Common use of Advances and Payments Clause in Contracts

Advances and Payments. The proceeds of all Loans shall be credited by the Bank to a general deposit account maintained by the Borrower with the Bank. The proceeds of each Revolving Loan will be used by the Borrower solely for (i) working capital purposes and (ii) to fund investments in, or to form partnerships with, suppliers or other businesses complementary with the Borrower's business; provided that (1) all such investments and partnerships shall be subject to the restrictions contained in Sections 4.6 and 4.7 below, and (2) the aggregate amount advanced pursuant to this clause (ii) shall not exceed $500,000 without the prior written consent of the Bank, which consent shall not be unreasonably withheld. The proceeds of each Term Loan will be used by the Borrower solely to pay or reimburse acquisition costs of Qualifying Equipment. The Bank may charge any general deposit account of the Borrower at the Bank with the amount of all payments of interest, principal and other sums when same are due, from time to time, under this letter agreement and/or any Note and/or with respect to any letter of credit; and will thereafter notify the Borrower of the amount so charged. The failure of the Bank so to charge any account or to give any such notice shall not affect the obligation of the Borrower to pay interest, principal or other sums as provided herein or in any Note or with respect to any letter of credit. Whenever any payment to be made to the Bank hereunder or under any Note or with respect to any letter of credit shall be stated to be due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day, and interest payable on each such date shall include the amount thereof which shall accrue during the period of such extension of time. All payments by the Borrower hereunder and/or in respect of any Note and/or with respect to any letter of credit shall be made net of any impositions or taxes and without deduction, set-off or counterclaim, notwithstanding any claim which the Borrower may now or at any time hereafter have against the Bank. All payments of interest, principal and any other sum payable hereunder and/or under any Note and/or with respect to any letter of credit shall be made to the Bank, in lawful money of the United States in immediately available funds, at its office at Xxx Xxxxxxx Xxxxxx, Xxxxxx, XX 00000 or at such other address as the Bank may from time to time direct. All payments received by the Bank after 2:00 p.m. on any day shall be deemed received as of the next succeeding Business Day. All monies received by the Bank shall be applied first to fees, charges, costs and expenses payable to the Bank under this letter agreement, any Note and/or any of the other Loan Documents and/or with respect to any letter of credit, next to interest then accrued on account of any Loans or letter of credit reimbursement obligations and only thereafter to principal of the Loans and letter of credit reimbursement obligations, being applied against the Loans and/or such obligations in such order as the Borrower may designate (and, failing such designation, being applied first against the letter of credit reimbursement obligations, next against the Revolving Loans and thereafter against installments of the Term Loans in inverse order of normal maturity). All interest and fees payable hereunder and/or under any Note shall be calculated on the basis of a 360-day year for the actual number of days elapsed.

Advances and Payments. The proceeds of all Loans shall be credited by --------------------- the Bank to a general deposit account maintained by the Borrower with the BankBank or otherwise as the Borrower may direct. The proceeds of each Revolving Loan will be used by the Borrower solely for (i) working capital purposes and (ii) to fund investments in, or repay certain loans owed to form partnerships with, suppliers or other businesses complementary with the Borrower's business; provided that (1) all such investments Danvers Savings Bank and partnerships shall be subject certain bridge loans owed to the restrictions contained in Sections 4.6 Xxxxxxx Xxxx and 4.7 below, and (2) the aggregate amount advanced pursuant to this clause (ii) shall not exceed $500,000 without the prior written consent of the Bank, which consent shall not be unreasonably withheldXxxxx Xxxxx. The proceeds of each Term Loan will be used by the Borrower solely to pay or reimburse acquisition costs of Qualifying Equipment. The Bank may charge any general deposit account of the Borrower at the Bank with the amount of all payments of interest, principal and other sums when same are due, from time to time, under this letter agreement and/or any Note and/or with respect to any letter of credit; and will thereafter notify the Borrower of the amount so charged. The failure of the Bank so to charge any account or to give any such notice shall not affect the obligation of the Borrower to pay interest, principal or other sums as provided herein or in any Note or with respect to any letter of credit. Whenever any payment to be made to the Bank hereunder or under any Note or with respect to any letter of credit shall be stated to be due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day, and interest payable on each such date shall include the amount thereof which shall accrue during the period of such extension of time. All payments by the Borrower hereunder and/or in respect of any Note and/or with respect to any letter of credit shall be made net of any impositions or taxes and without deduction, set-off or counterclaim, notwithstanding any claim which the Borrower may now or at any time hereafter have against the Bank. All payments of interest, principal and any other sum payable hereunder and/or under any Note and/or with respect to any letter of credit shall be made to the Bank, in lawful money of the United States in immediately available funds, at its office at Xxx Xxxxxxx 00 Xxxxx Xxxxxx, Xxxxxx, XX 00000 or at such other address as the Bank may from time to time direct. All payments received by the Bank after 2:00 p.m. on any day shall be deemed received as of the next succeeding Business Day. All monies received by the Bank shall be applied first to fees, charges, costs and expenses payable to the Bank under this letter agreement, any Note and/or any of the other Loan Documents and/or with respect to any letter of credit, next to interest then accrued on account of any Loans or letter of credit reimbursement obligations and only thereafter to principal of the Loans and letter of credit reimbursement obligations, being applied against the Loans and/or such obligations in such order as the Borrower may designate (and, failing such designation, being applied first against the letter of credit reimbursement obligations, next against the Revolving Loans and thereafter against installments of the Term Loans in inverse order of normal maturity). All interest and fees payable hereunder and/or under any Note shall be calculated on the basis of a 360-day year for the actual number of days elapsed.

