Examples of Non-Formula Loans in a sentence
Section 2.1.1(b) of the Loan Agreement is amended by deleting the last sentence thereof its entirety and replacing it with the following: In addition and notwithstanding the foregoing, the aggregate amount of Advances outstanding at any time may not exceed Fifteen Million Dollars ($15,000,000) minus the outstanding amount of the Non-Formula Loans.
Section 2.1.1(b) of the Loan Agreement is amended by deleting the last sentence thereof its entirety and replacing it with the following: In addition and notwithstanding the foregoing, the aggregate amount of Advances outstanding at any time may not exceed Twenty Million Dollars ($20,000,000) minus the outstanding amount of the Non-Formula Loans.
If at that date the Non-Formula Loans were only $250,000, then the payment on such Non-Formula Loans would be $250,000 to pay them in full.
For Non-Formula Loans Only and Related Obligations: A rate equal to the “Prime Rate” in effect from time to time, plus 2.00% per annum.
Bank and Borrower hereby further agree that Bank shall only be entitled to draw on the Supporting Letter of Credit to the extent of any outstanding principal amount of, interest on and fees and expenses incurred solely in connection with the Non-Formula Loans as of the date Bank draws on the Supporting Letter of Credit and any such amounts shall be used to repay the outstanding Non-Formula Loans.
Compliance shall be determined on a consolidated basis as of the end of each month: Minimum Liquidity: The sum of (x) aggregate undrawn portion of the Loans available under the Formula Loans Credit Limit and Non-Formula Loans Credit Limit, respectively, plus (y) the aggregate amount of all non-restricted cash and cash equivalents of Borrower as shown on Borrower’s financial statements provided to Lender as required hereunder shall be at least $3,000,000.
If, as of the end of any month, Borrower fails to meet the Quick Ratio Test (as defined below in subsection (3)), then Borrower shall repay in full all outstanding Non-Formula Loans, and thereafter Borrower may not borrow or have outstanding any Non-Formula Loans.
Thereafter, the Non-Formula Loans would be limited to $500,000 (i.e. $1,000,000 minus $500,000) (even if the amount of the Non- Formula Loans paid off was only $250,000)." As herein expressly modified the Loan Agreement shall continue in full force and effect and the same is hereby ratified and confirmed.
If at any time or for any reason the total of all outstanding Loans and all other monetary Obligations exceeds the Credit Limit or the total outstanding Formula Loans exceeds the Formula Loans Credit Limit or the total outstanding Non-Formula Loans exceeds the Non-Formula Loans Credit Limit (the amount of each such excess, an “Overadvance”), Borrower shall promptly pay the amount of the Overadvance to Lender, without notice or demand.
Subject to the other terms and conditions hereof, Borrower may repay the Non-Formula Loans with the proceeds of available Account Loans.