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. (a) Lenders will establish for Borrower for and during the period from the date hereof and until October 31, 2006 (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 and (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).
(b) Borrower shall use the proceeds of the Working Capital Line for working capital purposes and to finance Approved Margin Deposits. Upon consummation of the transactions contemplated herein, a portion of the outstanding balance under the Existing Documents in the amount of Forty-One Million Five Hundred Sixty-Five Thousand Four Hundred Forty and 52/100 Dollars ($41,565,440.52) shall be deemed an advance under the Working Capital Line.
(c) Borrower may from time to time request that Lenders extend the Working Capital Line Contract Period for successive one year periods, by providing Agent with written notice of such request not later than sixty (60) days prior to the expiration of the then current Working Capital Line Contract Period, together with the financial statements to be delivered pursuant to Section 6.10(a) hereof, a covenant compliance certificate and such other documents as Agent shal...
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 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:
(a) An amount not to exceed $85,000 to First State Bank (Noble, OK) in full satisfaction of an outstanding loan and for release of security interests filed by First State Bank on certain of Borrower's assets;
(b) An amount not to exceed $230,000 to Bank One in full satisfaction of an outstanding loan and for release of security interests filed by Bank One on certain of Borrower's assets;
(c) An amount to exceed $313,000 to DFM Corporation in full satisfaction of outstanding balance owing and for release of security interests filed by DFM Corporation on certain of Borrower's assets;
(d) An amount not to exceed $54,000 to Mr. Xxxxxx Xxxx in full satisfaction of loans owing to Xx. Xxxx;
(e) An amount not to exceed $90,000 to Mr. Xxxx XxXxxxxxxx in full satisfaction of loans owing to Xx. XxXxxxxxxx;
(f) An amount not to exceed $120,000 to Muxelberg, Xxxxxx, Inc. in full satisfaction of open payable terms outstanding;
(g) An amount not to exceed $105,000 to the Internal Revenue Service in full satisfaction of withholding taxes, interest and penalties not currently payable;
(h) An amount not to exceed $150,000 to Trans America Financial Services, Inc. (in Oklahoma City, OK) in full satisfaction of outstanding balance on loan to Xxxxx X. Xxxx for his home in Oklahoma City, OK;
(i) An amount not to exceed $101,000 to Xx. Xxxxxx X. Friar as partial payment of her loan to Borrower; and
(j) An amount not to exceed $2,000 for trade payables.
(k) Any amount in excess of $1,250,000 shall be used for general working capital purposes for the Company.
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 $1,000,000, which Working Capital Note shall bear interest and be payable in accordance with the terms set forth herein below.
Working Capital Line of Credit. (a) Surebeam Corporation or another Affiliate of The Titan Corporation, will provide a working capital line of credit to Tech Ion of up to [...***...] dollars ($[...***...]), 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.
(b) The line of credit will be used to [...***...] of [...***...] and the Company with respect to the [...***...]. [...***...] will review all requests for funds made by [...***...] and [...***...] to determine, in its reasonable discretion, whether or not such requests are for valid business purposes with respect to the [...***...].
Working Capital Line of Credit. Subject 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. The Settling Parties agree and recommend the Commission approve an interest-bearing line-of-credit from Xxxxxx X. XxXxxxxxxx in an amount not to exceed $12,000 relative to Xxxxxxx’s existing working capital requirements. Such working capital line-of-credit will be at a variable interest rate equal to the most current Wall Street Journal (WSJ) prime rate plus 0.50%. The Settling Parties agree that a working capital line-of-credit is currently necessary for the Company to have a means of readily available funding for necessary capital needs to maintain safe and reliable service for its customers pursuant to RSA 374:1. The Settling Parties further agree that the continued necessity of Bedford’s working capital line-of-credit shall be reviewed as part of the Company’s next rate proceeding before the Commission subsequent to its current rate proceeding in Docket No. DW 22-058. The Settling Parties agree that Bedford shall file a fully executed working capital line-of-credit agreement with the Commission and the DOE within 30-days of Commission approval of this Agreement.
Working Capital Line of Credit. The Purchaser agrees to provide to the Company an additional $270,000.00 in the form of an inter-company credit line (the “Working Capital Line of Credit”), which shall be used by the Company for its general working capital needs.
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
