Working Line definition
Examples of Working Line in a sentence
After (i) the Conversion Date, and (ii) the Option Date (if the Borrower and the SuperMajority Lenders did not agree to an Extension Option), Working Line Advances prepaid hereunder may not be reborrowed.
If such Lead Working Line Installer is required to be absent from the job for an extended period of time, a replacement shall be designated by the City.
If employees report for work on a regular shift and it is mutually agreed between the supervisor and the crew Lead Working Line Installer that weather conditions are such that they cannot work, they shall be paid for one (1) hour at the straight time rate.
In other words, if the guaranteed hours for the week are 40 but the shift hours for a Working Line only add up to 38 then any HAH hours applicable to that Working Line (in this case up to a maximum of 2 hours) can be used to make up the guaranteed hours for the week.
Any surplus HAH hours for the Working Line are then included in the Aggregate Component using the applicable Ordinary Hourly Rate.
So long as there exists a Default under Section 9.01(a) hereof or any Event of Default, all mandatory and voluntary Commitment reductions shall be applied to the Revolver A Commitment, the Revolver B Commitment and, if prior to the Conversion Date to the Working Line Commitment, pro rata.
Upon such notice and receipt by the Lenders of the new promissory notes, the Working Line Loan shall automatically convert to a term loan on the Option Date or the Extension Final Maturity, as applicable.
On the Conversion Date all outstanding Working Line Advances shall convert to a term loan in the amount of the outstanding Working Line Advances outstanding on the Conversion Date and such term loan shall be due and payable in one payment on the Maturity Date.
In the event there is any available credit under the Working Line Revolving Loan as of the Maturity Date (the “Unused Working Line Facility”), then Borrowers shall pay on or before the Maturity Date an additional loan fee equal to one-quarter of one percent (0.25%) of the total principal amount of the Working Line Revolving Loan less the daily average outstanding principal balance of the Working Line Revolving Loan for the then immediately preceding twelve (12) month period.
After the Conversion Date, no Advances will be available under the Working Line Loan except Refinancing Advances.