Permitted Revolving Indebtedness definition

Permitted Revolving Indebtedness means Indebtedness incurred by the Issuer or any Guarantor pursuant to the Revolving Facility, or any other Credit Facility that is a revolving credit facility; provided, however, that, the aggregate principal amount of all Permitted Revolving Indebtedness outstanding at any time shall not exceed the greater of (a) $575.0 million and (b) the sum of (i) 40.00% of the book value of the inventory of the Issuer and its Subsidiaries and (ii) 75.00% of the book value of the accounts receivable of the Issuer and its Subsidiaries, in each case under clauses (i) and (ii), on a consolidated basis, as of the most recent fiscal quarter end for which a consolidated balance sheet of the Issuer and its Subsidiaries is available, calculated in accordance with GAAP.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Permitted Revolving Indebtedness means Indebtedness permitted under Section 6.1(l). As of the date hereof, Indebtedness under the ABL Credit Agreement constitutes Permitted Revolving Indebtedness.

Permitted Revolving Indebtedness means Indebtedness incurred by the Issuer or any Guarantor pursuant to the Revolving Facility or any other Credit Facility that is a revolving credit facility; provided, however, that, the aggregate principal amount of all Permitted Revolving Indebtedness outstanding at any time shall not exceed the greater of (a) $110.0 million and (b) the sum of (x) 40.00% of the book value of the inventory of the Issuer and its Subsidiaries and (y) 75.00% of the book value of the accounts receivable of the Issuer and its Subsidiaries.

Examples of Permitted Revolving Indebtedness in a sentence

The Security Interest is and shall be prior to any other Lien on any of the Article 9 Collateral, other than (i) any nonconsensual Lien that is expressly permitted pursuant to Section 6.2 of the Credit Agreement and has priority as a matter of law and (ii) Liens expressly permitted pursuant to Section 6.2 of the Credit Agreement (other than Liens securing Permitted Junior Lien Indebtedness or, with respect to the Term Priority Collateral, Permitted Revolving Indebtedness).
The provisions of this Section 10.24 are intended as an inducement to the secured parties under the ABL Credit Agreement or under any other Permitted Revolving Indebtedness or any Permitted Credit Agreement Refinancing Indebtedness, Permitted Incremental Equivalent/Ratio Indebtedness or Permitted General Lien Indebtedness to extend credit to the Borrower thereunder and such secured parties are intended third party beneficiaries of such provisions.
The foregoing provisions are intended as an inducement to the secured parties under the ABL Credit Agreement (or in respect of other Permitted Revolving Indebtedness) to extend credit to the Company and such secured parties are intended third party beneficiaries of such provisions.
Each Lender acknowledges and agrees that Jefferies or one or more of its Affiliates may (but is not obligated to) act as administrative agent, collateral agent or a similar representative for the holders of any Permitted Revolving Indebtedness, Permitted Credit Agreement Refinancing Indebtedness and any Permitted Incremental Equivalent/Ratio Indebtedness and, in such capacities, may be a party to any Permitted Intercreditor Agreement.
An “event of default” has occurred pursuant to the Permitted Revolving Indebtedness occurs and is continuing beyond the applicable grace period.

More Definitions of Permitted Revolving Indebtedness

Permitted Revolving Indebtedness means Indebtedness under the Prepetition ABL Credit Agreement and the ABL DIP Credit Agreement.

Permitted Revolving Indebtedness means any Indebtedness of the Borrower that refinances any of the Indebtedness under the Revolving Credit Agreement (any such Indebtedness so refinanced, the “Original Indebtedness”, and any such refinancing Indebtedness, “Refinancing Indebtedness”); provided that, (i) such Refinancing Indebtedness shall be a customary revolving facility, (ii) such Refinancing Indebtedness shall be provided by commercial banks that are in the business of providing corporate revolving facilities, (iii) the final maturity date of such Refinancing Indebtedness shall not be earlier than the Maturity Date, (iv) such Refinancing Indebtedness shall not be guaranteed by any person other than the Borrower and the Subsidiary Guarantors, (v) such Refinancing Indebtedness shall not be secured by any Lien on assets of the Borrower or any Subsidiary, other than the “Collateral” (as defined in the Revolving Credit Agreement as of the Closing Date), and (vi) such Refinancing Indebtedness shall not provide for scheduled principal payments or prepayment premium or other similar yield maintenance provisions.

Permitted Revolving Indebtedness means Indebtedness under a revolving credit facility arranged by JPMorgan Chase Bank, N.A.. “ Person ” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership,

Permitted Revolving Indebtedness means Indebtedness of the Company or any other Loan Party, and the Guarantees thereof by any Loan Party, provided that (a) no Subsidiary that is not a Loan Party shall guarantee obligations of the Company or any other Loan Party under such Indebtedness, (b) such Indebtedness shall not be secured by any Lien on any assets of the Company or any Subsidiary other than assets that constitute Collateral and (c) if such Indebtedness or Guarantees thereof is secured, the administrative agent, collateral agent, trustee and/or any similar representative (in each case, as determined by the Administrative Agent) acting on behalf of the holders of such Indebtedness shall become party to the Intercreditor Agreement and Liens on the Term First Priority Collateral securing such Indebtedness and Guarantees shall be junior and subordinate to the Liens thereon securing the Secured Obligations pursuant to the Intercreditor Agreement. As of the date hereof, Indebtedness under the ABL Credit Agreement constitutes Permitted Revolving Indebtedness.

Permitted Revolving Indebtedness means Indebtedness of Issuer and any Guarantor pursuant to a revolving loan facility, provided that the aggregate principal amount outstanding shall at no time exceed $45,000,000.

Permitted Revolving Indebtedness means Indebtedness under a revolving credit facility arranged by JPMorgan Chase Bank, N.A..