, Bank hereby establishes a Revolving Loan facility (the "Revolving Loan") pursuant to which Bank will from time to time make cash advances to and issue Letters of Credit for the account of Borrower. Unless sooner terminated pursuant to any other provision of this Agreement, the Revolving Loan will terminate and the entire principal balance subfeature of the Revolving Loan, together up to Four Million and No/100 Dollars ($4,000,000.00) of open-ended bank guarantees (the “Open Ended Bank Guarantees”), on terms acceptable to Lender in its sole discretion, in an amount not to exceed, with all unpaid accrued interest thereonother advances, shall be repaid on Alternative Borrowing or Domestic Letters of Credit outstanding, the Revolving Loan Termination DateAmount, without notice or demand. This shall include, as it being understood and agreed that the amount available to Letters of Credit outstanding on the Revolving Loan Termination Date, payment by Borrower to Bank on the Revolving Loan Termination Date of cash or cash equivalents acceptable to Bank in an amount equal to the face amount of all outstanding Letters of Credit. Each advance be borrowed under the Revolving Loan shall be made or issued following correspondingly reduced by the giving face amount of notice by an authorized officer of Borrower to all Open Ended Bank (which notice shall, Guarantees issued. The Open Ended Bank Guarantees shall be subject to annual renewal. On the provisions Revolving Loan Maturity Date, Borrower shall deposit sufficient funds to cash collateralize one hundred percent (100%) of Sections 2.04(A)(v) and 2.11 hereof, be given not later than one (1) Business Day preceding the Business Day on which such cash advance is required and not later than three (3) Business Days preceding the Business Day on which such Letter of Credit is required), specifying the date of borrowing and the amount thereofLender’s exposure under any outstanding Open Ended Bank Guarantees. Subject Lender also agrees to the provisions of Section 2.04(B)(2)(iii) hereof, cash advance shall be in multiples of $1,000.00. Requests for advances may be made via telecopy or telephonically, and Bank shall be fully justified in relying thereon. Upon fulfillment of all applicable conditions to such advance set forth herein, Bank will make such funds available to the Foreign Subsidiaries letters of credit, multicurrency borrowings, bank guarantees, international allocation credits, and other products and services from time to time requested by the Borrower at Bank's main office by depositing same or such Foreign Subsidiaries to be provided to one or more Foreign Subsidiaries, on terms acceptable to Lender in Borrower's deposit account its sole discretion (collectively, “Alternative Borrowing”), in an amount not to exceed, with all other advances, Open Ended Bank Guarantees or issuing such Letter Domestic Letters of Credit. The outstanding principal balance Credit outstanding, the Revolving Loan Amount, it being understood and agreed that the amount available to be borrowed under the Revolving Loan may fluctuate shall be correspondingly reduced by the face amount of all Alternative Borrowing issued. Further, Lender may, from time to time, at the request of Borrower and on terms satisfactory to Lender and Borrower, provide letters of credit to Borrower and its domestic affiliates and subsidiaries (“Domestic Letters of Credit”). The amount available to be borrowed under the Revolving Loan shall be reduced by repayments made the aggregate amount available to be drawn under any Domestic Letters of Credit, plus any unreimbursed amounts or letter of credit borrowings. In no event shall the amount outstanding under the Revolving Loan, including amounts outstanding from advances to Borrower or from Open Ended Bank Guarantees, Alternative Borrowing and Domestic Letters of Credit, exceed the Revolving Loan Amount. Lender shall charge an origination fee equal to a per annum basis of 0.50% of the face amount of any international letters of credit issued hereunder, payable in advance quarterly on the last day of the prior calendar quarter, as well as charge its standard issuance, documentation and examination fees therefore. All Alternative Borrowing shall have an expiration date no later than thirty-six (36) months from the date of issuance, unless Lender, in its sole discretion, consents in writing to a longer term for any such Alternative Borrowing on terms and conditions that are satisfactory to it. Lender shall have no obligation to issue Open Ended Bank Guarantees, Alternative Borrowing or Domestic Letters of Credit, or to amend, extend, renew or replace any Open Ended Bank Guarantees, Alternative Borrowing or Domestic Letters of Credit, unless it is in form and substance acceptable to Lender. The Alternative Borrowing shall be guaranteed by Borrower’s Guaranty dated December 23, 2010 (as amended), and the reference therein to the Loan in the principal amount of $35,000,000.00 shall be increased by future loans, advances and extensions of credit which may be made by Bank, deemed amended to or for the benefit of Borrower$40,000,000.00 Revolving Loan described herein.

