Repayment of Working Capital Loans. (a) The Borrower shall reduce the aggregate outstanding principal amount of all Working Capital Loans to zero Dollars ($0) for a period of five (5) consecutive Business Days at least once every three hundred sixty-five (365) days; provided that, the Borrower will determine in its sole discretion when during any three hundred sixty-five (365) day-period it elects to satisfy such requirement and the Senior Facility Agent shall have no duty to monitor compliance with this Section 4.02(a).
(b) Notwithstanding anything to the contrary set forth in Section 4.02(a), the Borrower unconditionally and irrevocable promises to pay to the Senior Facility Agent for the ratable account of each Senior Lender, on the Maturity Date, an amount equal to the aggregate principal amount of all Working Capital Loans.
Repayment of Working Capital Loans. All Working Capital Loans then outstanding and all accrued interest thereon shall be due and payable in full on the Loan Maturity Date.
Repayment of Working Capital Loans. The parties agree that all working capital loans will be repaid at the time of and contingent upon the closing of an initial business combination. The parties agree that $1,500,000 of such loans that are outstanding at the time of the closing of the initial business combination shall be paid in the form of private placement units valued at $10.00 per unit with the remaining amounts repaid in cash. The parties agree that the allocation of the loans to be paid in units versus cash shall be done on a pro rata basis based upon the aggregate amounts owed to the Sponsor on the one hand and SMM on the other. By way of example, if the aggregate amount of working capital loans outstanding was $2,000,000 and the aggregate amount to the Sponsor amounted to $1,200,000 (60% of the outstanding amount), the Sponsor shall receive $900,000 ($1,500,000 x 0.6) in the form of units (90,000 private placement units) and the remainder ($300,000) in the form of cash.
Repayment of Working Capital Loans. 20 3.5 Termination of Working Capital Facility............................21 3.6
Repayment of Working Capital Loans. Principal of and interest on each Working Capital Loan shall be payable as set forth in the Note, substantially in the form attached hereto as Exhibit “A-3”, evidencing such Loan, which Note shall provide substantially as follows. Principal and interest at the Designated Rate shall be fully amortized over a period of 30 months in equal, monthly installments, commencing after an initial 3-month period of interest-only monthly payments. In particular, if the Borrowing Date is the first day of the month, then on that date Borrowers shall pay to Lender a first (1st) interest-only installment at a rate of 1.00% per month on the outstanding principal balance of the Note for the ensuing month; and if the Borrowing Date is not the first day of the month, then on the first day of first full calendar month after such Borrowing Date, Borrowers shall pay to Lender interest only at a rate of 1.00% per month on the outstanding principal balance of the Loan for the period from such Borrowing Date through the last day of the calendar month in which such Borrowing Date
Repayment of Working Capital Loans. The Lessee shall repay the principal amount of the Lessee Working Capital Loans and accrued interest thereon on December 31, 2012. Notwithstanding anything to the contrary in this Agreement, the Lessee agrees to reduce the principal balance of Lessee Working Capital Loans outstanding once for twenty consecutive days during each of the following calendar years to an amount that is not greater than the corresponding amount set forth below: Calendar Year Xxxxxx 0000 $ 3,000,000.00 2007 $ 2,000,000.00 Thereafter $ 0.00 The time period in each calendar year during which the Lessee shall reduce the balance of Lessee Working Capital Loans to an amount not greater than the amount set forth opposite such year shall be determined by the Lessee and notice of such determination shall be delivered to the Lender no later than three (3) Business Days after the end of such time period. Subject to the terms and conditions of this Agreement, amounts repaid in respect of the Lessee Working Capital Loans may be reborrowed thereafter until December 31, 2012, upon which date the Lessee Working Capital Loan Commitments shall terminate.”
Repayment of Working Capital Loans. The Company shall repay the Working Capital Loans in accordance with the Working Capital Facility Agreement.
Repayment of Working Capital Loans. (i) The Borrower shall repay the outstanding principal amount of the Working Capital Loans (together with all accrued but unpaid interest thereon) in full on the Revolving Credit Commitment Termination Date. Within the limits of each Working Capital Bank's Working Capital Loan Commitment and Available Revolving Extensions of Credit, prior to the Revolving Credit Commitment Termination Date, amounts borrowed under Section 4.1(a) and repaid may be reborrowed under Section 4.1(a), subject to Section 4.2(c) below.
(ii) The Borrower shall indemnify the Working Capital Banks pursuant to Section 12.4(c) in the event that any repayment shall be made on a day other than the last day of an Interest Period for the Loan or Loans being prepaid.
Repayment of Working Capital Loans. The parties hereto wish to modify the payment terms of the Original Note such that the payment terms of the Original Note are the same as the payment terms of the Future Advance Note, resulting in the entire Working Capital Loans, as evidenced by the Original Note and the Future Advance Note, having the same payment terms. Accordingly, Section 2.4 of the Loan Agreement is hereby amended and restated as follows: "At no time shall the outstanding balance of the Working Capital Loans exceed the amount of the Borrowing Base. Accordingly, if at any time and on such date that the outstanding balance of the Working Capital Loans exceeds the Borrowing Base, then Company shall make, without demand, a payment in such amount as required to reduce the outstanding balance of the Working Capital Loans to the amount of the Borrowing Base. On the Working Capital Loan Maturity Date, the remaining aggregate principal amount of the Working Capital Loans then outstanding shall be repaid (together with all accrued and unpaid interest and fees then accrued thereon) without demand."
Repayment of Working Capital Loans. On the Working Capital Loan Maturity Date, the aggregate principal amount of the Working Capital Loans then outstanding shall be repaid (together with all accrued and unpaid interest and fees then accrued thereon) without demand. Anything herein to the contrary notwithstanding, any and all repayments or prepayments of the Loans (irrespective of whether made by or on behalf of Company, from Collections received, or from the proceeds of the sale or other disposition of Collateral, or otherwise) shall be applied, first, to outstanding Reducing Revolving Loans until the Reducing Revolving Facility Usage equals zero and, then, to outstanding Working Capital Loans.
