Operating Facility Clause Samples
Operating Facility. The licensed business at each Leased Premises is a Retail Marijuana Store, as defined in the Marijuana Code in Colorado, or a marijuana retailer, as defined by the Marijuana Code in Oregon, depending on the state in which the Acquired Corporation operates.
Operating Facility. Subject to Section 3.2, the undrawn portion of the Operating Facility Commitment Amount will be automatically cancelled at 5:01 p.m. (Toronto time) on the then current Term Conversion Date in respect of the Operating Lender. Effective at such time on such time, the Operating Facility will cease to be a revolving type facility and the Aggregate Principal Amount of the Operating Facility, unless unconditionally and irrevocably repaid or cash collateralized in accordance with Section 3.2(b)(v)(A), will become a one year non-revolving term loan facility in an equivalent principal amount.
Operating Facility. Subject to the terms and conditions hereof and effective on the Amendment and Restatement Date, the Operating Lender hereby establishes the Operating Facility in favour of the Borrower. Accommodations under the Operating Facility may be drawn down by the Borrower during the Revolving Period in Canadian Dollars or the Canadian Dollar Exchange Equivalent thereof in U.S. Dollars, or any combination thereof, to a maximum of the Operating Facility Commitment Amount.
Operating Facility. The Borrower shall pay to the Operating Lender a standby fee in Cdn. Dollars calculated at a rate per annum equal to the Applicable Margin (based on a year of 365 days) on the amount, if any, for each day by which the amount of the Outstanding Principal under the Operating Facility is less than the Operating Commitment. Fees determined in accordance with this Section 4.6(b) shall accrue daily from the first day of each Fiscal Quarter until the last day of each Fiscal Quarter and be payable quarterly in arrears on the fifth Banking Day of each Fiscal Quarter and following receipt of a written notice from the Agent setting out the amount of such fee, until the earlier of (i) cancellation in full of the undrawn portion of the Operating Facility and (ii) the Operating Facility Maturity Date. In order to calculate the daily Outstanding Principal under this Section 4.6(b) for any day in a calendar quarter, the Operating Lender shall convert any Operating Loans in US Dollars into the Equivalent Amount of Cdn. Dollars.
Operating Facility. Subject to this Agreement, the Operating Lender hereby agrees to establish in favour of the Borrower a revolving credit facility (such facility, the “Operating Facility”) in a maximum aggregate principal amount not to exceed the Operating Commitment (or the Equivalent Amount in US Dollars), to be made available in accordance with this Agreement until the Operating Facility Maturity Date.
Operating Facility. The Borrower may from time-to-time obtain Advances under the Operating Facility by way of: 54411012.5
(i) overdraft borrowings in Canadian Dollars or US Dollars;
(ii) Canadian Prime Rate Loans, in principal amounts of not less than Cdn. $100,000 and in multiples of Cdn. $50,000 for any amounts in excess thereof;
(iii) U.S. Base Rate Loans, in principal amounts of not less than U.S. $100,000 and in multiples of U.S. $50,000 for any amounts in excess thereof;
(iv) ▇▇▇▇▇ Loans, subject to Section 8.1;
(v) SOFR Loans, subject to Section 8.1; and
(vi) Letters of Credit subject to Article 9.
Operating Facility. The licensed business at the Leased Premises is a Retail Marijuana Store and Retail Marijuana Cultivation, as each is defined in the Marijuana Code.
Operating Facility. The Operating Lender hereby establishes the Operating Facility in favour of the Borrower as a revolving credit facility. Accommodations under the Operating Facility may be drawn down by the Borrower during the Revolving Period in accordance with Section 3.9 in Canadian Dollars, or the Canadian Dollar Exchange Equivalent thereof in U.S. Dollars, or any combination thereof, to a maximum of the Operating Facility Commitment Amount, subject to Section 3.1(d). The Operating Facility is a revolving facility and amounts repaid thereunder (including by way of overdraft Drawdowns) may be re-borrowed. The Operating Facility Commitment Amount of the Operating Lender is set out in Schedule B.
Operating Facility. The Operating Facility is a revolving facility and amounts repaid thereunder may be reborrowed (subject to compliance with the terms and conditions of this Agreement); repayments of the Operating Facility in accordance with its revolving nature shall be made on one Business Day’s prior notice for Canadian Prime Rate Loans and ABR Loans, two Business Days’ prior notice for CDOR Rate Loans and Bankers’ Acceptances and three Business Days’ prior notice for US LIBOR Loans.
Operating Facility. The Operating Facility is a revolving credit facility and the Borrower may increase or decrease Operating Borrowings from the Operating Lender by obtaining Operating Accommodations and by making repayments in respect thereof.