The Revolving Facility. (a) Subject to the provisions of this Agreement, Lender shall make Advances to Borrower under the Revolving Facility from time to time during the Term, unless this Agreement is terminated earlier, provided that, notwithstanding any other provision of this Agreement to the contrary, the aggregate amount of all Advances at any one time outstanding under the Revolving Facility shall not exceed the lesser of (a) the Facility Cap, and (b) the Availability. The Revolving Facility is a revolving credit facility, which may be drawn, repaid and redrawn, from time to time as permitted under this Agreement. Any determination as to whether there is Availability for Advances shall be made by Lender in its Permitted Discretion and is final and binding upon Borrower. Unless otherwise permitted by Lender, each Advance shall be in an amount of at least $1,000. Subject to the provisions of this Agreement, Borrower may request Advances under the Revolving Facility up to and including the value, in Dollars, of the Availability. Advances under the Revolving Facility shall automatically be made for the payment of interest on the Loans and other Obligations on the date when due to the extent available and as provided for herein.
The Revolving Facility. Subject to the provisions of this Agreement, each Lender agrees to make available its Pro Rata Share of Advances to Borrower under the Revolving Facility from time to time during the Term; provided, that (a) the Pro Rata Share of the Advances of any Lender shall not at any time exceed its separate Commitment, and (b) the aggregate amount of all Advances at any time outstanding under the Revolving Facility shall not exceed the lesser of (i) the Facility Cap and (ii) the then applicable Availability. The obligations of Lenders hereunder shall be several and not joint or joint and several up to the amount of the Commitments. The Revolving Facility is a revolving credit facility, which may be drawn, repaid and redrawn, from time to time as permitted under this Agreement; provided, however, that during the period beginning on December 1st of each calendar year and ending on December 31st of each calendar year, Borrower shall repay in full all Advances and other outstanding Obligations (i.e., on one of the Business Days during such period each year, Borrower must repay in full all Advances and other outstanding Obligations so that the balance of all Obligations and Advances shall be zero), and for ninety (90) consecutive days after the date of such repayment (the "CLEAN-UP PERIOD") no Advances, Obligations or other amounts shall be, or shall be permitted to be, outstanding under the Revolving Facility or the Loan Documents. Any determination as to whether there is Availability for requested Advances shall be made by Agent in its Permitted Discretion and shall be final and binding on Borrower. Unless otherwise permitted by Agent, each Advance shall be in an amount of at least $100,000. Subject to the provisions of this Agreement and so long as the Clean-up Period is not in effect and no Default or Event of Default shall have occurred and be continuing or would result therefrom, Borrower may request Advances under the Revolving Facility up to and including the value in U.S. dollars, of (A) (I) from January 1 through August 31 of each calendar year and from December 1 through December 31 of each calendar year, an amount equal to the then-applicable Base Advance Rate multiplied by the Value of Eligible Inventory, (II) from October 1 through November 30 of each calendar year and from September 1 through September 30, 2005, an amount equal to the then-applicable Seasonal Advance Rate multiplied by the Value of Eligible Inventory, and (III) from September 1 through Sep...
The Revolving Facility. (a) The Revolving Facility may be utilised by way of Letters of Credit.
The Revolving Facility. (a) Subject to the provisions of this Agreement, Lender shall make Advances to Borrower under the Revolving Facility from time to time during the Term, provided that, notwithstanding any other provision of this Agreement, the aggregate amount of all Advances at any one time outstanding under the Revolving Facility shall not exceed the lesser of (a) the Facility Cap, and (b) the Availability. The Revolving Facility is a revolving credit facility, which may be drawn, repaid and redrawn, from time to time as permitted under this Agreement. Any determination as to whether there is Availability for Advances shall be made by Lender in its sole discretion and is final and binding upon Borrower. Unless otherwise permitted by Lender, each Advance shall be in an amount of at least $1,000. Subject to the provisions of this Agreement, Borrower may request Advances under the Revolving Facility up to and including the value, in U.S. Dollars, of the sum of (i) the Applicable Advance Rate (as hereinafter defined) of the Borrowing Base for Eligible Receivables and (ii) the Applicable Advance Rate of the Borrowing Base for Eligible Inventory minus, if applicable, amounts adjusted or reserved pursuant to this Agreement (such calculated amount being referred to herein as the “Availability”). For purposes of this Agreement, the applicable advance rate for Eligible Accounts and Eligible Inventory (in each case, the “Applicable Advance Rate”) shall be determined by reference to the calculation of Borrower’s EBITDA for the most recently completed Test Period as provided in Annex 1 hereto as follows: EBITDA Applicable Advance Rate for Eligible Accounts Applicable Advance Rate for Eligible Inventory Greater than $250,000 85% 50% $1 to $250,000 85% 35% ($149,999) to ($0) 75% 20% ($350,000) to ($150,000) 75% 0%
The Revolving Facility. (a) Subject to the terms of this Agreement, the Lenders shall make available a multicurrency revolving credit facility in an aggregate amount the Base Currency Amount of which is equal to the Total Revolving Facility Commitments.
