Declining Revolving Credit Loans definition

Declining Revolving Credit Loans has the meaning provided in Section 2.01(a)(ii) of this Agreement.

Declining Revolving Credit Loans has the meaning provided in Section 2.01(a)(ii) of this Agreement. "Declining Revolving Credit Notes" has the meaning provided in Section 2.03(b) of this Agreement. Loan Agreement - Page 3 "Default" means any condition or event which constitutes an Event of Default or which with the giving of notice or the lapse of time or both would, unless cured or waived, become an Event of Default. "EBITDA" means, for any period and determined in accordance with GAAP, Net Income before interest, taxes, depreciation and amortization. "Eligible Account" means an account owing to the Borrower arising in the ordinary course of Borrower's business from the sale of ethanol, distiller's grains (both wet and dry) or corn oil in which the Lender has a perfected first priority security interest and which meets all of the following specifications at the time it came into existence and continues to meet the same until it is collected in full:

Declining Revolving Credit Loans has the meaning provided in Section 2.01(a)(ii) of this Agreement. "Declining Revolving Credit Notes" has the meaning provided in Section 2.03(b) of this Agreement. "Default" means any condition or event which constitutes an Event of Default or which with the giving of notice or the lapse of time or both would, unless cured or waived, become an Event of Default. "Defaulting Lender" means any Lender that (a) has failed to advance to the Agent any portion of the Loans required to be funded by such Lender pursuant to this Agreement on the date required to be funded by such Lender pursuant to this Agreement and such failure is continuing on the date of determination, (b) has otherwise failed to pay over to the Agent any other amount required to be paid by such Lender under this Agreement or under any Loan Document within one (1) Business Day of the date when due, unless the subject of a good faith dispute and such failure is continuing on the date of determination, or (c) has been deemed insolvent, become the subject of a bankruptcy or insolvency proceeding or had its assets and/or control frozen or seized by the applicable banking regulators or other governmental agency. "EBITDA" means, for any period and determined in accordance with GAAP, an amount equal to (a) Net Income for such period, plus (b) to the extent deducted in determining Net Income for such period, the sum of (1) Interest Expense, (2) federal, state or local income tax expense, (3) depreciation and amortization and (4) all other non-cash charges, in each case for such period. "Eligible Account" means an account owing to Borrower arising in the ordinary course of Borrower's business out of the sale of ethanol and/or distiller's grains in which the Agent for the benefit of the Lenders has a perfected first priority security interest and which meets all of the following specifications at the time it came into existence and continues to meet the same until it is collected in full:

Examples of Declining Revolving Credit Loans in a sentence

• Subject to the terms and conditions of this Agreement, from and after April 8, 2014 to the Termination Date applicable to the Declining Revolving Credit Loan the Borrower may borrow, repay and re-borrow under the Declining Revolving Credit Loans up to the Maximum Availability at such time.

• Proceeds from any realization on such Mortgaged Property, equipment and fixtures will only be applied to the Revolving Credit Loans if any proceeds remain after the full and indefeasible payment of the Term Loan and Declining Revolving Credit Loans.

• However, Lender shall not be obligated to make a Declining Revolving Credit Loan if the aggregate amount of all Declining Revolving Credit Loans then outstanding exceeds, or would exceed if the requested Declining Revolving Credit Loan were to be made, (1) the Maximum Availability at such time; (2) Lender's Declining Revolving Credit Commitment or (3) any Default or Event of Default exists or would result from the making of such Declining Revolving Credit Loan.

• Subject to the terms and conditions of this Agreement, the Borrower may borrow, repay and re-borrow under the Declining Revolving Credit Loans up to the Maximum Availability at such time.

• Lender agrees, subject to the terms and conditions of this Agreement, to make revolving credit loans (each, a "Declining Revolving Credit Loan" and collectively, the "Declining Revolving Credit Loans") to the Borrower from time to time from until the Business Day iMmediately preceding the Termination Date applicable to the Declining Revolving Credit Loan up to a maximum principal amount at any time outstanding equal to Lender's Declining Revolving Credit Commitment at such time.

• However, Lender shall not be obligated to make a Declining Revolving Credit Loan if the aggregate amount of all Declining Revolving Credit Loans then outstanding exceeds, or would exceed if the requested Declining Revolving Credit Loan were to be made, (1) the Declining Revolving Credit Commitment or (2) any Default or Event of Default exists or would result from the making of such Declining Revolving.

• Principal, interest and all other amounts, if any, payable in respect of this Note shall be payable as provided in the Credit Agreement, including, but not limited to, payments required on each Reduction Date to bring the Declining Revolving Credit Loans within the Maximum Availability on each such Reduction Date.

• Reprogramming of £8.784m has been identified as part of the process and this spend is now included in the 2021/22 planned spend shown below.

More Definitions of Declining Revolving Credit Loans

Declining Revolving Credit Loans has the meaning provided in Section 2.01(a)(ii) of this Agreement. "Declining Revolving Credit Note" has the meaning provided in Section 2.03(b) of this Agreement. "Default" means any condition or event which constitutes an Event of Default or which with the giving of notice or the lapse of time or both would, unless cured or waived, become an Event of Default. "EBITDA" means, for any period and determined in accordance with GAAP, Net Income before interest, taxes, depreciation and amortization. "Eligible Account" means an account owing to a Borrower arising in the ordinary course of such Borrower’s business from the sale of ethanol, distiller's grains (both wet and dry), high protein feed, wet syrup, or corn oil in which the Lender has a perfected first priority security interest and which meets all of the following specifications at the time it came into existence and continues to meet the same until it is collected in full:

Declining Revolving Credit Loans is defined in Section 2.01(b).