Common use of FORMULA LOANS Clause in Contracts

FORMULA LOANS. The credit which Bank may now or hereafter extend to Debtor subject to the limitations of this Agreement and to the conditions and limitations of any other agreement between Debtor and Bank is identified as follows: CDN$3,500,000 line of credit and any extensions, renewals or substitutions thereof, whether in a greater or lesser amount, including any letters of credit issued thereunder (“Formula Loans”).

FORMULA LOANS. The credit which Bank may now or hereafter extend to Debtor subject to the limitations of this Agreement and to the conditions and limitations of any other agreement between Debtor and Bank is identified as follows: CDN$3,500,000 CDN$4,500,000 line of credit and U.S.$4,500,000 line of credit and any extensions, renewals or substitutions thereof, whether in a greater or lesser amount, including any letters of credit issued thereunder (“Formula Loans”).