Advances and Payments. The proceeds of all Term Loans shall be credited funded by the Bank Lender to a general deposit account maintained by the Borrower at a bank in accordance with the Bank. The proceeds of each Revolving Loan will be used written instructions provided by the Borrower solely for (i) working capital purposes and (ii) to fund investments in, or to form partnerships with, suppliers or other businesses complementary with the Borrower's business; provided that (1) all such investments and partnerships shall be subject to the restrictions contained in Sections 4.6 and 4.7 below, and (2) the aggregate amount advanced pursuant to this clause (ii) shall not exceed $500,000 without the prior written consent of the Bank, which consent shall not be unreasonably withheldLender. The proceeds of each Term Loan will be used by the Borrower solely to pay or reimburse acquisition costs of Qualifying Equipment. The Bank may charge any for working capital and other general deposit account corporate purposes of the Borrower at permitted by this Agreement. The Borrower hereby authorizes the Bank with Lender to deduct from the amount proceeds of all payments of interestinitial Term Loan, principal and other sums when same are dueto retain for the Lender’s benefit, from time the Lender’s reasonable attorneys’ fees, costs and expenses related to timethe preparation, under this letter agreement and/or any Note and/or with respect to any letter of credit; negotiation, execution and will thereafter notify the Borrower delivery of the amount so charged. The failure of the Bank so to charge any account or to give any such notice shall not affect the obligation of the Borrower to pay interest, principal or other sums as provided herein or in any Note or with respect to any letter of creditLoan Documents. Whenever any payment to be made to the Bank Lender hereunder or under any the Term Note or with respect to any letter of credit shall be stated to be due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day, and interest payable on each such date shall include the amount thereof which shall accrue during the period of such extension of time. All payments by the Borrower hereunder and/or in respect of any the Term Note and/or with respect to any letter of credit shall be made net of any impositions or taxes and without deduction, set-off or counterclaim, notwithstanding any claim which the Borrower may now or at any time hereafter have against the BankLender. All payments of interest, principal and any other sum payable hereunder and/or under any the Term Note and/or with respect to any letter of credit shall be made to the BankLender, in lawful money of the United States in immediately available funds, at its office at Xxx One Xxxxxxx XxxxxxSquare, XxxxxxBuilding 700, XX Xxxxxxxxx, Xxxxxxxxxxxxx 00000 or at to such other address as the Bank Lender may from time to time direct. All payments received by the Bank Lender after 2:00 p.m. (Boston time) on any day shall be deemed received as of the next succeeding Business Day. All monies received by the Bank Lender shall be applied first to fees, charges, costs and expenses payable to the Bank Lender under this letter agreementAgreement, any the Term Note and/or any of the other Loan Documents and/or with respect to any letter of creditDocuments, next to interest then accrued on account of any Term Loans or letter of credit reimbursement obligations and only thereafter to principal of the Loans Term Loans; provided that after the occurrence and letter during the continuance of credit reimbursement obligationsan Event of Default, being all monies received by the Lender shall be applied against the Loans and/or such obligations in such order as the Borrower Lender may designate (and, failing such designation, being applied first against the letter of credit reimbursement obligations, next against the Revolving Loans and thereafter against installments of the Term Loans determine in inverse order of normal maturity)its sole discretion. All interest and fees payable hereunder and/or under any the Term Note shall be calculated on the basis of a 360-day year for the actual number of days elapsed.

