Common use of Revolving Line of Credit Clause in Contracts

Revolving Line of Credit. The Bank, during the period from the date of the Fourth Amendment until May 31, 1998, with respect to the initial advance with respect to any Lot or the Improvements thereon or to be constructed thereon, and until the date that is twelve (12) months after the date of the initial advance with respect to any Lot or Improvements, with respect to subsequent advances for such Lot and Improvements, subject in all instances to (a) the terms and conditions of this Agreement, (b) the condition that at the time of each borrowing hereunder, the condition of the Company, financial and otherwise, and the condition of the Collateral, are satisfactory to the Bank, and (c) the condition that no Default or Event of Default has occurred and is then continuing to occur, agrees to make advances to the Company pursuant to a Revolving Line of Credit up to but not in excess of the Maximum Outstanding Amount upon compliance by the Company with the provisions of Section 5.2 hereof. The Company's obligation to repay the Revolving Line of Credit shall be evidenced by the Note. The Note shall bear interest at the rate or rates set forth in Section 1.5 hereof. All unpaid principal and accrued and unpaid interest on the Note shall be due and payable on May 31, 1998, unless extended pursuant to the provisions of the succeeding sentence. In the event the Bank elects to not renew Revolving Line of Credit as of the stated maturity date of the Note, the Company shall have the option, provided no Default or Event of Default has occurred and is continuing, which may be exercised only by giving written notice to the Bank of the Company's intent to extend the stated final maturity date of the Note, which notice must be received by the Bank on or prior to the earlier of (i) May 31, 1998 or (ii) five (5) Business Days after the date the Bank gives written notice to the Company of the Bank's election to not renew the Revolving Line of Credit, and upon the issuance by each Title Insurer of an extension to all Title Insurance that would expire between the stated maturity date of the Note and such extended maturity date, to extend the final maturity date of the Note for an additional one (1) year, which extension shall not affect the obligation of the Company to make monthly interest payments, and the principal prepayments, required under the Note and this Agreement, or to otherwise comply with the terms and conditions of the Note and this Agreement.

Revolving Line of Credit. The Bank, during the period from the date of this Agreement until the Fourth Amendment until May 31, 1998, with respect to date that is twenty-four (24) months after the date of this Agreement (for the initial advance with respect to any Lot or the Improvements thereon or to be constructed thereon), and until the earlier to occur of (i) the date that is twelve (12) months after the date of the initial advance with respect to any Lot or ImprovementsImprovements and (ii) the maturity date of the Note (whether occurring by the terms of the Note, by acceleration or otherwise (as such maturity date may be extended in accordance with respect to the terms of the Note), for subsequent advances for such Lot and Improvements, subject in all instances to (a) the terms and conditions of this Agreement, (b) the condition that at the time of each borrowing hereunder, the condition of the CompanyBorrower, financial and otherwise, and the condition of the Collateral, are satisfactory to the Bank, and (c) the condition that no Default or Event of Default has occurred and is then continuing to occur, agrees to make advances to the Company Borrower pursuant to a Revolving Line of Credit up to but not in excess of the Maximum Outstanding Amount upon compliance by the Company Borrower with the provisions of Section 5.2 hereof. The CompanyBorrower's obligation to repay the Revolving Line of Credit shall be evidenced by the Note. The Note shall bear interest at the rate or rates set forth in Section 1.5 hereof. Accrued and unpaid interest on the Note shall be due and payable on the first day of each month, commencing January 1, 1997. All unpaid principal and accrued and unpaid interest on the Note shall be due and payable on May 31November 29, 1998; provided, unless extended pursuant to the provisions of the succeeding sentence. In however, in the event the that Bank elects in its sole discretion not to not renew the Revolving Line of Credit as of hereunder at the stated maturity date of the Note, the Company term of the Note shall have be extended for an additional twelve (12) month period in order to allow for the option, provided no Default completion of construction and the sale or Event refinancing of Default has occurred all Single Family Houses and is continuing, Lots which may be exercised only by giving written notice are subject to the Bank Revolving Line of Credit at the time of the Company's intent to extend the stated final original maturity date of the Note, which notice must be received by all as more particularly provided in the Bank on or prior to the earlier of (i) May 31, 1998 or (ii) five (5) Business Days after the date the Bank gives written notice to the Company of the Bank's election to not renew the Revolving Line of Credit, and upon the issuance by each Title Insurer of an extension to all Title Insurance that would expire between the stated maturity date of the Note and such extended maturity date, to extend the final maturity date of the Note for an additional one (1) year, which extension shall not affect the obligation of the Company to make monthly interest payments, and the principal prepayments, required under the Note and this Agreement, or to otherwise comply with the terms and conditions of the Note and this AgreementNote.

