Common use of Working Capital Note Clause in Contracts

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.

Appears in 1 contract

Sources: Credit Agreement (New Century Financial Corp)

Working Capital Note. Working Capital Loans made by First each -------------------- Bank Lender shall be evidenced by the Company's promissory note in the form of Exhibit F-1 to the Second Amendment hereto H (together with any promissory note subsequently executed and delivered by the Company to evidence First Banksuch Lender's Working Capital Loans, the "Working Capital Note"), which shall be made payable to the order of First Bank such Lender in an amount equal to First Banksuch Lender'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 and all participations in Unpaid Drawings on such date, purchased by any Lender minus (iii) all ----- repayments of ----- principal thereof shall be the principal amount owing and unpaid on the such Lender's Working Capital Note. The principal amount of each Working Capital Loan made by First Bank any Lender and each participation in an Unpaid DrawingDrawing purchased by such Lender, and all principal payments and prepayments thereof, may be noted by First Bank such Lender on a schedule attached to the its Working Capital Note and shall be entered by First Bank such Lender on its ledgers and computer records. The failure of First Bank any Lender to make such notations or entries shall not affect the obligations of the Company under such Lender's Working Capital Note in respect of such Working Capital Loans and participations in Unpaid Drawings. The entries made by First Bank any Lender on its ledgers and computer records and any notations made by First Bank on any such schedule annexed to First Bank's its Working Capital Note and/or on its ledgers and computer records shall be presumed to be accurate until the contrary is established.

Appears in 1 contract

Sources: Credit Agreement (New Century Financial Corp)