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Working Capital Line of Credit Sample Clauses

Working Capital Line of Credit. Section 2.1(a) of the Loan Agreement is hereby deleted in its entirety and replaced with the following: (a) Lenders will establish for Borrower for and during the period from the date hereof until October 31, 2007 (as such period may be extended from time to time pursuant to Section 2.1(c) below, the “Working Capital Line Contract Period”), subject to the terms and conditions hereof; a revolving working capital credit facility (the “Working Capital Line”), pursuant to which Lenders will from time to time in accordance with their respective Pro Rata Line Percentage, severally and not jointly, make advances to Borrower in an aggregate amount not exceeding (i) during any Non-Seasonal Period, the Maximum Non-Seasonal Working Capital Line Amount and (ii) during any Seasonal Period, the lesser of (A) the Maximum Seasonal Working Capital Line Amount or (B) the Borrowing Base Amount. Within the limitations set forth in this Agreement, Borrower may borrow, repay and reborrow under the Working Capital Line. The Working Capital Line shall be subject to all of the terms and conditions set forth in the Loan Documents, which terms and conditions are incorporated herein. Subject to the terms and conditions of this Agreement, each Lender agrees to lend to Borrower the amount equal to such Lender’s respective Pro Rata Line Percentage of each advance requested by Borrower under the Working Capital Line. The outstanding amount of the advances (including without limitation then outstanding L/C Obligations) by each Lender under the Working Capital Line shall not exceed such Lender’s Pro Rata Line Share (as such amount may change from time to time in accordance with this Agreement).”
Working Capital Line of Credit. Concurrently herewith, the Buyer and the Company have entered into a Letter of Intent re Revolving Credit Working Capital Facility (the "LETTER OF INTENT"), subject to the terms and conditions stated therein, to furnish the Company a working capital line of credit.
Working Capital Line of CreditSubject to, and upon the terms, conditions, covenants and agreements contained herein, Orion Power agrees to lend to Twelvepole, at any time and from time to time from and after the Restructuring Effective Date, such amounts as Twelvepole may request for working capital, funding of construction costs and general operating purposes. Within such limits and during such periods Twelvepole may borrow, repay and reborrow hereunder. All loans made pursuant to the terms hereof, and any repayment thereof, shall be made and repaid consistent with and as contemplated by, the Deposit Account Agreement and the Credit Agreement.
Working Capital Line of Credit. (a) Subject to, and in accordance with, the terms and conditions of this Agreement, the Lender agrees to extend credit to the Borrower by making Advances to it under the Working Capital Line of Credit, from time to time during the period commencing on the Closing Date and ending on the Business Day preceding the Working Capital Line of Credit Termination Date, in an aggregate outstanding amount that shall not exceed, at any one time, Ten Million Dollars ($10,000,000). (b) During the period referred to in Section 2.1(a), the Borrower may use the Lender's commitment under the Working Capital Line of Credit by borrowing, repaying and reborrowing. The Borrower shall notify the Lender verbally or in writing of each proposed borrowing under the Working Capital Line of Credit not later than 2:00 p.m., Philadelphia, Pennsylvania, time on the day of such proposed borrowing pursuant to a Borrowing Notice. The Borrower authorizes and directs the Lender to disburse the proceeds of each such borrowing by direct deposit to Borrower's demand deposit account maintained with the Lender. (c) The Working Capital Line of Credit shall be used solely for the Borrower's working capital requirements. The initial Advance under the Working Capital Line of Credit shall be used to repay the outstanding balance of the borrower's existing line of credit facility with the Lender (which line of credit facility is hereby terminated and canceled.) (d) The Working Capital Line of Credit Termination Date may be extended or renewed by the Lender, in its sole discretion, on a day-to-day basis or otherwise, based on a letter to such effect from the Lender to the Borrower or by a written agreement between the parties hereto; provided, however, the Lender shall have no duty or obligation, express or implied, to extend the Working Capital Line of Credit Termination Date or consider any request for such an extension.
Working Capital Line of Credit. Prime and Newco I each agree to execute, on or before the Closing Date (i) the Loan Agreement in substantially the form attached hereto as Exhibit G1 (the "Loan Agreement"), which provides for, among other credit accommodations described below, a revolving line of credit in the maximum principal amount of $200,000 and maturing one (1) year after the Closing (the "Working Capital Line"), pursuant to which Newco I shall be entitled, subject to the conditions and limitations contained in the Loan Agreement, to borrow, repay and reborrow funds in order to meet obligations of Newco I arising in the ordinary course of business, (ii) the Assignment and Security Agreement in substantially the form attached hereto as Exhibit G4, and (iii) in connection with the Working Capital Line, the Promissory Note in substantially the form attached hereto as Exhibit G2.
