Establishment of Line of Credit. The Lender hereby establishes and agrees to maintain a line of credit for the benefit of the Borrower in the amount of $1,750,000.
Establishment of Line of Credit. On the Closing Date, and upon fulfillment of the applicable conditions set forth herein, the Lender shall establish in favor of the Company a revolving line of credit (the "Revolving Line of Credit") in the amount of the Availability. The Company shall be entitled to borrow, repay and reborrow funds from the Lender in accordance with the terms hereof so long as the sum of (i) the total principal amount owed to the Lender under the Revolving Line of Credit plus (ii) the Outstanding Letter of Credit Amount (as defined in Section 2.01(e)) does not exceed the Availability. This indebtedness shall be evidenced by a Revolving Promissory Note (as amended, extended or renewed from time to time, the "Promissory Note") of even date herewith executed by the Company in favor of the Lender in the principal amount of up to $20,000,000. The Promissory Note shall bear interest at the rate set forth therein and shall be payable as set forth therein. The Revolving Line of Credit shall terminate on July 1, 2008 (as such date may be extended, the "Expiration Date"). The Expiration Date will be considered renewed if and only if the Lender has sent to the Company a written notice of renewal (the "Renewal Notice"). If the Revolving Line of credit is renewed, it will continue to be subject to all the terms and conditions set forth in this Loan Agreement except as modified by the Renewal Notice. If the Revolving Line of Credit is renewed, the term "Expiration Date" shall mean the date set forth in the Renewal Notice as the Expiration Date and the same process for renewal will apply to any subsequent renewal of the Revolving Line of Credit. A renewal fee may be charged at the Lender's option. The amount of any renewal fee will be specified in the Renewal Notice. The Lender shall not in any event be required to make an Advance during the continuance of an Event of Default or if any change in the financial condition of the Company occurs which, in the Lender’s discretion, is material and adverse. The Availability as of the closing Date shall be $12,000,000.00. Provided no Event of Default exists, and provided there has been no change in the financial condition of the Company since the Closing Date which in the Lender's discretion is material and adverse, at any time prior to the Expiration Date or Reduction Dare (hereinafter defined) the Company may increase the Availability to $15,000,000.00 by providing not less than 30 days' prior written notice to the Lender, requesting the incre...
Establishment of Line of Credit. The Liquidity Provider hereby agrees to establish a revolving line of credit for the benefit of the Authority in connection with the issuance Notes. The Authority shall notify the Liquidity Provider of each issuance of Notes by delivering to the Liquidity Provider by telecopy, hand delivery or electronic means not later than 4:00 p.m. (New York City time) on the date of sale a properly completed Notice of Issuance substantially in the form attached hereto as Exhibit A.
Establishment of Line of Credit. 2.1. Borrower agrees to the establishment of a corporate line of credit ("LOC") in Borrower's name with Lender, to be secured by all assets of Borrower and all shares of stock in Borrower pursuant to separate Stock Pledge Agreements, under which loan, advances may from time to time be extended to Borrower on the terms and conditions set forth herein.
Establishment of Line of Credit. Sioux Empire Federal Credit Union, in its discretion, will grant me a real property secured home equity line of credit. The amount of the line of credit may be changed, reduced, modified or revoked by the credit union in the future and as permitted by law. ADVANCES AGAINST MY LINE OF CREDIT: I can obtain advances during the first five (5) years from the date of the Plan (the "Draw Period"). The repayment period is an amortization period, based upon the outstanding account balance. The maximum term of this Agreement is fifteen (15) years. Advances. Whenever I request a transaction, Sioux Empire Federal Credit Union may require me to prove my identity. If I request an advance by telephone, We will deposit the amount requested in my Share Account or my Share Draft Account and I authorize Sioux Empire Federal Credit Union to do this, or Sioux Empire Federal Credit Union may draw a draft or check made payable to me and mail it to me. When the amount advanced appears on a subsequent statement, that will be conclusive evidence of my request. I understand that all advances are subject to Sioux Empire Federal Credit Union prior approval. Advance requests must meet the credit union's terms and conditions at the time of the request. The only limit on the amount of credit that may be obtained is the total line of credit available to me, with a minimum credit line of $5,000.00, and maximum possibility of $50,000.00 and a minimum advance of $500.00 or amount available.
Establishment of Line of Credit. Subject to the terms and conditions hereof, and in reliance upon the representations and warranties contained herein, the Lenders hereby establish the Line of Credit in an aggregate principal amount at any one time outstanding not to exceed the Maximum Line Commitment. Under the Line of Credit, subject to the terms and conditions hereof, the Borrower may borrow, from time to time, an aggregate principal amount at any time not in excess of the Maximum Line Commitment. Each such borrowing pursuant to the Line of Credit is herein called a “Revolving Credit Loan” or a “Loan” and such borrowings are collectively called the “Revolving Credit Loans” or the “Loans”.
Establishment of Line of Credit. Citadel shall establish a $250,000 lien of credit for the use and benefit of the Company for a term of not less than one year and on such other reasonable terms and conditions as are satisfactory to the Company (the "Line of Credit") promptly upon the execution of this Agreement. Citadel and Osaki, shall unconditionally guarantee, as primary obligors, the Line of Credit.
Establishment of Line of Credit. Subject to the terms and conditions hereof, and in reliance upon the representations and warranties contained herein, the Lender hereby establishes a revolving credit facility (collectively the "Revolving Loans") convertible into a Term Loan in favor of the Borrower as set forth in Section 2.2. Under the Revolving Loans, subject to the terms and conditions hereof, the Borrower may borrow from the Lender from time to time prior to the Conversion Date an aggregate principal amount at any time not in excess of the Permitted Outstanding Borrowings.
Establishment of Line of Credit. Subject to the terms and conditions hereof, and in reliance upon the representations and warranties contained herein, each Lender hereby severally establishes a revolving credit facility (collectively, the "Line of Credit") convertible, subject to the provisions of Section 1.4, into a term loan in favor of the Company in the principal amount of its Revolving Credit Loan outstanding as of the Conversion Date. Under the Line of Credit, subject to the terms and conditions hereof, the Company may borrow prior to the Conversion Date from time to time, from each Lender severally and not jointly, an aggregate principal amount at any time not in excess of such Lender's Percentage of the Available Line Commitment in effect on such date. As used herein, the term "Available Line Commitment" shall mean, as of any date of determination, the lesser of (i) the Total Commitment or (ii) the Borrowing Base. As used herein, the term "Borrowing Base" shall mean, as of any date of determination, an amount equal to the lesser of:
Establishment of Line of Credit. Subject to the terms and conditions of this Agreement, GMAC hereby establishes a revolving line of credit for Rush in an amount not to exceed the lesser of:
