Working Capital Advances and Letters of Credit Sample Clauses

Working Capital Advances and Letters of Credit. Subject to the conditions precedent set forth in Section 3 hereof, the Lenders hereby agree that the Borrower may request (provided that on the date of such request, the Borrower and Subsidiaries shall not collectively have in their possession or under their control cash and Cash Equivalents in an aggregate amount greater than $1,000,000 (net of undrawn and outstanding checks of such date)) and the Agent, in its discretion (unless otherwise instructed by the Majority Working Capital Lenders (as defined herein)), may provide Working Capital Advances and issue Letters of Credit from the date hereof through and including June 15, 2000 (the "Amendment Period"); provided, however, that (a) the aggregate Available Amount of all Letters of Credit outstanding shall not at any time exceed $5.314 million less the aggregate Letter of Credit Advances at such time, (b) issued and outstanding Standby Letters of Credit shall not at any time exceed $1,000,000 in the aggregate, (c) the sum of Working Capital Advances and Swing Line Advances shall not at any time exceed $46.6 million; and, provided further that nothing contained herein shall in any way limit, impair or modify the requirements of Section 2.06(b)(iii) of the Credit Agreement.
Sample 1
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Working Capital Advances and Letters of Credit. Subject to the conditions precedent set forth in Section 3 hereof, the Lenders hereby agree that the Borrower may request and the Lenders, in their discretion, may provide Working Capital Advances and issue Letters of Credit from the date hereof through and including June 15, 2000 (the "Amendment Period"); provided, however, that (a) the aggregate Available Amount of all Letters of Credit outstanding shall not at any time exceed an amount equal to $48.314 million less the sum of (x) the Working Capital Advances, (y) the Swing Line Advances, and (z) the Letter of Credit Advances at the time outstanding and (b) Working Capital Advances shall not at any time exceed $45 million.
Sample 1

Related to Working Capital Advances and Letters of Credit

  • The Advances and Letters of Credit (a) Each Lender severally agrees, on the terms and conditions hereinafter set forth, to make Advances to the Borrower from time to time on any Business Day during the period from the Effective Date until the Termination Date in an aggregate amount (based in respect of any Advances to be denominated in a Committed Currency by reference to the Equivalent thereof in Dollars determined on the date of delivery of the applicable Notice of Borrowing) not to exceed such Lender’s Unused Commitment at such time. Each Borrowing shall be in an amount not less than the Borrowing Minimum or the Borrowing Multiple in excess thereof and shall consist of Advances of the same Type and in the same currency made on the same day by the Lenders ratably according to their respective Revolving Credit Commitments. Within the limits of each Lender’s Revolving Credit Commitment, the Borrower may borrow under this Section 2.01(a), prepay pursuant to Section 2.10 and reborrow under this Section 2.01(a).

  • Loans and Letters of Credit On the Closing 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

  • First Loans and Letters of Credit On the Closing Date:

  • CONDITIONS TO LOANS AND LETTERS OF CREDIT The obligations of Lenders to make Loans and the issuance of Letters of Credit hereunder are subject to the satisfaction of the following conditions.

  • Purpose of Loans and Letters of Credit The Borrower will use the Letters of Credit and the proceeds of the Loans to (a) provide for working capital, capital expenditures and general corporate purposes of the Credit Parties and their Subsidiaries (including, without limitation, Permitted Acquisitions), (b) on the Closing Date to refinance the Existing Credit Agreement, and (c) pay fees and expenses relating to any of the foregoing.

  • Conditions to All Loans and Letters of Credit The obligations of the Lenders to make any Loan or issue any Letter of Credit is subject to the satisfaction of the following conditions precedent on the relevant borrowing or issue date, as applicable:

  • Conditions Precedent to Initial Loans and Letter of Credit Accommodations Each of the following is a condition precedent to Lender making the initial Loans and providing the initial Letter of Credit Accommodations hereunder:

  • Commitments and Credit Extensions 2.01 Revolving and Term Loans

  • New Swingline Loans/Letters of Credit So long as any Lender is a Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan and (ii) no Issuing Lender shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

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