Designated Net Amount definition

Designated Net Amount means the amount notified by the Company to the Agent upon the establishment of a Multi-account Overdraft as being the maximum amount of Net Outstandings that will, at any time, be outstanding under that Multi-account Overdraft.

Designated Net Amount has the meaning set forth in Section 2.26(b)(ii).

Designated Net Amount has the meaning given to that term in Clause 9.2 (Availability).

Examples of Designated Net Amount in a sentence

• Ancillary Facility Lenders and Issuing Banks) shall not restrict any right of an Ancillary Facility Lender to net or set-off in relation to a Multi-account Overdraft Facility, in accordance with the terms of the Senior Facilities Agreement or relevant Pari Passu Debt Document, to the extent that the netting or set-off represents a reduction from a Permitted Gross Amount of that Multi-account Overdraft Facility to or towards its Designated Net Amount.

• Diversification is the process of investing in areas that have little or no relation to each other.

• Ancillary Lenders and Issuing Banks) shall not restrict any right of an Ancillary Lender to net or set off in relation to a Multi Account Overdraft Facility, in accordance with the terms of any Revolving Facility Agreement, to the extent that the netting or set off represents a reduction from a Permitted Gross Amount of that Multi Account Overdraft Facility to or towards its Designated Net Amount.

• Each Borrower and each Ancillary Lender agrees with and for the benefit of each Lender that the Ancillary Outstandings under any Ancillary Facility provided by that Ancillary Lender shall not exceed the Ancillary Commitment applicable to that Ancillary Facility and where the Ancillary Facility is an overdraft facility comprising more than one account, Ancillary Outstandings under that Ancillary Facility shall not exceed the Designated Net Amount in respect of that Ancillary Facility.

• Following service of notice or automatic acceleration under Section 8.02, this Section 2.13 shall apply to all receipts or recoveries by Ancillary Lenders except to the extent that the receipt or recovery represents a reduction of the Designated Gross Amount of a Multi-account Overdraft to or towards an amount equal to its Designated Net Amount.

More Definitions of Designated Net Amount

Designated Net Amount means, in relation to a Multi-account Overdraft Facility, that Multi‑account Overdraft Facility’s maximum net amount.

Designated Net Amount has the meaning given to such term in Clause 6.1(b) (Utilisation of Ancillary Facilities).

Designated Net Amount means the amount notified by the Company to the Facility Agent upon the establishment of a Multi-account Overdraft as being the maximum amount of Net Outstandings that will, at any time, be outstanding under that Multi-account Overdraft.

Designated Net Amount has the meaning set forth in Section 2.16.

Designated Net Amount means, in relation to a Multi-account Overdraft, that Multi-account Overdraft’s “Designated Net Amount” under and as defined in the Initial Revolving Facility Agreement or any Equivalent Provision of any other Credit Facility Agreement.

Designated Net Amount shall have the meaning provided in Section 2.16(b)(ii)(A).

Designated Net Amount has the meaning given to that term in Clause 6.2 (Availability).