ACF Indebtedness definition

ACF Indebtedness means any Debt of Borrower in a principal amount not to exceed, in the aggregate, $7,000,000 owing to ACF as of any date of determination, and which loan facility shall provide for advance rates on Borrower’s receivables of no greater than eighty-five percent (85%) for receivables that have been invoiced by Borrower to the payor of such receivables and fifty percent (50%) for receivables that have not yet been invoiced by Borrower to the payor on such receivables; in all cases pursuant to the ACF Loan Documents and subject to the qualifications and exceptions therein.
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Examples of ACF Indebtedness in a sentence

  • If on or before February 28, 2016, the ACF Indebtedness has not been repaid in full, the liens securing such ACF Indebtedness have not been released, and the ACF Loan Documents have not been terminated, then Borrower shall issue to Agent an additional warrant for stock in Borrower valued, at the time of such issuance, at $1,250,000, the form and the terms of which shall be substantially similar to the form and terms of the Closing Date Warrant or as otherwise agreed to by Agent and Borrower.

  • There shall not be any Debt or material obligations (other than those under the ACF Indebtedness or an Equivalent Credit Line permitted pursuant to Section 7.1(b) hereof or as otherwise set forth in the Schedules to this Agreement) of any nature with respect to any Loan Party which could reasonably be likely to have a Material Adverse Effect.

  • Each Lender hereby authorizes Agent to issue blockages notices in connection with the ACF Indebtedness and/or any Equivalent Credit Lien and the Intercreditor Agreement, or any replacement intercreditor agreement, at the direction of Required Lenders (it being agreed and understood that Agent will not act unilaterally to issue such blockage notices).

  • Each Lender hereby authorizes Agent to issue blockages notices in connection with the ACF Indebtedness and/or any Equivalent Credit Lien and the Intercreditor #35074903_v10 Agreement, or any replacement intercreditor agreement, at the direction of Required Lenders (it being agreed and understood that Agent will not act unilaterally to issue such blockage notices).