Line Established Clause Samples
Line Established. Provided that no Event of Default or Potential Default has occurred and is continuing, and subject to the terms and conditions set forth herein, commencing on the Closing Date and expiring on the day next preceding the Line Termination Date, unless Borrowers shall have terminated this Agreement, upon Borrowers' request from time-to-time, Lender hereby commits to extend one or more Advances to Borrowers, the aggregate of which outstanding at any one time shall not exceed Seventeen Million Five Hundred Thousand Dollars ($17,500,000) to be used exclusively for general working capital purposes of Borrowers. Prior to the Line Termination Date and, subject to the provisions of this Agreement, Borrowers may borrow, repay and reborrow under the Line.
Line Established. Provided that no Event of Default or Unmatured Event of Default has occurred and is continuing, and subject to the terms and conditions set forth herein, commencing on the Closing Date and expiring on the day next preceding the Line Termination Date, Bank shall, upon Borrower's requests from time to time, extend one or more Advances to Borrower, the aggregate of which outstanding at any one time shall not exceed the Maximum Available Credit. The Line shall be used by the Borrower to refinance existing indebtedness of the Borrower with Bank, to acquire income producing assets, including properties purchased by the Borrower and loans and investments by Borrower in the ordinary course of its business or to replenish funds of the Borrower which were used for one of the foregoing purposes. Borrower, prior to the Line Termination Date, may borrow, repay and, subject to the provisions of this Agreement, re-borrow under the Line.