Working Capital Commitment. HLTT will contribute working capital as needed for the conduct of the Wound Care Business by HWC and/or PBI. HLTT will make the capital contributions to HWC, and HWC shall in turn make non-interest-bearing demand loans as needed by PBI to carry on its Wound Care Business. HLTT’s obligation to contribute working capital to HWC (for itself or for PBI) will terminate upon the earlier of these events:
a) HWC is Cash Flow Positive. HWC will be considered “Cash Flow Positive” on the last day of any period of six consecutive months if the cash flow from operations realized by HWC for that six-month period, in accordance with generally accepted accounting principles, is positive.
b) the aggregate capital contributions by HLTT to HWC equal Three Million Five Hundred Thousand Dollars ($3,500,000).
c) HLTT shall have reasonably determined and notified PTG in writing that market conditions make it unlikely that HWC will be financially successful in the Wound Care Business (an “Abandonment”).
Working Capital Commitment. The aggregate principal amount at any one time outstanding under the Working Capital Tranche shall not exceed TWO MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($2,500,000.00)(the "Working Capital Commitment"); further, the aggregate of the Working Capital Tranche under this Facility plus the working capital commitment under the Infrastructure Facility shall not exceed FOUR MILLION AND NO/100 DOLLARS ($4,000,000.00) provided, further, that Lender shall not be obligated to make any advance under the Working Capital Tranche unless the Guarantor would be liable under the Guaranty for repayment thereof.
Working Capital Commitment. To make loans to Borrower (herein collectively called the "Working Capital Loans" and individually called a "Working Capital Loan") on a revolving basis from time to time before November 15, 1999 or such later date as may be established pursuant to Section 2.2 (herein called the "Working Capital Loan Termination Date") in such amounts as Borrower from time to time may request up to its Pro Rata Share of the then existing Maximum Amount of the Working Capital Commitment at such time, provided, however, that (i) such Lender shall not be required to make any Working Capital Loan following the initial Working Capital Loan unless there shall be outstanding, at the time of such proposed Working Capital Loan, Term Loans in the full principal amount of the Term Loan Commitment then in effect and Revolving Loans in the full principal amount of the Revolving Loan Commitment then in effect; (ii) such Lender shall not be required to make any Working Capital Loan if, after giving effect to such Working Capital Loan, the aggregate Total WC Exposure would exceed the Maximum Amount of the Working Capital Commitment then in effect; and (iii) the initial Working Capital Loan shall not exceed $500,000. The foregoing commitment of Lenders is herein called the "Working Capital Commitment."
Working Capital Commitment. Cordia Corporation will contribute up to $650,000 in working capital to CordiaIP for the purpose of funding Cordia and its prepaid business. This contribution in working capital will not result in the issuance of additional shares of CordiaIP to Cordia Corporation, and will not dilute the equity interests of Seller. Any additional funding provided by Cordia Corporation in excess of $650,000 may result in dilution of Seller’s equity interest.
Working Capital Commitment. The aggregate principal amount of all -------------------------- Advances at any one time outstanding under this Section 2.2 shall not exceed the lesser of the following amounts: (1) $8,000,000 and (2) the difference between (A) the Maximum Balance Limit and (B) the then-outstanding principal balance of the Project Loan.
Working Capital Commitment. The Company covenants that after the Closing at least $2,000,000 of the Required Payment shall only be used for the working capital and accounts payable needs of the Company and its Subsidiaries.
Working Capital Commitment. Section 2.1(b) of the Credit Agreement is hereby amended to provide that the Working Capital Commitment shall be $20,000,000.
Working Capital Commitment. (b) of the Credit Agreement is hereby amended to provide that the Working Capital Commitment shall be $9,000,000.
Working Capital Commitment. In order to ensure that the Company is adequately capitalized to satisfy its debts and obligations as they become due and continue as a going concern for a reasonable period following the Closing, upon the Closing, Parent shall deposit at least $5 million in immediately available funds in an account designated by the Company and approved by Parent for the benefit of and use by the Company as working capital to fund the Company’s ongoing business operations. The use of such funds by the Company is subject to the Company’s budget as approved from time to time by the Board of Directors of the Company. Parent will provide an additional $5 million of funding to the Company in the form of an intercompany loan (the amount and timing of this funding shall be in Parent’s sole discretion). Subsequent fundings may be provided as intercompany loans or equity investments, at Parent’s sole discretion. All intercompany services provided by the Company for the benefit of Parent and its Affiliates (other than the Company and its Subsidiaries) shall be compensated on a cost-plus basis.
Working Capital Commitment. The Bank agrees to lend to the Borrower from time to time during the period from the Closing Date to but excluding the working Capital Line of Credit Termination Date an aggregate amount not exceeding in the aggregate at any one time outstanding the lesser of (a) Eighteen Million Dollars ($18,000,000.00), or (b) the Borrowing Base. The Bank's commitment to make Working Capital Loans to the Borrower and to issue Letters of Credit for the account of the Borrower pursuant to this Section 2 is herein called its "Working Capital Commitment." The amount of the Working Capital Commitment shall be reduced from time to time by the amount of any reductions thereto made pursuant to Section 2.4(c) hereof (it being understood that all references to the Working Capital Commitment of the Bank set forth in this Amended and Restated Loan Agreement shall mean the initial Working Capital Commitment of the Bank, as reduced by voluntary reductions of the Working Capital Commitment effected by the Borrower pursuant to Section 2.4(c) hereof). The Bank's Working Capital Commitment shall expire on the Working Capital Line of Credit Termination Date, and all Working Capital Loans and all other amounts owed hereunder with respect to the Working Capital Loans and the Working Capital Commitment shall be paid in full no later than that date. Amounts borrowed under this Section 2.1(a) may be repaid and reborrowed to but excluding the Working Capital Line of Credit Termination Date, subject to the provisions of Section 2.4(c) hereof. Anything contained in this Amended and Restated Loan Agreement to the contrary notwithstanding, the Working Capital Loans and the Working Capital Commitment shall be subject to the following limitations (and the Borrower may be obligated to prepay Working Capital Loans outstanding by virtue of such limitations):
(1) The Total Utilization of Working Capital Commitment shall not exceed the lesser of the Working Capital Commitment or the Borrowing Base at any time; and
(2) The amount otherwise available for borrowing under the Working Capital Line of Credit (other than to reimburse the Bank for the amount of any drawings under any Letters of Credit honored by the Bank and not theretofore reimbursed by the Borrower) shall be reduced by an amount equal to the Letter of Credit Usage as of such time of determination.