Advances and Payments. The proceeds of all Revolving Loans shall be credited by the Bank to a general deposit account maintained by the Borrower with the Bank. The proceeds of each Revolving Loan will be used by the Borrower solely for (i) working capital purposes and (ii) to fund investments in, or to form partnerships with, suppliers or other businesses complementary with the Borrower's business; provided that (1) all such investments and partnerships shall be subject to the restrictions contained in Sections 4.6 and 4.7 below, and (2) the aggregate amount advanced pursuant to this clause (ii) shall not exceed $500,000 without the prior written consent of the Bank, which consent shall not be unreasonably withheld. The proceeds of each Term Loan will be used by the Borrower solely to pay or reimburse acquisition costs of Qualifying Equipmentpurposes. The Bank may charge any general deposit account of the Borrower at the Bank with the amount of all payments of interest, principal and other sums when same are due, from time to time, under this letter agreement and/or any the Revolving Note and/or with respect to any letter of credit; and will thereafter notify the Borrower of the amount so charged. The failure of the Bank so to charge any account or to give any such notice shall not affect the obligation of the Borrower to pay interest, principal or other sums as provided herein or in any the Revolving Note or with respect to any letter of credit. Whenever any payment to be made to the Bank hereunder or under any the Revolving Note or with respect to any letter of credit shall be stated to be due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day, and interest payable on each such date shall include the amount thereof which shall accrue during the period of such extension of time. All payments by the Borrower hereunder and/or in respect of any the Revolving Note and/or with respect to any letter of credit shall be made net of any impositions Impositions or taxes and without deduction, set-off or counterclaim, notwithstanding any claim which the Borrower may now or at any time hereafter have against the Bank. All payments of interest, principal and any other sum payable hereunder and/or under any the Revolving Note and/or with respect to any letter of credit shall be made to the Bank, in lawful money of the United States in immediately available funds, at its office at Xxx Xxxxxxx 00 Xxxxx Xxxxxx, Xxxxxx, XX 00000 or at to such other address as the Bank may from time to time direct. All payments received by the Bank after 2:00 p.m. on any day shall be deemed received as of the next succeeding Business Day. All monies received by the Bank shall be applied first to fees, charges, costs and expenses payable to the Bank under this letter agreement, any the Revolving Note and/or any of the other Loan Documents and/or with respect to any letter of creditDocuments, next to interest then accrued on account of any Revolving Loans or letter of credit reimbursement obligations and only thereafter to principal of the Revolving Loans and letter of credit reimbursement obligations, being applied against the Loans and/or such obligations in such order as the Borrower may designate (and, failing such designation, being applied first against the letter of credit reimbursement obligations, next against the Revolving Loans and thereafter against installments of the Term Loans in inverse order of normal maturity). All interest and fees payable hereunder and/or under any the Revolving Note shall be calculated on the basis of a 360-day year for the actual number of days elapsed.

Advances and Payments. The proceeds of all the Revolving Loans shall be credited by the Bank to a general deposit account maintained by the Borrower with the BankBank or otherwise as the Borrower may direct. The proceeds of each Revolving Loan will be used by the Borrower solely for (i) working capital purposes and (ii) to fund investments in, or to form partnerships with, suppliers or other businesses complementary with the Borrower's business; provided that (1) all such investments and partnerships shall be subject to the restrictions contained in Sections 4.6 and 4.7 below, and (2) the aggregate amount advanced pursuant to this clause (ii) shall not exceed $500,000 without the prior written consent of the Bank, which consent shall not be unreasonably withheld. The proceeds of each Term Loan will be used by the Borrower solely to pay or reimburse acquisition costs of Qualifying Equipmentgeneral corporate purposes. The Bank may charge any general deposit account of the Borrower at the Bank with the amount of all payments of interest, principal and other sums when same are due, from time to time, under this letter agreement and/or any Note and/or with respect to any letter of credit; and will thereafter notify the Borrower of the amount so charged. The failure of the Bank so to charge any account or to give any such notice shall not affect the obligation of the Borrower to pay interest, principal or other sums as provided herein or in any Note or with respect to any letter of credit. Whenever any payment to be made to the Bank hereunder or under any Note or with respect to any letter of credit shall be stated to be due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day, and interest payable on each such date shall include the amount thereof which shall accrue during the period of such extension of time. All payments by the Borrower hereunder and/or in respect of any Note and/or with respect to any letter of credit shall be made net of any impositions Impositions or taxes and without deduction, set-off or counterclaim, notwithstanding any claim which the Borrower may now or at any time hereafter have against the Bank. All payments of interest, principal and any other sum payable hereunder and/or under any Note and/or with respect to any letter of credit shall be made to the Bank, in lawful money currency of the United States in immediately available funds, at its office at Xxx One Xxxxxxx Xxxxxx, Xxxxxx, XX 00000 or at xx to such other address as the Bank may from time to time direct. All payments received by the Bank after 2:00 p.m. on any day shall be deemed received as of the next succeeding Business Day. All monies received by the Bank shall be applied first to fees, charges, costs and expenses payable to the Bank under this letter agreement, any Note and/or any of the other Loan Documents and/or with respect to any letter of credit, next to interest then accrued on account of any Loans or letter of credit reimbursement obligations and only thereafter to principal of the Loans and letter of credit reimbursement obligations, being applied against the Loans and/or such obligations in such order as the Borrower may designate (and, failing such designation, being applied first against the letter of credit reimbursement obligations, next against the Revolving Loans and thereafter against installments of the Term Loans in inverse order of normal maturity). All interest and fees payable hereunder and/or under any Note shall be calculated on the basis of a 360-day year for the actual number of days elapsed.

