Line of Credit Sample Clauses

Line of Credit. Subject to the terms and conditions of this Agreement, Bank hereby agrees to make advances to Borrower from time to time up to and including April 2, 2015, not to exceed at any time the aggregate principal amount of One Million Five Hundred Thousand Dollars ($1,500,000.00) (“Line of Credit”), the proceeds of which shall be used to finance Borrower’s working capital requirements. Borrower’s obligation to repay advances under the Line of Credit shall be evidenced by a promissory note dated as of May 1, 2012 (“Line of Credit Note”), all terms of which are incorporated herein by this reference.

Line of Credit. Lender agrees to make Advances to Borrower from time to time from the date of this Agreement to the Expiration Date, provided the aggregate amount of such Advances outstanding at any time does not exceed the Borrowing Base. Within the foregoing limits, Borrower may borrow, partially or wholly prepay, and reborrow under this Agreement as follows:

Line of Credit. This Note evidences a revolving line of credit. Advances under this Note, as well as directions for payment from Borrower's accounts, may be requested orally or in writing by Borrower or by an authorized person. Lender may, but need not, require that all oral requests be confirmed in writing. Borrower agrees to be liable for all sums either: (A) advanced in accordance with the instructions of an authorized person or (B) credited to any of Borrower's accounts with Lender. The unpaid principal balance owing on this Note at any time may be evidenced by endorsements on this Note or by Lender's internal records, including daily computer print-outs. Lender will have no obligation to advance funds under this Note if: (A) Borrower or any guarantor is in default under the terms of this Note or any agreement that Borrower or any guarantor has with Lender, including any agreement made in connection with the signing of this Note; (B) Borrower or any guarantor ceases doing business or is insolvent; (C) any guarantor seeks, claims or otherwise attempts to limit, modify or revoke such guarantor's guarantee of this Note or any other loan with Lender;

Line of Credit. Xxxxxxxx's Note shall be considered for all purposes as a "master note" and shall evidence any and all Loan Advances made by Xxxxxx to Borrower from time to time on a self-replenishing line of credit basis. Loan Advances under Xxxxxxxx's Note may be requested orally or in writing. Lender may, but need not, require that all oral requests be confirmed in writing. Xxxxxxxx agrees to be liable for all sums advanced by Xxxxxx under Xxxxxxxx's Loan and Note in accordance with the instructions of any officer or other representative of Borrower or credited to Xxxxxxxx's deposit account(s) with Xxxxxx. Xxxxxxxx additionally agrees that the unpaid principal balance outstanding under Borrower's Loan and Note shall at all times be evidenced by endorsements on the Note, or alternatively, by Xxxxxx's internal records, including Xxxxxx's daily computer print-out. Borrower additionally agrees that Lender may, within its sole judgment, refuse to extend Loan Advances to Borrower whenever Lender determines or has reason to believe that any one or more of the following conditions exists or will occur: (a) the amount of the requested Loan Advance will result in Borrower exceeding its maximum line of credit; (b) Borrower is not complying or has not complied with Xxxxxx's procedures and additional requirements for requesting Loan Advances; (c) Xxxxxxxx has failed to provide Lender with satisfactory documentation to support the requested Loan Advance; (d) Xxxxxx has reason to believe that Borrower is not presently complying, or has not complied with the terms and conditions of this Agreement, or has committed or is in the process of committing an Event of Default hereunder or under any Security Agreement directly or indirectly securing repayment of Borrower's Loan and Note; or (e) Lender deems itself to be insecure with regard to the repayment of Xxxxxxxx's Loan and Note. Lender shall have no obligation or liability to Borrower or to any other person or persons arising out of or in any way accruing from Xxxxxx's reasonable refusal to extend Loan Advances to Borrower for any of the reasons stated above.

Line of Credit. Subject to the terms and conditions of this Agreement, Bank hereby agrees to make advances to Borrower from time to time up to and including April 30, 2004, not to exceed at any time the aggregate principal amount of Two Million Dollars ($2,000,000.00) ("Line of Credit"), the proceeds of which shall be used to purchase and improve real estate. Borrower's obligation to repay advances under the Line of Credit shall be evidenced by a promissory note substantially in the form of Exhibit "A" attached hereto ("Line of Credit Note"), all terms of which are incorporated herein by this reference.

