US Revolver Usage definition

US Revolver Usage means, as of any date of determination, the sum of (a) the amount of outstanding US Revolving Loans (inclusive of Swing Loans and Protective Advances), plus (b) the amount of the US Letter of Credit Usage.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

US Revolver Usage means, as of any date of determination, the sum of (a) the amount of outstanding U.S. Advances, plus (b) the amount of the U.S. Letter of Credit Usage.

US Revolver Usage. (a) the aggregate amount of outstanding U.S. Revolver Loans; plus (b) the aggregate Stated Amount of outstanding U.S. Letters of Credit, except to the extent Cash Collateralized by U.S. Borrowers.

Examples of US Revolver Usage in a sentence

U.S. Availability: the U.S. Borrowing Base minus U.S. Revolver Usage.
Subject to Section 2.1.6, if an Overadvance exists at any time, US Borrowers or UK Borrowers, as applicable shall, on the sooner of Agent’s demand or the first Business Day after any applicable Borrower has knowledge thereof, repay Revolver Loans in an amount sufficient to reduce US Revolver Usage to the US Borrowing Base or UK Revolver Usage to the UK Borrowing Base, as applicable.
In no event shall U.S. Lenders have any obligation to honor a request for a U.S. Revolver Loan if U.S. Revolver Usage at such time plus the requested U.S. Revolver Loan would exceed the U.S. Borrowing Base.
In no event shall US Lenders have any obligation to honor a request for a US Revolver Loan if US Revolver Usage at such time plus the requested US Revolver Loan would exceed the US Borrowing Base.
In no event shall UK Lenders have any obligation to honor a request for a UK Revolver Loan if (a) UK Revolver Usage at such time plus the requested UK Revolver Loan would exceed the UK Borrowing Base or (b) the sum of the UK Revolver Usage at such time plus the requested UK Revolver Loan plus the US Revolver Usage at such time would exceed the aggregate Revolver Commitments.
On the effective date of an increase, the US Revolver Usage and other exposures under the US Revolver Commitments shall be reallocated among US Lenders, and settled by Agent as necessary, in accordance with US Lenders’ adjusted shares of such commitments.
Revolver Usage: the sum of the US Revolver Usage and the UK Revolver Usage.
In no event shall US Revolver Loans be required that would cause US Revolver Usage to exceed the aggregate US Revolver Commitments.
In no event shall Overadvance Loans be required that would cause (i) the Foreign Revolver Usage to exceed the aggregate Foreign Revolver Commitments or (ii) the U.S. Revolver Usage to exceed the aggregate U.S. Revolver Commitments.
In no event shall U.S. Lenders have any obligation to honor a request for a U.S. Revolver Loan if (i) U.S. Revolver Usage at such time plus the requested U.S. Revolver Loan would exceed the U.S. Borrowing Base or (ii) the sum of the U.S. Revolver Usage at such time plus the requested U.S. Revolver Loan plus the Canadian Revolver Usage at such time would exceed the aggregate Borrowing Base.

More Definitions of US Revolver Usage

US Revolver Usage means, as of any date of determination, the sum of (a) the amount of outstanding U.S. Advances, plus (b) the amount of the U.S. Letter of Credit Usage. In calculating the amount of the U.S. Revolver Usage that is based upon a particular portion of the U.S. Borrowing Base as of any date of determination, the order of application shall be as follows: (a) the amount of the U.S. Revolver Usage shall be first attributed to the result of the availability generated by clause (a) of the definition of U.S. Borrowing Base minus the reserves established pursuant to clause (c) of the definition of U.S. Borrowing Base with respect to Accounts and only after there is no remaining availability resulting therefrom shall it be attributed to the availability generated by clause (b) of such definition, and (b) the amount of the U.S. Revolver Usage generated by clause (b) of the definition of U.S. Borrowing Base shall be first attributed to the availability generated by U.S. Borrower’s Eligible Landed Inventory only after there is no remaining availability resulting therefrom shall it be attributed to U.S. Borrower’s Eligible In-Transit Inventory.

US Revolver Usage means, as of any date of determination, the sum of (a) the amount of outstanding U.S. Revolver Loans (inclusive of U.S. Revolver Swing Loans and U.S. Protective Revolver Advances), plus (b) the amount of the U.S. Letter of Credit Usage. “U.S. SOFR Rate Loan” means each portion of a U.S. Revolver Loan or the U.S. Floorplan Loans that bears interest at a rate determined by reference to the Term SOFR. “U.S. Supermajority Lenders” means, at any time, U.S. Lenders having or holding more than 66 2/3% of the sum of (a) the aggregate Revolver Loan Exposure of all U.S. Lenders, plus (b) the aggregate Floorplan Loan Exposure of all U.S. Lenders; provided, that (i) the Revolver Loan Exposure and Floorplan Loan Exposure of any Defaulting Lender shall be disregarded in the determination of the U.S. Required Lenders, and (ii) at any time there are 2 or more U.S. Lenders, “Supermajority Lenders” must include at least 2 U.S. Lenders (who are not Affiliates of one another). “U.S. Swing Lender” and “U.S. Swing Lenders” means, individually or collectively as required by the context, the U.S. Floorplan Swing Lender and the U.S. Revolver Swing Lender. “Voidable Transfer” has the meaning specified therefor in Section 17.8 of the Agreement. “Write-Down and Conversion Powers” means the write-down and conversion powers of the applicable EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which powers are described in the EU Bail-In Legislation Schedule.

US Revolver Usage means, as of any date of determination, the sum of (a) the amount of outstanding US Revolving Loans (inclusive of “Swing Loans” and “Protective Advances” to US Borrowers), as such terms are defined in the DIP Credit Agreement, plus (b) the amount of the “Letter of Credit Usage” (as such term is defined in the DIP Credit Agreement) of the US Borrowers, plus (c) the amount of the “US Revolver Usage” as such term is defined in the Pre-Petition ABL Credit