Examples of Maximum ABL Facility Amount in a sentence
At the time the ABL Lenders made the Term Out Loans in connection with the October 2014 Transactions, the total amount of commitments outstanding under the ABL Credit Agreement was reduced to $260 million, and thus the Maximum ABL Facility Amount was exceeded by $275 million.
Since the Term Out Loans no longer constituted revolving loans, the Revolving Loan Commitments were permanently reduced by $275 million, resulting in a reduction of the Maximum ABL Facility Amount under the Intercreditor Agreement to $260 million (i.e., the original $535 million in revolving commitments minus $275 million in commitments that were permanently reduced by “terming out” the related revolving loans).
When the ABL Lenders made the Term Out Loans in connection with the October 2014 Transactions, the total amount of commitments outstanding under the ABL Credit Agreement was reduced to $260 million,4 and thus the Maximum ABL Facility Amount was exceeded by $275 million.
The firm may do so in relation to all the regulated activities and specified products or only particular activities and products.
Among the bargained-for protections provided to the SCP Lenders under the Intercreditor Agreement are restrictions limiting the ABL Lenders’ senior liens (i) to a "Maximum ABL Facility Amount" and (ii) to those resulting from asset-based revolving loans (other than the ABL Term Loan).