Out-of-Formula Loans shall have the meaning set forth in Section 15.2(b).
Out-of-Formula Loans means any Advances in excess of the amount permitted under Section 2.1(a).
Out-of-Formula Loans as defined in Section 2.15.
Examples of Out-of-Formula Loans in a sentence
In the event that Lenders are willing to, in their sole and absolute discretion, make Out-of-Formula Loans, such Out-of-Formula Loans shall be payable on demand and shall bear interest as provided in this Agreement for Revolver Loans generally.
In the event that Lenders are willing in their discretion to make Out-of-Formula Loans or are required to do so by Section 13.9.4, such Out-of-Formula Loans shall be due and payable as provided in Section 5.2.1(iii) and shall bear interest as provided in Section 3.1.5.
In the event that U.S. Revolver Lenders are willing in their sole and absolute discretion to make U.S. Out-of-Formula Loans or are required to do so by Section 2.8 or 13.9.4 hereof, such U.S. Out-of-Formula Loans shall be payable on demand and shall bear interest at the Default Rate.
In the event that Canadian Revolver Lenders are willing in their sole and absolute discretion to make Canadian Out-of-Formula Loans or are required to do so by Section 13.9.5 hereof, such Canadian Out-of-Formula Loans shall be payable on demand and shall bear interest at the Default Rate.
In the event that Lenders are willing in their sole and absolute discretion to make Out-of-Formula Loans, such Out-of-Formula Loans shall be payable ON DEMAND and shall bear interest as provided in this Agreement for Revolver Loans generally.
More Definitions of Out-of-Formula Loans
Out-of-Formula Loans shall have the meaning set forth in Section 17.2(e). [Innovex] 2nd A&R Credit Agreement 34
Out-of-Formula Loans shall have the meaning set forth in Section 16.2(e) hereof. “Overadvance Threshold Amount” shall have the meaning set forth in Section 16.2(e) hereof. “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 the 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 Business Day; provided, further, that if such rate shall at any time, for any reason, no longer exist, a comparable replacement rate determined by the Agent at such time (which determination shall be conclusive absent manifest error). If the Overnight Bank Funding Rate determined as above would be less
Out-of-Formula Loans shall have the meaning set forth in Section 16.2(b). “Participant” shall mean each Person who shall be granted the right by any Lender to participate in any of the Advances and who shall have entered into a participation agreement in form and substance satisfactory to such Lender.
Out-of-Formula Loans means all “Out-of-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
Out-of-Formula Loans. (as such term is defined in the ABL Facility Agreement as in effect on the Closing Date) are outstanding under the ABL Facility Agreement or (y) a “Cash Dominion Period” (as such term is defined in the ABL Facility Agreement as in effect on the Closing Date) is continuing, then, (I) in the case of clause (x) above, such Net Cash Proceeds shall instead be used to prepay such Out-of-Formula Loans (until paid in full) and then shall be applied in accordance with Section 2.22(c) and (II) in the case of clause (y) above, such Net Cash Proceeds shall instead be used to prepay the ABL Facility in accordance with its terms. 2.23.
Out-of-Formula Loans shall have the meaning set forth in Section 16.2(e) hereof. “Overnight Bank Funding Rate” shall mean, for any day, the rate 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 (or any successor) 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 the Federal Reserve Bank of New York (or any successor) (or by such other recognized electronic source (such as Bloomberg) selected by the Agent for the purpose of displaying such rate); 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 Business Day; provided, further, that if such rate shall at any time, for any reason, no longer exist, a comparable replacement rate determined by the Agent at such time (which determination shall be conclusive absent manifest error). The rate of interest charged shall be adjusted as of each Business Day based on changes in the Overnight Bank Funding Rate without notice to the Borrowers. “Parent” of any Person shall mean a corporation or other entity owning, directly or indirectly, 50% or more of the Equity Interests issued by such Person having ordinary voting power to elect a majority of the directors of such Person, or other Persons performing similar functions for any such Person. “Participant” shall mean each Person who shall be granted the right by any Lender to participate in any of the Advances and who shall have entered into a participation agreement in form and substance satisfactory to such Lender.
Out-of-Formula Loans has the meaning assigned to such term in Section 2.15.