Establishment of Credit Facilities. (a) The Lenders hereby establish the revolving line of credit and the last out revolving credit facility (collectively, the “Credit Facilities”) in the Borrowers’ favor pursuant to which each Lender, subject to, and in accordance with, this Agreement, acting through the Administrative Agent, shall make loans and advances and otherwise provide financial accommodations to and for the account of the Borrowers as provided herein.
(b) Loans, advances, and financial accommodations under the Credit Facilities shall be subject to Availability and Last Out Availability, as applicable. The Borrowing Base, Last Out Borrowing Base, Availability and Last Out Availability shall be determined by the Administrative Agent by reference to Borrowing Base Certificates furnished as provided in Section 5.4, below, and shall be subject to the following:
(i) Such determination shall take into account such Reserves as the Administrative Agent may determine as being applicable thereto.
(ii) The Cost of Eligible Inventory will be calculated in a manner consistent with current tracking practices, based on stock ledger inventory at Cost.
(c) The commitment of each Lender to provide such loans, advances, and financial accommodations is subject to Section 2.25.
(d) The proceeds of borrowings under the Credit Facilities shall be used solely as follows:
(i) For the Borrowers’ working capital needs and general corporate purposes.
(ii) For advances by the Borrowers to Guarantors to finance the purchases by Guarantors of Inventory pursuant to the Inventory Purchase Agreement and to permit such Guarantors to pay ordinary course operating expenses (including, without limitation, rent, utilities and taxes).
(iii) For Capital Expenditures to the extent permitted by this Agreement.
(iv) For Permitted Repurchases in accordance with the terms and conditions of this Agreement.
Establishment of Credit Facilities. 2.1.1 Subject to the terms and conditions set forth herein, the Lender hereby establishes in favour of the Borrowers, the following credit facilities:
(a) an unsecured revolving operating credit facility (the “Operating Facility”) in the principal amount of $200,000,000; and
(b) an unsecured revolving acquisition credit facility (the “Acquisition Facility”) in the amount of $300,000,000. Subject to the terms and conditions of this Agreement, the Borrowers may borrow, repay and re-borrow Loans under the Credit Facilities.
2.1.2 Loans advanced under the Operating Facility may be used by the Borrowers to provide revolving funding for their general corporate purposes and their capital expenditures, including in respect of direct and indirect acquisitions in connection with the businesses of the Borrowers and their Subsidiaries.
2.1.3 Loans advanced under the Acquisition Facility are to be used by the Borrowers to fund Investments.
Establishment of Credit Facilities. Subject to the terms and conditions hereof, the Lenders hereby establish in favour of the Borrower:
(a) a non-revolving term credit facility (the "NRT Facility") in the principal amount of the NRT Credit Limit; and
(b) a revolving term credit facility (the "RT Facility") in the principal amount of the RT Credit Limit.
Establishment of Credit Facilities. Subject to the terms and conditions hereof, the Lenders hereby establish in favour of the Borrowers:
(a) a non-revolving term credit facility (“Credit Facility 1”) in the amount of US$10,000,000 or the Canadian Dollar Equivalent thereof;
(b) a revolving term credit facility (“Credit Facility 2”) in the amount, from time to time, equal to the lesser of US$45,000,000 or the Canadian Dollar Equivalent thereof and the Borrowing Base; and
(c) a revolving term acquisition facility (“Credit Facility 3”) in the amount, from time to time, equal to the lesser of US$20,000,000 or the Canadian Dollar Equivalent thereof.
Establishment of Credit Facilities. Subject to the terms and conditions hereof, the Lenders hereby establish in favour of the Borrower:
(a) a revolving term credit facility (the “RT Facility”) in the amount of U.S.$300,000,000; and
(b) a non-revolving term credit facility (the “NRT Facility”) in the amount of U.S.$200,000,000, DM_TOR/208573-00204/2193933.9 as each such amount may be reduced pursuant to Section 2.3.
Establishment of Credit Facilities. Subject to the terms and conditions hereof:
(a) the Lenders hereby establish in favour of the Borrowers a revolving term credit facility (the “RT Facility”) in the amount of U.S.$575,000,000 (as such amount may be reduced pursuant to Section 2.3) provided, however, the amount of credit extended in favour of the Parent under the RT Facility at any particular time shall not exceed the aggregate of:
(i) U.S.$50,000,000; and
(ii) any amount used by the Parent to make a Permitted Acquisition pursuant to which a Prospective Full Recourse Guarantee and Prospective Limited Recourse Guarantee become a Full Recourse Guarantor and Limited Recourse Guarantor in accordance with Section 11.1(u), provided the Guarantee to which such Full Recourse Guarantor is a party guarantees, inter alia, the Secured Obligations of the Parent and a pledge of all of the Shares of such Full Recourse Guarantor is provided; and
(b) the Lenders hereby establish in favour of Xxxxxx XX a non-revolving term credit facility (the “NRT Facility”) in the amount of U.S.$225,000,000 (as such amount may be reduced pursuant to Section 2.3).
Establishment of Credit Facilities. Subject to the terms and conditions hereof, the Lenders hereby establish in favour of the Borrowers:
(a) a non-revolving term credit facility (“Credit Facility 1”) in the amount of $62,500,000 or the U.S. Dollar Equivalent thereof; and
(b) a revolving term credit facility (“Credit Facility 2”) in the amount of $10,000,000 or the U.S. Dollar Equivalent thereof.
Establishment of Credit Facilities. Subject to the terms and conditions hereof, the Lenders hereby establish:
(a) in favour of Equinox, a non-revolving term credit facility (the “NRT Facility”) in the principal amount of the NRT Credit Limit; and
(b) in favour of the Borrowers, a revolving term credit facility (the “RT Facility”) in the principal amount of the RT Credit Limit.
Establishment of Credit Facilities. Subject to the terms and conditions hereof:
(a) the TL Lenders hereby establish in favour of Equinox, a non-revolving term credit facility (the "TL Facility") in the principal amount of the TL Credit Limit; and
(b) the RCF Lenders hereby establish in favour of the Borrowers, a revolving term credit facility (the "RCF Facility") in the principal amount of the RCF Credit Limit.
Establishment of Credit Facilities. Subject to the terms and conditions hereof and effective on the Closing Date:
