Formula Loans definition

Formula Loans means, collectively, loans, advances and other credit made or extended by Bank to or in favor of Debtor under or pursuant to and evidenced by the Note, together with any letters of credit issued by Bank thereunder or in connection therewith, subject to the terms and conditions of this Agreement, the Note, the Security Agreement and any other agreement(s) between Debtor and Bank (as the same may be amended, modified, extended, renewed, restated, substituted and/or replaced from time to time, the "Loan Documents").
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Formula Loans means as of any date of determination all Indebtedness of Borrower as of such date but only in respect of money borrowed or evidenced by a promissory note, debenture or other like obligation to pay money pursuant to which borrowings are based on Borrower's and/or its Subsidiaries' accounts receivable or inventory, including, without limitation, all Indebtedness of Borrower under this Agreement and the Revolving Credit Note (without duplication) and the Barnxxx Xxxn Agreement (including without limitation (i) the aggregate principal then outstanding under the promissory note(s) issued thereunder, (ii) the aggregate undrawn portion of any letters of credit issued thereunder then outstanding and (iii) the outstanding obligations of Borrower for
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Formula Loans means, collectively, loans, advances and other credit made or extended by Bank to or in favor of Borrower under or pursuant to and evidenced by the Master Revolving Note, subject to the terms and conditions of this Agreement, the Master Revolving Note, the Collateral Agreements and any other agreement(s) between Borrower and Bank or by Borrower for the benefit of Bank related thereto (as the same may be amended, modified, extended, renewed, restated, substituted and/or replaced from time to time, but excluding any environmental indemnity or guaranty, the “Loan Documents”).
Sample 1

Examples of Formula Loans in a sentence

  • Any failure by Debtor to comply with this Agreement shall constitute a default under the Formula Loans and under the Security Agreement and the Indebtedness, as defined therein.

  • If the limitations in paragraph 2, above, are exceeded at any time, Debtor shall immediately pay Bank sums sufficient to reduce the Formula Loans by the amount of such excess.

  • For and in consideration of Bank making the Formula Loans available to Debtor, Debtor warrants and agrees that the aggregate unpaid principal balance of Debtor's indebtedness to Bank outstanding under the Formula Loans shall not at any time exceed the Advance Formula.

  • Any failure by Debtor to comply with this Agreement shall constitute a default under the Formula Loans and under the Note, the Security Agreement and the Indebtedness, as defined therein, and each of the other Loan Documents, and Bank shall be entitled to exercise any and all rights and remedies available to it as a result of such default, whether under this Agreement, the Note, any other Loan Document(s), at law or otherwise.

  • These articles may be amended by a majority vote of committee subject to approval of the Transportation Policy Committee.

  • If at any time the principal amount outstanding under the Formula Loans exceeds the then existing Borrowing Base, the Borrower shall pay to the Bank upon demand such amount (not to exceed the aggregate amount of Advances then outstanding under the Revolving Credit) as shall be required to cause the aggregate principal amount outstanding under the Formula Loans to be less than or equal to the then existing Borrowing Base.

  • Notwithstanding the foregoing, the sum of (I) the aggregate amount of Out of Formula Loans plus (II) the aggregate amount of Protective Advances made pursuant to Section 12.9.4 then outstanding, shall not exceed an aggregate amount equal to 10% of the Borrowing Base.

  • Furthermore, the maximum that will be advanced against all Eligible Sublimit Loan Notes at any time (i) will not exceed $25,000,000 and (ii) shall always be less than the aggregate amount outstanding under the Formula Loans.

  • If the limitations in paragraph 2 above are exceeded at any time, Borrower shall immediately pay Bank sums sufficient to reduce the Formula Loans by the amount of such excess.

  • Bank and Debtor acknowledge and agree that the Formula Loans are not on a demand basis as of the date hereof.


