Common use of Assistance and Purpose Clause in Contracts

Assistance and Purpose. Within the Revolving Line of Credit and subject to sufficient Net Availability, CIT shall assist the Companies in obtaining Letters of Credit in an aggregate undrawn amount outstanding at any time not to exceed the Letter of Credit Sub-Line. The term, form and purpose of each Letter of Credit and all documentation in connection therewith, and any amendments, modifications or extensions thereof, must be mutually acceptable to CIT, the Issuing Bank and the Funds Administrator, provided that the Companies shall not request a Letter of Credit to support the purchase of domestic Inventory or to secure present or future indebtedness owed to suppliers of domestic Inventory. Notwithstanding any other provision of this Financing Agreement to the contrary, if a Default or an Event of Default shall have occurred and remain outstanding, CIT's assistance in connection with any Letter of Credit shall be in CIT's sole discretion.

Appears in 2 contracts

Samples: Financing Agreement, Financing Agreement (Crown Crafts Inc)

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Assistance and Purpose. Within the Revolving Line of Credit and ----------------------- subject to sufficient Net Availability, CIT shall assist the Companies Ronson, RAI, and RCPC in obtaining Letters of Credit in an aggregate undrawn amount outstanding at any time not to exceed the Letter of Credit Sub-Line. The term, form and purpose of each Letter of Credit and all documentation in connection therewith, and any amendments, modifications or extensions thereof, must be mutually acceptable to CIT, the Issuing Bank and the Funds Administrator, provided that the Companies shall not request a Letter of Credit to support the purchase of domestic Inventory or to secure present or future indebtedness Indebtedness owed to suppliers of domestic Inventory. Notwithstanding any other provision of this Financing Agreement to the contrary, if a Default or an Event of Default shall have occurred and remain outstanding, CIT's assistance in connection with any Letter of Credit shall be in CIT's sole discretion.

Appears in 1 contract

Samples: Financing Agreement (Ronson Corp)

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Assistance and Purpose. Within the Revolving Line of Credit and subject to sufficient Net Availability, CIT shall assist the Companies Company in obtaining Letters of Credit in an aggregate undrawn amount outstanding at any time not to exceed the Letter of Credit Sub-Line. The term, form and purpose of each Letter of Credit and all documentation in connection therewith, and any amendments, modifications or extensions thereof, must be mutually acceptable to CIT, the Issuing Bank and the Funds AdministratorCompany, provided that the Companies Company shall not request a Letter of Credit to support the purchase of domestic Inventory or to secure present or future indebtedness owed to suppliers of domestic Inventory. Notwithstanding any other provision of this Financing Agreement to the contrary, if a Default or an Event of Default shall have occurred and remain outstanding, CIT's ’s assistance in connection with any Letter of Credit shall be in CIT's ’s sole discretion.

Appears in 1 contract

Samples: Financing Agreement (Pizza Inn Inc /Mo/)

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