Line of Credit. Subject to the terms and conditions of this Agreement, Bank hereby agrees to make advances to Borrower from time to time up to and including [ ] 2013, not to exceed at any time the aggregate principal amount of Twenty Five Million Dollars ($25,000,000.00) (“Line of Credit”), the proceeds of which shall be used to finance Borrower’s working capital requirements. Borrower’s obligation to repay advances under the Line of Credit shall be evidenced by a promissory note substantially in the form of Exhibit A attached hereto (“Line of Credit Note”), all terms of which are incorporated herein by this reference.

Line of Credit. Xxxxxx agrees to make Advances to Borrower from time to time from the date of this Agreement to the Expiration Date, provided the aggregate amount of such Advances outstanding at any time does not exceed the Borrowing Base. Within the foregoing limits, Borrower may borrow, partially or wholly prepay, and reborrow under this Agreement as follows:

Line of Credit. This Agreement evidences a revolving line of credit. Advances under this Agreement, as well as directions for payment from Borrower's accounts, may be requested orally or in writing by Borrower or by an authorized person. Lender may, but need not, require that all oral requests be confirmed in writing. Borrower agrees to be liable for all sums either: (a) advanced in accordance with the instructions of an authorized person or (b) credited to any of Borrower's accounts with Lender. The unpaid principal balance owing on this Agreement at any time may be evidenced by endorsements on this Agreement or by Lender's internal records, including daily computer print-outs. Lender will have no obligation to advance funds under this Agreement if: (a) Borrower or any guarantor is in default under the terms of this Agreement or any agreement that Borrower or any guarantor has with Lender, including any agreement made in connection with the signing of this Agreement; (

Line of Credit. Lender hereby establishes for a period extending to December 31, 2014 (the "MATURITY DATE") a revolving line of credit (the "CREDIT LINE") for Borrower in the principal amount of Five Hundred Thousand Dollars ($500,000.00) (the "CREDIT LIMIT"). In connection herewith, Borrower shall execute and deliver to Lender a Promissory Note in the amount of the Credit Limit and in form and content satisfactory to Lender. All sums advanced on the Credit Line or pursuant to the terms of this Agreement (each an "ADVANCE") shall become part of the principal of said Promissory Note.

Line of Credit. The Purchaser hereby agrees to provide to the Company up to an additional $500,000 principal amount of loans upon the following terms and conditions: (a) Upon 7 days prior written notice from the Company to the Purchaser specifying the amount requested by the Company (which amount must be for at least $100,000 of or any multiple thereof) the Purchaser shall loan to the Company the amount set forth in such request (the "Draw Down Amount"). (b) Upon receipt of the Draw Down Amount and in consideration thereof, the Company shall deliver to the Purchaser the following: (i) A note (a "Draw Down Note") in the form annexed hereto as Exhibit E, which note shall (A) be dated the date of receipt by the Company of the Draw Down Amount (the "Note Date"), (B) be in the principal amount of the Draw Down Amount and (C) require interest be payable commencing on the first day of the month subsequent to the Note Date. (ii) A warrant (the "Draw Down Warrant") in the form annexed hereto as Exhibit C except that the warrant (A) shall be for the purchase of that number of shares of Common Stock as is equal to 20,000 for each $100,000 principal amount of the Draw Down Note, (B) shall be exercisable commencing on the Note Date to and including the 5th anniversary of the Note Date, (C) shall be at a per share purchase price equal to the closing price of a share of Common Stock on the trading day immediately preceding the Note Date and (D) the date in section 6 thereof shall be the 155th date after the Note Date. (iii) A registration rights agreement in the form annexed hereto as Exhibit D except that such registration rights agreement shall (A) be dated the Note Date, (B) shall refer to the Draw Down Note and the Draw Down Warrant and, (C) in Section 2 thereof shall provide that the registration statement should be filed no later than the 90th day after the Note Date and that the interest rate on the Draw Down Note shall be increased if the registration statement has not been declared effective on the 155th day after the Note Date. (c) In no event shall the Purchaser be required to loan more than $500,000 to the Company pursuant to the provisions of this Section 7A