Acquisition Line. 40 affiliate.............................................................. 8 Agreement.............................................................. 1
Acquisition Line. The Bank hereby agrees, subject to the terms and conditions of this Agreement, to make a Credit Loan or Credit Loans available to the Company from time to time on and after the date of this Agreement through and including the Acquisition Line Maturity Date, in an aggregate principal amount not to exceed the lesser of (i) the Acquisition Line Credit Limit and (ii) that portion of the Borrowing Base which is utilized to support advances under the Acquisition Line (which amount shall not be greater than the difference between (i) the Borrowing Base, and (ii) the aggregate principal amount outstanding under the Working Capital Line). Until the Acquisition Line Maturity Date, the Company may borrow, repay, and reborrow such Credit Loan up to the maximum amount thereof, subject to the mandatory principal reductions set forth in Sections 2.7(a) and 2.8(b) hereof and sufficient Borrowing Base availability.
Acquisition Line. The following Section 2.5 is hereby added to the Agreement immediately following Section 2.4:
Acquisition Line. In addition to the Line of Credit, Lender shall make available to Borrower a non-revolving acquisition line of credit in the maximum principal amount of $1,500,000 (the "Acquisition Line"). Prior to the Acquisition Line Termination Date and so long as no Event of Default (or event that with the giving of notice or the passage of time or both would constitute an Event of Default) has occurred and is in existence hereunder, Lender shall advance proceeds under the Acquisition Line to Borrower upon Borrower's request on a non-revolving basis, subject to the following terms and conditions:
Acquisition Line. (a) Lender hereby establishes for the benefit of Borrowers an Acquisition Line (the "Acquisition Line") to be used by Borrowers from time to time to finance the intangible portion of acquisitions by Borrowers up to the maximum principal sum of Fifteen Million Dollars ($15,000,000) at any one time outstanding. Each requested Advance under the Acquisition Line is subject to Bank's approval, must be made at least 30 days prior to the date of the requested approval and must be accompanied by the following (all in form and substance acceptable to the Bank):
Acquisition Line. The Bank hereby agrees, subject to the terms and conditions of this Agreement, to make Credit Loans consisting of LIBOR Rate Loans or Federal Funds Effective Rate Loans available to the Company from time to time on and after the date of this Agreement through and including the Acquisition Line Maturity Date, in an aggregate principal amount not to exceed the Acquisition Line Credit Limit. Until the Acquisition Line Maturity Date, the Company may borrow, repay, and reborrow such Credit Loan up to the maximum amount thereof, subject to the mandatory principal reductions set forth in Sections 2.7(a) and 2.8(c) hereof.
Acquisition Line. The Borrower may apply to the Lenders for one or more loans (collectively the "Acquisition Line") to the Borrower for the acquisition of businesses, in the aggregate principal amount not to exceed ($5,000,000), as long as the following criteria, and the general provisions for advances under this Agreement, are met to the satisfaction of the Agent:
Acquisition Line. The proceeds of the Acquisition Line shall be used solely for financing to acquire and/or refinance Projects. Subject to the terms of this Agreement, as the same may be amended or modified by a specific Project Loan Agreement, so long as no Default exists hereunder, from the date hereof through October 22, 1999, Borrower may borrow, on a non-revolving basis, up to $40,000,000 in the aggregate outstanding at any time. Each request for a Project Loan shall be subject to the approval of GMAC-CM. The commitment of GMAC-CM for a Project Loan shall be evidenced by a Project Loan Commitment issued by GMAC-CM, in its sole and absolute discretion, and funding of each Project Loan shall be subject to the conditions outlined in each Project Loan Commitment. Notwithstanding the foregoing, in no event shall any Project Loan exceed eighty-five percent (85%) of the appraised value of the Project financed with the proceeds of such Project Loan. Requests for a Project Loan for a Project with a loan to value ratio in excess of eighty-five percent (85%) shall be considered on a case-by-case basis at the sole discretion of GMAC-CM. After October 22, 1999, no further advances shall be permitted under the Acquisition Line. GMAC-CM acknowledges that the Borrower anticipates advances under the Acquisition Line to refinance the Windsor House of Huntsville; Aftox Xxxx Xxxsing Center; Pinedale Nursing Center; and Good Samaritan Nursing Home. The specific conditions for the Project Loans for the four (4) above-described Projects are set forth in the Windsor Project Commitment.
Acquisition Line. The purpose of the Acquisition Line is to provide financing for acquiring and refinancing Projects, as approved by GMAC-CM, and subject to the terms of this Agreement.
Acquisition Line. Interest accrued on so much of the principal balance of each Project Loan as may be outstanding from time to time under any Acquisition Note shall be due and payable monthly on the first day of each consecutive month, the first such payment being due and payable the first day of the month following the funding of a Project Loan. Each Project Loan made prior to October 22, 1998, shall be due and payable in full (including payment of all outstanding interest and satisfaction of any other obligations of the Borrower in connection therewith) three (3) years from the date of funding such Project Loan. Each Project Loan funded on or after October 22, 1998, shall be due and payable in full (including payment of all outstanding interest and satisfaction of any other obligations of the Borrower in connection therewith) two (2) years from the date of funding such Project Loan.