Revolving Line of Credit. The Bank, during the period from the date Lender agrees to establish a revolving line of the Fourth Amendment until May 31, 1998, with respect to the initial advance with respect to any Lot or the Improvements thereon or credit for loans to be constructed thereonmade to Borrower, and until the date that is twelve (12) months after the date of the initial advance with respect to any Lot or Improvements, with respect to subsequent advances for such Lot and Improvements, subject in all instances to (a) the terms and conditions of this Agreement, (b) the condition that at the time of each borrowing hereunder, the condition of the Company, financial and otherwise, and the condition of the Collateral, are satisfactory to the Bank, and (c) the condition that no Default or Event of Default has occurred and is then continuing to occur, agrees to make advances to the Company pursuant to a Revolving Line of Credit up to but not in excess of the Maximum Outstanding Amount upon compliance by the Company with the provisions of Section 5.2 hereof. The Company's obligation to repay the Revolving Line of Credit which shall be evidenced by the promissory note maturing August 31, 2004 which is attached as Exhibit A, to which reference is here made for all purposes ("Revolving Note"). The total amount of all loans outstanding under the Revolving Note may vary from time to time, but shall bear interest not exceed in the aggregate at any one time the rate lesser of (a) $3,500,000 or rates set forth in Section 1.5 hereof(b) 80% of Borrower's Eligible Accounts Receivable, and 50% of Borrower's Eligible Inventory. All unpaid principal For purposes of this calculation only, Borrower's "Eligible Accounts Receivable" shall mean those accounts receivable for services actually performed and/or goods actually sold and accrued and unpaid interest on the Note shall be due and payable on May 31, 1998, unless extended pursuant to the provisions of the succeeding sentence. In the event the Bank elects to not renew Revolving Line of Credit as of the stated maturity date of the Note, the Company shall have the option, provided no Default or Event of Default has occurred and is continuingdelivered, which may are invoiced and owing to Borrower, other than (1) receivables from Borrower's officers, directors, employees, stockholders or affiliates, (2) receivables that are subject to offset or credit, (3) receivables from customers which Lender has determined, in its sole discretion, not to be exercised only credit-worthy, (4) receivables that are contingent or are disputed by giving written notice to the Bank of the Company's intent to extend the stated final maturity date of the Notecustomers, which notice must be received by the Bank on or prior to the earlier of (i) May 31, 1998 or (ii) five (5) Business Days receivables which are payable on invoice date shall not be eligible after 60 days following the date invoice date, (6) receivables with 30 day terms will not be eligible after 60 days following the Bank gives written notice invoice date, and (7) receivables from Xxxxxxx-Xxxxxxxx with 60 day terms will not be eligible after 90 days from the invoice date. No single account will be allowed to the Company comprise more than $500,000 of the Bank's election to not renew Eligible Accounts Receivable amount. Also, for purposes of this calculation only, "Eligible Inventory" shall mean all inventory located in the Revolving Line United States valued at the current market value, except in the case of Credit, and upon the issuance by each Title Insurer of an extension to all Title Insurance that would expire between the stated maturity date of the Note and such extended maturity date, to extend the final maturity date of the Note for an additional one (1) yearsynthetic rutile, which extension value shall be established by the lower quoted price for bulk Australian rutile in "Industrial Minerals." The total amount of Eligible Inventory shall not affect the obligation of the Company to make monthly interest payments, and the principal prepayments, required under the Note and this Agreement, or to otherwise comply with the terms and conditions of the Note and this Agreementexceed $2,000,000.

