Revolving Facility Usage Clause Samples
The Revolving Facility Usage clause defines how borrowers can access and utilize funds under a revolving credit facility. It typically outlines the conditions for drawing down funds, repaying amounts, and re-borrowing up to a specified credit limit, often subject to ongoing compliance with certain covenants or requirements. This clause ensures that both parties understand the flexible nature of the facility, allowing the borrower to manage cash flow needs efficiently while providing the lender with clear parameters for fund disbursement and repayment.
Revolving Facility Usage. After giving effect to such Advance, the Revolving Facility Usage shall not exceed the Line Cap (other than as a result of a Protective Advance); and
Revolving Facility Usage. If the Administrative Agent notifies the Borrower at any time that the aggregate Revolving Facility Usage exceeds the aggregate Revolving Credit Commitment then, within two (2) Business Days after receipt of such notice, the Borrower shall prepay the Loans or Cash Collateralize Letters of Credit in an aggregate amount sufficient to reduce such amount as of such date of payment to an amount not to exceed the aggregate Revolving Credit Commitment.
Revolving Facility Usage. Promptly, if the Revolving Facility Usage exceeds, at any one time, the Revolving Credit Commitments, the Borrowers shall prepay the Revolving Credit Loans and/or Cash Collateralize the Letters of Credit to the extent necessary so that the Revolving Facility Usage no longer exceeds the Revolving Credit Commitments.
Revolving Facility Usage. If for any reason the Revolving Facility Usage at any time (including as a result of the sale of Collateral or exchanges of Marketable Securities) exceeds the lesser of the Revolving Credit Commitments or the Borrowing Base, the Borrower shall repay Revolving Credit Loans and/or Cash Collateralize Letter of Credit Obligations in an aggregate amount equal to such excess.
Revolving Facility Usage. The prior written consent of the Collateral Agent shall be required for any Revolving Credit Loan or Letter of Credit Accommodation at anytime that the Revolving Facility Usage is equal to or greater than $12,500,000, or, after giving effect to a Revolving Credit Loan or Letter of Credit Accommodation requested by Borrower, the Revolving Facility Usage would exceed $12,500,000.
Revolving Facility Usage. All references in the Credit Agreement to “Revolver Facility Usage” shall be deemed to refer to “Revolving Facility Usage”.