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 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 ($2,000,000) in the aggregate, issue commercial or standby letters of credit for the account of the Borrowers ("Letters of Credit") (collectively, the "Working Capital Line of Credit"). The terms and conditions under which the Bank will agree to issue Letters of Credit are also set forth in a Master Letter of Credit Agreement, dated of even date, executed and delivered by the Borrowers to the Bank (the "Letter of Credit Agreement").
Working Capital Line of Credit. (a) Surebeam Corporation or another Affiliate of The Titan Corporation, will provide a working capital line of credit to Tech Ion of up to [...***...] dollars ($[...***...]), with an interest rate of [...***...] percent ([...***...]%) per year. This line of credit will be 100% fully secured by the stock and assets of Tech Ion until fully funded and transferred by Tech Ion to the Company, PROVIDED that such transfer is (i) duly evidenced by Tech Ion; and (ii) not made as an equity contribution in exchange for Equity Quotas. Provided that these conditions are complied with, the line of credit will be 100% fully secured by the stock and assets of the Company in accordance with the terms of separate Pledge Agreements to be entered into by the appropriate parties.
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. 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"). Borrower may borrow, repay, and reborrow a maximum aggregate amount of advances outstanding under working capital Revolving Loans not to exceed the lesser of the Maximum Sum or the Borrowing Base. If at any time the outstanding principal balance of the Revolving Note exceeds the Borrowing Base, Borrower shall pay Bank immediately, without notice or demand, the amount of such excess, regardless of the stipulated date of maturity, if not payable on demand. Proceeds of the working capital line of credit Revolving Loans will be used by Borrower solely for its working capital needs in its present line of business and for only such other purposes as may be specifically approved by Bank in writing. Each request for, and each acceptance of, an advance of any Revolving Loans shall constitute a reaffirmation of the truth and accuracy of the representations and warranties set forth in this Agreement and in the Borrowing Base Certificate.
Working Capital Line of Credit. (a) Subject 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. The Working Capital Loan shall be evidenced by a revolving promissory note in the form of attached Exhibit A, duly executed by Borrower (together with any renewals or extensions of the note, (the "Note") dated November 29, 1995, and secured by a duly executed Security Agreement (the "Security Agreement") in the form of attached Exhibit B. Lender shall make notations on the Note, as appropriate, which shall be binding on the parties absent manifest error, of the amount outstanding thereunder. The proceeds of the Loan shall be used to pay off the following:
Working Capital Line of Credit. Subject to the terms and conditions of this Agreement, Lender agrees to make loans to Borrower on a revolving basis (the "Working Capital Line of Credit") in one or more Advances (as defined below) from time to time to provide working capital for Borrower; provided, however, that Lender shall not be obligated to make Advances under the Working Capital Line of Credit if the amount of such Advance, together with the then outstanding principal balance of that certain Secured Promissory Note of even date herewith made by Borrower and payable to Lender in the principal amount of $500,000.00 (the "Note"), would exceed $500,000.00. Borrower shall give Lender ten (10) business days prior written notice of each requested draw under the Working Capital Line of Credit. All Advances under the Working Capital Line of Credit shall bear interest at the rate specified from time to time in the Note. At the request of Borrower, Lender shall consider increasing the amount of the Working Capital Line of Credit to $1,000,000; provided, however, that no such increase shall occur without the express written consent and agreement of the Boards of Directors of both
Working Capital Line of Credit. The Company shall have obtained from a bank a working capital line of credit in the amount of at least $2.0 million by June 11, 1999.
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.
