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:
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.
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.
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.
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
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.