Non-Revolving Line of Credit Sample Clauses

Non-Revolving Line of Credit. The Loan is a non-revolving loan and Borrower may borrow up to the principal amount during the term of the Loan, so long as no Event of Default (hereinafter defined) has occurred and is continuing.
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Non-Revolving Line of Credit. During the Line of Credit Availability ---------------------------- Period and so long as no Event of Default has occurred and is continuing, and the cure period, if applicable, has expired Bank will, on a non-revolving basis, make advances to Borrower ("Line of Credit"), which may not at any time exceed, in the aggregate outstanding, Four Million Dollars ($4,000,000.00) (the "Line of Credit Limit"). Borrower's obligation to repay advances under the Line of Credit are evidenced by a Non-Revolving Line of Credit Note, in a form acceptable to Bank (the "Non-Revolving Line of Credit Note"). During the Line of Credit Availability Period, Borrower may repay principal amounts but not reborrow them. Borrower agrees that Borrower will not permit the outstanding balance under the Line of Credit to exceed the Line of Credit Limit.
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Non-Revolving Line of Credit. The Revolving Line of Credit is hereby converted into a non revolving line of credit. In connection therewith, the following modifications are hereby made to the Loan Agreement:
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Non-Revolving Line of Credit. Borrower may borrow, and, upon the request of Borrower, Lender shall make, advances in the amounts requested by Borrower, from time to time, through March 31, 2015, (each an “Advance” and together the “Advances”) in a total amount not exceeding One Million Dollars ($1,000,000.00). Lender’s obligation to make Advances shall terminate if Borrower is in “Default” (as defined below). As of the date of each proposed Advance, Borrower shall be deemed to represent that each representation made in this Line of Credit Loan Agreement (the “Agreement”) is true as of such date. Advances, once repaid, may not be reborrowed. The indebtedness resulting from the Advances shall be evidenced by a Convertible Promissory Note in substantially the form of Exhibit A attached hereto (the “Note”) to be issued upon the initial Advance. Upon execution of this Agreement, Borrower shall issue to Lender a Warrant to purchase Fifty Thousand shares of Borrower’s Common Stock in form and substance of Exhibit B attached hereto (the “Warrant”).
Sample 1
Non-Revolving Line of Credit. Subject to the terms and conditions set forth in this Credit Agreement, Bank agrees to make NRLC Advances to Borrower from time to time on or before the NRLC Maturity Date, provided that the outstanding amount of NRLC Advances from time to time shall not exceed the Maximum NRLC Loan Amount. The NRLC shall be a non-revolving line of credit, against which NRLC Advances may be made to Borrower, and repaid by Borrower. NRLC Advances repaid may not be re-borrowed. Upon occurrence of an Event of Default, Bank, in its absolute and sole discretion and without notice, may suspend the commitment to make NRLC Advances. The obligation of Borrower to repay NRLC Advances is set forth in the NRLC Note. Although the outstanding principal of the NRLC Note may be zero from time to time, the Loan Documents shall remain in full force and effect until the Commitment terminates and all Obligations are paid and performed in full. No NRLC Advance shall be made on or after the NRLC Maturity Date.
Sample 1
Non-Revolving Line of Credit. Borrowers agree to pay an unused commitment fee equal to one-quarter of one percent (0.25%) times the average daily difference between the Non-Revolving Commitment and the principal indebtedness evidenced by the Non-Revolving Line Note. This fee shall begin to accrue upon the earlier of (A) the date upon which Grizzly becomes a Borrower hereunder or (B) September 30, 1995, and shall be due and payable commencing December 31, 1995 and thereafter on the
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Non-Revolving Line of Credit. To use the proceeds of the Non-Revolving Line of Credit for purchases or acquisitions of the stock or assets of businesses, as approved by Bank and its counsel on a case by case basis in the exercise in its sole discretion, as provided in Section 7.28.
Sample 1
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Non-Revolving Line of Credit. (a) Subject to and upon the terms and conditions set forth herein, the Bank hereby agrees to make the loan (the “Loan”) to the Borrower during the Drawing Period in the original principal amount of up to Seven Million Dollars ($7,000,000.00) (the “Available Amount”).
Sample 1

Related to Non-Revolving Line of Credit

  • Revolving Line of Credit (a) From and after the date of this Agreement to and including May 31, 2003, the Bank agrees, upon the terms and subject to the conditions of this Agreement, to lend to the Borrowers, and the Borrowers may from time to time borrow from the Bank and repay and reborrow, up to a maximum aggregate principal amount at any one time outstanding under the Revolving Line of Credit Note of $5,000,000. In no event will Advances be made at such times or in such amounts that the aggregate principal amount of all such Advances hereunder at any one time outstanding would exceed the lesser of $5,000,000 and (i) 80% of the then Eligible Accounts, plus (ii) 50% of the then Eligible Inventory. Each Advance under this Agreement will be made upon the written request or, at the option of the Bank, oral request, of the Borrowers to the Bank, which request shall, if written, be in the form of a Request for an Advance and, if oral, shall contain the same certification and information as a Request for an Advance and shall be confirmed by a facsimile of a Request for an Advance followed by the original thereof. All requests for Advances (and the facsimile concerning any oral Request for an Advance) shall be received by the Bank no later than 12:00 noon of the Business Day on which the Advance is to be made. To induce the Bank to accept oral requests for Advances, the Borrowers agree that the Bank may rely on instructions given by telephone by any person purporting to be authorized to act on behalf of the Borrowers , and the Borrowers agree to indemnify and hold harmless the Bank against all damages, losses, costs and expenses (including attorney's fees) arising out of or relating to the reliance by the Bank on any oral request for Advances. Provided the same is a Business Day, on the date of the requested Advance, upon satisfaction of the conditions specified in Article 5, the Bank shall make the amount of the Advance available to the Borrowers by crediting the proceeds thereof to the general deposit account in the name of one or more of the Borrowers, as designated in writing by certificate signed by all of the Borrowers, in the Bank. If the date of the requested Advance is not a Business Day, the Advance shall be made on the first Business Day thereafter, upon the satisfaction of the conditions specified in Article 5. No Advance shall be in an amount less than $1,000. Not more than one request for an Advance shall be made on any day.

  • 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.

  • Revolving Line Subject to and upon the terms and conditions of this Agreement, Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (A) the Revolving Line or (B) the Borrowing Base. Amounts borrowed pursuant to this Section may be repaid and reborrowed at any time prior to the Revolving Maturity Date. Whenever Borrower desires an Advance, Borrower will, (1) by no later than 2:00 pm on the Business Day that the Advance is to be made, (a) notify Bank by electronic mail, facsimile transmission or telephone and (b) deliver to Bank a Loan Advance/Paydown Request Form in substantially the form of Exhibit B and (2) by no later than three (3) Business Days prior to the Business Day on which the Advance is to be made, deliver to Bank a Loan Supplement and Borrowing Base Certificate. Bank is authorized to make Advances under this Agreement, based upon written instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s reasonable discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any telephonic notice given by a person listed herein as a Responsible Officer or a designee thereof, and Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(a) to the Collateral Account designated by Borrower in the Loan Advance/Paydown Request Form. Borrower shall use the proceeds of each Advance to finance the working capital of Borrower.

  • Line of Credit Amount (a) During the availability period described below, the Bank will provide a line of credit to the Borrower. The amount of the line of credit (the "Commitment") is Twelve Million Dollars ($12,000,000).

  • Line of Credit Note Xxxxxxxx'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.

  • Revolving Credit Advances The Borrower shall repay to the Administrative Agent for the ratable account of the Lenders on the Termination Date the aggregate outstanding principal amount of the Revolving Credit Advances then outstanding.

  • Revolving Loan Commitment Each Lender with a Revolving Loan Commitment agrees to make loans on a revolving basis (“Revolving Loans”) from time to time until the Termination Date in such Lender’s Pro Rata Share of such aggregate amounts as the Company may request from all Lenders; provided that the Revolving Outstandings will not at any time exceed Revolving Loan Availability.

  • Letter of Credit Advances (i) The Borrower shall repay to the Administrative Agent for the account of each Issuing Bank and each other Lender that has made a Letter of Credit Advance on the same day on which such Advance was made the outstanding principal amount of each Letter of Credit Advance made by each of them.

  • Revolving Loan Commitments Lender will make loans to Borrower on a revolving basis (“Revolving Loans”) from time to time and Borrower may repay such loans from time to time until the Termination Date in such amounts as Borrower may request from Lender; provided, that after giving effect to such Revolving Loans, the Revolving Loans outstanding will not at any time exceed the Borrowing Availability.

  • Revolving Credit Loan The Borrower hereby requests a [Revolving Credit Loan under §2.1] [Swing Loan under §2.5] of the Credit Agreement: Principal Amount: $ Type (LIBOR Rate, Base Rate): Drawdown Date: Interest Period for LIBOR Rate Loans: by credit to the general account of the Borrower with the Agent at the Agent’s Head Office. [If the requested Loan is a Swing Loan and the Borrower desires for such Loan to be a LIBOR Rate Loan following its conversion as provided in §2.5(d), specify the Interest Period following conversion: ]

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