Revolving Line of Credit. The Bank, during the period from the date Lender agrees to establish a revolving line of the Fourth Amendment until May 31, 1998, with respect to the initial advance with respect to any Lot or the Improvements thereon or credit for loans to be constructed thereonmade to Borrower, and until the date that is twelve (12) months after the date of the initial advance with respect to any Lot or Improvements, with respect to subsequent advances for such Lot and Improvements, subject in all instances to (a) the terms and conditions of this Agreement, (b) the condition that at the time of each borrowing hereunder, the condition of the Company, financial and otherwise, and the condition of the Collateral, are satisfactory to the Bank, and (c) the condition that no Default or Event of Default has occurred and is then continuing to occur, agrees to make advances to the Company pursuant to a Revolving Line of Credit up to but not in excess of the Maximum Outstanding Amount upon compliance by the Company with the provisions of Section 5.2 hereof. The Company's obligation to repay the Revolving Line of Credit which shall be evidenced by the promissory note maturing June 30, 2003 which is attached as Exhibit A, to which reference is here made for all purposes ("Revolving Note"). The total amount of all loans outstanding under the Revolving Note may vary from time to time, but shall bear interest not exceed in the aggregate at any one time the rate lesser of (a) $1,500,000 or rates set forth in Section 1.5 hereof(b) 80% of Borrower's Eligible Accounts Receivable, and 25% of Borrower's Eligible Inventory. All unpaid principal For purposes of this calculation only, Borrower's "Eligible Accounts Receivable" shall mean those accounts receivable for services actually performed and/or goods actually sold and accrued and unpaid interest on the Note shall be due and payable on May 31, 1998, unless extended pursuant to the provisions of the succeeding sentence. In the event the Bank elects to not renew Revolving Line of Credit as of the stated maturity date of the Note, the Company shall have the option, provided no Default or Event of Default has occurred and is continuingdelivered, which may are invoiced and owing to Borrower, other than (1) receivables from Borrower's officers, directors, employees, stockholders or affiliates, (2) receivables that are subject to offset or credit, (3) receivables from customers which Lender has determined, in its sole discretion, not to be exercised only credit-worthy, (4) receivables that are contingent or are disputed by giving written notice to the Bank of the Company's intent to extend the stated final maturity date of the Notecustomers, which notice must be received by the Bank on or prior to the earlier of (i) May 31, 1998 or (ii) five (5) Business Days receivables which are payable on invoice date shall not be eligible after 60 days following the date invoice date, (6) receivables with 30 day terms will not be eligible after 60 days following the Bank gives written notice invoice date, and (7) receivables from Xxxxxxx-Xxxxxxxx with 60 day terms will not be eligible after 90 days from the invoice date. No single account will be allowed to the Company comprise more than $500,000 of the Bank's election Eligible Accounts Receivable amount. Also, for purposes of this calculation only, "Eligible Inventory" shall mean all inventory located in the United States of America, valued at the current market value, as established by the lower quoted price for bulk Australian rulite, not to not renew exceed $500,000, as indicated by the Revolving Line of Credit, and upon the issuance by each Title Insurer of an extension to all Title Insurance that would expire between the stated maturity date of the Note and such extended maturity date, to extend the final maturity date of the Note for an additional one (1) year, which extension shall not affect the obligation of the Company to make monthly interest payments, and the principal prepayments, required under the Note and this Agreement, or to otherwise comply with the terms and conditions of the Note and this Agreementprice quoted in "Industrial Minerals."

