Common use of Revolving Loan Clause in Contracts

Revolving Loan. Unless sooner terminated by Lender as a result of the occurrence of a demand, an Event of Default, or a Defaulting Event, Borrower's eligibility to request Revolving Loans shall commence on the date hereof and shall continue for a period through and including March 31, 2003 (the "Term"). Borrower's eligibility to request Revolving Loans may be extended after the Term (and after any Renewal Term, as defined below) only with the express written consent of both Borrower and Lender. Any such extension (and any further extension) shall be made only with the express written consent of both Borrower and Lender (each being a "Renewal Term"). At the end of the Term (or at the end of a Renewal Term, if applicable), Borrower shall pay the entire balance of the Revolving Loans, and all other outstanding Obligations. Further, upon termination of the Revolving Loan facility, all of the rights, interests and remedies of Lender and Obligations of Borrower shall survive and Borrower shall have no right to receive, and Lender shall have no obligation to make, any further Revolving Loans. Upon full, final and indefeasible payment of the Obligations to Lender, all rights and remedies of Borrower and Lender hereunder shall cease, so long as any payment so made to Lender and applied to the Obligations is not thereafter recovered from or repaid by Lender in whole or in part in any bankruptcy, insolvency or similar proceeding instituted by or against Borrower, whereupon this Agreement shall be automatically reinstated without any further action by Borrower and Lender and shall continue to be fully applicable to such Obligations to the same extent as though the payment so recovered or repaid had never been originally made on such Obligations.

Appears in 3 contracts

Samples: Netplex Systems Inc, Netplex Systems Inc, Netplex Group Inc

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Revolving Loan. Unless sooner terminated by Lender as a result of the occurrence of a demand, an Event of Default, or a Defaulting Event, Borrower's Borrowers' eligibility to request Revolving Loans shall commence on the date hereof and shall continue for a period through and including March December 31, 2003 1999 (the "TermTERM"). Borrower's Borrowers' eligibility to request Revolving Loans may be extended after the Term (and after any Renewal Term, as defined below) only with the express written consent of both Borrower all Borrowers and Lender. Any such extension (and any further extension) shall be made only with the express written consent of both Borrower all Borrowers and Lender (each being a "Renewal TermRENEWAL TERM"). At the end of the Term (or at the end of a Renewal Term, if applicable), Borrower Borrowers shall pay the entire balance of the Revolving Loans, the Additional Loan and all other 42 -42- outstanding Obligations. Further, upon termination of the Revolving Loan facility, all of the rights, interests and remedies of Lender and Obligations of Borrower Borrowers shall survive and Borrower Borrowers shall have no right to receive, and Lender shall have no obligation to make, any further Revolving Loans. Upon full, final and indefeasible payment of the Obligations to Lender, all rights and remedies of Borrower Borrowers and Lender hereunder shall cease, so long as any payment so made to Lender and applied to the Obligations is not thereafter recovered from or repaid by Lender in whole or in part in any bankruptcy, insolvency or similar proceeding instituted by or against BorrowerBorrowers, whereupon this Agreement shall be automatically reinstated without any further action by Borrower Borrowers and Lender and shall continue to be fully applicable to such Obligations to the same extent as though the payment so recovered or repaid had never been originally made on such Obligations.

Appears in 1 contract

Samples: Loan and Security Agreement (Cycomm International Inc)

