Reducing Revolving Facility definition

Reducing Revolving Facility means the reducing revolving credit facility made available under this Agreement and as described in Clause 2 (The Facilities).
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Reducing Revolving Facility means the reducing revolving facility made available under this Agreement as described in paragraph (b) of Clause 2.1 (Amount).
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Examples of Reducing Revolving Facility in a sentence

  • The Borrower may, if it gives the Agent not less than three (3) Business Days' (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of one million dollars ($1,000,000) of the undrawn amount of the Reducing Revolving Facility.

  • The Borrower shall on each Reduction Date pay the amount required so that the amount of the Reducing Revolving Facility as at that Reduction Date does not exceed the Maximum Available Amount (as reduced by the relevant Reduction Amount applicable to that Reduction Date) as set out in Schedule 7.

  • Anything herein to the contrary notwithstanding, any and all repayments or prepayments of the Loans (irrespective of whether made by or on behalf of Company, from Collections received, or from the proceeds of the sale or other disposition of Collateral, or otherwise) shall be applied, first, to outstanding Reducing Revolving Loans until the Reducing Revolving Facility Usage equals zero and, then, to outstanding Working Capital Loans.

  • To the extent that the Reducing Revolving Facility Usage at the time of any reduction of the Reducing Revolving Loan Commitments hereunder exceeds the Reducing Revolving Loan Commitments as so reduced, the Reducing Revolving Loans shall be repaid in the amount of any such excess in accordance with Section 2.

  • The Maximum Available Amount will be permanently reduced by any cancelled amount of the Reducing Revolving Facility and each Reduction Amount falling due after the date of such cancellation will be reduced pro rata.