Example ContractsClausesLine of Credit
Line of Credit
Line of Credit contract clause examples

LINE OF CREDIT. This Note evidences a revolving line of credit. Advances under this Note may be requested either orally or in writing by Borrower or as provided in this paragraph. Lender may, but need not, require that all oral requests be confirmed in writing. All communications, instructions, or directions by telephone or otherwise to Lender are to be directed to Lender’s office shown above. The following person or persons are authorized to request advances and authorize payments under the line of credit until Lender receives from Borrower, at Lender’s address shown above, written notice of revocation of such authority: Joseph Wallace, CFO of Collectors Universe, Inc. Borrower agrees to be liable for all sums either: (A) advanced in accordance with the instructions of an authorized person or (B) credited to any of Borrower’s accounts with Lender. The unpaid principal balance owing on this Note at any time may be evidenced by endorsements on this Note or by Lender’s internal records, including daily computer print-outs.

Line of Credit. One of the Loans governed by this Agreement is a committed revolving line of credit under which the Borrower may request and the Bank, subject to the terms and conditions of this Agreement, will make advances to the Borrower from time to time until the Expiration Date, in an aggregate amount outstanding at any time not to exceed Fifty Million and No/100 Dollars $50,000,000.00 (the “Line of Credit”). The “Expiration Date” shall have the meaning set forth in the Note evidencing the Line of Credit (the “Line of Credit Note”). The Borrower acknowledges and agrees that in no event will the Bank be under any obligation to extend or renew the Line of Credit beyond the Expiration Date. In no event shall the aggregate unpaid principal amount of advances under the Line of Credit exceed the face amount of the Line of Credit. Advances under the Line of Credit will be used for working capital or other general business purposes of the Borrower.

LINE OF CREDIT. This Note evidences a revolving line of credit. Advances under this Note may be requested either orally or in writing by Borrower or as provided in this paragraph. Lender may, but need not, require that all oral requests be confirmed in writing. All communications, instructions, or directions by telephone or otherwise to Lender are to be directed to Lender's office shown above. The following person or persons are authorized to request advances and authorize payments under the line of credit until Lender receives from Borrower, at Lender's address shown above, written notice of revocation of such authority: Carrie Gunnerson, CEO/Secretary of Art's-Way Manufacturing Co., Inc.; and Amber J Murra, CFO/Treasurer of Art's-Way Manufacturing Co., Inc. Borrower agrees to be liable for all sums either (A) advanced in accordance with the instructions of an authorized person or (B) credited to any of Borrowers accounts with Lender. The unpaid principal balance owing on this Note at any time may be evidenced by endorsements on this Note or by Lender's internal records, including daily computer print-outs. Lender will have no obligation to advance funds under this Note if: (A) Borrower or any guarantor Is in default under the terms of this Note or any agreement that Borrower or any guarantor has with Lender, including any agreement made in connection with the signing of this Note; (B) Borrower or any guarantor ceases doing business or is insolvent; (C) any guarantor seeks, claims or otherwise attempts to limit, modify or revoke such guarantor's guarantee of this Note or any other loan with Lender; (D) Borrower has applied funds provided pursuant to this Note for purposes other than those authorized by Lender; or (E) Lender in good faith believes itself insecure.

Line of Credit”: As defined in the Recitals to this Agreement.

LINE OF CREDIT. This Note evidences a revolving line of credit. Advances under this Note, as well as directions for payment from Borrower's accounts, may be requested orally or in writing by Borrower or by an authorized person. Lender may, but need not, require that all oral requests be confirmed in writing. Borrower agrees to be liable for all sums either: (A) advanced in accordance with the instructions of an authorized person or (B) credited to any of Borrower's accounts with Lender. The unpaid principal balance owing on this Note at any time may be evidenced by endorsements on this Note or by Lender's internal records, including daily computer print-outs.

