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Document Preview Business Loan Agreement |
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Title: |
Business Loan Agreement |
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Entities: |
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Date: |
2001 |
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Size: |
Preview shows 4KB of 61KB total |
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Price: |
$46 |
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ID: |
#459799 |
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Bank of America
Business Loan Agreement
This Agreement dated as of July 1, 2001, is between Bank of America, N.A. (the
"Bank") and K-Swiss Inc. (the "Borrower").
1. LINE OF CREDIT AMOUNT AND TERMS
1.1 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
"Commitment") is Fifteen Million and 00/100 Dollars ($15,000,000.00).
(b) This is a revolving line of credit providing for cash advances, letters
of credit and acceptances. During the availability period, the Borrower
may repay principal amounts and reborrow them.
(c) The Borrower agrees not to permit the outstanding principal balance of
advances under the line of credit plus the outstanding amounts of any
letters of credit, including amounts drawn on letters of credit and not
yet reimbursed and acceptances, to exceed the Commitment.
1.2 Availability Period. The line of credit is available between the date of
this Agreement and July 1, 2003, or such earlier date as the availability may
terminate as provided in this Agreement (the "Expiration Date").
1.3 Interest rate.
(a) Unless the Borrower elects an optional interest rate as described below,
the interest rate is the Bank's Prime Rate minus 0.75 percentage point.
(b) The Prime Rate is the rate of interest publicly announced from time to
time by the Bank as its Prime Rate. The Prime Rate is set by the Bank
based on various factors, including the Bank's costs and desired return,
general economic conditions and other factors, and is used as a reference
point for pricing some loans. The Bank may price loans to its customers
at, above, or below the Prime Rate. Any change in the Prime Rate shall
take effect at the opening of business on the day specified in the public
announcement of a change in the Bank's Prime Rate.
1.4 Repayment Terms.
(a) The Borrower will pay interest on July 1, 2001, and then monthly
thereafter until payment in full of any principal outstanding under this
line of credit.
(b) The Borrower will repay in full all principal and any unpaid interest or
other charges outstanding under this line of credit no later than the
Expiration Date. Any interest period for an optional interest rate (as
described below) shall expire no later than the Expiration Date.
1.5 Optional Interest Rates. Instead of the interest rate based on the Bank's
Prime Rate, the Borrower may elect the optional interest rates listed below
during interest periods agreed to by the Bank and the Borrower. The optional
interest rates shall be subject to the terms and conditions described later in
this Agreement. Any principal amount bearing interest at an optional rate under
this Agreement is referred to as a "Portion." The following optional interest
rates are available:
(a) the IBOR Rate plus 1.25 percentage points.
1.6 Letters of Credit.
(a) This line of credit may be used for financing:
(i) commercial letters of credit with a maximum maturity of 225 days
but not to extend more than I80 days beyond the Expiration Date.
Each commercial letter of credit will require drafts payable at
sight.
(ii) standby letters of credit with a maximum maturity of 365 days.
(iii) The amount of standby and commercial letters of credit outstanding
at any one time (including amounts drawn on letters of credit and
not yet reimbursed) may not exceed Fifteen Million and 00/100
Dollars ($15,000,000.00). The total of the undrawn and the drawn
and and unreimbursed amount of standby letters of credit
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