Advances and Payments. The proceeds of all Demand Loans shall be --------------------- credited by the Bank to a general deposit account maintained by the Borrower with the Bank, except that each Alternate Currency Demand Loan will be credited to an account established by the Borrower in a country in which the relevant Alternate Currency is legal tender. The proceeds of each Revolving Demand Loan will be used by the Borrower solely for (i) general corporate purposes, including providing liquidity for working capital purposes and (ii) to fund investments infunding costs of capital expenditures. Further, or to form partnerships with, suppliers or other businesses complementary with the Borrower's business; provided that (1) all such investments and partnerships shall be subject to the restrictions contained extent and under the conditions set forth in Sections 4.6 and 4.7 (S)1.10 below, and (2) the aggregate amount advanced pursuant to this clause (ii) shall not exceed $500,000 without the prior written consent of the Bank, which consent shall not be unreasonably withheld. The proceeds of each Term Loan will availability for Demand Loans may be used by the Borrower solely to pay or reimburse acquisition costs obtain letters of Qualifying Equipmentcredit. The Bank may charge any general deposit account of the Borrower at the Bank with the amount of all payments of interest, principal and other sums when same are due, from time to time, under this letter agreement and/or any the Demand Note and/or with respect to any letter of credit; and will thereafter notify the Borrower of the amount so charged. The failure of the Bank so to charge any account or to give any such notice shall not affect the obligation of the Borrower to pay interest, principal or other sums as provided herein or in any the Demand Note or with respect to any letter of credit. Whenever any payment to be made to the Bank hereunder or under any the Demand Note or with respect to any letter of credit shall be stated to be due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day, and interest payable on each such date shall include the amount thereof which shall accrue during the period of such extension of time. All payments by the Borrower hereunder and/or in respect of any the Demand Note and/or with respect to any letter of credit shall be made net of any impositions Impositions or taxes and without deduction, set-off or counterclaim, notwithstanding any claim which the Borrower may now or at any time hereafter have against the Bank. All payments Without limitation of interestthe foregoing, principal and any other sum payable hereunder and/or under any Note and/or with respect to Alternate Currency Demand Loans, the Borrower will hold the Bank harmless on an after-tax basis for all costs or losses to it of complying with any letter of credit shall be made to the Bankliquidity, in lawful money monetary control or prudential requirements of the United States in immediately available funds, at its office at Xxx Xxxxxxx Xxxxxx, Xxxxxx, XX 00000 Bank of England or at such other address as the Bank may central bank existing from time to time direct. All payments received by the Bank after 2:00 p.m. on any day shall be deemed received as of the next succeeding Business Day. All monies received by the Bank shall be applied first to fees, charges, costs and expenses payable to the Bank under this letter agreement, any Note and/or any of the other Loan Documents and/or with respect to any letter of credit, next to interest then accrued on account of any Loans or letter of credit reimbursement obligations and only thereafter to principal of the Loans and letter of credit reimbursement obligations, being applied against the Loans and/or such obligations in such order as the Borrower may designate (and, failing such designation, being applied first against the letter of credit reimbursement obligations, next against the Revolving Loans and thereafter against installments of the Term Loans in inverse order of normal maturity). All interest and fees payable hereunder and/or under any Note shall be calculated on the basis of a 360-day year for the actual number of days elapsedtime.

Advances and Payments. The proceeds of all Revolving Loans shall be credited by the Bank to a general deposit account maintained by the Borrower with the Bank. The proceeds of each Revolving Loan will be used by the Borrower solely for (i) working capital purposes and (ii) to fund investments in, or to form partnerships with, suppliers or other businesses complementary with the Borrower's business; provided that (1) all such investments and partnerships shall be subject to the restrictions contained in Sections 4.6 and 4.7 below, and (2) the aggregate amount advanced pursuant to this clause (ii) shall not exceed $500,000 without the prior written consent of the Bank, which consent shall not be unreasonably withheld. The proceeds of each Term Loan will be used by the Borrower solely to pay or reimburse acquisition costs of Qualifying Equipmentpurposes. The Bank may charge any general deposit account of the Borrower at the Bank with the amount of all payments of interest, principal and other sums when same are due, from time to time, under this letter agreement and/or any the Revolving Note and/or with respect to any letter of credit; and will thereafter notify the Borrower of the amount so charged. The failure of the Bank so to charge any account or to give any such notice shall not affect the obligation of the Borrower to pay interest, principal or other sums as provided herein or in any the Revolving Note or with respect to any letter of credit. Whenever any payment to be made to the Bank hereunder or under any the Revolving Note or with respect to any letter of credit shall be stated to be due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day, and interest payable on each such date shall include the amount thereof which shall accrue during the period of such extension of time. All payments by the Borrower hereunder and/or in respect of any the Revolving Note and/or with respect to any letter of credit shall be made net of any impositions or taxes and without deduction, set-off or counterclaim, notwithstanding any claim which the Borrower may now or at any time hereafter have against the Bank. All payments of interest, principal and any other sum payable hereunder and/or under any Note and/or with respect to any letter of credit shall be made to the Bank, in lawful money of the United States in immediately available funds, at its office at Xxx Xxxxxxx Xxxxxx, Xxxxxx, XX 00000 or at such other address as the Bank may from time to time direct. All payments received by the Bank after 2:00 p.m. on any day shall be deemed received as of the next succeeding Business Day. All monies received by the Bank shall be applied first to fees, charges, costs and expenses payable to the Bank under this letter agreement, any Note and/or any of the other Loan Documents and/or with respect to any letter of credit, next to interest then accrued on account of any Loans or letter of credit reimbursement obligations and only thereafter to principal of the Loans and letter of credit reimbursement obligations, being applied against the Loans and/or such obligations in such order as the Borrower may designate (and, failing such designation, being applied first against the letter of credit reimbursement obligations, next against the Revolving Loans and thereafter against installments of the Term Loans in inverse order of normal maturity). All interest and fees payable hereunder and/or under any Note shall be calculated on the basis of a 360-day year for the actual number of days elapsed.

