Line of Credit Commitments. Prior to the Line of Credit Termination Date, each Lender severally and not jointly agrees, subject to the terms and conditions hereof, to make Line of Credit Loans (each individually a “Line of Credit Loan” and, collectively, the “Line of Credit Loans”) in Dollars to the Borrower from time to time up to the amount of such Lender’s Line of Credit Commitment in effect at such time; provided, however, the sum of the aggregate principal amount of Line of Credit Loans and L/C Obligations at any time outstanding shall not exceed the sum of all Line of Credit Commitments in effect at such time. Each Borrowing of Line of Credit Loans shall be made ratably by the Lenders in proportion to their respective Line of Credit Percentages. As provided in Section 2.5(a), and subject to the terms hereof, the Borrower may elect that each Borrowing of Line of Credit Loans be Base Rate Loans or Eurodollar Loans. Line of Credit Loans which are fully repaid in accordance with the terms of this Agreement may be reborrowed in accordance with the terms of this Agreement. Borrower acknowledges and agrees that, immediately prior to the effectiveness of this Agreement, the outstanding principal amount of the “Line of Credit Loans” under the Original Credit Agreement is $8,368,338.37, all of which hereby shall be deemed to have been, and hereby are, converted into a portion of the outstanding Term A Loan hereunder in like amount without constituting a novation.
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Sources: Credit Agreement (Granite City Food & Brewery Ltd.)
Line of Credit Commitments. Prior to the Line of Credit Termination Date, each Lender severally and not jointly agrees, subject to the terms and conditions hereof, to make Line of Credit Loans (each individually a “Line of Credit Loan” and, collectively, the “Line of Credit Loans”) in Dollars to the Borrower from time to time up to the amount of such Lender’s Line of Credit Commitment in effect at such time; provided, however, the sum of the aggregate principal amount of Line of Credit Loans and L/C Obligations at any time outstanding shall not exceed the sum of all Line of Credit Commitments in effect at such time. Each Borrowing of Line of Credit Loans shall be made ratably by the Lenders in proportion to their respective Line of Credit Percentages. As provided in Section 2.5(a), and subject to the terms hereof, the Borrower may elect that each Borrowing of Line of Credit Loans be Base Rate Loans or Eurodollar Loans. Line of Credit Loans which are fully repaid in accordance with the terms of this Agreement may be reborrowed in accordance with the terms of this Agreement. Borrower acknowledges and agrees that, immediately prior to the effectiveness of this Agreement, the outstanding principal amount of the “Line of Credit Loans” under the Original Credit Agreement is $8,368,338.37, all of which hereby shall be deemed to have been, and hereby are, converted into a portion of the outstanding Term A Loan hereunder in like amount without constituting a novation.
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