You agree not to attempt to obtain more credit than the amount of your Credit Line. That amount will be the maximum amount you may have outstanding at any one time. We will advise you of the amount of your Credit Line.
Any payments made by Lender to any issuer thereof and/or related parties in connection with the Letter of Credit Accommodations shall constitute additional Revolving Loans to Borrower pursuant to this Section 2.Ĭredit Line If we approve your application, this Agreement will constitute a revolving line of credit for an amount which will be the Credit Line under your Account. Letter of Credit Accommodations (a) Subject to and upon the terms and conditions contained herein, at the request of Borrower, Lender agrees to provide or arrange for Letter of Credit Accommodations for the account of Borrower containing terms and conditions acceptable to Lender and the issuer thereof. Termination of Credit Facility The Credit Facility shall terminate on the earliest of (a) the third anniversary of the Closing Date (the "Maturity Date"), (b) the date of termination by the Borrower pursuant to Section 2.5(a) and (c) the date of termination by the Administrative Agent on behalf of the Lenders pursuant to Section 10.2(a). The amount of the line of credit (the "Commitment") is Ten Million Dollars ($10,000,000). Line of Credit Amount (a) During the availability period described below, the Bank will provide a line of credit to the Borrower. Borrower’s obligation to repay advances under the Line of Credit shall be evidenced by a promissory note dated as of (“Line of Credit Note”), all terms of which are incorporated herein by this reference. Line of Credit Subject to the terms and conditions of this Agreement, Bank hereby agrees to make advances to Borrower from time to time up to and including April 2, 2015, not to exceed at any time the aggregate principal amount of One Million Five Hundred Thousand Dollars ($1,500,000.00) (“Line of Credit”), the proceeds of which shall be used to finance Borrower’s working capital requirements. Revolving Line of Credit (a) Upon the terms and conditions (including, without limitation, the right of the Lender to decline to make any Loan so long as any Default or Event of Default exists) and relying on the representations and warranties contained in this Agreement, the Lender agrees, during the Commitment Period, to make Loans, in immediately available funds at the Applicable Lending Office or the Principal Office, to or for the benefit of the Borrower, from time to time on any Business Day designated by the Borrower following receipt by the Lender of a Borrowing Request provided, however, no Loan shall exceed the then existing Available Commitment. Related to DRAW-DOWN OF EQUITY LINE OF CREDIT Loan Commitment Disbursement to Borrower.
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