ABL Facility Clause Samples
An ABL Facility, or Asset-Based Lending Facility, is a type of loan agreement where the amount a borrower can draw is determined by the value of specific assets, typically accounts receivable and inventory. In practice, the lender regularly assesses the value of these assets and adjusts the borrowing base accordingly, which means the available credit fluctuates as the underlying collateral changes. This clause is essential for providing flexible working capital to businesses while protecting the lender by tying the loan amount to readily liquidated assets.
ABL Facility. Notwithstanding anything to the contrary in Sections 2.03(b) and (e), if any Indebtedness under any ABL Facility is outstanding, to the extent a prepayment or cash collateralization of letters of credit is required under such ABL Facility due to any Net Proceeds or Extraordinary Receipts constituting the proceeds of ABL Priority Collateral, no prepayment shall be required under Sections 2.03(b) and (e) to the extent of such required payment under such ABL Facility.
ABL Facility. (i) an executed copy of a lien termination agreement by and among the U.S. Obligors, Luxfer Group Limited and Bank of America, N.A., as security trustee, in respect of the ABL Facility, in Agreed Form and certified by a director of the Parent Guarantor as correct, complete and in full force and effect, and as not having been amended, novated, supplemented, superseded or terminated as at the date of the Closing,
(ii) an executed copy of a Deed of Release between Bank of America N.A., as security trustee, and certain of the Obligors in respect of the ABL Facility, in Agreed Form and certified by a director of the Parent Guarantor as correct, complete and in full force and effect, and as not having been amended, novated, supplemented, superseded or terminated as at the date of the Closing, and
(iii) a copy of the cancellation notice served under the ABL Facility, certified by a director of the Parent Guarantor as correct, complete and in full force and effect.
ABL Facility. The ABL Credit Agreement shall have been amended as required in connection with this Agreement and such amendment shall be satisfactory to the Administrative Agent and the Majority Lenders in their reasonable discretion.
ABL Facility. The Collateral Agent acknowledges, on behalf of itself and each other Secured Party, that (i) the ABL Facility is secured by liens on the ABL Priority Collateral that are senior in priority to the liens on such ABL Priority Collateral that secures the Obligations as provided in the ABL Intercreditor Agreement and (ii) any provision of this Agreement to the contrary notwithstanding, until the Discharge of ABL Obligations, the Pledgors shall not be required to act or refrain from acting pursuant to this Agreement or with respect to any ABL Priority Collateral in any manner that would result in a default under the terms and provisions of the ABL Facility.
ABL Facility. Substantially concurrently with the satisfaction of the other conditions precedent set forth in this subsection 5.1, the Borrower and certain direct and indirect Subsidiaries of the Acquired Business Parent shall have entered into the ABL Credit Agreement.
ABL Facility. The conditions to effectiveness of the ABL Credit Agreement shall have been satisfied, the ABL Credit Agreement shall be in full force and effect and the Borrower shall have borrowed no greater than $24,000,0000 in aggregate principal amount of loans and other extensions of credit thereunder.
ABL Facility. All of the conditions precedent set forth in Section 8.1 of the ABL Facility Agreement (subject to any applicable provisions of Section 8.3 of the ABL Facility Agreement) shall have occurred and the Agent shall have received a copy of the ABL Facility Agreement.
ABL Facility. The Administrative Agent shall have received satisfactory evidence of (i) the execution and delivery of definitive credit documentation in connection with the ABL Credit Agreement and (ii) satisfaction of the conditions to initial funding thereof. The terms and conditions of the ABL Documents shall be reasonably satisfactory to the Administrative Agent.
ABL Facility. The ABL Credit Agreement shall have become effective with at least $150,000,000 of commitments thereunder.
ABL Facility. The Credit Parties shall have concurrently entered into the ABL Facility, and shall have provided a copy of the ABL Credit Agreement to the Administrative Agent, which shall be on terms and conditions reasonably satisfactory to the Administrative Agent.