Working Capital Note. The Working Capital Loans shall be evidenced by a promissory note (a "Working Capital Note") substantially in the form of EXHIBIT C attached hereto and made a part. The Working Capital Note shall be dated as of the Funding Date for the Term Loan and shall mature on the Termination Date.
Working Capital Note. If the Adjusted Working Capital will be less than negative $1,750,000, the holders of Old Notes may, but need not, enter into a working capital line of credit with the Company in an amount not to exceed $1.0 million (the “Working Capital Note”). The Working Capital Note will be subordinated to the Company’s senior debt, will bear interest at five percent (5%) per annum (with interest accruing for the first year) and will be repaid in twelve equal monthly installments of principal and interest commencing on the first day of the thirteenth month after the Effective Time, provided that prior to the first payment of principal and interest a holder of all or a portion of the Working Capital Note may elect to convert the principal and interest due to such holder into common stock of Parent at a conversion price of $3.00 per share in lieu of repayment. The form of Working Capital Note and any credit agreement memorializing the obligation will be subject to the approval of Parent.
Working Capital Note. 22 1.2 Accounting and Financial Determinations.............................................. 22 1.3 Cross References; Headings........................................................... 23
Working Capital Note. Working Capital Loans made by First -------------------- Bank shall be evidenced by the Company's promissory note in the form of Exhibit F-1 to the Second Amendment hereto (together with any promissory note subsequently executed and delivered by the Company to evidence First Bank's Working Capital Loans, the "Working Capital Note"), which shall be made payable to the order of First Bank in an amount equal to First Bank's Working Capital Commitment Amount and shall mature on the Working Capital Termination Date. The sum of (i) the aggregate amount of all Working Capital Loans made by First Bank under its Working Capital Commitment, plus (ii) the aggregate amount ---- of Unpaid Drawings on such date, minus (iii) all repayments of ----- principal thereof shall be the principal amount owing and unpaid on the Working Capital Note. The principal amount of each Working Capital Loan made by First Bank and each Unpaid Drawing, and all principal payments and prepayments thereof, may be noted by First Bank on a schedule attached to the Working Capital Note and shall be entered by First Bank on its ledgers and computer records. The failure of First Bank to make such notations or entries shall not affect the obligations of the Company under such Working Capital Note in respect of such Working Capital Loans and Unpaid Drawings. The entries made by First Bank on its ledgers and computer records and any notations made by First Bank on any such schedule annexed to First Bank's Working Capital Note and/or on its ledgers and computer records shall be presumed to be accurate until the contrary is established.
Working Capital Note. The obligation of the Borrowers to pay the outstanding balance of the Working Capital Line of Credit, and interest and fees accrued thereon or in connection therewith shall be evidenced by a promissory note, in form and substance satisfactory to the Bank, issued by Borrowers to the Bank in the principal amount of Two Million Dollars ($2,000,000) (the "Working Capital Note").
Working Capital Note. The Borrowers shall execute and -------------------- deliver to the Lender a promissory note (a "Working Capital Note") -------------------- substantially in the form of Exhibit E attached hereto and made a part --------- hereof to evidence the aggregate amount of the Working Capital Loans from time to time outstanding in the original principal amount of $2,000,000 and with other appropriate insertions. The Working Capital Note shall be dated as of the Funding Date for the Term Loan and shall mature on the Working Capital Termination Date.
Working Capital Note. The Borrower shall have executed and delivered a Working Capital Note to Citizens, dated the Effective Date and in a principal amount of $10,000,000.
Working Capital Note. At or before Closing, the Purchaser shall lend to the Company the monies to be advanced under Section 3.2(b) above. Such loan to be evidenced by a promissory note executed by the Company in substantially the form attached hereto as Exhibit "E' ("Working Capital Note").
Working Capital Note. At or before Closing, the Purchaser shall lend to the Company the monies evidenced by the Working Capital Note.
Working Capital Note. The Loans made by the Bank pursuant to the Working Capital Commitment shall be evidenced by the Working Capital Note, payable to the order of the Bank, representing the obligation of the Company to pay the aggregate unpaid principal amount of all Loans made thereunder by the Bank. The Bank is authorized to endorse the date and amount of each Loan of the Bank and each payment of principal with respect thereto on a schedule to be annexed to the Working Capital Note or otherwise on the records of the Bank, which endorsement shall constitute prima facie evidence of the accuracy of the information endorsed. The Working Capital Note shall (a) be dated the date hereof, (b) be stated to mature on the Working Capital Termination Date, and (c) bear interest for the period from the date thereof on the unpaid principal amount thereof from time to time outstanding at a rate per annum equal to the Libor Rate plus 250 basis points. Interest only accrued on the Working Capital Note shall be payable on the first day of each month, commencing on the first such date to occur after the date hereof and on the Working Capital Termination Date.