Advances and Payments. The proceeds of all 1999-2000 Term Loans --------------------- shall be credited by the Bank to a general deposit account maintained by the Borrower with the Bank. The proceeds of each Revolving Loan will be used by the Borrower solely for (i) working capital purposes and (ii) to fund investments in, or to form partnerships with, suppliers or other businesses complementary with the Borrower's business; provided that (1) all such investments and partnerships shall be subject to the restrictions contained in Sections 4.6 and 4.7 below, and (2) the aggregate amount advanced pursuant to this clause (ii) shall not exceed $500,000 without the prior written consent of the Bank, which consent shall not be unreasonably withheld. The proceeds of each 1999-2000 Term Loan will be used by the Borrower solely to pay (or reimburse the Borrower for) the costs of acquisition costs of Qualifying Equipment. The Bank may charge any general deposit account of the Borrower at the Bank with the amount of all payments of interest, principal and other sums when same are due, from time to time, under this letter agreement agreement, the 1998 Term Note and/or any the 1999 Term Note and/or with respect to any letter of creditObligations relating to ACH transactions; and will thereafter notify the Borrower of the amount so charged. The failure of the Bank so to charge any account or to give any such notice shall not affect the obligation of the Borrower to pay interest, principal or other sums as provided herein herein, in the 1998 Term Note or in any the 1999 Term Note or with respect to any letter of creditObligations relating to the ACH transactions. Whenever any payment to be made to the Bank hereunder or hereunder, under any the 1998 Term Note, under the 1999 Term Note or and/or with respect to any letter of credit Obligations relating to ACH transactions shall be stated to be due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day, and interest payable on each such date shall include the amount thereof which shall accrue during the period of such extension of time. All payments by the Borrower hereunder and/or in respect of any the 1998 Term Note or the 1999 Term Note and/or with respect to any letter of credit Obligations relating to ACH transactions shall be made net of any impositions or taxes and without deduction, set-off or counterclaim, notwithstanding any claim which the Borrower may now or at any time hereafter have against the Bank. All payments of interest, principal and any other sum payable hereunder hereunder, under the 1998 Term Note and/or under any the 1999 Term Note and/or with respect to any letter of credit Obligations relating to ACH transactions shall be made to the Bank, in lawful money of the United States in immediately available funds, at its office at Xxx Xxxxxxx Xxxxxx, Xxxxxx, XX 00000 or at to such other address as the Bank may from time to time direct. All payments received by the Bank after 2:00 p.m. on any day shall be deemed received as of the next succeeding Business Day. All monies received by the Bank hereunder shall (unless an Event of Default has occurred and is then continuing) be applied as designated in writing by the Borrower at the time of such payment and, failing such designation (or if an Event of Default has occurred and is then continuing), shall be applied first to fees, charges, costs and expenses payable to the Bank under this letter agreement, any Term Note and/or any of the other Loan Documents and/or with respect to any letter of creditthe other Obligations, next to interest then accrued on account of any Term Loans or letter of credit reimbursement obligations other Obligations and only thereafter to principal of the Term Loans and letter of credit reimbursement obligations, being applied against the Loans and/or such obligations in such order as the Borrower may designate (and, failing such designation, being applied first against the letter of credit reimbursement obligations, next against the Revolving Loans and thereafter against installments of the Term Loans in inverse order of normal maturity)other Obligations. All interest and fees payable hereunder and/or under any Term Note and/or with respect to any of the other Obligations shall be calculated on the basis of a 360-day year for the actual number of days elapsed.

Advances and Payments. The proceeds of all Term Loans shall be credited by the Bank to a general deposit account maintained by the Borrower with the Bank. The proceeds of each Revolving Term Loan will be used by the Borrower solely for (i) working capital purposes and (ii) to fund investments in, or to form partnerships with, suppliers or other businesses complementary with the Borrower's business; provided that (1) all such investments and partnerships shall be subject to the restrictions contained in Sections 4.6 and 4.7 below, and (2) the aggregate amount advanced pursuant to this clause (ii) shall not exceed $500,000 without the prior written consent of the Bank, which consent shall not be unreasonably withheld. The proceeds of each Term Loan will be used by the Borrower solely to pay or reimburse acquisition costs of Qualifying Equipment. The Bank may charge any general deposit account of the Borrower at the Bank with the amount of all payments of interest, principal and other sums when same are due, from time to time, under this letter agreement and/or any Note and/or with respect to any letter of creditthe Term Note; and will thereafter notify the Borrower of the amount so charged. The failure of the Bank so to charge any account or to give any such notice shall not affect the obligation of the Borrower to pay interest, principal or other sums as provided herein or in any Note or with respect to any letter of creditthe Term Note. Whenever any payment to be made to the Bank hereunder or under any the Term Note or with respect to any letter of credit shall be stated to be due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day, and interest payable on each such date shall include the amount thereof which shall accrue during the period of such extension of time. All payments by the Borrower hereunder and/or in respect of any the Term Note and/or with respect to any letter of credit shall be made net of any impositions Impositions or taxes and without deduction, set-off or counterclaim, notwithstanding any claim which the Borrower may now or at any time hereafter have against the Bank. All payments of interest, principal and any other sum payable hereunder and/or under any the Term Note and/or with respect to any letter of credit shall be made to the Bank, in lawful money of the United States in immediately available funds, at its office at Xxx Xxxxxxx 75 Sxxxx Xxxxxx, Xxxxxx, XX 00000 or at xx to such other address as the Bank may from time to time direct. All payments received by the Bank after 2:00 p.m. on any day shall be deemed received as of the next succeeding Business Day. All monies received by the Bank shall be applied first to fees, charges, costs and expenses payable to the Bank under this letter agreement, any the Term Note and/or any of the other Loan Documents and/or with respect to any letter of creditDocuments, next to interest then accrued on account of any Term Loans or letter of credit reimbursement obligations and only thereafter to principal of the Loans and letter of credit reimbursement obligations, being applied against the Loans and/or such obligations in such order as the Borrower may designate (and, failing such designation, being applied first against the letter of credit reimbursement obligations, next against the Revolving Loans and thereafter against installments of the Term Loans in inverse order of normal maturity). All interest and fees payable hereunder and/or under any Note shall be calculated on the basis of a 360-day year for the actual number of days elapsedLoans.

