Availability Reserves. All Revolving Loans otherwise available to Borrower pursuant to the lending formulas and subject to the Maximum Credit and other applicable limits hereunder shall be subject to Lender's continuing right to establish and revise Availability Reserves.
Availability Reserves. All Revolving Loans otherwise available to Borrower pursuant to the lending formulas and subject to the Maximum Credit, the Maximum Letter of Credit Facility and other applicable limits hereunder shall be subject to Lender’s continuing right to establish and revise Availability Reserves, upon not less than five (5) days’ prior written notice to Borrower.
Availability Reserves. Notwithstanding anything to the contrary in Section 2.2(a) or elsewhere in this Agreement, the Administrative Agent shall have the right to establish Availability Reserves in such amounts, and with respect to such matters, as the Administrative Agent, in its Permitted Discretion, shall deem necessary or appropriate, against the Borrowing Base, including reserves with respect to (i) sums that the Borrowers are or will be required to pay or remit (such as taxes (including payroll and sales taxes), assessments, insurance premiums, employee withholdings and remittances or, in the case of leased assets, rents or other amounts payable under such leases) and have not yet paid and (ii) amounts owing by the Borrowers or, without duplication, their respective Restricted Subsidiaries to any Person to the extent secured by a Lien on, or trust over, any of the ABL Priority Collateral, which Lien or trust, in the Permitted Discretion of the Administrative Agent is capable of ranking senior in priority to or pari passu with one or more of the Liens in the ABL Priority Collateral granted in the Collateral Documents (such as Liens or trusts in favor of landlords, warehousemen, carriers, mechanics, materialmen, laborers, or suppliers, or Liens or trusts for ad valorem, excise, sales, or other taxes where given priority under applicable law) in and to such item of the ABL Priority Collateral; provided that (w) with respect to any Availability Reserve (other than any Designated Hedging Reserves or Designated Cash Management Reserves), the Administrative Agent shall have provided the Borrower Representative reasonable advance notice of any such establishment (it being understood and agreed that five Business Days’ advance notice shall be deemed reasonable for the purposes of this clause (w)); provided that (A) no Borrower may obtain any new Revolving Loans (including Swing Line Loans) or Letters of Credit to the extent that any such Revolving Loan (including Swing Line Loans) or Letter of Credit would cause the Total Utilization of Revolving Commitments exceed the lesser of (i) Revolving Commitments and (ii) the Borrowing Base (based on the Borrowing Base Certificate last delivered), in each case, after giving effect to the establishment or increase of such Availability Reserve as set forth in such notice; (B) no such prior notice shall be required during the continuance of any Event of Default; (C) no such prior notice shall be required with respect to any Availability Reserv...
Availability Reserves. 12 SECTION 3.
Availability Reserves. All Revolving Loans available to the Borrower subject to the Revolving Loans Borrowing Base and the Maximum Revolver Credit shall be subject to the Administrative Agent’s continuing right, with the consent of Required Lenders, to establish and revise Availability Reserves to the extent permitted elsewhere in this Agreement.
Availability Reserves. All Revolving Loans otherwise available to Canadian Borrower pursuant to the lending formulas are subject to the Canadian Revolving Maximum Credit and other applicable limits hereunder and shall be subject to Agent’s continuing right to apply, establish and revise Availability Reserves.
Availability Reserves. All Revolving Loans otherwise available to Borrower pursuant to the lending formulas and subject to the Maximum Credit, the Senior Indenture Maximum Credit and other applicable limits hereunder shall be subject to Lender's continuing right to establish and revise in good faith Availability Reserves in a manner consistent with the terms set forth in the definition of such term.
Availability Reserves. 16 2.4 Borrowers' Representative....................................... 16
Availability Reserves. All Revolving Loans otherwise available to US Borrowers pursuant to the lending formulas are subject to the US Revolving Maximum Credit and other applicable limits hereunder and shall be subject to Agent’s continuing right to apply, establish and revise Availability Reserves.
Availability Reserves. (a) Section 2.4 of the Loan Agreement hereby is deleted in its entirety and the following is substituted in lieu thereof:
