Common use of The Revolving Loan Clause in Contracts

The Revolving Loan. Bank will loan to Borrower an amount not to exceed Twenty Five Million Dollars ($25,000,000) outstanding in the aggregate at any one time (the “Revolving Loan”). The proceeds of the Revolving Loan shall be used for relocation expenses for Borrower’s clients. Borrower may borrow, repay and reborrow all or part of the Revolving Loan in accordance with the terms of the Revolving Note (defined below). All borrowings of the Revolving Loan must be made before August 1, 2005, at which time all unpaid principal and interest of the Revolving Loan shall be due and payable. The Revolving Loan shall be evidenced by Bank’s standard form of commercial promissory note (the “Revolving Note”). Bank shall enter each amount borrowed and repaid in Bank’s records and such entries shall be deemed correct. Omission of Bank to make any such entries shall not discharge Borrower of its obligation to repay in full with interest all amounts borrowed. As of the date of this Agreement, the principal amount outstanding under Borrower’s revolving loan with Bank evidenced by the promissory note dated July 30, 2003 (“Old Note”) shall be deemed the initial principal amount outstanding under the Revolving Loan, and the Old Note is hereby cancelled and superceded by the Revolving Note.

Appears in 1 contract

Samples: Loan Agreement (Hewitt Associates Inc)

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The Revolving Loan. Bank will loan to Borrower an amount not to exceed Twenty Five Fifty Million and 00/100 Dollars ($25,000,00050,000,000.00) outstanding in the aggregate at any one time (the “Revolving Loan”). Revolving Loans will be denominated in Dollars. The proceeds of the Revolving Loan shall be used for relocation expenses for Borrower’s clientsgeneral working capital and corporate purposes. Borrower may borrow, repay and reborrow all or part of the Revolving Loan in amounts of not less than One Million and 00/100 Dollars ($1,000,000.00) in accordance with the terms of the Revolving Note (defined below). All borrowings of the Revolving Loan must be made before August 1, 2005the Maturity Date, at which time all unpaid principal and interest of the Revolving Loan shall be due and payable. The Revolving Loan shall be evidenced by Bank’s standard form of commercial promissory note (the “Revolving Note”). Bank shall enter each amount borrowed and repaid in Bank’s records and such entries shall be deemed correctcorrect absent manifest error. Omission of Bank to make any such entries shall not discharge Borrower of its obligation to repay in full with interest all amounts borrowed. As of the date of this Agreement, the principal amount outstanding under Borrower’s revolving loan with Bank evidenced by the promissory note dated July 30March 31, 2003 2008 (“Old Note”) shall be deemed the initial principal amount outstanding under the Revolving Loan, and the Old Note is hereby cancelled and superceded by the Revolving Note.

Appears in 1 contract

Samples: Loan Agreement (Coherent Inc)

The Revolving Loan. Bank will loan to Borrower an amount not to exceed Twenty Five Six Million Dollars ($25,000,0006,000,000) outstanding in the aggregate at any one anyone time (the "Revolving Loan"). The proceeds of the Revolving Loan shall be used for relocation expenses for Borrower’s clients's general working capital purposes. Borrower may borrow, repay and reborrow all or part of the Revolving Loan in amounts of not less than Two Hundred Fifty Thousand Dollars ($250,000) in accordance with the terms of the Revolving Note (defined below). All borrowings of the Revolving Loan must be made before August 1July 2, 2005, 2007 at which time all unpaid principal and interest of the Revolving Loan shall be due and payable. The Revolving Loan shall be evidenced by Bank’s 's standard form of commercial promissory note (the "Revolving Note"). Bank shall enter each amount borrowed and repaid in Bank’s 's records and such entries shall be deemed correct. Omission of Bank to make any such entries shall not discharge Borrower of its obligation to repay in full with interest all amounts borrowed. As of the date of this Agreement, the principal amount outstanding under Borrower’s 's revolving loan with Bank evidenced by the promissory note dated July 30September 22, 2003 ("Old Note") shall be deemed the initial principal amount outstanding under the Revolving Loan, and the Old Note is hereby cancelled and superceded by the Revolving Note.

Appears in 1 contract

Samples: Loan Agreement (Sparta Inc /De)

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The Revolving Loan. During the period commencing on the date of that certain Amendment No. 4 to Loan Agreement, by and between Bank and Borrower, and ending on September 30, 2008, Bank will loan to Borrower an amount not to exceed Twenty Five Forty Million Dollars ($25,000,00040,000,000) outstanding in the aggregate at any one time time. During the period commencing on October 1, 2008 and ending on December 31, 2008, Bank will loan to Borrower an amount not to exceed Thirty Million Dollars ($30,000,000) outstanding in the aggregate at any one time. The foregoing reducing revolving loan is hereinafter referred to as the "Revolving Loan”)". The proceeds of the Revolving Loan shall be used for relocation expenses Borrower's general working capital purposes and for Borrower’s clientsthe issuance of letters of credit. Borrower may borrow, repay and reborrow all or part of the Revolving Loan in amounts of not less than Five Hundred Thousand Dollars ($500,000) in accordance with the terms of the Revolving Note (defined below). All borrowings of the Revolving Loan must be made before August 1December 31, 2005, 2008 at which time all unpaid principal and interest of the Revolving Loan shall be due and payable. The Revolving Loan shall be evidenced by Bank’s 's standard form of commercial promissory note (the "Revolving Note"). Bank shall enter each amount borrowed and repaid in Bank’s 's records and such entries shall be deemed correct. Omission of Bank to make any such entries shall not discharge Borrower of its obligation to repay in full with interest all amounts borrowed. As of the date of this Agreement, the principal amount outstanding under Borrower’s revolving loan with Bank evidenced by the promissory note dated July 30, 2003 (“Old Note”) The Revolving Loan shall be deemed subject to the initial principal amount outstanding under the Revolving Loan, and the Old Note is hereby cancelled and superceded by the Revolving Note.following sublimits:

Appears in 1 contract

Samples: Loan Agreement (Crocs, Inc.)

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