Advances and Payments. The proceeds of all Term Loans shall be --------------------- credited by the Bank to a general deposit account maintained by the Borrower with the Bank. The proceeds of each Revolving Loan will be used by the Borrower solely for (i) working capital purposes and (ii) to fund investments in, or to form partnerships with, suppliers or other businesses complementary with the Borrower's business; provided that (1) all such investments and partnerships shall be subject to the restrictions contained in Sections 4.6 and 4.7 below, and (2) the aggregate amount advanced pursuant to this clause (ii) shall not exceed $500,000 without the prior written consent of the Bank, which consent shall not be unreasonably withheld. The proceeds of each Term Loan will be used by the Borrower solely to pay or reimburse acquisition costs of Qualifying EquipmentEquipment and/or Qualifying Leasehold Improvements. The Bank may charge any general deposit account of the Borrower at the Bank with the amount of all payments of interest, principal and other sums when same are due, from time to time, under this letter agreement and/or any Note and/or with respect to any letter of creditthe Term Note; and will thereafter notify the Borrower of the amount so charged. The failure of the Bank so to charge any account or to give any such notice shall not affect the obligation of the Borrower to pay interest, principal or other sums as provided herein or in any Note or with respect to any letter of creditthe Term Note. Whenever any payment to be made to the Bank hereunder or under any the Term Note or with respect to any letter of credit shall be stated to be due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day, and interest payable on each such date shall include the amount thereof which shall accrue during the period of such extension of time. All payments by the Borrower hereunder and/or in respect of any the Term Note and/or with respect to any letter of credit shall be made net of any impositions Impositions or taxes and without deduction, set-off or counterclaim, notwithstanding any claim which the Borrower may now or at any time hereafter have against the Bank. All payments of interest, principal and any other sum payable hereunder and/or under any the Term Note and/or with respect to any letter of credit shall be made to the Bank, in lawful money currency of the United States in immediately available funds, at its office at Xxx 000 Xxxxxxx Xxxxxx, Xxxxxx, XX 00000 or at to such other address as the Bank may from time to time direct. All payments received by the Bank after 2:00 p.m. on any day shall be deemed received as of the next succeeding Business Day. All monies received by the Bank shall be applied first to fees, charges, costs and expenses payable to the Bank under this letter agreement, any the Term Note and/or any of the other Loan Documents and/or with respect to any letter of creditDocuments, next to interest then accrued on account of any Term Loans or letter of credit reimbursement obligations and only thereafter to principal of the Loans Term Loans; provided, however, that after the occurrence and letter during the continuance of credit reimbursement obligationsan Event of Default, being payments will be applied against to obligations of the Loans and/or such obligations in such order Borrower to the Bank as the Borrower may designate (and, failing such designation, being applied first against the letter of credit reimbursement obligations, next against the Revolving Loans and thereafter against installments of the Term Loans Bank determines in inverse order of normal maturity). All interest and fees payable hereunder and/or under any Note shall be calculated on the basis of a 360-day year for the actual number of days elapsedits sole discretion.