Working Capital Line of Credit. (i) Subject to the terms hereof, Bank agrees to extend a revolving line of credit (the "Working Capital Revolver") to Borrower, in the original principal amount of One Million Dollars ($1,000,000), for the purpose of financing the Borrower's general working capital needs. The Working Capital Revolver will be available during the period commencing on the date hereof and continuing until November 30, 1998 (which date, as extended in accordance with the terms hereof, shall be the "Maturity Date"). Borrower may from time to time borrow, repay and re-borrow, subject to the Borrowing Base Agreement and the Borrowing Base. As a condition of any advance under the Working Capital Revolver, Borrower shall inform Bank as to the purpose and intended use of such advance. Borrower shall execute and deliver to Bank a promissory note (the "Working Capital Note") in the principal amount of $1,000,000, which Working Capital Note shall bear interest and be payable in accordance with the terms set forth herein below.
Working Capital Line of Credit. The Buyer agrees to advance funds (the "Working Capital Line of Credit") to the Company pursuant to any Draw Down Notice provided that there is an Agreed Upon Projection for the calendar quarter to which the Draw Down Notice applies. Advances for any calendar quarter shall be made in monthly installments in accordance with the Agreed Upon Projection on the first day of each month in the applicable calendar quarter, beginning on the first business day of the first month of such quarter, provided that the initial advance made pursuant to a Draw Down Notice submitted in connection with a revised Quarterly Projection shall be made within three days of the date (if any) that a revised Agreed Upon Projection is agreed upon. The Company shall repay such advances pursuant to the terms of a Promissory Note substantially in the form attached hereto as Exhibit C, which shall be executed and delivered by the Company to the Buyer on the date of this Agreement.
Working Capital Line of CreditSubject to, and upon the terms, conditions, covenants and agreements contained herein, Orion Power agrees to (i) lend to Erie Boulevard and Carr Xxxeet, at any time and from time to time prior to the Acquisition Loan Funding Date in respect of the Astoria Bundle, such amounts as Erie Boulevard and Carr Xxxeet may request for working capital and general operating purposes, and (ii) lend to the Operating Companies, at any time and from time to time from and after the Astoria Generating Effective Date, such amounts as the Operating Companies may request for working capital and general operating purposes. Within such limits and during such periods Erie Boulevard and Carr Xxxeet or all of the Operating Companies, as the case may be, may borrow, repay and reborrow hereunder. All loans made pursuant to the terms hereof, and any repayment thereof, shall be made and repaid consistent with and as contemplated by, the Deposit Account Agreement and the Credit Agreement.
Working Capital Line of Credit. Subject to the terms and conditions of this Agreement and the Loan Documents, and in reliance upon the representations, warranties, covenants, projections and other matters set forth in this Agreement and in each of the Loan Documents, the Bank shall, provided that no Event of Default or Potential Default has occurred and is continuing uncured to the satisfaction of the Bank (i) make revolving loans (the "Direct Loans") to the Borrowers for the purposes provided for in Section 2.07(a) of this Agreement, in the maximum principal amount of up to Two Million Dollars ($2,000,000), and (ii) within the Two Million Dollars ($2,000,000) limit, but at no time exceeding the Two Million Dollars ($2,000,000) in the aggregate, issue commercial or standby letters of credit for the account of the Borrowers ("Letters of Credit") (collectively, the "Working Capital Line of Credit"). The terms and conditions under which the Bank will agree to issue Letters of Credit are also set forth in a Master Letter of Credit Agreement, dated of even date, executed and delivered by the Borrowers to the Bank (the "Letter of Credit Agreement").
Working Capital Line of Credit. Upon the execution of this Agreement and provided that Borrower is in compliance with its terms and conditions, Borrower may from time to time request from Bank, and Bank in its discretion may extend to Borrower, a working capital line of credit in the maximum amount of up to an aggregate principal sum outstanding equal to the face amount of a Commercial Revolving Note dated of even date herewith (said amount being $1,915,000.00, and which note, together with any and all amendments thereto and renewals thereof, are referred to as the "Revolving Note") made by Borrower to the order of Bank and in form and substance satisfactory to Bank (the "Maximum Sum"), which sum may, at Bank's discretion, be borrowed, and which Borrower shall repay, together with interest thereon and loan fees and commitment fees, as applicable, in accordance with the terms and conditions of the Revolving Note, which shall evidence Borrower's obligation to repay each advance made under the line of credit, together with such interest and fees, if applicable (each such advance a "Revolving Loan" and all such advances collectively the "Revolving Loans"