The Revolving Facility. Subject to the terms and conditions of this Agreement, the Lenders shall make available to the Borrowers a revolving credit facility (the "REVOLVING FACILITY") of up to (pound)75,000,000. The Revolving Facility (as described in clause 6 shall consist of Revolving Loans (to be denominated in sterling and/or, if agreed between the relevant Borrower and the Agent, dollars, euro or one or more other Foreign Currencies) to be made by the Lenders and, if specifically agreed by the Agent (on the instructions of the Issuer), Letters of Credit and/or Guarantees to be issued by the Issuer (subject to reimbursement by the relevant Borrower and each of the Lenders on the terms set out in this Agreement) and Swingline Loans (to be denominated in sterling and/or dollars, euros or such one or more other Foreign Currencies as may be agreed between the relevant Borrower and the Swingline Lender), to be made by the Swingline Lender (subject to reimbursement by the Lenders on the terms set out in this Agreement) in a maximum aggregate principal Original Sterling Amount not exceeding the Revolving Facility Amount.
The Revolving Facility. All Advances under the Revolving Facility shall be in Canadian Dollars alone and may be repaid and re-borrowed by the Borrower at all times during the Term.
The Revolving Facility. With respect to the Revolving Facility Pool (based on the information contained in the related Monthly Revolving Facility Report), on each Payment Date following the occurrence of a Facility Default, the Administrative Agent will withdraw from the related Collection Account or, if there is no related Collection Account, cause the Servicer to credit, an amount equal to the Collections in respect of the related Collection Period for the Revolving Facility Pool and such Payment Date and apply such amounts, in accordance with the following priorities:
The Revolving Facility. Subject to the provisions of this Agreement, each Revolving Lender agrees to make available its Pro Rata Share of Advances to Borrowers under the Revolving Facility from time to time during the Term; provided, that (i) the amount of the Pro Rata Share of the Advances of any Revolving Lender shall not at any time exceed its separate Commitment with respect to the Revolving Facility, (ii) the aggregate amount of all Advances at any time outstanding under the Revolving Facility shall not exceed the Facility Cap minus the Letter of Credit Usage, and (iii) the Senior Leverage Ratio requirements of Section 4.2(d) shall have been met. The obligations of Revolving Lenders hereunder shall be several, and not joint or joint and several, up to the amount of the Commitments. The Revolving Facility is a revolving credit facility which may be drawn, repaid and redrawn from time to time as permitted under this Agreement. Unless otherwise permitted by Agent, each Advance shall be in an amount of at least One Hundred Thousand Dollars ($100,000). Advances under the Revolving Facility automatically shall be made for the payment of interest on the Notes and other Obligations on the date when due to the extent available and as provided for in this Agreement. Borrowers may not at any time increase, reduce or otherwise adjust the Facility Cap.
The Revolving Facility. (a) From time to time during the Availability Period, subject to the terms and provisions hereof, the Bank, on a revolving basis, will (i) make Advances to the Borrower or an Acceptable Subsidiary, (ii) create and issue commercial and standby letters of credit for the Borrower's or an Acceptable Subsidiary's account, and (iii) cause to be issued Bank Guaranties for the Borrower's or an Acceptable Subsidiary's account.
