Working Capital Loans. The Sponsor has made loans to the Company in the aggregate amount of up to $300,000 (the “Insider Loans”) pursuant to a promissory note substantially in the form filed as an exhibit to the Registration Statement. The Insider Loans do not bear any interest and are repayable by the Company on the earlier of December 31, 2021 and the consummation of the Offering.
Working Capital Loans. Each Working Capital Lender severally agrees, subject to the limitations set forth below with respect to the maximum amount of Working Capital Loans permitted to be outstanding from time to time, to lend to Company from time to time during the period from the Closing Date to but excluding the Working Capital Loan Commitment Termination Date an aggregate amount not exceeding its Pro Rata Share of the aggregate amount of the Working Capital Loan Commitments to be used for the purposes identified in subsection 2.5B. The original amount of each Working Capital Lender's Working Capital Loan Commitment is set forth opposite its name on SCHEDULE 2.1 annexed hereto and the aggregate original amount of the Working Capital Loan Commitments is $25,000,000; PROVIDED that the Working Capital Loan Commitments of the Working Capital Lenders shall be adjusted to give effect to any assignments of the Working Capital Loan Commitments pursuant to subsection 10.1B; PROVIDED FURTHER the Working Capital Loan Commitments may be increased pursuant to the immediately succeeding paragraph of this subsection 2.1A(iii); and PROVIDED STILL FURTHER that the amount of the Working Capital Loan Commitments shall be reduced from time to time by the amount of any reductions thereto made pursuant to subsection 2.4B(ii). Each Working Capital Lender's Working Capital Loan Commitment shall expire on the Working Capital Loan Commitment Termination Date and all Working Capital Loans and all other amounts owed hereunder with respect to the Working Capital Loans and the Working Capital Loan Commitments shall be paid in full no later than that date; PROVIDED that each Working Capital Lender's Working Capital Loan Commitment shall expire immediately and without further action on October 31, 1998, if the Tranche B Term Loans are not made on or before that date. Amounts borrowed under this subsection 2.1A(iii) may be repaid and, at any time to but excluding the Working Capital Loan Commitment Termination Date, reborrowed. At any time that no Potential Event of Default or Event of Default has occurred and is continuing, the Company may, by notice to the Agents, request that, on the terms and subject to the conditions contained in this Agreement, the Lenders and/or other financial institutions not then a party to this Agreement that are satisfactory to the Agents provide up to an aggregate amount of $20,000,000 in additional Working Capital Loan Commitments. Upon receipt of such notice, the Syndication A...
Working Capital Loans. (a) Each Senior Lender, severally and not jointly, shall make Working Capital Loans to the Borrower during the period from the Closing Date to but excluding the Termination Date, in an aggregate principal amount not in excess of such Senior Lender’s Commitment. In no event shall the Borrower be entitled to request or receive any Working Capital Loan that would cause (i) the sum of (A) the outstanding principal amount of all Working Capital Loans and Swing Line Loans and (B) the Working Capital LC Exposure to exceed the Working Capital Sublimit or (ii) the sum of (A) the outstanding principal amount of all Working Capital Loans and Swing Line Loans and (B) without duplication, the LC Exposure to exceed the Total Commitment.
Working Capital Loans. 20 Section 6.4
Working Capital Loans. As part of the services provided by Apple hereunder, Apple may make available loans to assist the Orthodontic Entity in maintaining reasonable cash flow for the payment of Excluded Orthodontic Entity and Orthodontist Expenses.
Working Capital Loans. Subject to the terms and conditions set forth herein, each Working Capital Bank severally agrees to make loans (each such loan, a “Working Capital Loan”) to the Co-Borrowers from time to time, on any Business Day during the Working Capital Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Working Capital Bank’s Working Capital Commitment; provided, however, that after giving effect to any Borrowing:
Working Capital Loans. (a) Each Working Capital Lender, severally and not jointly, shall make Working Capital Loans to the Borrower in an aggregate principal amount not in excess of its Working Capital Debt Commitment from time to time during the Working Capital Availability Period; provided that, after giving effect to the making of any Working Capital Loans, (i) the aggregate Commitment Exposure for all Working Capital Lenders shall not exceed the Aggregate Working Capital Debt Commitments and (ii) no Working Capital Lender shall be required to make any Working Capital Loan if such Working Capital Lender’s Commitment Exposure would exceed its Working Capital Debt Commitment.
Working Capital Loans. (a) The Management Committee may from time to time, but not more frequently than once in any calendar month, request each Member to make a working capital loan (each a “Working Capital Loan”) to the Company. Such request shall specify the amount requested, the date such Working Capital Loan shall be made and the Entity or account (which may be an account maintained by the Company) to which the proceeds thereof shall be paid, and shall further state that the proceeds of the Working Capital Loan will be utilized to pay only authorized expenses of the Company. Upon the receipt of an authorized request for a Working Capital Loan, each Member may, but shall not be obligated to, fund their respective portions of such Working Capital Loan pro rata with their respective Membership Interests. Should any Member decline to fund its portion of a request for a Working Capital Loan, then the Members funding their respective portions of the Working Capital Loan shall have the right, but not the obligation, to fund the non-funding Member’s portion of the Working Capital Loan on a pro rata basis in accordance with their Membership Percentages (or in such other amounts as such Members may determine).
Working Capital Loans. Ormat, or any Affiliate of Ormat, may make (but will have no obligation to make) loans to the Company or any Project Company, when and as needed (as determined by the Managing Member and without any requirement for consent or other action by any Class B Member), sufficient to cover working capital, maintenance and other similar expenditure needs of the Company or any of the Project Companies in an aggregate principal amount outstanding at any time not to exceed $5 million for the Company and all Project Companies, combined (any such loan, a “Working Capital Loan”). All Working Capital Loans shall be unsecured and repaid out of available cash flow of the Company (if the Company is the borrower) or the relevant Project Company (if such Project Company is the borrower) before any distributions of Distributable Cash to members of such entity. Any Working Capital Loans made by Ormat or an Affiliate of Ormat shall (a) be evidenced by a note substantially in form of Exhibit F hereto and (b) otherwise be on terms equivalent in all material respects to loans that would be available from a third party lender that is not an Affiliate of Ormat.
Working Capital Loans. During the Preference Period to the extent that working capital on-hand is not sufficient to cover the operating costs and working capital needs of the Company (for the avoidance of doubt, including all debt service obligations and other amounts required to be paid by the Company under the Financing Documents, but excluding any distributions to be made to the Members pursuant to Section 6.1), and provided that Investor or its permitted assigns (other than the Lender and any Persons acquiring the Class A Interests through the exercise by the Lender of its security interest in the Class A Interests) holds the Class A Interests, Sponsor shall be required to advance to the Company, when and as needed, funds sufficient to cover the operating costs and working capital needs of the Company and to timely satisfy all debt service obligations and other amounts required to be paid by the Company under the Financing Documents (“Working Capital Loans”); provided, that the aggregate principal amount of such Working Capital Loans outstanding (and which is the maximum amount of Working Capital Loans which Sponsor shall be required to fund) shall not at any time exceed $6.5 million. Working Capital Loans will bear interest at a per annum rate of the Prime Rate plus 200 basis points and will be repaid out of available cash flow or proceeds from sales or refinancings effected in accordance with the terms of this Agreement, as reasonably determined by the Manager from time to time after making provision for payment of all third party expenses and in accordance with the applicable provisions of the Financing Documents (which provide that such amounts shall be paid pursuant to “Waterfall Level 8,” as defined therein and are subject to the provisions of the Subordination Agreement dated January 1, 2009 among Sponsor, the Company and CoBank ACB as Administrative Agent), but prior to any distributions to the Members in their capacity as Members of the Company, and shall become due and payable at the earlier of the expiration of the Preference Period, or the dissolution of the Company. Except as provided in this Section 4.4, no Member shall be required to loan money to the Company absent its consent thereto in writing. For the avoidance of doubt and notwithstanding any provision to the contrary set forth in any Financing Document, neither the Lender nor any of its permitted successors and assigns shall have any right to enforce the provisions of this Section 4.4.
