What Is A Revolving Facility Agreement

(a) Exposure. (i) Each LC Issuer hereby agrees to issue confirmation and exchange credits denoting only in dollars (each, the existing Facility LCs, a “Facility LC”), under the terms set forth in this Agreement, to renew, extend, increase, reduce or otherwise modify any Facility LC (“Modification” and any such Action, a “Change”) and to comply with subscriptions under the Facility LCs, from time to time during the Availability Period. at the request of the Borrower, provided that LC is issued, modified or used immediately after each of these Facilities, (x) the total amount of outstanding LC Bonds shall not exceed $100,000,000, (y) the revolving credit risk of a Lender shall not exceed the obligation of such Lender, and (z) the sum of the revolving credit exposures of all Lenders shall not exceed the sum of the Bonds. Any request by the Borrower to issue or modify an LC Facility shall be considered as an assurance by the Borrower that the LC Facility or the requested modification or subscription complies with the conditions set out in the preceding sentence. Other than as permitted in section 2.22(a)(ii) or 2.22(m), no facility LC may have an expiry date that is (x) twelve (12) months after the date of issue or last renewal of this Facility LC (unless the required lenders have approved that expiration date) and (y) the fifth business day before the termination date; provided that each LC of the Facility (1) may have an extension for additional periods of up to twelve (12) months (which may in no case exceed the date indicated in the preceding sentence) and (2) have a later expiry date (but in no case later than the date one year after the date of termination) if the money is guaranteed on a conditional basis, that are reasonably satisfactory to the management agent and the relevant LC issuer, and at the rate of 105% of the nominal amount no later than fifteen (15) days prior to the date of termination. To the foregoing and subject to the terms of this Agreement, the Borrower`s ability153 to obtain Facility LCs is fully renewable and, therefore, in the preceding period, the Borrower may receive Facility LCs to replace Facility LCs that have expired or have been drawn and repaid. The letters of credit referred to in Annex 2.22 (the “LCs of the Existing Entity”) are deemed to have been issued from that date from the Date of Availability and are subject to the terms of this Agreement from the Date of Availability. A revolving loan agreement is similar to a term loan in that it is usually a committed facility that provides a maximum amount of capital over an agreed period of time. (A promised facility is a facility where, after the conclusion of the facility agreement, the lender is required to send money at the request of the borrower, subject to the borrower`s compliance with certain pre-agreed terms.) SECTION 5.10. Other agreements.

Enter into any Agreement that contains a provision that would be violated or violated by the performance of its obligations under this Agreement or any act or document to be provided or delivered by it under this Agreement or in connection with this Agreement. SECTION 3.14. Disclosure….