Permitted AR Facility definition
Permitted AR Facility means any (a) Permitted Securitization Facility; or (b) the sale or financing of accounts receivable and related rights of any Loan Party or any Subsidiary thereof which program does not constitute a Permitted Securitization Facility; provided the aggregate principal amount of such facilities does not exceed the greater of (i) $100,000,000 or (ii) 20% of Consolidated EBITDA.
Permitted AR Facility means a loan facility from an Eligible Institution (i) that is secured solely by the Borrower’s Accounts (as such term is defined in the Security Agreement), Inventory (as such term is defined in the Security Agreement), and cash, deposit accounts and other similar assets and payment intangibles, (ii) the aggregate amount due and outstanding under which does not exceed 85% of the amount of eligible accounts outstanding (as defined in the documentation governing such facility) and securing the obligations thereunder, and which shall provide facilities that shall in no event exceed $10,000,000 in principal amount (including undrawn committed or available amounts), and (iii) with respect to which the Agent and the lender under such facility have entered into a mutually acceptable intercreditor agreement.
Permitted AR Facility means a loan facility from an Eligible Institution (i) that is secured solely by the Borrower's Accounts (as such term is defined in the Security Agreement), Inventory (as such term is defined in the Security Agreement), and cash, deposit accounts and other similar assets and payment intangibles, (ii) the aggregate amount due and outstanding under which does not exceed 85% of the amount of eligible accounts outstanding (as defined in the documentation governing such facility) and securing the obligations thereunder, and which shall provide facilities that shall in no event exceed $10,000,000 in principal amount (including undrawn committed or available amounts), and (iii) with respect to which the Agent and the lender under such facility have entered into a mutually acceptable intercreditor agreement.
More Definitions of Permitted AR Facility
Permitted AR Facility means a credit facility meeting the following criteria: