Common use of Operating Loan Clause in Contracts

Operating Loan. Bank agrees, on the terms and subject to the conditions set forth in this Agreement and the Loan Documents, and subject to Bank's continued satisfaction with the financial affairs of Borrower, to make one or more Advances to Borrower from time to time, not to exceed in the aggregate amount outstanding at any time the principal sum of Two Million Dollars ($2,000,000.00). This Operating Loan shall be a revolving facility, and it is contemplated that Borrower will request advances, make prepayments, and request additional advances hereunder.

Appears in 1 contract

Sources: Loan Agreement (Transcrypt International Inc)

Operating Loan. Bank agrees, on the terms and subject to the conditions set forth in this Agreement and the Loan Documents, and subject to Bank's continued satisfaction with the financial affairs of Borrower, to make one or more Advances to Borrower from time to time, not to exceed in the aggregate amount outstanding at any time the principal sum of Two Million Dollars ($2,000,000.00)1,100,000.00. This Operating Loan operating loan shall be a revolving facility, and it is contemplated that Borrower will request advances, make prepayments, and request additional advances hereunder.

Appears in 1 contract

Sources: Loan Agreement (Transcrypt International Inc)