LINE OF CREDIT AGREEMENT AND NOTE Sample Clauses

A Line of Credit Agreement and Note establishes the terms under which a lender provides a borrower with access to a specified amount of funds that can be drawn upon as needed, up to a maximum limit. This clause typically outlines the borrowing limit, interest rate, repayment schedule, and conditions for drawing funds, as well as the borrower's obligations and any collateral requirements. Its core practical function is to provide flexible financing to the borrower while clearly defining the lender's rights and the borrower's responsibilities, thereby reducing uncertainty and managing credit risk for both parties.
LINE OF CREDIT AGREEMENT AND NOTE. This Commercial Line of Credit Agreement and Note will be referred to in this document as the “Agreement”.
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Related to LINE OF CREDIT AGREEMENT AND NOTE

  • Credit Agreement and Notes This Agreement and the Notes executed by each party thereto;

  • 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.

  • Execution of Credit Agreement; Loan Documents The Administrative Agent shall have received (i) counterparts of this Agreement, executed by a Responsible Officer of each Loan Party and a duly authorized officer of each Lender, (ii) for the account of each Lender requesting a Note, a Note executed by a Responsible Officer of the Borrower, (iii) counterparts of the Security Agreement and each other Collateral Document, executed by a Responsible Officer of the applicable Loan Parties and a duly authorized officer of each other Person party thereto, as applicable and (iv) counterparts of any other Loan Document, executed by a Responsible Officer of the applicable Loan Party and a duly authorized officer of each other Person party thereto.

  • Amendment of Credit Agreement Effective as of the date hereof, the Credit Agreement is hereby amended as follows: (a) The following definitions are hereby added to Annex I to the Credit Agreement in the applicable alphabetical location:

  • Credit Agreement; Loan Documents This Agreement or counterparts hereof shall have been duly executed by, and delivered to, Borrowers, each other Credit Party, Agent and Lenders; and Agent shall have received such documents, instruments, agreements and legal opinions as Agent shall reasonably request in connection with the transactions contemplated by this Agreement and the other Loan Documents, including all those listed in the Closing Checklist attached hereto as Annex D, each in form and substance reasonably satisfactory to Agent.