Common use of Formula Amount Clause in Contracts

Formula Amount. Subject to the terms and conditions set forth herein and in the Ancillary Agreements, each Lender, severally and not jointly, shall make Revolving Credit Advances to Borrower from time to time during the Term which, in aggregate amounts outstanding at any time equal such Lender's U.S. Commitment Percentage of (but not exceeding such Lender's U.S. Commitment) the lesser of (x) the Maximum Loan Amount less the aggregate amount of outstanding Letters of Credit and unreimbursed drawings under Letters of Credit or (y) an amount equal to the sum of: (i) 90%, subject to the provisions of Section 2.1(d) hereof ("Receivables Advance Rate") of the net face amount of Eligible Receivables and Eligible Unbilled Receivables, minus (ii) the aggregate amount of outstanding Letters of Credit, minus (iii) the aggregate amount of unreimbursed drawings under Letters of Credit, minus (iv) such reserves as Agent may reasonably deem proper and necessary from time to time in the exercise of its good faith judgment. The sum of 2.1(a)(y)(i), minus (ii) minus (iii) minus (iv) shall be referred to as the "Formula Amount".