What is a sublimit on a loan?

Loan Sublimit means the Total Commitment, less the amount of the Letter of Credit Outstandings.

What is a sublimit on letter of credit?

The LC sublimit is typically between 20% to 50% of the aggregate available commitment, which amount is negotiable. An updated borrowing base is also included in the LC request. An LC’s expiration date is usually 12 months after the date of issuance, which period can be renewed at the discretion of the LC issuer.

What is a facility sublimit?

Facility Sublimit means, as of any date, an aggregate amount equal to the sum of the Facility Floor plus the Oil Price Adjustment, if any, as determined in accordance with Section 2.13; provided, that, in no event shall the Facility Sublimit exceed the Total Commitment.

What is a revolver note?

What Is a Revolver? A revolver refers to a borrower—either an individual or a company—who carries a balance from month to month, via a revolving credit line. Borrowers are only obligated to make minimum monthly payments, which go toward paying interest and reducing principal debt.

What is a revolver sublimit?

Revolver Sublimit means, when used in reference to Company, the Total Multicurrency Revolving Commitment and when used in reference to any Other Subsidiary Borrower, the maximum aggregate Effective Amount of outstanding Multicurrency Revolving Loans, LC Obligations and Swing Line Loans permitted to be borrowed by such …

What is a Swingline sublimit?

A swingline facility is a sub-limit of a syndicated revolving credit loan whereby a lender makes a short term (operating not more than five days) loan, in smaller amounts, on shorter notice, and with a higher interest rate than is otherwise available for revolving credit loans.

What is a sub facility?

Sub-Facility means an Overdraft Facility or the Guarantee Facility in each case provided by a Facility 1 Lender in place of all or part of such Lender’s Facility 1 Participation.

What is Facility in credit risk?

A credit facility is a preapproved loan that can be drawn down at need. A business typically has a credit facility in place with its bank in order to fund its working capital needs on an ongoing basis.