Revolving Line of Credit. The Bank, during the period from the date Lender agrees to establish a revolving line of the Fourth Amendment until May 31, 1998, with respect to the initial advance with respect to any Lot or the Improvements thereon or credit for loans to be constructed thereonmade to Borrower, and until the date that is twelve (12) months after the date of the initial advance with respect to any Lot or Improvements, with respect to subsequent advances for such Lot and Improvements, subject in all instances to (a) the terms and conditions of this Agreement, (b) the condition that at the time of each borrowing hereunder, the condition of the Company, financial and otherwise, and the condition of the Collateral, are satisfactory to the Bank, and (c) the condition that no Default or Event of Default has occurred and is then continuing to occur, agrees to make advances to the Company pursuant to a Revolving Line of Credit up to but not in excess of the Maximum Outstanding Amount upon compliance by the Company with the provisions of Section 5.2 hereof. The Company's obligation to repay the Revolving Line of Credit which shall be evidenced by the promissory note maturing August 31, 2003 which is attached as Exhibit A, to which reference is here made for all purposes ("Revolving Note"). The total amount of all loans outstanding under the Revolving Note may vary from time to time, but shall bear interest not exceed in the aggregate at any one time the rate lesser of (a) $3,000,000 or rates set forth in Section 1.5 hereof(b) 80% of Borrower's Eligible Accounts Receivable, and 50% of Borrower's Eligible Inventory. All unpaid principal For purposes of this calculation only, Borrower's "Eligible Accounts Receivable" shall mean those accounts receivable for services actually performed and/or goods actually sold and accrued and unpaid interest on the Note shall be due and payable on May 31, 1998, unless extended pursuant to the provisions of the succeeding sentence. In the event the Bank elects to not renew Revolving Line of Credit as of the stated maturity date of the Note, the Company shall have the option, provided no Default or Event of Default has occurred and is continuingdelivered, which may are invoiced and owing to Borrower, other than (1) receivables from Borrower's officers, directors, employees, stockholders or affiliates, (2) receivables that are subject to offset or credit, (3) receivables from customers which Lender has determined, in its sole discretion, not to be exercised only credit-worthy, (4) receivables that are contingent or are disputed by giving written notice to the Bank of the Company's intent to extend the stated final maturity date of the Notecustomers, which notice must be received by the Bank on or prior to the earlier of (i) May 31, 1998 or (ii) five (5) Business Days receivables which are payable on invoice date shall not be eligible after 60 days following the date invoice date, (6) receivables with 30 day terms will not be eligible after 60 days following the Bank gives written notice invoice date, and (7) receivables from Xxxxxxx-Xxxxxxxx with 60 day terms will not be eligible after 90 days from the invoice date. No single account will be allowed to the Company comprise more than $500,000 of the Bank's election to not renew Eligible Accounts Receivable amount. Also, for purposes of this calculation only, "Eligible Inventory" shall mean all inventory located in the Revolving Line United States valued at the current market value, except in the case of Credit, and upon the issuance by each Title Insurer of an extension to all Title Insurance that would expire between the stated maturity date of the Note and such extended maturity date, to extend the final maturity date of the Note for an additional one (1) yearsynthetic rutile, which extension value shall be established by the lower quoted price for bulk Australian rutile in "Industrial Minerals." The total amount of Eligible Inventory shall not affect the obligation of the Company to make monthly interest payments, and the principal prepayments, required under the Note and this Agreement, or to otherwise comply with the terms and conditions of the Note and this Agreementexceed $2,000,000.