Advances and Payments. The proceeds of all Term Loans shall be credited by the Bank to a general deposit account maintained by the Borrower with the Bank. The proceeds of each Revolving Loan will be used by the Borrower solely for (i) working capital purposes and (ii) to fund investments in, or to form partnerships with, suppliers or other businesses complementary with the Borrower's business; provided that (1) all such investments and partnerships shall be subject to the restrictions contained in Sections 4.6 and 4.7 below, and (2) the aggregate amount advanced pursuant to this clause (ii) shall not exceed $500,000 without the prior written consent of the Bank, which consent shall not be unreasonably withheld. The proceeds of each Term Loan will be used by the Borrower solely to pay or reimburse acquisition costs of Qualifying EquipmentEquipment and Qualifying Leasehold Improvements. The Bank may charge any general deposit account of the Borrower at the Bank with the amount of all payments of interest, principal and other sums when same are due, from time to time, under this letter agreement and/or any Note and/or with respect to any letter of creditthe Term Note; and will thereafter notify the Borrower of the amount so charged. The failure of the Bank so to charge any account or to give any such notice shall not affect the obligation of the Borrower to pay interest, principal or other sums as provided herein or in any Note or with respect to any letter of creditthe Term Note. Whenever any payment to be made to the Bank hereunder or under any the Term Note or with respect to any letter of credit shall be stated to be due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day, and interest payable on each such date shall include the amount thereof which shall accrue during the period of such extension of time. All payments by the Borrower hereunder and/or in respect of any the Term Note and/or with respect to any letter of credit shall be made net of any impositions Impositions or taxes and without deduction, set-off or counterclaim, notwithstanding any claim which the Borrower may now or at any time hereafter have against the Bank. All payments of interest, principal and any other sum payable hereunder and/or under any the Term Note and/or with respect to any letter of credit shall be made to the Bank, in lawful money currency of the United States in immediately available funds, at its office at Xxx Xxxxxxx Xxxxxx, Xxxxxx, XX 00000 or at to such other address as the Bank may from time to time direct. All payments received by the Bank after 2:00 p.m. on any day shall be deemed received as of the next succeeding Business Day. All monies received by the Bank shall be applied first to fees, charges, costs and expenses payable to the Bank under this letter agreement, any the Term Note and/or any of the other Loan Documents and/or with respect to any letter of creditDocuments, next to interest then accrued on account of any Term Loans or letter of credit reimbursement obligations and only thereafter to principal of the Loans and letter of credit reimbursement obligations, being applied against the Loans and/or such obligations in such order as the Borrower may designate (and, failing such designation, being applied first against the letter of credit reimbursement obligations, next against the Revolving Loans and thereafter against installments of the Term Loans in inverse order of normal maturity). All interest and fees payable hereunder and/or under any Note shall be calculated on the basis of a 360-day year for the actual number of days elapsedLoans.

Advances and Payments. The proceeds of all Loans shall be credited by the Bank to a general deposit account maintained by the Borrower with the Bank. The proceeds of each Revolving Demand Loan will shall be used by the Borrower solely for (i) working capital purposes purposes. At the date of execution and (ii) delivery of this letter agreement, all loans outstanding under the Prior Note are deemed to fund investments in, or to form partnerships with, suppliers or other businesses complementary with the Borrower's business; provided that (1) all such investments and partnerships shall be subject to the restrictions contained in Sections 4.6 and 4.7 below, and (2) the aggregate amount advanced pursuant to refunded by Demand Loans under this clause (ii) shall not exceed $500,000 without the prior written consent of the Bank, which consent shall not be unreasonably withheldletter agreement. The proceeds of each Term Loan will be used by the Borrower solely to pay or reimburse acquisition costs of Qualifying EquipmentEquipment and/or Qualifying Leasehold Improvements. The Bank may charge any general deposit account of the Borrower at the Bank with the amount of all payments of interest, principal and other sums when same are due, from time to time, under this letter agreement and/or any Note and/or with respect to any letter of credit; and will thereafter promptly notify the Borrower of the amount so charged. The failure of the Bank so to charge any account or to give any such notice shall not affect the obligation of the Borrower to pay interest, principal or other sums as provided herein or in any Note or with respect to any letter of credit. Whenever any payment to be made to the Bank hereunder or under any Note or with respect to any letter of credit shall be stated to be due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day, and interest payable on each such date shall include the amount thereof which shall accrue during the period of such extension of time. All payments by the Borrower hereunder and/or in respect of any Note and/or with respect to any letter of credit shall be made net of any impositions or taxes and without deduction, set-off or counterclaim, notwithstanding any claim which the Borrower may now or at any time hereafter have against the Bank. All payments of interest, principal and any other sum payable hereunder and/or under any Note and/or with respect to any letter of credit shall be made to the Bank, in lawful money of the United States in immediately available funds, at its office at Xxx Xxxxxxx Xxxxxx, Xxxxxx, XX 00000 or at such other address as the Bank may from time to time direct. All payments received by the Bank after 2:00 p.m. on any day shall be deemed received as of the next succeeding Business Day. All monies received by the Bank shall be applied first to fees, charges, costs and expenses payable to the Bank under this letter agreement, any Note and/or any of the other Loan Documents and/or with respect to any letter of credit, next to interest then accrued on account of any Loans or letter of credit reimbursement obligations and only thereafter to principal of the Loans and letter of credit reimbursement obligations, being applied against the Loans and/or such obligations in such order as the Borrower may designate (and, failing such designation, being applied first against the letter of credit reimbursement obligations, next against the Revolving any outstanding Demand Loans and thereafter against installments of the Term Loans in inverse order of normal maturity). All interest and fees payable hereunder and/or under any Note shall be calculated on the basis of a 360-day year for the actual number of days elapsed.

