Obligation to Make Working Capital Loans Sample Clauses

Obligation to Make Working Capital Loans. If any Lender shall fail to perform its obligation to make a Working Capital loan hereunder, the amount of the Working Capital Commitments of such Lender shall, at the time of any such failure, be immediately assumed by NationsCredit so that the aggregate amount of the Working Capital Commitments to make any Working Capital Loans provided for herein shall not be reduced. No such assumption shall relieve any Lender from its Working Capital Commitments, and each such defaulting Lender agrees to repay on demand NationsCredit any Working Capital Loans made by NationsCredit in respect of such assumed Working Capital Commitments, together with interest thereon from the date of such Loan to but excluding the date of repayment at the rate applicable to such Working Capital Loans plus 1%.
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Obligation to Make Working Capital Loans. If any Lender shall fail to perform its obligation to make a Working Capital Loan hereunder, the amount of the Working Capital Commitment of such Lender shall be assumed by the other Lenders ratably in proportion to their Working Capital Commitments so that the aggregate amount of the Working Capital Commitments to make any Working Capital Loans provided for herein shall not be reduced and the Working Capital Commitment of each other Lender shall be appropriately adjusted. No such assumption and adjustment shall relieve any Lender from its Working Capital Commitment, and each such defaulting Lender agrees to repay on demand the other Lenders that have assumed such Working Capital Commitment any Working Capital Loans made by such other Lenders in respect thereof, together with interest thereon from the date of such Loan to but excluding the date of repayment at the rate applicable to such Working Capital Loans plus 1%.
Sample 1
Obligation to Make Working Capital Loans. Except as provided in this Section below, each Member shall lend to the Company from time to time such funds as are necessary to satisfy any deficiency in the Company’s Working Capital, up to a maximum loan of $35,000,000 in the aggregate for both Members (the “Working Capital Loans”). “Working Capital” shall be defined under GAAP and shall include all working capital attributable to amounts due from and due to the Company under the Ancillary Agreements, but shall not include capital expenditures contemplated by the Refurbishment Plan or otherwise. Each Member shall contribute to each call for a Working Capital Loan in proportion to such Member’s projected coke purchases from the Company expressed as a percentage of projected coke production for the twelve calendar months commencing on the first calendar month following the date of call for the Working Capital Loan or as otherwise agreed between the Members. Except as set forth below, no Membership Interest shall be issued or changed as a result of any Working Capital Loan. Working Capital Loans shall be called by the Chief Operating Officer of the Company in conformance with the authority to be established by the Managers so as to provide the Company with the ability to fully pay its liabilities (including trade payables) when they become due. Working Capital Loans shall constitute obligations under the Promissory Notes, provided that all Working Capital Loans shall be repaid as soon as practicable from Excess Cash, as provided in Section 5.5. Working Capital Loans may be borrowed, repaid and reborrowed from time to time by the Company in such manner to both satisfy any deficiency in the Company’s Working Capital and keep all such outstanding loans to a minimum. All Working Capital Loans shall carry an interest rate equal to the prime rate as reported in the Wall Street Journal plus one and one quarter percent (1.25%), payable monthly. All Working Capital Loans shall be repaid to the Members in proportion to the outstanding amounts of the Working Capital Loans.
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Related to Obligation to Make Working Capital Loans

  • Payment of Outstanding Indebtedness, etc The Administrative Agent shall have received evidence that immediately after the making of the Loans on the Closing Date, all Indebtedness under the Existing Credit Agreement and any other Indebtedness not permitted by Section 7.04, together with all interest, all payment premiums and all other amounts due and payable with respect thereto, shall be paid in full from the proceeds of the initial Credit Event, and the commitments in respect of such Indebtedness shall be permanently terminated, and all Liens securing payment of any such Indebtedness shall be released and the Administrative Agent shall have received all payoff and release letters, Uniform Commercial Code Form UCC-3 termination statements or other instruments or agreements as may be suitable or appropriate in connection with the release of any such Liens.

  • Repayment of Term Loans and Revolving Facility Loans (a) Subject to the other clauses of this Section 2.10 and to Section 9.08(e),

  • Term Loan Advances Subject to Section 2.5(b), the principal amount outstanding under each Term Loan Advance shall accrue interest at a floating per annum rate equal to two and three quarters of one percent (2.75%) above the Prime Rate, which interest shall be payable monthly in accordance with Section 2.5(d) below.

  • Loan Commitment Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties of the Company herein set forth, the Lender hereby agrees to lend to the Company on the Closing Date and thereafter up to $16,000,000 in the aggregate (the "Loan") consisting of $8,000,000 of 7-year Tranche advances and $8,000,000 of 10-year Tranche advances. The Lender's commitment to make the Loan to the Company pursuant to this Section 2.1 is herein called the "Loan Commitment."