Revolving Line of Credit. The Bank, (a) Lender agrees to open a committed revolving line of credit (the "REVOLVING --------- LINE OF CREDIT" or "REVOLVING CREDIT") in favor of Borrowers in the maximum -------------- ---------------- aggregate principal amount of Twenty-Five Million Dollars ($25,000,000) so that during the period from commencing on the date of hereof and ending on the Fourth Amendment until May 31, 1998, with respect to the initial advance with respect to any Lot Termination Date or the Improvements thereon or to be constructed thereon, and until the date that is twelve (12) months after the date earlier termination of the initial advance with respect to any Lot or Improvements, with respect to subsequent advances for such Lot and Improvements, subject in all instances to (a) the terms and conditions of this Agreement, (b) the condition that at the time of each borrowing hereunder, the condition of the Company, financial and otherwise, and the condition of the Collateral, are satisfactory to the Bank, and (c) the condition that no Default or Event of Default has occurred and is then continuing to occur, agrees to make advances to the Company pursuant to a Revolving Line of Credit up to but not in excess of the Maximum Outstanding Amount upon compliance by the Company with the provisions of Section 5.2 hereof. The Company's obligation to repay the Revolving Line of Credit pursuant to Section 2.5 or Article 15 below, each Borrower may borrow and repay and re- borrow Revolving Advances up to a maximum aggregate principal amount equal, in the aggregate, as to all Borrowers, to Twenty-Five Million Dollars ($25,000,000), and, as to HPP only, the sum of Twelve Million Dollars ($12,000,000); subject, ------- however, to the further requirement that at no time shall the aggregate ------- principal amount of Revolving Advances owing by any one Borrower under the Revolving Line of Credit exceed the Margin applicable to such Borrower (such requirement being referred to herein as the "MARGIN ------ REQUIREMENT"). If at any time hereafter the Margin Requirement is not satisfied ----------- by any one Borrower, then such Borrower agrees to repay immediately the then principal balance of the Revolving Advances owing by it by that amount necessary to satisfy the Margin Requirement applicable to it. The Debt arising from the disbursement of any and all Revolving Advances shall be evidenced by the Revolving Note, which shall be executed and delivered by each Borrower simultaneously herewith. The Note Each request for a Revolving Advance shall bear interest be made by Innotrac, as agent for the Borrowers, to Lender in such manner as Lender may request from time to time hereafter (including, without limitation, by telephone or facsimile transmission), or, as Lender and Innotrac, acting in its agency capacity, may mutually agree hereafter, by pre-approved automatic disbursement. Borrowers shall report to Lender in a writing in form satisfactory to Lender, by the twentieth (20th) day of each calendar month, for the calendar month then ended, as to the allocation of Revolving Advances among the Borrowers made during such calendar month then ended; provided, however, that Lender shall have -------- ------- the right at any time hereafter, by notice to Borrowers, to require more frequent reporting or, if Lender so elects, to require that Innotrac identify the Borrower to whom each Revolving Advance is to be made at the rate request for such Revolving Advance (in which event Borrowers' right to receive pre-approved automatic disbursements, if in effect, shall be terminated). With respect to the total Revolving Advances from time to time outstanding, each Borrower shall be liable only for the payment of all outstanding Revolving Advances disbursed to, and owing by, it from time to time; but no Borrower shall be liable for the payment of any Revolving Advances disbursed to, and owing by, any other Borrower, notwithstanding that each Borrower is a co-maker of the Revolving Note and a co-borrower pursuant to this Agreement, unless and except to the extent that, subsequently hereto, either (i) such Borrower executes a guaranty in respect thereof or rates set forth (ii) such Borrower becomes a successor in Section 1.5 hereofinterest to another Borrower, whether pursuant to a Consolidation Transaction or otherwise. All unpaid Without limitation of the preceding provisions, the principal and accrued and unpaid interest on amount of the Revolving Note shall be due and payable on May 31, 1998, unless extended pursuant to from collections and other proceeds of Collateral in ac cordance with the provisions of Article 3 below and shall be due and payable in full on the succeeding sentence. In Termination Date or on the event date of any earlier termination of the Bank elects to not renew Revolving Line of Credit as of the stated maturity date of the Note, the Company shall have the option, provided no Default pursuant to Section 2.5 or Event of Default has occurred and is continuing, which may be exercised only by giving written notice to the Bank of the Company's intent to extend the stated final maturity date of the Note, which notice must be received by the Bank on or prior to the earlier of (i) May 31, 1998 or (ii) five (5) Business Days after the date the Bank gives written notice to the Company of the Bank's election to not renew the Revolving Line of Credit, and upon the issuance by each Title Insurer of an extension to all Title Insurance that would expire between the stated maturity date of the Note and such extended maturity date, to extend the final maturity date of the Note for an additional one (1) year, which extension shall not affect the obligation of the Company to make monthly interest payments, and the principal prepayments, required under the Note and this Agreement, or to otherwise comply with the terms and conditions of the Note and this AgreementArticle 15 below.

Revolving Line of Credit. The Bank, during the period from the date Lender agrees to establish a revolving line of the Fourth Amendment until May 31, 1998, with respect to the initial advance with respect to any Lot or the Improvements thereon or credit for loans to be constructed thereonmade to Borrower, and until the date that is twelve (12) months after the date of the initial advance with respect to any Lot or Improvements, with respect to subsequent advances for such Lot and Improvements, subject in all instances to (a) the terms and conditions of this Agreement, (b) the condition that at the time of each borrowing hereunder, the condition of the Company, financial and otherwise, and the condition of the Collateral, are satisfactory to the Bank, and (c) the condition that no Default or Event of Default has occurred and is then continuing to occur, agrees to make advances to the Company pursuant to a Revolving Line of Credit up to but not in excess of the Maximum Outstanding Amount upon compliance by the Company with the provisions of Section 5.2 hereof. The Company's obligation to repay the Revolving Line of Credit which shall be evidenced by the promissory note maturing August 31, 2005 which is attached as Exhibit A, to which reference is here made for all purposes ("Revolving Note"). The total amount of all loans outstanding under the Revolving Note may vary from time to time, but shall bear interest not exceed in the aggregate at any one time the rate lesser of (a) $3,500,000 or rates set forth in Section 1.5 hereof(b) 80% of Borrower's Eligible Accounts Receivable, and 50% of Borrower's Eligible Inventory. All unpaid principal For purposes of this calculation only, Borrower's "Eligible Accounts Receivable" shall mean those accounts receivable for services actually performed and/or goods actually sold and accrued and unpaid interest on the Note shall be due and payable on May 31, 1998, unless extended pursuant to the provisions of the succeeding sentence. In the event the Bank elects to not renew Revolving Line of Credit as of the stated maturity date of the Note, the Company shall have the option, provided no Default or Event of Default has occurred and is continuingdelivered, which may are invoiced and owing to Borrower, other than (1) receivables from Borrower's officers, directors, employees, stockholders or affiliates, (2) receivables that are subject to offset or credit, (3) receivables from customers which Lender has determined, in its sole discretion, not to be exercised only credit-worthy, (4) receivables that are contingent or are disputed by giving written notice to the Bank of the Company's intent to extend the stated final maturity date of the Notecustomers, which notice must be received by the Bank on or prior to the earlier of (i) May 31, 1998 or (ii) five (5) Business Days receivables which are payable on invoice date shall not be eligible after 60 days following the date invoice date, (6) receivables with 30 day terms will not be eligible after 60 days following the Bank gives written notice invoice date, and (7) receivables from Xxxxxxx-Xxxxxxxx with 60 day terms will not be eligible after 90 days from the invoice date. No single account will be allowed to the Company comprise more than $500,000 of the Bank's election to not renew Eligible Accounts Receivable amount. Also, for purposes of this calculation only, "Eligible Inventory" shall mean all inventory located in the Revolving Line United States valued at the current market value, except in the case of Credit, and upon the issuance by each Title Insurer of an extension to all Title Insurance that would expire between the stated maturity date of the Note and such extended maturity date, to extend the final maturity date of the Note for an additional one (1) yearsynthetic rutile, which extension value shall be established by the lower quoted price for bulk Australian rutile in "Industrial Minerals." The total amount of Eligible Inventory shall not affect the obligation of the Company to make monthly interest payments, and the principal prepayments, required under the Note and this Agreement, or to otherwise comply with the terms and conditions of the Note and this Agreementexceed $2,000,000.

Revolving Line of Credit. The Bank, during the period from the date Lender agrees to establish a revolving line of the Fourth Amendment until May 31, 1998, with respect to the initial advance with respect to any Lot or the Improvements thereon or credit for loans to be constructed thereonmade to Borrower, and until the date that is twelve (12) months after the date of the initial advance with respect to any Lot or Improvements, with respect to subsequent advances for such Lot and Improvements, subject in all instances to (a) the terms and conditions of this Agreement, (b) the condition that at the time of each borrowing hereunder, the condition of the Company, financial and otherwise, and the condition of the Collateral, are satisfactory to the Bank, and (c) the condition that no Default or Event of Default has occurred and is then continuing to occur, agrees to make advances to the Company pursuant to a Revolving Line of Credit up to but not in excess of the Maximum Outstanding Amount upon compliance by the Company with the provisions of Section 5.2 hereof. The Company's obligation to repay the Revolving Line of Credit which shall be evidenced by the promissory note maturing August 31, 2005 which is attached as Exhibit A, to which reference is here made for all purposes ("Revolving Note"). The total amount of all loans outstanding under the Revolving Note may vary from time to time, but shall bear interest not exceed in the aggregate at any one time the rate lesser of (a) $5,000,000 or rates set forth (b) 80% of Borrower's Eligible Accounts Receivable, and 50% of Borrower's Eligible Inventory. For purposes of this calculation only, Borrower's "Eligible Accounts Receivable" shall mean those accounts receivable for services actually performed and/or goods actually sold and delivered, which are invoiced and owing to Borrower, other than (1) receivables from Borrower's officers, directors, employees, stockholders or affiliates, (2) receivables that are subject to offset or credit, (3) receivables from customers which Lender has determined, in Section 1.5 hereof. All unpaid principal and accrued and unpaid interest on the Note shall its sole discretion, not to be due and credit-worthy, (4) receivables that are contingent or are disputed by customers, (5) receivables which are payable on May 31invoice date shall not be eligible after 60 days following the invoice date, 1998(6) receivables with 30 day terms will not be eligible after 90 days following the invoice date, unless extended pursuant and (7) receivables from Xxxxxxx-Xxxxxxxx with 60 day terms will not be eligible after 90 days from the invoice date. No single account will be allowed to the provisions comprise more than $500,000 of the succeeding sentence. In the event the Bank elects to not renew Revolving Line of Credit as of the stated maturity date of the NoteEligible Accounts Receivable amount, the Company shall have the option, provided no Default or Event of Default has occurred and is continuingother than accounts receivable from Engelhard, which may be exercised only by giving written notice comprise up to 30% of Borrower's Eligible Accounts Receivable. Also, for purposes of this calculation only, "Eligible Inventory" shall mean all inventory located in the Bank United States valued at the current market value, except in the case of the Company's intent to extend the stated final maturity date of the Notesynthetic rutile, which notice must value shall be received established by the Bank on or prior to the earlier lower quoted price for bulk Australian rutile in "Industrial Minerals." The total amount of (i) May 31, 1998 or (ii) five (5) Business Days after the date the Bank gives written notice to the Company of the Bank's election to not renew the Revolving Line of Credit, and upon the issuance by each Title Insurer of an extension to all Title Insurance that would expire between the stated maturity date of the Note and such extended maturity date, to extend the final maturity date of the Note for an additional one (1) year, which extension Eligible Inventory shall not affect the obligation of the Company to make monthly interest payments, and the principal prepayments, required under the Note and this Agreement, or to otherwise comply with the terms and conditions of the Note and this Agreementexceed $2,850,000.