Appears in 1 contract

Samples: Loan Agreement (Daktronics Inc /Sd/)

Revolving Loan. Under The Lending Shareholders hereby establish a Revolving Loan (herein so called) in favor of Company on the terms hereof. The aggregate outstanding principal amount of the Revolving Loan at any one time shall not exceed $1,000,000.00 ("Maximum Revolving Loan Amount"). Each Lending Shareholder shall make that percentage of the Revolving Loan set forth opposite such Lending Shareholder's signature hereto ("Lending Shareholder's Commitment"). Subject to the terms of this Agreement, so long as Company is not in default hereunder at the time of the Company's request, the Company may borrow and the Lending Shareholders shall advance, up to the aggregate Maximum Revolving Loan Amount, their proportionate part of such requested advance that is equal to the requested amount of the advance multiplied times such Lending Shareholder's Commitment. This loan shall be a revolving loan, provided, at no time shall the outstanding principal balances of the Revolving Notes exceed the Maximum Revolving Loan Amount. As the Company repays advances made by Lending Shareholders, such amounts may be reborrowed, in whole or in part, until January 15, 2002. At the time of each advance under the Revolving Loan, Company shall execute and deliver a Revolving Note (herein so called) to each Lending Shareholder, payable to the order of each Lending Shareholder for the amount of its loan to Company. Each such Revolving Note shall be in the form of Exhibit "A-1" attached hereto, with blanks suitably filled, shall be dated the date of the borrowing, and shall mature on or before January 15, 2002. The rate of interest before maturity shall be at a rate equivalent to the rate described by Chase Manhattan Bank as its prime rate in effect from time to time (computed on a 365-day basis) ("Prime Rate"). All renewals, extensions, modifications and rearrangements of the Revolving Notes, if any, shall be deemed to be made pursuant to this Agreement, and accordingly, shall be subject to the terms and -------------- conditions of this Agreement and within the Revolving Loan Limit and as requested by an authorized officer of Borrower from time to time through but not including the Revolving Loan Termination Date, Bank hereby establishes a Revolving Loan facility (the "Revolving Loan") pursuant to which Bank will from time to time make cash advances to and issue Letters of Credit for the account of Borrower. Unless sooner terminated pursuant to any other provision of this Agreement, the Revolving Loan will terminate provisions hereof and the entire principal balance Company shall be deemed to have ratified as of such renewal, extension, modification or rearrangement date, all of the Revolving Loanrepresentations, together with all unpaid accrued interest thereon, shall be repaid on the Revolving Loan Termination Date, without notice or demand. This shall include, as to Letters of Credit outstanding on the Revolving Loan Termination Date, payment by Borrower to Bank on the Revolving Loan Termination Date of cash or cash equivalents acceptable to Bank in an amount equal to the face amount of all outstanding Letters of Credit. Each advance under the Revolving Loan shall be made or issued following the giving of notice by an authorized officer of Borrower to Bank (which notice shall, subject to the provisions of Sections 2.04(A)(v) covenants and 2.11 hereof, be given not later than one (1) Business Day preceding the Business Day on which such cash advance is required and not later than three (3) Business Days preceding the Business Day on which such Letter of Credit is required), specifying the date of borrowing and the amount thereof. Subject to the provisions of Section 2.04(B)(2)(iii) hereof, cash advance shall be in multiples of $1,000.00. Requests for advances may be made via telecopy or telephonically, and Bank shall be fully justified in relying thereon. Upon fulfillment of all applicable conditions to such advance agreements herein set forth herein, Bank will make such funds available to the Borrower at Bank's main office by depositing same in Borrower's deposit account with Bank or issuing such Letter of Credit. The outstanding principal balance under the Revolving Loan may fluctuate from time to time, to be reduced by repayments made by Borrower, to be increased by future loans, advances and extensions of credit which may be made by Bank, to or for the benefit of Borrowerforth.

Appears in 1 contract

Samples: Loan Agreement (Palmworks Inc)

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