Revolving Loan. Unless sooner terminated by Lender as a result of the occurrence of a demand, an Event of Default, or a Defaulting Event, Borrower's Borrowers' eligibility to request Revolving Loans shall commence on the date hereof and shall continue for a period through and including March October 31, 2003 1999 (the "Term"). Borrower's Borrowers' eligibility to request Revolving Loans may be extended after the Term (and after any Renewal Term, as defined below) only with the express written consent of both Borrower and Lender). Any such extension (and any further extension) shall be made only with the express written consent of both Borrower Borrowers and Lender (each being a "Renewal Term"). At the end of the Term (or at the end of a Renewal Term, if applicable), Borrower Borrowers shall pay the entire balance of the Revolving Loans, Loans the Demand Loan and all other outstanding Obligations. Further, upon termination of the Revolving Loan facility, all of the rights, interests and remedies of Lender and Obligations of Borrower Borrowers shall survive and Borrower Borrowers shall have no right to receive, and Lender shall have no obligation to make, any further Revolving Loans. Upon full, final and indefeasible payment of the Obligations to Lender, all rights and remedies of Borrower Borrowers and Lender hereunder shall cease, so long as any payment so made to Lender and applied to the Obligations is not thereafter recovered from or repaid by Lender in whole or in part in any bankruptcy, insolvency or similar proceeding instituted by or against BorrowerBorrowers, whereupon this Agreement shall be automatically reinstated without any further action by Borrower Borrowers and Lender and shall continue to be fully applicable to such Obligations to the same extent as though the payment so recovered or repaid had never been originally made on such Obligations.

Appears in 1 contract

Samples: Loan and Security Agreement (Industrial Technologies Inc)

Revolving Loan. Unless sooner terminated by Lender as a result of the occurrence of a demand, an Event of Default, or a Defaulting Event, Borrower's Borrowers' eligibility to request Revolving Loans shall commence on the date hereof and shall continue for a period through and including March July 31, 2003 1998 (the "TermTERM"). Borrower's Borrowers' eligibility to request Revolving Loans may be extended after the Term (and after any Renewal Term, as defined below) only with the express written consent of both Borrower Borrowers and Lender. Any such extension (and any further extension) shall be made only with the express written consent of both Borrower and Lender (each being a "Renewal Term"). At the end of the Term (or at the end of a Renewal Term, if applicable), Borrower Borrowers shall pay the entire balance of the Revolving Loans, the Term Loan and all other outstanding Obligations. Further, upon termination of the Revolving Loan facility, facility all of the rights, interests and remedies of Lender and Obligations of Borrower Borrowers shall survive and Borrower Borrowers shall have no right to receive, and Lender shall have no obligation to make, any further Revolving Loans. Upon full, final and indefeasible payment of the Obligations to Lender, all rights and remedies of Borrower Borrowers and Lender hereunder shall cease, so long as any payment so made to Lender and applied to the Obligations is not thereafter recovered from or repaid by Lender in whole or in part in any bankruptcy, insolvency or similar proceeding instituted by or against BorrowerBorrowers, whereupon this Agreement shall be automatically reinstated without any further action by Borrower Borrowers and Lender and shall continue to be fully applicable to such Obligations to the same extent as though the payment so recovered or repaid had never been originally made on such Obligations.

Appears in 1 contract

Samples: Loan and Security Agreement (Memry Corp)

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Revolving Loan. Unless sooner terminated by Lender as a result of the occurrence of a demand, an Event of Default, or a Defaulting Event, Borrower's eligibility to request Revolving Loans shall commence on the date hereof and shall continue for a period through and including March August 31, 2003 (the "Term"). Borrower's eligibility to request Revolving Loans may be extended after the Term (and after any Renewal Term, as defined below) only with the express written consent of both Borrower and Lender. Any such extension (and any further extension) shall be made only with the express written consent of both Borrower and Lender (each being a "Renewal Term"). At the end of the Term (or at the end of a Renewal Term, if applicable), Borrower shall pay the entire balance of the Revolving Loans, and all other outstanding Obligations. Further, upon termination of the Revolving Loan facility, all of the rights, interests and remedies of Lender and Obligations of Borrower shall survive and Borrower shall have no right to receive, and Lender shall have no obligation to make, any further Revolving Loans. Upon full, final and indefeasible payment of the Obligations to Lender, all rights and remedies of Borrower and Lender hereunder shall cease, so long as any payment so made to Lender and applied to the Obligations is not thereafter recovered from or repaid by Lender in whole or in part in any bankruptcy, insolvency or similar proceeding instituted by or against Borrower, whereupon this Agreement shall be automatically reinstated without any further action by Borrower and Lender and shall continue to be fully applicable to such Obligations to the same extent as though the payment so recovered or repaid had never been originally made on such Obligations.

Appears in 1 contract

Samples: Loan and Security Agreement (Saztec International Inc)

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