Permitted Receivables Financing. Any customary program for financing based solely on the grant of security interests on accounts receivable (and the proceeds thereof and related agreements and security customary for accounts receivable financings) of the Borrower and its Subsidiaries and which involves the transfer without recourse (other than customary limited recourse) of such accounts receivable to a Permitted Receivables Vehicle and transfers of interests in such accounts receivable to the parties providing such financing, so long as (a) such program is intended by the parties thereto to be treated (whether or not such treatment is ultimately disallowed) as an "off balance sheet" transaction; and (b) all cash advances to the Permitted Receivables Vehicles pursuant to all such programs from the Persons providing such financings shall not exceed an amount which is equal to 75% of the Borrower's Consolidated EBITDA for the Reference Period most recently ended, as reported as at the end of each fiscal quarter. Permitted Receivables Vehicle. Lexmark Receivables Corporation, a Delaware corporation, or any other Person established as a "bankruptcy remote" Subsidiary (whether direct or indirect) of the Borrower for the purpose of acquiring accounts receivable under any Permitted Receivables Financing.
Permitted Receivables Financing. The Borrower shall cause any purchaser pursuant to a Permitted Receivables Financing to make or settle all cash payments due from such purchaser to the Borrower or any Subsidiary attributable to the sale of receivables in connection with any Permitted Receivables Financing within two (2) Business Days of sale of the receivables giving rise to such payment. In the event that any Borrowing Base Certificate previously delivered to the Agent includes any receivables sold pursuant toconnection with such sale or discount, all Credit Card Receivables and related assets in connection with a Permitted Receivables Financing, shall be removed from the Borrowing Base and shall no longer be Eligible Credit Card Receivables, and the Borrower shall deliver the Agent an updated Borrowing Base Certificate prepared after giving pro forma effect to such sale within five (5) Business Days following the consummationon or prior to the date of such sale.
Permitted Receivables Financing. Promptly upon any of the Credit Parties obtaining knowledge thereof, (i) any affirmative decision by a party to a Permitted Receivables Financing not to extend the scheduled termination date of such Permitted Receivables Financing or replace such Permitted Receivables Financing with another Permitted Receivables Financing with similar terms and in a similar amount or (ii) a termination (whether scheduled or unscheduled) of a Permitted Receivables Financing that is reasonably likely to occur (A) within sixty (60) days and (B) prior to being replaced with another Permitted Receivables Financing with similar terms and in a similar amount.
Permitted Receivables Financing. Upon the occurrence and during the continuance of a Default or Event of Default, immediately upon the receipt by any Consolidated Party of Net Cash Proceeds from any Permitted Receivables Financing, the Borrower shall prepay the Loans in an aggregate amount equal to the Net Cash Proceeds of the related Permitted Receivables Financing (such prepayment to be applied as set forth in clause (iv) below).
Permitted Receivables Financing. Each of the Required Banks executing this Agreement consents to the increase in the committed amount of the Permitted Receivables Financing from $160,000,000 to $180,000,000; provided, however, that (a) the Borrower shall provide the Agent and the Banks immediate written notice of the occurrence of any such increase, and such notice shall comply with the requirements of section 3.4(a) of the Credit Agreement; (b) upon any such increase in such committed amount, the Revolving Committed Amount shall automatically and immediately be permanently reduced by the amount of such increase, such notice of increase being irrevocably deemed a notification under section 3.4(a) of the Credit Agreement to reduce the Revolving Committed Amount by the amount of such increase in the committed amount of Permitted Receivables Financing; (c) the structure, terms and documentation for such new or amended Permitted Receivables Financing shall be substantially the same as the structure, terms and documentation of the Permitted Receivables Financing existing as of the date of this Agreement; and (d) the Receivables Financier is one of the Banks or an Affiliate of one of the Banks.
Permitted Receivables Financing. The term “
Permitted Receivables Financing. The transactions contemplated by this Agreement and the other Transaction Documents, and the Luxembourg Recapitalization Transactions, are permitted under the Xxxxxxxx Credit Agreement.
Permitted Receivables Financing. The Administrative Agent shall have received all documentation evidencing the Permitted Receivables Financing, and the terms and conditions of such financing shall be reasonably acceptable to the Required Lenders. The Administrative Agent shall have also received a written opinion of a nationally recognized investment banking, accounting, valuation or appraisal firm, addressed to the Agent and the Lenders, stating that the transactions comprising the Permitted Receivables Financing are fair to the Borrower from a financial point of view, such opinion to be reasonably acceptable in form and substance to the Administrative Agent.
Permitted Receivables Financing. Agent shall have reviewed and the terms and conditions of the Permitted Receivables Financing, shall be satisfied with such terms and conditions and shall have confirmed that the Credit Parties are in compliance therewith, both before and after giving effect to this Agreement, the transactions contemplated hereby, and the Related Transactions and the transactions contemplated thereby.
Permitted Receivables Financing. There shall occur and be continuing an Event of Default under the Permitted Receivables Financing with Congress Financial Corporation (Southern), as Agent, and the other lenders party thereto.
