The Line of Credit Note Clause Examples for Any Agreement

The Line of Credit Note clause establishes the terms and conditions under which a borrower may access funds from a lender up to a specified credit limit. It typically outlines the maximum amount available, the interest rate, repayment schedule, and any conditions for drawing or repaying funds. This clause serves to formalize the borrower's ability to borrow and repay repeatedly within the agreed limit, providing flexibility for managing cash flow while clearly defining the obligations and rights of both parties.
The Line of Credit Note. Borrower's obligation to repay the Line of Credit Loan shall be evidenced by the Line of Credit Note.
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The Line of Credit Note. The Line Loans made hereunder shall be evidenced by a note of the Company in the form of Exhibit A annexed hereto and made a part hereof, with all blanks appropriately completed, and any and all renewals, replacements, substitutions and extensions thereof ("Line of Credit Note"). The Line of Credit Note shall be payable on demand for the amount of the aggregate outstanding unpaid principal amount of the Line Loans. The Line of Credit Note shall be inscribed by HSBC Bank as holder of the Line of Credit Note on the reverse side thereof with the amount, the date of making, continuation or conversion of each Loan, each payment of principal, each Loan's character as a LIBOR Loan, or Prime Rate Loan and the dates on which each LIBOR Interest Period shall begin and end, and the outstanding aggregate principal balance of the Line Loans. Any such inscription shall constitute prima facie evidence of the accuracy of the information so inscribed; provided, however, the failure of HSBC Bank to make any such inscription shall not affect the Company's obligations under the Line of Credit Note or this Agreement.
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The Line of Credit Note. Loans under the Line of Credit will be evidenced by this agreement and a promissory note in a form provided by Lender (the "Line of Credit Note").
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The Line of Credit Note. The Credit Line shall be evidenced by a revolving line of credit note from Borrower payable to Bank’s order in the face principal amount of up to $15,000,000.00 (such revolving line of credit note and all amendments, modifications, extensions, renewals and replacements thereof being herein called the “Line of Credit Note” or “Note”), which is executed and delivered contemporaneously herewith, and is made a part hereof by this reference. The Line of Credit Note provides for accrual and monthly payment of interest on the amounts of principal from time to time advanced and outstanding on the Credit Line at the interest rate provided therein, and provides that the principal amount outstanding shall be due and payable in full on the Maturity Date (as defined in the Line of Credit Note), along with all accrued and unpaid interest thereon. Bank shall not be obligated to fund any advances under the Credit Line on or after the Maturity Date (as defined in the Line of Credit Note).
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The Line of Credit Note. The Loan shall be evidenced by a ----------------------- restated promissory note of the Borrower in substantially the form of Exhibit A hereto (the "Note") , dated as of the Closing Date and completed with appropriate insertions. The Note shall be payable to the order of the Bank in the stated principal amount of $7,500,000.00, but shall be subject to the Maximum Availability as set forth herein. The Borrower irrevocably authorizes the Bank to make or cause to be made, at the time of (i) receipt of any payment of principal on, and (ii) any advance of principal with respect to, the Note, an appropriate notation on the Record reflecting the receipt of such payment and advance of such principal. The outstanding amount of the Loan set forth on the Record shall be prima facie evidence of the principal amount owing and unpaid to the Bank, but the failure to record, or any error in so recording, any such amount on the Record shall not limit or otherwise affect the obligations of the Borrower hereunder or under the Note to make payments of principal of or interest on the Note when due. Notwithstanding the stated principal amount of the Note, the principal balance outstanding from time to time of the Note shall not exceed the Borrower's Maximum Availability. Subject to the terms of this Agreement, the Borrower may borrow, pay and re-borrow against the Note until the Maturity Date.
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The Line of Credit Note and Section 1.1(a) of the Existing Credit Agreement are hereby amended by deleting any reference to “March 27, 2010” contained therein and by substituting therefor a reference to “April 26, 2010.”
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The Line of Credit Note. The Term Note;
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The Line of Credit Note. Good standing certificates showing Borrower and Guarantor to be in good standing in Borrower's and Guarantor's state of organization and in each other state in which such entities are doing and presently intend to do business for which qualification is required.
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Related to The Line of Credit Note

  • 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. Borrower’s obligation to repay advances under the Line of Credit shall be evidenced by a promissory note dated as of May 1, 2012 (“Line of Credit Note”), all terms of which are incorporated herein by this reference.

