Permitted Working Capital Facility means, in respect of an Obligor and a Collateral Loan, a working capital facility incurred by the relevant Obligor that (a) has an aggregate commitment equal to not more than 20% of the sum of (i) the aggregate commitment amount of such working capital facility, (ii) the aggregate commitment amount of such Collateral Loan and (iii) the aggregate commitment amount of any other debt that is pari passu with, or senior to, such Collateral Loan less Unrestricted Cash; (b) has a ratio of the aggregate commitment amount of such working capital facility to EBITDA of such Obligor as of the Relevant Test Period most recently ended prior to the related Acquisition Date is not greater than 1.25x; and (c) is secured by inventory and/or trade receivables.
Permitted Working Capital Facility means Financial Indebtedness of one or more members of the Group which are not Obligors under loan facilities, overdraft facilities, performance bonds, banker’s acceptances, guarantee, bonding, documentary or stand-by letter of credit facilities, commercial paper, insurance premium financing and, in each case, other similar facilities or accommodation (in any case) for the financing of working capital of the Group or such members of the Group in an aggregate amount of no more than $900,000,000 (or its equivalent) (the “Permitted Working Capital Basket”) provided that the Permitted Working Capital Basket shall only limit any such performance bond, banker’s acceptance, guarantee, bonding, documentary or stand-by letter of credit facility to the extent that such performance bond, banker’s acceptance, guarantee, bonding, documentary or stand-by letter of credit facility constitutes Debt.
Permitted Working Capital Facility means any working capital facility (to be applied for the working capital purposes of the Group and including but not limited to overdraft facilities and/or ancillary facilities) entered into by a Group Company with a reputable Nordic or international bank (for the avoidance of doubt, not including any Permitted Financing) with an aggregate maximum commitment of SEK 200,000,000, which aggregate maximum commitment may be increased from time to time, provided that the Incurrence Test is met pro forma at the time of such increase (calculated as if the full commitment available under the relevant Permitted Working Capital Facility as increased has been utilised).
Examples of Permitted Working Capital Facility in a sentence
No Loan Party shall open a deposit account or securities account other than any Permitted Working Capital Facility Account, or change the account number of any Collateral Account, without first obtaining a Control Agreement in respect of such account in favor of the Collateral Agent.
The Loan Parties shall from and after the Sixteenth Amendment Effective Date maintain (a) the Vitol RCF Agreement or (b) another Permitted Working Capital Facility in an aggregate amount at least equal to $100,000,000.
No Loan Party shall open, or instruct the Depositary Bank or any other Person to open, any bank accounts other than the Collateral Accounts, any Permitted Working Capital Facility Account and any other account permitted under this Agreement.
Borrower shall cause amounts on deposit in the Operating Account to be applied to Remaining Costs, Operating Expenses and Capital Expenditures then due and payable in accordance with the Operating Budget (and the Administrative Agent shall countersign any withdrawal certificates required under any Control Agreements to allow such application) or, to the extent not already paid for from the Collection Account, to any amounts due and payable under then applicable Permitted Working Capital Facility.
The Loan Parties shall not maintain any securities accounts or bank accounts other than the Collateral Accounts and any Permitted Working Capital Facility Account.
More Definitions of Permitted Working Capital Facility
Permitted Working Capital Facility means the principal of (and premium, if any), interest on, and all fees and other amounts (including, without limitation, any reasonable out-of-pocket costs, enforcement expenses (including reasonable out-of-pocket legal fees and disbursements), collateral protection expenses and other reimbursement or indemnity obligations relating thereto) payable by Company and/or its Subsidiaries under or in connection with any credit facility to be entered into by the Company and/or its Subsidiaries with one or more financial institutions (and on terms and conditions), in form and substance reasonably satisfactory to the Required Holders; provided, however, that the aggregate outstanding amount of the Permitted Working Capital Facility and the Permitted Subsidiary Indebtedness does not at any time exceed $30 million.
