CY » Topics » 2.1.1 Advances.

This excerpt taken from the CY 10-Q filed May 8, 2009.

2.1.1 Advances.

(a) Bank will make Advances not exceeding the Committed Revolving Line minus (i) the outstanding principal balance of the Advances (including drawn but unreimbursed Letters of Credit that are deemed to be Advances pursuant to Section 2.1.2(c)), minus (ii) the amount of all outstanding Letters of Credit (excluding drawn but unreimbursed Letters of Credit that are deemed to be Advances pursuant to Section 2.1.2(c)) minus (iii) all amounts for services utilized for Cash Management Services that Borrower and Bank agree to in writing pursuant to Section 2.1.4. Amounts borrowed hereunder that remain available for borrowing under this Agreement may be repaid and reborrowed prior to the Maturity Date, without penalty or premium.

(b) To obtain an Advance, Borrower must notify Bank pursuant to the terms set for in Section 2 of Appendix A. Borrower must promptly confirm the notification by delivering to Bank a Loan Payment/Advance Request Form (the “Payment/Advance Form”). Bank will credit Advances to Borrower’s deposit account. Bank may make Advances under this Agreement based on instructions from a Responsible Officer or his or her designee or without instructions if the Advances are necessary to meet Obligations which have become due. Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Borrower will indemnify Bank for any loss Bank suffers due to such reliance.

 

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