Common use of Commitments and Facility Limits Clause in Contracts

Commitments and Facility Limits. (1) The Accommodations Outstanding to the Lender under the Operating Facility shall not at any time exceed the lesser of (i) the Operating Commitment, and (ii) the Borrowing Base (the "LENDING LIMIT"). The Foreign Exchange Commitment limit is specified in Section 6.1(2). (2) The Operating Facility shall revolve and no payment under the Operating Facility shall reduce the Operating Commitment. (3) A conversion from one Type of Accommodation or Advance to another Type of Accommodation or Advance shall not constitute a repayment or prepayment.