Short Term Debt. If, after the Managing Member contributes the Managing Member Preferred Capital up to the maximum of $75,000,000 pursuant to Section 3.7, the Short Term Debt still exceeds the Short Term Debt Limit at the end of three consecutive months, then each of the following shall occur, in each case beginning on the first day of the next succeeding month and, with respect to clauses (i) through (iv), lasting until the Short Term Debt ceases to exceed the Short Term Debt Limit (inclusive of the Managing Member Preferred Capital): (i) unless otherwise consented to in writing by the Initial Preferred Member in its sole discretion, the Company shall not incur any additional Short Term Debt and shall apply all proceeds from its Permitted Investments to the repayment of Short Term Debt, (ii) the Initial Preferred Member shall have no obligation to make any additional Capital Contributions, (iii) the Initial Preferred Member shall have the right to cause the Company to sell such Loan Assets as the Initial Preferred Member determines in its reasonable discretion so that the Short Term Debt ceases to exceed the Short Term Debt Limit (iv) the Initial Preferred Member shall be entitled to a Distribution Rate Step-Up and (v) a Default Event shall be deemed to have occurred with respect to the Managing Member.
Short Term Debt. Any indebtedness of Mountaineer which does not constitute Long Term Debt.
Short Term Debt. The $4.8 million increase in interest expense on short-term debt during fiscal year 2000 resulted from a $70.5 million rise in the average short-term debt balance and a 0.89 percentage point increase in the weighted-average cost of such debt. See “Short-term Cash Requirements and Related Financing” for a discussion of fluctuations in short-term debt balances.
Short Term Debt. The company satisfies its short-term financing requirements through the sale of commercial paper or through bank borrowings. The company maintains credit lines and a revolving credit agreement to suppo rt its outstanding commercial paper and to permit short-term borrowing flexibility. The following table summarizes the major terms of the company’s and its subsidiaries’ financing agreements at September 30, 2000. Description/ Amount of Credit Commitment or Facility Fees Per Annum Expiration Date Permanent Lines of Credit $ 15 million 0.07% June 30, 2001 $ 10 million 0.04% June 30, 2001 $ $ $ 5 million 5 million 5 million 0.07% * 0.07% * 0.15% * March 31, 2001 April 1, 2001 April 30, 2001 Revolving Credit Agreement $160 million 0.07% May 17, 2001 $ 5 million None March 31, 2001 $ 5 million 0.15% June 30, 2001 $ 5 million 0.07% * June 30, 2001 Seasonal Lines of Credit *Commitment or facility fees are only applicable if these debt instruments are activated. At September 30, 2000, the permanent lines of credit were unused. The credit agreements provide that the seasonal lines of credit became available on either September 30, 2000, or October 1, 2000, and are available during most of the heating season. A group of banks provides the regulated utility segment with a $160 million short-term revolving line of credit. The company can reduce the amount of the commitment at its option. Under the agreement, the banks apply the facility fees to the daily average amount of the commitment. The agreement expires on May 17, 2001 but allows the company to request two additional 364-day extensions. At September 30, 2000, this revolving credit agreement was unused. Collectively, the borrowing options under the bank lines of credit and the $160 million revolving credit agreement discussed in the prior paragraph include the prime lending rate, rates based on certificates of deposit and the London Interbank Offered Rate (LIBOR). Two company subsidiaries, ACI and WGEServices, each have a $5 million revolving line of credit that expire on March 31, 2001 and June 30, 2001, respectively. Both of these revolving lines of credit are based on LIBOR, plus a fixed-percent increment. In addition, WGEServices has a $5 million seasonal line of credit, which expires April 30, 2001, based on LIBOR plus a fixed-percent increment. All subsidiary lines of credit were unused at September 30, 2000. At September 30, 2000, the company and its subsidiaries had $161.4 million in short-term debt outsta...