Advances and Payments. The proceeds of all Term Loans shall be credited by the Bank to a general deposit account maintained by the Borrower with the Bank. The proceeds of each Revolving Term Loan will be used by the Borrower solely for (i) working capital purposes and (ii) to fund investments in, or to form partnerships with, suppliers or other businesses complementary with the Borrower's business; provided that (1) all such investments and partnerships shall be subject to the restrictions contained in Sections 4.6 and 4.7 below, and (2) the aggregate amount advanced pursuant to this clause (ii) shall not exceed $500,000 without the prior written consent of the Bank, which consent shall not be unreasonably withheld. The proceeds of each Term Loan will be used by the Borrower solely to pay or reimburse acquisition costs of Qualifying EquipmentEquipment and/or for payment of Qualifying Software/Engineering Costs. The Bank may charge any general deposit account of the Borrower at the Bank with the amount of all payments of interest, principal and other sums when same are due, from time to time, under this letter agreement and/or any Note and/or with respect to any letter of creditthe Term Note; and will thereafter notify the Borrower of the amount so charged. The failure of the Bank so to charge any account or to give any such notice shall not affect the obligation of the Borrower to pay interest, principal or other sums as provided herein or in any Note or with respect to any letter of creditthe Term Note. Whenever any payment to be made to the Bank hereunder or under any the Term Note or with respect to any letter of credit shall be stated to be due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day, and interest payable on each such date shall include the amount thereof which shall accrue during the period of such extension of time. All payments by the Borrower hereunder and/or in respect of any the Term Note and/or with respect to any letter of credit shall be made net of any impositions or taxes and without deduction, set-off or counterclaim, notwithstanding any claim which the Borrower may now or at any time hereafter have against the Bank. All payments of interest, principal and any other sum payable hereunder and/or under any the Term Note and/or with respect to any letter of credit shall be made to the Bank, in lawful money of the United States in immediately available funds, at its office at Xxx Xxxxxxx 75 Sxxxx Xxxxxx, Xxxxxx, XX 00000 or at xx to such other address as the Bank may from time to time direct. All payments received by the Bank after 2:00 p.m. on any day shall be deemed received as of the next succeeding Business Day. All monies received by the Bank shall be applied first to fees, charges, costs and expenses payable to the Bank under this letter agreement, any the Term Note and/or any of the other Loan Documents and/or with respect to any letter of creditDocuments, next to interest then accrued on account of any Term Loans or letter of credit reimbursement obligations and only thereafter to principal of the Loans and letter of credit reimbursement obligations, being applied against the Loans and/or such obligations in such order as the Borrower may designate (and, failing such designation, being applied first against the letter of credit reimbursement obligations, next against the Revolving Loans and thereafter against installments of the Term Loans in inverse order of normal maturity)Loans. All interest and fees payable hereunder and/or under any the Term Note shall be calculated on the basis of a 360-day year for the actual number of days elapsed.

Advances and Payments. The proceeds of all Loans the Term Loan shall be credited by the Bank to a general deposit account Account No. maintained by the Borrower with the Bank. The proceeds of each Revolving Loan will be used by the Borrower solely for (i) working capital purposes and (ii) to fund investments in, or to form partnerships with, suppliers or other businesses complementary with the Borrower's business; provided that (1) all such investments and partnerships shall be subject to the restrictions contained in Sections 4.6 and 4.7 below, and (2) the aggregate amount advanced pursuant to this clause (ii) shall not exceed $500,000 without the prior written consent of the Bank, which consent shall not be unreasonably withheld. The proceeds of each Term Loan will be used by the Borrower solely to pay or reimburse acquisition costs finance the buildout of Qualifying Equipmentthe facility located at Xxxxxxxx Xxxx, Xxxxxxxxxxx, XX 00000. The Bank may charge any general deposit account of the Borrower at the Bank with the amount of all payments of interest, principal and other sums when same are due, from time to time, under this letter agreement and/or any Note and/or with respect to any letter of creditthe Term Note; and will thereafter notify the Borrower of the amount so charged. The failure of the Bank so to charge any account or to give any such notice shall not affect the obligation of the Borrower to pay interest, principal or other sums as provided herein or in any Note or with respect to any letter of creditthe Term Note. Whenever any payment to be made to the Bank hereunder or under any the Term Note or with respect to any letter of credit shall be stated to be due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day, and interest payable on each such date shall include the amount thereof which shall accrue during the period of such extension of time. All payments by the Borrower hereunder and/or in respect of any the Term Note and/or with respect to any letter of credit shall be made net of any impositions or taxes and without deduction, set-off or counterclaim, notwithstanding any claim which the Borrower may now or at any time hereafter have against the Bank. All payments of interest, principal and any other sum payable hereunder and/or under any the Term Note and/or with respect to any letter of credit shall be made to the Bank, in lawful money of the United States in immediately available funds, at its office at Xxx Xxxxxxx 00 Xxxxx Xxxxxx, Xxxxxx, XX 00000 or at to such other address as the Bank may from time to time direct. All payments received by the Bank after 2:00 p.m. on any day shall be deemed received as of the next succeeding Business Day. All monies received by the Bank shall be applied first to fees, charges, costs and expenses payable to the Bank under this letter agreement, any the Term Note and/or any of the other Loan Documents and/or with respect to any letter of creditDocuments, next to interest then accrued on account of any Loans or letter of credit reimbursement obligations Term Loan and only thereafter to principal of the Loans and letter of credit reimbursement obligations, being applied against the Loans and/or such obligations in such order as the Borrower may designate (and, failing such designation, being applied first against the letter of credit reimbursement obligations, next against the Revolving Loans and thereafter against installments of the Term Loans in inverse order of normal maturity)Loan. All interest and fees payable hereunder and/or under any the Term Note shall be calculated on the basis of a 360-day year for the actual number of days elapsed.