Amount of Revolving Advances. Subject to the terms and conditions set forth in this Agreement specifically including Sections 2.1(b) and (c), each Lender, severally and not jointly, will make Revolving Advances to Borrowers in aggregate amounts outstanding at any time equal to such Xxxxxx’s Revolving Commitment Percentage of the lesser of (x) the Maximum Revolving Advance Amount, less the outstanding amount of Swing Loans, less the aggregate Maximum Undrawn Amount of all outstanding Letters of Credit, less Reserves established hereunder or (y) an amount equal to the sum of:
(i) up to 85% of (x) Eligible Non-IPM Receivables and (y) Eligible IPM Receivables that are due or unpaid not more than 120 days after the original billing date, plus
(ii) the lesser of (A) up to 65% (together with the advance rate set forth in Section 2.1(a)(y)(i), collectively, the “Advance Rates”) of Eligible IPM Receivables that are due or unpaid more than 120 days after the original billing date but not more than 150 days after the original billing date and (B) $5,000,000, minus
(iii) the aggregate Maximum Undrawn Amount of all outstanding Letters of Credit, minus
(iv) Reserves established hereunder. The amount derived from the sum of (x) Sections 2.1(a)(y)(i) and (ii) minus (y) Sections 2.1 (a)(y)(iii) and (iv) at any time and from time to time shall be referred to as the “Formula Amount”. The Revolving Advances shall be evidenced by one or more secured promissory notes (collectively, the “Revolving Credit Note”) substantially in the form attached hereto as Exhibit 2.1(a). Notwithstanding anything to the contrary contained in the foregoing or otherwise in this Agreement, the outstanding aggregate principal amount of Swing Loans and the Revolving Advances at any one time outstanding shall not exceed an amount equal to the lesser of (i) the Maximum Revolving Advance Amount less the Maximum Undrawn Amount of all outstanding Letters of Credit less Reserves established hereunder or (ii) the Formula Amount. [PHI Group] Revolving Credit, Term Loan and Security Agreement
Amount of Revolving Advances. Subject to the terms and conditions set forth in this Agreement including Section 2.1(b), each Lender, severally and not jointly, will make Revolving Advances to Borrower in aggregate amounts outstanding at any time equal to such Lender’s Commitment Percentage of the lesser of (x) the Maximum Revolving Advance Amount less the aggregate Maximum Undrawn Amount of all outstanding Letters of Credit and (y) an amount equal to the sum of:
(i) up to 85%, subject to the provisions of Section 2.1 (b) hereof (“Receivables Advance Rate”), of Eligible Receivables, minus
(ii) the aggregate Maximum Undrawn Amount of all outstanding Letters of Credit, minus
(iii) such reserves as Agent may reasonably deem proper and necessary in its reasonable credit judgment and consistent with practices and procedures generally applied to its similarly situated borrowers to take into account subsequent events or occurrences which are likely to jeopardize the collectibility of all or a material portion of Borrower’s Eligible Receivables or to provide availability for payment of contingent liabilities of the Borrower not otherwise reserved. The amount derived from the sum of (x) Section 2.1(a)(y)(i) minus (y) Section 2.1 (a)(y)(iii) at any time and from time to time shall be referred to as the “Formula Amount”. The Revolving Advances shall be evidenced by one or more secured promissory notes (collectively, the “Revolving Credit Note”) substantially in the form attached hereto as Exhibit 2.1(a).
Amount of Revolving Advances. Subject to the terms and conditions set forth in this Agreement specifically including Section 2.1(c), each Lender, severally and not jointly, will make Revolving Advances to Borrowers in aggregate amounts outstanding at any time equal to such Xxxxxx’s Revolving Commitment Percentage of the lesser of (x) the Maximum Revolving Advance Amount, less the outstanding amount of Swing Loans, less the aggregate Maximum Undrawn Amount of all outstanding Letters of Credit or (y) an amount equal to the sum of:
(i) up to eighty-five percent (85.00%) (the “Receivables Advance Rate”) of Eligible Receivables, plus
(ii) up to the lesser of (A) up to eighty-five percent (85%) of Eligible Unbilled Receivables or (B) $5,000,000 (“Unbilled Receivables Advance Rate”), plus
(iii) up to the least of (A) up to sixty-five percent (65%) of the value of the Eligible Inventory (the “Inventory Advance Rate”), (B) up to eighty-five percent (85%) of the appraised net orderly liquidation value percentage of Eligible Inventory (as evidenced by an Inventory NOLV Appraisal to Agent in its Permitted Discretion) (the “Inventory NOLV Advance Rate” and together with the Inventory Advance Rate, the Receivables Advance Rate and the Unbilled Receivables Advance Rate, collectively, the “Advance Rates”); or (C) $35,000,000, minus
Amount of Revolving Advances. Subject to the terms and conditions set forth in this Agreement, each Revolving Lender, severally and not jointly, will make Revolving Advances to Borrowers in aggregate amounts outstanding at any time equal to such Lender’s Revolving Commitment Percentage of the lesser of (x) the Maximum Revolving Advance Amount, less the outstanding amount of Swing Loans, less the aggregate Maximum Undrawn Amount of all outstanding Letters of Credit, less Reserves established hereunder or (y) an amount equal to the result of the following (hereinafter, the “Formula Amount”):
(i) the sum of (a) up to 85% of Eligible Receivables, plus (b) up to the lesser of (1) 80% of Eligible Unbilled Receivables and (2) $10,000,000, minus
(ii) the aggregate Maximum Undrawn Amount of all outstanding Letters of Credit, minus
(iii) Reserves established hereunder. At the request of any Lender, the Revolving Advances shall be evidenced by one or more secured promissory notes (collectively, the “Revolving Credit Note”) substantially in the form attached hereto as Exhibit 2.1(a) hereto.
Amount of Revolving Advances. Subject to the terms and conditions set forth in this Agreement including Section 2.1(b), each Lender, severally and not jointly, will make Revolving Advances to Borrower in aggregate amounts outstanding at any time equal to such Lender's Commitment Percentage of the lesser of (x) the Maximum Revolving Advance Amount less the aggregate Maximum Undrawn Amount of all outstanding Letters of Credit or (y) an amount equal to the sum of:
Amount of Revolving Advances. Subject to the terms and conditions set forth in this Agreement, each Revolving Lender, severally and not jointly, will make Revolving Advances to Borrowers denominated in U.S. Dollars or the U.S. Dollar Equivalent in Canadian Dollars in aggregate amounts outstanding at any time equal to such Xxxxxx’s Revolving Commitment Percentage of the lesser of (x) the Maximum Revolving Advance Amount, less the outstanding amount of all Swing Loans, less the aggregate Maximum Undrawn Amount of all outstanding Letters of Credit, less Reserves established hereunder or (y) an amount equal to the result of the following (hereinafter, the “Formula Amount”):
(i) up to an amount equal to (A) 85% of Eligible Receivables and (B) subject to the limitations set forth in clause (e) below, 85% of Eligible JV Receivables, plus
(ii) up to an amount equal to 85% of the U.S. Dollar Equivalent of Eligible Canadian Receivables, plus
(iii) subject to the limitations set forth in clause (e) below, up to the lesser of (a) an amount equal to 65% of Eligible Unbilled Receivables and (b) $75,500,000, minus
(iv) the aggregate Maximum Undrawn Amount of all outstanding Letters of Credit, minus
(v) Reserves established hereunder. The Revolving Advances shall be evidenced by one or more secured promissory notes (collectively, the “Revolving Credit Note”) substantially in the form attached hereto as Exhibit 2.1(a) hereto.
Amount of Revolving Advances. Subject to the terms and conditions set forth in this Agreement including Section 2.1(b), each Lender, severally and not jointly, will make Revolving Advances to Borrowers in aggregate amounts outstanding at any time equal to such Lender's Commitment Percentage of the lesser of (x) the Maximum Revolving Advance Amount less the sum of (i) the aggregate Maximum Undrawn Amount of outstanding Letters of Credit, plus (ii) the aggregate amount of outstanding Swing Loans and (y) an amount equal to the sum of:
(i) subject to the provisions of Section 2.1(b) hereof, up to eighty-five percent (85%) ("Receivables Advance Rate") of Eligible Receivables, plus
(ii) subject to the provisions of Section 2.1(b) hereof, up to the lesser of (A) the sum of (y) up to eighty percent (80%) ("Rental Fleet Advance Rate (NBV)") of the net book value of the Eligible Rental Fleet Inventory, and (z) up to eighty percent (80%) ("Other Inventory Advance Rate (NBV)") of the net book value of the Eligible Other Inventory, and (B) the sum of (y) (I) from the Closing Date through and including June 30, 2011, up to ninety percent (90%), (II) from July 1, 2011 through and including June 30, 2012, up to eighty-five percent (85%), and (III) from July 1, 2012 and thereafter, up to eighty percent (80%) (collectively, the "Rental Fleet Advance Rate (NOLV)") of the Net Orderly Liquidation Value of the Eligible Rental Fleet Inventory, and (z) (I) from the Closing Date through and including June 30, 2011, up to ninety percent (90%), (II) from July 1, 2011 through and including June 30, 2012, up to eighty-five percent (85%), and (III) from July 1, 2012 and thereafter, up to eighty percent (80%) (collectively, the "Other Inventory Advance Rate (NOLV)") of the Net Orderly Liquidation Value of the Eligible Other Inventory , plus
Amount of Revolving Advances. Subject to the terms and conditions set forth in this Agreement, each Lender holding a Revolving Commitment, severally and not jointly, will make Revolving Advances to Borrowers in aggregate amounts outstanding at any time equal to such Xxxxxx’s Revolving Commitment Percentage of the lesser of (x) the Maximum Revolving Advance Amount, less the outstanding amount of Swing Loans, less the aggregate Maximum Undrawn Amount of all outstanding Letters of Credit or (y) an amount equal to the result of the following (hereinafter, the “Formula Amount”):
(i) the sum of (A) up to 90% of Eligible Receivables (other than Eligible Extended Terms Receivables) and (B) up to 90% of Eligible Insured Foreign Receivables, plus (ii) the lesser of (A) up to 90% of Eligible Extended Terms Receivables and (B) $4,000,000; plus
Amount of Revolving Advances. Subject to the terms and conditions set forth in this Agreement specifically including Sections 2.1(b) and (c), each Lender, severally and not jointly, will make Revolving Advances to Borrowers in aggregate amounts outstanding at any time equal to such Xxxxxx’s Revolving Commitment Percentage of the lesser of (x) the Maximum Revolving Advance Amount, less the outstanding amount of Swing Loans, less the aggregate Maximum Undrawn Amount of all outstanding Letters of Credit, less Reserves established hereunder or (y) an amount equal to the sum of:
(i) up to 8590% of (x) Eligible Non-IPM Receivables and (y) Eligible IPM Receivables that are due or unpaid not more than 120 days after the original billing date, plus
(ii) the lesser of (A) up to 65% (together with the advance rate set forth in Section 2.1(a)(y)(i), collectively, the “Advance Rates”) of Eligible IPM Receivables that are due or unpaid more than 120 days after the original billing date but not more than 150 days after the original billing date and (B) $5,000,000, minus [PHI Group] Revolving Credit, Term Loan and Security Agreement
(iii) the lesser of (A) up to 100% (together with the advance rates set forth in Section 2.1(a)(y)(i) and (ii), collectively, the “Advance Rates”) of the cash on hand or Cash Equivalents of Borrowers that is (x)(I) with respect to cash, on deposit in a Blocked Account at a Blocked Account Bank and subject to a deposit account control agreement, in form and substance satisfactory to Agent, granting Agent full dominion (or such other control over such Blocked Account as Agent may agree to in its sole discretion) over such Blocked Account or (II) with respect to Cash Equivalents, maintained in a securities account or investment account subject to an account control agreement in form and substance satisfactory to Agent, granting Agent control over such securities or investment account in a manner satisfactory to Agent in its sole discretion (provided, it is understood and agreed that the cash and Cash Equivalents held at each of the IB Deposit Account and the PNC Investment Account (each as defined in Schedule 6.18), respectively, shall be included for purposes of this clause (a)(iii)(A) notwithstanding whether a satisfactory to the Agent control agreement is in place, so long as PHI Group is in compliance with Section 6.18 with respect to each such account) and (y) not subject to Liens in favor of any Person other than the Agent and (B) $25,000,000, minus
(iv) (iii) the aggre...
Amount of Revolving Advances. Subject to the terms and conditions set forth in this Agreement, each Revolving Lender, severally and not jointly, will make Revolving Advances to Borrowers in aggregate amounts outstanding at any time equal to such Xxxxxx’s Revolving Commitment Percentage of the lesser of (x) the Maximum Revolving Advance Amount, less the outstanding amount of all Swing Loans, less the aggregate Maximum Undrawn Amount of all outstanding Letters of Credit, less Reserves established hereunder or (y) an amount equal to the result of the following (hereinafter, the “Formula Amount”): (i) the lesser of (A) 100% of Qualified Cash, and (B) $75,000,000, plus (ii) the sum of 85% of Eligible Receivables plus 85% of Eligible Credit Card Receivables, plus (iii) the lesser of (A) 65% of Eligible Consumer Receivables and (B) $45,000,000, plus (iiiiv) 80% of the value of the Eligible Inventory, minus (ivv) the aggregate Maximum Undrawn Amount of all outstanding Letters of Credit, minus (vvi) Reserves established hereunder. The Revolving Advances shall be evidenced by one or more secured promissory notes (collectively, the “Revolving Credit Note”) as requested by each Lender, substantially in the form attached hereto as Exhibit 2.1
(a) hereto.
