Examples of EDC Facility in a sentence
The Operating Facility and EDC Facility are secured by a general security agreement providing a security interest over all present and acquired property and a floating charge on all oil and natural gas assets.
The EDC Facility cannot be used to repay or refinance permanent reductions to the Operating Facility or to make shareholder contributions, shareholder loans, share buy backs or pay any bonuses or increase executive compensation.
For calculating compliance with this covenant, the amount drawn on the Operating Facility and EDC Facility, classified as a current liability, and the fair value of financial instruments are excluded from working capital.
The EDC Facility is payable on demand by the Lender and is non-revolving.
The EDC Facility is a non-revolving term facility to be used exclusively to provide additional liquidity for the Company’s business operations.
Most excise taxes are poverty-increasing but their impact on income inequality is ambiguous, and product- and context- specific.
The Corporation has total available credit under two facilities of $1.3 billion, comprised of $800 million under the revolving credit facility and $500 million under a letter of credit facility guaranteed by Export Development Canada ("EDC Facility").
Under the EDC Facility, the loan is subject to an interest rate of lender prime plus a credit spread of 2.75% to 5.75%, depending on the Debt to Funds Flow ratio of less than 1.0 to greater than 4.0. The EDC facility also includes an annual fee of 1.8% of the outstanding balance, payable in four quarterly instalments.
The maturity dates of therevolving credit facility and the EDC Facility include a feature that would cause the maturity dates to spring back to 91 days prior to the maturity date of certain material debt of the Corporation if such debt has not been repaid or refinanced prior to such date.
As at June 30, 2021, the Corporation had $785 million of unutilized capacity under the $800 million revolving credit facility and the Corporation had $112 million of unutilized capacity under the $500 million EDC Facility.