Working Capital Advances and Letters of Credit Clause Samples

Working Capital Advances and Letters of Credit. Subject to the conditions precedent set forth in Section 3 hereof, the Lenders hereby agree that the Borrower may request (provided that on the date of such request, the Borrower and its Subsidiaries shall not collectively have in their possession or under their control cash and Cash Equivalents in an aggregate amount greater than $1,000,000 (net of undrawn and outstanding checks as of such date)) and the Agent, in its discretion (unless otherwise instructed by the Majority Working Capital Lenders (as defined herein)), may provide Working Capital Advances and issue Letters of Credit from the date hereof through and including July 25, 2000 (the "Amendment Period"); provided, however, that (a) the aggregate Available Amount of all Letters of Credit outstanding shall not at any time exceed $5.314 million less the aggregate Letter of Credit Advances at such time, (b) issued and outstanding Standby Letters of Credit shall not at any time exceed $1,000,000 in the aggregate, (c) the sum of Working Capital Advances and Swing Line Advances shall not at any time exceed $54.914 million less the sum of (I) the Available Amount of all Letters of Credit outstanding at such time and (II) the aggregate of all Letter of Credit Advances at such time; and, provided further that, nothing contained herein shall in any way limit, impair or modify the requirements of Section 2.06(b)(iii) of the Credit Agreement, as amended pursuant hereto.