Sublimit Facility definition

Sublimit Facility means a portion of the Revolving Loan in the amount of $8,000,000 so as to provide for, among other matters, the daily and automatic extension of Advances to the Borrower to cover overdrafts or checks written by the Consolidated Companies, and the payment on a daily basis of said Advances if and to the extent funds are available in the accounts of the Consolidated Companies at the Lender.

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Sublimit Facility means a portion of the Revolving Loan in the

Sublimit Facility. Is defined in Section 2:2-22.

Examples of Sublimit Facility in a sentence

• To be subject to the Sublimit Facility, the Borrower will need to so designate said account in a writing to the Lender (with said accounts being defined as the "Covered Accounts").

• The Borrower has the right to terminate the Sublimit Facility at any time upon written notice to the Lender accompanied by payment in full of all Revolving Credit Loans outstanding under the Sublimit Facility and the applicable amount of the Sublimit Facility Fee referred to in Section 2.22(b).

• At no time shall the number of Borrowings made as Eurodollar Advances then outstanding under this Article II exceed ten; provided that, for the purpose of determining the number of Borrowings outstanding and the minimum amount for Borrowings resulting from continuations, all Borrowings of Base Rate Advances under the Revolving Loan shall be considered as one Borrowing and all Borrowings under the Sublimit Facility shall be considered as one Borrowing.

• The Sublimit Facility is a part of the Revolving Credit and does not, and shall not be deemed to, increase the Revolving Credit Ceiling.

• The Lender agrees the first Revolving Credit Loans to which it shall apply collected balances in accordance with Section 7.5 hereof shall be Revolving Credit Loans under the Sublimit Facility, if any.

• Other than as specifically set forth in this Section 2.22, Revolving Credit Loans under the Sublimit Facility shall be treated as are all other Revolving Credit Loans under this Agreement including, without limitation, Section 2.10 hereof; provided, however, that Revolving Credit Loans under the Sublimit Facility shall not be subject to the Borrowing Base limitations set forth in this Agreement regarding Revolving Credit Loans (including, without limitation, Sections 2.1(b) and 2.4(a) hereof).

More Definitions of Sublimit Facility

Sublimit Facility means a portion of the Revolving Loan in the amount of $8,000,000 so as to provide for, among other matters, the daily and automatic extension of Advances to the Borrower to cover overdrafts or checks written by the

Sublimit Facility means a Facility within a Multi Option Facility. Taxes means any tax, levy, impost, deduction, charge, withholding and duty (including stamp and transaction duty and GST) imposed by any Government Agency together with any related interest, penalty, fine, costs and expenses. Tax Returns means the income tax return of the party or parties described in the Facility Terms, or if the parties are not described, such parties as we advise. TDC has the same meaning as Total Development Cost.

Sublimit Facility means a line of credit extended to the Borrower in the form of Sublimit Loans not to exceed with respect to each Eligible Sublimit Loan Note, the Sublimit Formula, provided that the maximum that will be advanced against all Eligible Sublimit Loan Notes at any time will not exceed $25,000,000.