Permitted Working Capital Facility means any revolving lending facility associated with a First Lien Loan Asset that is incurred by the same Obligor that (i) is secured by all or a portion of the current assets of the related Obligor and otherwise unsecured or has a security interest with respect to the other assets of the related Obligor that is pari passu with or senior to the lien securing such First Lien Loan Assets, (ii) as of the applicable Cut-Off Date, has an aggregate commitment equal to not more than 20% of the sum of (a) the aggregate commitment amount of such Permitted Working Capital Facility, (b) the aggregate commitment amount of such Loan Asset and (c) the aggregate commitment amount of any other Indebtedness that is pari passu with, or senior to, such Loan Asset and (iii) has a ratio of the aggregate commitment amount of such Permitted Working Capital Facility to EBITDA of such Obligor (based on the most recently available quarterly financial statements of such Obligor) that is not greater than 1.0x.
Permitted Working Capital Facility means, in respect of an Obligor and a Collateral Obligation, a working capital facility incurred by the relevant Obligor that (a) has an aggregate commitment equal to not more than 15% of the sum of (i) the aggregate commitment amount of such working capital facility, (ii) the aggregate commitment amount of such Collateral Obligation and (iii) the aggregate commitment amount of any other debt that is pari passu with, or senior to, such Collateral Obligation less unrestricted cash; (b) has a ratio of the aggregate commitment amount of such working capital facility to EBITDA of such Obligor (determined on the date such Collateral Obligation is acquired or proposed to be acquired) is not greater than 1.0x; (c) is not contractually or structurally senior to such Collateral Obligation; and (d) is secured primarily by inventory and account receivables.
Permitted Working Capital Facility. Any revolving lending facility associated with a First Lien Loan or a First Lien Last Out Loan that is incurred by the same Obligor (i) that is secured by all or a portion of the current assets of the related Obligor and otherwise unsecured or has a security interest with respect to the other assets of the related Obligor that is junior to the lien securing such First Lien Loan or such First Lien Last Out Loan, and (ii) has an aggregate commitment that, when aggregated with such Obligor’s aggregate commitments under any Permitted First Out Term Loan, Permitted Pari Passu Revolving Loans, and Permitted Priority Revolving Loans, is equal to not more than the applicable Obligor’s EBITDA (as determined on the date (x) of Borrower’s acquisition of such Loan, or (y) of any increase to the commitments under any applicable Permitted First Out Term Loan, Permitted Priority Revolving Loan or Permitted Working Capital Facility).
Permitted Working Capital Facility means a revolving lending facility associated with a First Lien Loan that is secured by all or a portion of the current assets of the related Obligor and otherwise unsecured or that has a junior-lien security interest with respect to the other assets of the related Obligor, so long as (other than in the case of a Qualified Recurring Revenue Loan) (i) such revolving lending facility has an aggregate commitment equal to not more than 20% of the sum of (a) the aggregate commitment amount of such revolving lending facility, (b) the aggregate commitment amount of such Loan and (c) the aggregate commitment amount of any other Indebtedness that is pari passu with, or senior to, such Loan; and (ii) such revolving lending facility has Facility Attachment Ratio (based on the most recently available quarterly financial statements of such Obligor as of the applicable Cut-Off Date) not greater than 0.75x.
Permitted Working Capital Facility means, in respect of an Obligor and a Collateral Asset, a working capital facility incurred by the relevant Obligor that has a ratio of the aggregate commitment amount of such working capital facility to EBITDA of such Obligor as of the Relevant Test Period most recently ended prior to the related Acquisition Date of not greater than 1.00x.
Permitted Working Capital Facility means, with respect to any obligor of a Portfolio Investment, (x) in the case of an obligor in respect of an Initial Loan, any working capital facility that is outstanding on the date of this Agreement and (y) with respect to any other obligor, a working capital facility (or other facility consented to by the Administrative Agent in writing (including via e-mail) in its sole discretion), whether or not part of the same facility as the Portfolio Investment and whether a term loan, a delayed draw term loan or a revolving loan, the aggregate principal commitment amount (whether funded or unfunded) of which does not exceed, as of the date of the initial closing of such Portfolio Investment, 25% of the aggregate principal amount (including, in the case of any Delayed Funding Term Loan, any unfunded commitment and including, in all cases, any portion of the aggregate principal amount of such aggregate principal amount held by persons other than the Company) of such Portfolio Investment; provided that no such facility that is a term loan or a delayed funding term loan shall constitute a Permitted Working Capital Facility on any date on which any lender thereunder or any holder or owner (as the case may be) of any interest therein thereof is not a Permitted Working Capital Creditor.