Short Term Debt. It is the goal of the Company to not hold consolidated short-term debt on its balance sheet so long as the cash position of the parent company is in a positive position. In some cases the all-in costs of intercompany borrowing including hedging costs, liquidity issues and withholding taxes exceed the costs of short-term debt. While using short-term credit facilities to bridge liquidity gaps is acceptable, pre-approval from the Treasurer or the Chief Financial Officer is required if any short-term debt will exist on a financial reporting date. EXHIBIT H TO CREDIT AGREEMENT PAGE 00 XXXXXXXX X APPROVED OFFSHORE INVESTMENTS Region Approved Investments Approved for Cash Investments Approved for Daily Banking Europe Cash, money market funds, time deposits or equivalent. 6-month limit on time deposits Bank of AmericaUBSJPMorganICDGoldman Sachs Bank of AmericaUBSJPMorganDeutsche BankSociete GeneraleBanco PopolareUniCredit Canada Cash, money market funds, time deposits or equivalent. Daily liquidity required. Royal Bank of CanadaWells FargoHSBC Royal Bank of CanadaJPMorganWells FargoHSBC China Cash, bank deposits or equivalent. Daily liquidity required. Bank of AmericaICBCHSBCBank of ChinaAgricultural Bank of China Bank of AmericaICBCBank of ChinaAgricultural Bank of ChinaHSBC South Korea Time deposits or equivalent. 90 days or less liquidity required. Hana Bank/KEBBank of AmericaShinhan BankWoori BankHSBC Hana Bank/KEBBank of AmericaShinhan BankJPMorganHSBCWoori Bank(Other second tier institutions based on counter or department store need) Japan Money market funds or equivalent. Daily liquidity required. Bank of Tokyo MitsubishiBank of AmericaMizuho HSBCJPMorganBank of Tokyo MitsubishiBank of AmericaMizuho Asia (Excluding China, Korea and Japan) Money market funds or equivalent. Daily liquidity required HSBC HSBC
Short Term Debt. The Obligors will not permit, and the Company will cause the other Consolidated Companies not to permit, Short-Term Debt of the Consolidated Companies on a consolidated basis to exceed at any time an amount equal to $2,000,000; and for at least 30 consecutive days during each Fiscal Year the Obligors will reduce, and the Company will cause the other Consolidated Companies to reduce, the aggregate outstanding principal amount of Short-Term Debt of the Consolidated Companies on a consolidated basis to zero.
Short Term Debt. The Company will not directly or indirectly create, incur, assume, guarantee or otherwise become liable with respect to any Short-Term Debt unless, immediately after giving effect thereto, the aggregate unpaid principal amount of all Funded Debt of the Company plus the aggregate unpaid principal amount of all Short-Term Debt of the Company shall not exceed 70% of the sum of Capitalization of the Company plus the aggregate unpaid principal amount of all Short-Term Debt of the Company.
Short Term Debt. The Obligors will not permit, and the Company will --------------- cause the other Consolidated Companies not to permit, Short-Term Debt of the Consolidated Companies on a consolidated basis, excluding the Accelerated Payments and the Term Loans to be executed in connection with Section 8(f) of the Fourth Amendment and Section 6(d) of the Fifth Amendment, to exceed at any time an amount equal to $2,000,000; provided, however, solely for purposes of calculating the financial -------- ------- covenants in this Section 7.16 and Section 7.22, neither Ramsay Managed Care, Inc. nor any of its Subsidiaries existing from time to time shall be considered to be a Consolidated Company or part of the consolidated group.
Short Term Debt. These may include short-term debt financings of PSCo and Cheyenne (less than 12 month maturity) and SPS (less than 18 month maturity) which may be granted but do not require approval by state regulators. Each of these companies may issue commercial paper in established domestic or European commercial paper markets in a manner similar to NCE discussed above.
Short Term Debt. In addition to short-term debt which may be issued without Commission approval pursuant to an exemption under the Act, authorization is sought for Cheyenne to issue and sell short-term debt in an aggregate amount not to exceed $25,000,000 outstanding at any time during the Authorization Period. Cheyenne may issue commercial paper in established domestic or European commercial paper markets or otherwise issue and sell short-term debt in a manner similar to NCE as discussed above.
