Year Facility Clause Samples

The "Year Facility" clause defines the specific period, typically a calendar or fiscal year, during which the terms of a facility—such as a loan, credit line, or service agreement—are applicable. In practice, this clause sets the start and end dates for the facility's operation, determining when obligations, rights, or usage limits reset or renew. For example, a credit facility might allow a certain borrowing limit per year, with the limit resetting at the beginning of each new year. The core function of this clause is to provide temporal clarity and structure, ensuring all parties understand the timeframe for performance, compliance, and renewal of the facility.
Year Facility. Year Facility Loan. On the terms and conditions set forth in this Credit Agreement, and (except in the case of a 5-Year Advance requested by the Overnight Lender pursuant to Section 3.9 or a 5-Year Advance to be funded pursuant to Section 4.2.4 or 4.4) so long as no Event of Default or Potential Default has occurred (or if a Potential Default or an Event of Default has occurred, it has been waived in writing by the Administrative Agent pursuant to the provisions of Section 15.10 hereof), each of the Syndication Parties severally agrees to advance funds under the 5-Year Facility (each a “5-Year Advance”) upon receipt of a 5-Year Funding Notice from time to time during the 5-Year Availability Period, subject to the following limits:
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Year Facility. (a) Any Event of Default (as defined in the 5 Year Facility) has occurred and is continuing. (b) Paragraph (a) shall only apply where the Guarantors under this Agreement are not Guarantors (under and as defined in the 5 Year Facility) under the 5 Year Facility.
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Year Facility. The Administrative Agent shall have received satisfactory evidence that the Existing 5-Year Facility shall have been amended and restated and the Borrower shall have executed and delivered definitive financing documentation with respect to such amended and restated revolving credit facility, and such documentation shall be in form and substance reasonably satisfactory to the Administrative Agent.
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Year Facility. Subject to the terms and conditions of this Agreement, each Lender severally agrees to make Advances in Dollars or an Alternative Currency (as specified in the respective Borrowing Notice) to the Borrower under the 5 Year Facility from time to time from the Closing Date until the 5 Year Revolving Credit Termination Date on a pro rata basis as to the total borrowing requested by the Borrower on any day determined by such Lender's Applicable Commitment Percentage up to but not exceeding a Dollar Value equal to the 5 Year Commitment of such Lender, provided, however, that the Lenders will not be required and shall have no obligation to make any such Advance (i) so long as a Default or an Event of Default has occurred and is continuing or (ii) if the Agent has accelerated the maturity of any of the Notes as a result of an Event of Default; provided further, however, that immediately after giving effect to each such Advance, the Dollar Value of the principal amount of Outstanding 5 Year Obligations shall not exceed the Total 5 Year Commitment and the Dollar Value of outstanding Advances in Alternative Currencies shall not exceed the Total Alternative Currency Commitment. Within such limits, the Borrower may borrow, repay and reborrow under the 5 Year Facility on a Business Day from the Closing Date until, but (as to borrowings and reborrowings) not including, the 5 Year Termination Date; provided, however, that (y)no Eurodollar Loan shall be made which has an Interest Period that extends beyond the Stated 5 Year Termination Date and (z)each Eurodollar Loan may, subject to the provisions of Section 2.09, be repaid only on the last day of the Interest Period with respect thereto unless such payment is accompanied by the additional payment, if any, required by Section 4.
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Year Facility. (a) Any Event of Default (as defined in the 3 Year Facility) has occurred and is continuing. (b) Paragraph (a) shall only apply where the Guarantors under this Agreement are not Guarantors (as defined in the 3 Year Facility) under the 3 Year Facility. Back to Index
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Year Facility. The Three Year Revolving Credit Agreement dated as of November 15, 2002, by and among the Parent, the Banks, and the Agents, as the same may be amended, restated, supplemented or otherwise modified from time to time.
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Related to Year Facility

  • Facility Prudential is willing to consider, in its sole discretion and within limits which may be authorized for purchase by Prudential Affiliates from time to time, the purchase of Shelf Notes pursuant to this Agreement. The willingness of Prudential to consider such purchase of Shelf Notes is herein called the “Facility”. At any time, the aggregate principal amount of Shelf Notes stated in Section 1.2, minus the aggregate principal amount of Shelf Notes purchased and sold pursuant to this Agreement prior to such time, minus the aggregate principal amount of Accepted Notes (as hereinafter defined) which have not yet been purchased and sold hereunder prior to such time, is herein called the “Available Facility Amount” at such time. NOTWITHSTANDING THE WILLINGNESS OF PRUDENTIAL TO CONSIDER PURCHASES OF SHELF NOTES BY PRUDENTIAL AFFILIATES, THIS AGREEMENT IS ENTERED INTO ON THE EXPRESS UNDERSTANDING THAT NEITHER PRUDENTIAL NOR ANY PRUDENTIAL AFFILIATE SHALL BE OBLIGATED TO MAKE OR ACCEPT OFFERS TO PURCHASE SHELF NOTES, OR TO QUOTE RATES, SPREADS OR OTHER TERMS WITH RESPECT TO SPECIFIC PURCHASES OF SHELF NOTES, AND THE FACILITY SHALL IN NO WAY BE CONSTRUED AS A COMMITMENT BY PRUDENTIAL OR ANY PRUDENTIAL AFFILIATE.

  • Facility Use The Employer shall allow individuals the use of gender- segregated facilities, such as restrooms, locker rooms, and dressing rooms that are consistent with that individual's gender expression or gender identity. In such facilities where undressing in the presence of others occurs, the Employer shall allow access to and use of a facility consistent with that individual's gender expression or gender identity.

  • Unused Facility Fee A quarterly Unused Facility Fee equal to one quarter of one percent (0.25%) per annum of the difference between the Revolving Line and the average outstanding principal balance of Advances during the applicable quarter, which fee shall be payable within five (5) days of the last day of each such quarter and shall be nonrefundable; and

  • Generating Facility The Interconnection Customer’s device for the production of electricity identified in the Interconnection Request, but shall not include the Interconnection Customer’s Interconnection Facilities.

  • Unused Revolving Line Facility Fee A fee (the “Unused Revolving Line Facility Fee”), payable quarterly, in arrears, on a calendar year basis, in an amount equal to one quarter of one percent (0.25%) per annum of the average unused portion of the Revolving Line, as determined by Bank. Borrower shall not be entitled to any credit, rebate or repayment of any Unused Revolving Line Facility Fee previously earned by Bank pursuant to this Section notwithstanding any termination of the Agreement or the suspension or termination of Bank’s obligation to make loans and advances hereunder; and