  • Revolving Line of Credit (a) The Bank hereby establishes in favor of the Borrower a revolving line of credit (the “Line of Credit”). The Borrower shall be entitled to borrow, repay and reborrow funds under the Line of Credit in accordance with the terms hereof so long as the total principal amount owed to the Bank under the Line of Credit does not exceed $25,000,000.00 (or such lesser amount as is set forth herein) during the Revolving Period. The Bank’s obligation to make advances hereunder shall terminate at the expiration of the Revolving Period. (b) The Borrower’s indebtedness under the Line of Credit shall be evidenced by a promissory note (as amended, extended or renewed from time to time, the “Line of Credit Note”) of even date herewith executed by the Borrower in favor of the Bank in the original principal amount of $25,000,000.00. The Line of Credit Note shall bear interest at the rate set forth therein and shall be payable as set forth therein. (c) The Bank shall make each advance under the Line of Credit upon written or telephonic notice from the Borrower to the Bank requesting an advance. The notice shall specify the date for which the advance is requested (which must be a Business Day) and the amount of the advance. The Bank must receive the notice prior to 12:00 noon (Eastern time) on the Business Day of the advance. Alternatively, the Borrower may request advances by drawing checks on a deposit account that is linked to the credit facility hereunder in accordance with disbursement arrangements that are mutually satisfactory to the parties. The Bank will make each requested advance available to the Borrower not later than the close of business on the Business Day of the request by crediting the Borrower’s account maintained with the Bank in the amount of the advance if as of such time: (i) the Bank’s obligation to make advances hereunder has not terminated or expired; (ii) a Default or Event of Default has not occurred; and (iii) all conditions to the advance set forth herein or in any other Loan Documents have been satisfied. The Bank may rely upon any written or telephonic notice given by any person that the Bank in good faith believes is an authorized representative of the Borrower without the necessity of any independent investigation. If any telephonic notice conflicts with a written confirmation, the telephonic notice shall govern if the Bank has acted in reliance thereon. (d) For purposes hereof, the term “Revolving Period” shall mean a period commencing on the date hereof and terminating on March 18, 2007.

  • Line of Credit Amount (a) During the availability period described below, the Bank will provide a line of credit to the Borrower. The amount of the line of credit (the “Facility No. 1 Commitment”) is Five Million and 00/100 Dollars ($5,000,000.00). (b) This is a revolving line of credit. During the availability period, the Borrower may repay principal amounts and reborrow them. (c) The Borrower agrees not to permit the principal balance outstanding to exceed the Facility No. 1

  • Revolving Credit Note The obligation of the Borrowers to pay the Revolving Loan, with interest, shall be evidenced by a promissory note (as from time to time extended, amended, restated, supplemented or otherwise modified, the “Revolving Credit Note”) substantially in the form of EXHIBIT A-1 attached hereto and made a part hereof, with appropriate insertions. The Revolving Credit Note shall be dated as of the Closing Date, shall be payable to the order of the Lender at the times provided in the Revolving Credit Note, and shall be in the principal amount of the Revolving Credit Committed Amount. Each of the Borrowers acknowledges and agrees that, if the outstanding principal balance of the Revolving Loan outstanding from time to time exceeds the face amount of the Revolving Credit Note, the excess shall bear interest at the rates provided from time to time for advances under the Revolving Loan evidenced by the Revolving Credit Note and shall be payable, with accrued interest, ON DEMAND. The Revolving Credit Note shall not operate as a novation of any of the Obligations or nullify, discharge, or release any such Obligations or the continuing contractual relationship of the parties hereto in accordance with the provisions of this Agreement.

  • Revolving Note The Revolving Loans made by each Lender shall, in addition to this Agreement, also be evidenced by a promissory note of the Borrower substantially in the form of Exhibit K (each a “Revolving Note”), payable to the order of such Lender in a principal amount equal to the amount of its Commitment as originally in effect and otherwise duly completed.