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 September 1, 2018, not to exceed at any time the aggregate principal amount of Ten Million Dollars ($10,000,000.00) ("Line of Credit"), the proceeds of which shall be used to finance Borrower's working capital requirements. Borrower's obligation to repay advances under the Line of Credit shall be evidenced by a promissory note dated as of September 1, 2017, as modified from time to time ("Line of Credit Note"), all terms of which are incorporated herein by this reference.

Line of Credit. Following NDA Approval of the Product and up to nine months thereafter, upon three (3) months prior written notice by Evoke, in the event that Evoke is unable to secure Channel Management Financing from any vendor or strategic partner pursuant to reasonably standard terms, Novos shall either finance or obtain third party financing sufficient to make available to Evoke up to Five Million U.S. Dollars ($5,000,000) in cash in Two Million Five Hundred Thousand U.S. Dollars ($2,500,000) increments (the total amount borrowed, the “Principal”) pursuant to a credit agreement to be negotiated in good faith by the Parties (the “Credit Agreement”). “Channel Management Financing” shall mean funds advanced to Evoke for the purchase of quantities of Products for potential sale into distribution channels by a vendor or strategic partner in excess of [***]. The Credit Agreement shall include terms such that for each Two Million Five Hundred Thousand U.S. Dollars ($2,500,000) increment that Evoke elects to borrow, in lieu of interest for the borrowing thereof Novos shall be entitled to receive an additional [***] of Net Sales included in the Service Fee (the “Credit Fee”). The Credit Fee shall be a financing fee and shall not reduce the Principal. Evoke must repay the amount of the Principal to Novos on the earlier of: (i) thirty (30) days following the date that the cumulative Credit Fee reaches twice the amount of the Principal, but shall not be paid before the date thereof except as otherwise expressly permitted herein; and (ii) the two (2) year anniversary of the date the Principal is borrowed by Evoke. In no event shall the cumulative Credit Fee paid by Evoke exceed twice the amount of the Principal.

Line of Credit” means the line of credit established under this Agreement and evidenced, in part, by the Note.

LINE OF CREDIT. (1) This Note evidences a straight line of credit. (2) Once the total amount of principal has been advanced, Borrower is not entitled to further loan advances. (3) Advances under this Note may be requested either orally or in writing by Borrower or as provided in this paragraph. (4) Lender may, but need not, require that all oral requests be confirmed in writing. (5) All communications, instructions, or directions by telephone or otherwise to Lender are to be directed to Lender’s office shown above. (6) The following person or persons are authorized to request advances and authorize payments under the line of credit until Lender receives from Borrower, at Lender’s address shown above, written notice of revocation of such authority: Joseph Wallace, CFO of Collectors Universe, Inc. Borrower agrees to be liable for all sums either: (A) advanced in accordance with the instructions of an authorized person or (B) credited to any of Borrower’s accounts with Lender. The unpaid principal balance owing on this Note at any time may be evidenced by endorsements on this Note or by Lender’s internal records, including daily computer print-outs.

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 August 15, 2022, not to exceed at any time the aggregate principal amount of THIRTY MILLION AND NO/100 DOLLARS ($30,000,000.00) ("Line of Credit"), the proceeds of which shall be used to provide working capital and for general corporate purposes; provided, however, that no portion of the proceeds of the Line of Credit will be used by the Borrower or any Subsidiary (i) in connection with, whether directly or indirectly, any tender offer for, or other acquisition of, stock of any corporation with a view towards obtaining control of such other corporation, unless such tender offer or other acquisition is to be made on a negotiated basis with the approval of the board of directors of the corporation to be acquired, and the provisions of Section 6.6 would not be violated, (ii) directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of purchasing or carrying any Margin Stock (as hereinafter defined), or (iii) for any purpose in violation of any applicable law or regulation. Borrower's obligation to repay advances under the Line of Credit shall be evidenced by a promissory note dated as of the date hereof (as amended from time to time, the "Line of Credit Note"), all terms of which are incorporated herein by this reference.

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