More Definitions of Formula Loans

Formula Loans means any Loans made with regards to the Borrowing Base.
Sample 1
Formula Loans means as of any date of determination all Indebtedness of Borrower as of such date but only in respect of money borrowed or evidenced by a promissory note, debenture or other like obligation to pay money pursuant to which borrowings are based on Borrower's and/or its Subsidiaries' accounts receivable or inventory, including, without limitation, all Indebtedness of Borrower under this Agreement and the Revolving Credit Note (without duplication) and the Barnett Loan Agreement (including without limitation (i) the aggregate principal then outstanding under the promissory note(s) issued thereunder, (ii) the aggregate undrawn portion of any letters of credit issued thereunder then outstanding and (iii) the outstanding obligations of Borrower for
Sample 1
Formula Loans as defined in the ABL Facility Agreement as in effect on the Closing Date. “Overnight Bank Funding Rate” shall mean, for any day, the rate per annum (based on a year of 360 days and actual days elapsed) comprised of both overnight federal funds and overnight Eurocurrency borrowings by U.S. managed banking offices of depository institutions, as such composite rate shall be determined by the Federal Reserve Bank of New York, as set forth on its public website from time to time, and as published on the next succeeding Business Day as the overnight bank funding rate by such Federal Reserve Bank (or by such other recognized electronic source (such as Bloomberg) selected by Agent for the purpose of displaying such rate) (an “Alternate Source”); provided, that if such day is not a Business Day, the Overnight Bank Funding Rate for such day shall be such rate on the immediately preceding
Sample 1
Formula Loans means, collectively, loans (including Swing Line Loans), advances and other credit made or extended by Lenders to or in favor of Borrower under or pursuant to and evidenced by the Master Revolving Notes, subject to the terms and conditions of this Agreement, the Master Revolving Notes, the Collateral Agreements and any other agreement(s) among Borrower, Agent and Lenders or by Borrower for the benefit of Agent and Lenders related thereto (as the same may be amended, modified, extended, renewed, restated, substituted and/or replaced from time to time, but excluding any environmental indemnity or guaranty, the “Loan Documents”).
Sample 1

Related to Formula Loans

  • Domestic Loans means CD Loans or Base Rate Loans or both.

  • Revolving Advances means Advances made other than Letters of Credit.

  • Lender PMI Loans Mortgage Loans with respect to which the lender rather than the borrower acquired the primary mortgage guaranty insurance and charged the related borrower an interest premium.

  • Revolving Loans as defined in Section 2.4(a).

  • U.S. Revolving Loans means the revolving loans made to the U.S. Borrowers pursuant to Section 2.1(a)(i), or any amendment to this Agreement entered into pursuant to Section 2.5, 2.6 or 2.7, each Agent Advance made to a U.S. Borrower and each U.S. Swingline Loan.

  • Loans means the loans made by the Lenders to the Borrower pursuant to this Agreement.

  • Pending Revolving Loans means, at any time, the aggregate principal amount of all Revolving Loans requested in any Notice of Borrowing received by the Agent which have not yet been advanced.

  • Canadian Revolving Loans means the Loans extended by the Canadian Revolving Lenders to the Canadian Borrower pursuant to Section 2.01(b).

  • Canadian Loans means, individually and collectively as the context may require, the Canadian Revolving Loans, the Canadian Swingline Loans, the Canadian Overadvances and the Canadian Protective Advances.

  • Other Revolving Loans means the Revolving Loans made pursuant to any Other Revolving Commitment.

  • Term Loan Advances are each defined in Section 2.1.1(a).

  • U.S. Loans means, individually and collectively as the context may require, the U.S. Revolving Loans, the U.S. Swingline Loans, the U.S. Overadvances, and the U.S. Protective Advances.

  • or "Loans means and includes without limitation any and all commercial loans and financial accommodations from Lender to Borrower, whether now or hereafter existing, and however evidenced, including without limitation those loans and financial accommodations described herein or described on any exhibit or schedule attached to this Agreement from time to time.

  • Base Rate Loans Loans the rate of interest applicable to which is based upon the Base Rate.

  • Tranche A Loans means the Loans made pursuant to the Tranche A Commitment.

  • or "Advances means a cash advance or cash advances under the Revolving Facility.

  • Revolving Loan Notes means with respect to any Borrower the promissory notes of such Borrower in favor of each Lender evidencing the Revolving Loans made to such Borrower and substantially in the form of Exhibit 2.7(a), as such promissory notes may be amended, modified, supplemented or replaced from time to time.

  • Committed Loans means loans made pursuant to Section 2.1(a).

  • LIBOR Rate Loans means the Loans bearing interest with reference to the LIBOR Rate.

  • Total Loans at any time, the aggregate principal amount of the Loans of the Lenders outstanding at such time (after converting the outstanding principal amount of any Loans denominated in the Optional Currency into the Dollar Equivalent thereof at such time).

  • Canadian Prime Rate Loans means Loans for which the applicable rate of interest is based upon the Canadian Prime Rate.

  • Subject Loans has the meaning assigned to such term in Section 2.11(b)(ii).

  • Prime Rate Loans means any Loans or portion thereof on which interest is payable based on the Prime Rate in accordance with the terms thereof.

  • Swing Loans means collectively and “Swing Loan” shall mean separately all Swing Loans or any Swing Loan made by the Swingline Lender to the Borrower pursuant to Section 2.6.3 [Making Swing Loans].

  • Borrowings means, at any time, the aggregate outstanding principal, capital or nominal amount (and any fixed or minimum premium payable on prepayment or redemption) of any indebtedness of members of the Group for or in respect of:

  • Group I Loans The Mortgage Loans designated on the Mortgage Loan Schedule as Group I Loans.