  • Commitments and Credit Extensions 2.01 Revolving and Term Loans

  • Term Advances The Borrower shall pay to the Administrative Agent for the ratable benefit of each Term Lender the aggregate outstanding principal amount of the Term Advances in quarterly installments each equal to $412,500 (which is equal to five percent (5%) of $8,250,000). Such quarterly installments shall be due and payable on each March 31st, June 30th, September 30th, and December 31st, commencing with December 31, 2012, and a final installment of the remaining, unpaid principal balance of the Term Advances payable on the Term Maturity Date.

  • Treatment of Outstanding Loans and Letters of Credit 25 2.6 Making Revolving Credit Loans and Swing Loans; Presumptions by the Administrative Agent; Repayment of Revolving Credit Loans; Repayment of Swing Loans 26

  • Term Loan Facility Each Lender severally agrees, on the terms and conditions set forth herein, to make Loans to the Borrower during the period from the Closing Date to June 12, 2009, in an aggregate amount not to exceed such Lender’s Pro Rata Share of the Term Commitment. The Borrower from time to time may borrow under the Term Loan Facility (and may reborrow any amount theretofore prepaid) until close of business on June 12, 2009, for a term not to exceed 364 days from the date of the Borrowing. Each such loan under the Term Loan Facility (a “Term Loan”) shall be in the minimum amount of $10,000,000 and shall become due and payable on the last day of the term selected by the Borrower for such Term Loan (the “Term Loan Maturity Date”), which shall in no event be later than 364 days from the date of such Term Loan. The maximum availability under the Term Loan Facility shall be the amount of the Credit minus the aggregate outstanding principal amount of Revolving Loans and Term Loans made by the Lenders; provided, however, that to the extent the proceeds of a Term Loan are used to repay an outstanding Revolving Loan (or a portion thereof), such Revolving Loan (or portion thereof) shall not be considered part of the aggregate principal amount of outstanding Revolving Loans made by the Lenders for purposes of this sentence (such maximum availability hereafter being referred to as the “Term Loan Availability”). Under no circumstances shall the aggregate outstanding principal amount of Term Loans and Revolving Loans made by the Lenders exceed the Credit, and under no circumstances shall any Lender be obligated (i) to make any Term Loan (nor may the Borrower reborrow any amount heretofore prepaid) after June 12, 2009, or (ii) to make any Term Loan in excess of the Term Loan Availability. Each Term Loan made hereunder shall fully and finally mature and be due and payable in full on the Term Loan Maturity Date specified in the Borrowing Advice for such Term Loan; provided, however, that to the extent the Borrowing Advice for any Term Loan selects an Interest Period that expires before the Term Loan Maturity Date specified in such Borrowing Advice, the Borrower may from time to time select additional interest rate options and Interest Periods (none of which shall extend beyond the Term Loan Maturity Date for such Term Loan) by delivering a Borrowing Advice or Notice of Conversion/Continuation, as applicable.

  • Repayment and Amortization of Loans; Evidence of Debt (a) The Borrowers hereby unconditionally promise to pay (i) to the Administrative Agent for the account of each Revolving Lender the then unpaid principal amount of each Revolving Loan on the Maturity Date, (ii) to the Administrative Agent the then unpaid amount of each Protective Advance on the earlier of the Maturity Date and demand by the Administrative Agent, and (iii) to the Administrative Agent the then unpaid principal amount of each Overadvance on the earlier of the Maturity Date and demand by the Administrative Agent.

  • Revolving Loan Facility On the terms and subject to the conditions of this Agreement, each Revolving Lender severally agrees to advance to the Borrower from time to time during the period beginning on the Effective Date up to, but not including the Termination Date, such loans in Dollars as the Borrower may request under this Section 2.01(b) (individually, a “Revolving Loan”); provided, however, that (i) the sum of (A) the Effective Amount of all Revolving Loans made by such Lender at any time outstanding and (B) such Lender’s Revolving Proportionate Share of the Effective Amount of all L/C Obligations and all Swing Line Loans at any time outstanding shall not exceed such Lender’s Revolving Loan Commitment at such time and (ii) the sum of (A) the Effective Amount of all Revolving Loans made by all of the Revolving Lenders at any time outstanding and (B) the Effective Amount of all L/C Obligations and Swing Line Loans at any time outstanding shall not exceed the Revolving Loan Facility at such time. All Revolving Loans shall be made on a pro rata basis by the Revolving Lenders in accordance with their respective Revolving Proportionate Shares, with each Revolving Loan Borrowing to be comprised of a Revolving Loan by each Revolving Lender equal to such Lender’s Revolving Proportionate Share of such Revolving Loan Borrowing. Except as otherwise provided herein, the Borrower may borrow, repay and reborrow Revolving Loans until the Termination Date in respect of the Revolving Loan Facility.

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