![]() 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.ĭisbursement of Revolving Credit and Swingline Loans Not later than 2:00 p.m. 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. ![]() If you terminate this Agreement or if we terminate or suspend your credit privileges, the provisions of this Agreement and your liability hereunder shall otherwise remain in full force and effect until you have paid us all sums due under this Agreement and returned all Cards. You may close your credit line at any time by notifying us in writing and returning all Cards cut in half. Your eligibility for this credit line is determined by our loan policy and may be terminated at our sole discretion, without demand or notice. Any increase of reduction on the limit of your credit line will be shown on your monthly statement or by separate notice together with any changes in the applicable minimum monthly payments. ![]() We retain the right to increase or decrease your credit line at any time for any reason. Obtaining such credit does not increase your credit line and if you exceed your Credit Limit repeatedly, we may suspend your credit privilege under this Agreement. However, if you temporarily exceed your credit line, you agree to repay the excess immediately, even if we have not yet billed you. 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 time. We will advise you of the amount of your credit line. The amount of the line of credit (the "Commitment") is Ten Million Dollars ($10,000,000).Ĭredit Line If your application is approved by us, this agreement will constitute a revolving line of credit for an amount which will be the credit line under your Account. Line of Credit Amount (a) During the availability period described below, the Bank will provide a line of credit to the Borrower. 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. 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.
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