Permitted ABL Facility definition

Permitted ABL Facility means an asset based credit facility entered into by any one or more of the Loan Parties after the Closing Date, and any refinancing thereof, that satisfies the following terms and conditions:

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Permitted ABL Facility means a credit facility entered into by the Borrower or any Restricted Subsidiary with an arm’s length lender on reasonable commercial terms which is secured only by accounts receivable; provided that the aggregate principal amount of such credit facility or facilities and all receivables-based Permitted Securitization Programs cannot exceed U.S. $300,000,000.

Permitted ABL Facility means Indebtedness of Company or any of its Subsidiaries under one working capital revolving credit facility, in an amount not to exceed [***]; provided that (a) such Indebtedness, if secured, is secured solely by Company’s and its Subsidiaries’ accounts receivable, inventory and segregated cash proceeds of the foregoing, and (b) the holders or lenders thereof have executed and delivered to Purchaser’s Representative an intercreditor agreement reasonably satisfactory to Purchaser’s Representative and the Majority Purchasers (which, for the avoidance of doubt, may provide that such Permitted ABL Facility has priority on the assets securing such Permitted ABL Facility, other than the portion thereof relating to Revenue Payments).

Examples of Permitted ABL Facility in a sentence

Notwithstanding the foregoing, the security interest granted in favor of Sallyport under the Sallyport Agreement shall be terminated immediately prior to or in connection with the Company entering into a Permitted ABL Facility with a Senior Lender as contemplated above.
The payment obligations of the Maker hereunder shall be pari passu in respect of all payment obligations owing to Sallyport under the Sallyport Agreement, to the Holder under the Existing Note and to any Senior Lender under the Permitted ABL Facility and shall be senior to all other Indebtedness and equity of the Company, including Preferred Stock.
Notwithstanding the foregoing, the security interest granted in favor of Sallyport under the Sallyport Agreement shall be terminated immediately prior to or in connection with any the Company entering into a Permitted ABL Facility with a Senior Lender as contemplated above.
The payment obligations of the Maker hereunder shall be pari passu in respect of all payment obligations owing to Sallyport under the Sallyport Agreement and owing to any Senior Lender under the Permitted ABL Facility and shall be senior to all other Indebtedness and equity of the Company, including Preferred Stock.
The Lenders acknowledge that obligations of the Borrower under the Permitted ABL Facility may be secured by Liens on assets of the Borrower and its Subsidiaries that constitute ABL Collateral.
At the request of the Borrower, the Administrative Agent or the Collateral Agent shall enter into the ABL Intercreditor Agreement establishing the relative rights of the Lenders and of the lenders under the Permitted ABL Facility with respect to the ABL Collateral.
The payment obligations of the Maker hereunder shall be pari passu in respect of all payment obligations owing to Sallyport under the Sallyport Agreement, to the Holder under the Existing Notes and to any Senior Lender under the Permitted ABL Facility and shall be senior to all other Indebtedness and equity of the Company, including Preferred Stock.
At the request of Holdings and the Borrower, the Collateral Agent shall enter into the Intercreditor Agreement establishing the relative rights of the Secured Parties and of the secured parties under the Permitted ABL Facility with respect to the Collateral.
The Lenders acknowledge that obligations of Holdings and the Subsidiaries under the Permitted ABL Facility, and certain obligations related thereto, will be secured by Liens on assets of Holdings and the Subsidiaries that constitute Collateral.

More Definitions of Permitted ABL Facility

Permitted ABL Facility has the meaning specified in Section 7.02(m).

Permitted ABL Facility means any asset based revolving credit facility of the Loan Parties on terms and conditions and pursuant to documentation reasonably satisfactory to the Administrative Agent and the Required Lenders (including a satisfactory intercreditor agreement), in an aggregate principal committed amount of up to $80,000,000 (no more than $20,000,000 of which shall be drawn as of the Effective Date), provided that the Liens securing any such Permitted ABL Facility may be senior to the Liens securing the Obligations with respect to accounts receivable, inventory and cash of the applicable Loan Parties and shall be junior to the Liens securing the Obligations with respect to certain other assets of such Loan Parties, provided further, that the ABL Credit Agreement and the Intercreditor Agreement shall be deemed to be satisfactory to the Administrative Agent and Required Lenders.

Permitted ABL Facility shall have the meaning set forth in the ABL/Term Intercreditor Agreement.

Permitted ABL Facility shall have the meaning assigned to such term in Section 6.01(b).