Bank Product Reserve the aggregate amount of reserves, as established by Agent from time to time in its Permitted Discretion to reflect the reasonably anticipated liabilities in respect of the then outstanding Bank Product Debt of the U.S. Facility Loan Parties and their Subsidiaries.
Bank Product Reserve the aggregate amount of reserves established by Agent from time to time in its discretion in respect of Secured Bank Product Obligations owing by the U.K. Domiciled Obligors and their Subsidiaries. U.K. Base Rate: for any day, the reference rate for U.K. Base Rate Loans, being a fluctuating rate of interest per annum equal to the rate of interest in effect for such day as announced from time to time by the local branch of Bank of America in the jurisdiction in which such currency is funded as its “base rate” with respect to such currency. Any change in such rate shall take effect at the opening of business on the day of such change. U.K. Base Rate Loan: a U.K. Revolver Loan, or portion thereof, funded in Dollars and bearing interest calculated by reference to U.K. Base Rate. U.K. Borrower: as defined in the preamble to this Agreement, provided that Callaway Golf Europe Limited as the U.K. Borrower shall not borrow any U.K. Revolver Loan or request any U.K. Letter of Credit under this Agreement until the U.K. Closing Date. U.K. Borrowing Base: on any date of determination, an amount equal to the lesser of (a) the result of: (i) the Maximum U.K. Facility Amount, minus (ii) the U.K. LC Reserve, minus (iii) the U.K. Top Golf Reserve; or (b) the result of: (i) the U.K. Accounts Formula Amount, plus (ii) the U.K. Inventory Formula Amount, plus (iii) 100% of the amount of U.K. Pledged Cash, minus (iv) the U.K. Availability Reserve. U.K. Borrowing Base Certificate: a certificate, in form and substance satisfactory to Agent, by which the U.K. Borrower certifies calculation of the U.K. Borrowing Base. U.K. Cash Collateral Account: a demand deposit, money market or other account established by Agent at Bank of America, N.A. (London Branch) or such other financial institution as Agent may select in its discretion, which account shall be for the benefit of the U.K. Facility Secured Parties and shall be subject to Agent’s Liens securing the U.K. Facility Obligations.
Bank Product Reserve the aggregate amount of reserves established by Lender from time to time in its reasonable discretion in respect of Bank Product Debt. Bankruptcy Code: Title 11 of the United States Code. Base Rate: for any day, a per annum rate equal to the greatest of (a) the Prime Rate for such day; (b) the Federal Funds Rate for such day, plus 0.50%; or (c) LIBOR for a thirty (30) day interest period as determined on such day, plus 1.0%.
Bank Product Reserve the aggregate amount of reserves, as established by Agent from time to time by the Agent in its commercially reasonable credit judgment to reflect the reasonably anticipated liabilities in respect of the then outstanding Bank Product Debt of the U.S. Facility Loan Parties and their Subsidiaries. U.S. Base Rate: for any day, a per annum rate equal to the greater of (a) the U.S. Prime Rate for such day; (b) the Federal Funds Rate for such day, plus 0.50%; or (c) LIBOR for a 30 day interest period as determined on such day, plus 1.0%.
Bank Product Reserve as of any date of determination, the aggregate amount of reserves established by Agent from time to time in its discretion in respect of Bank Product Obligations. Bankruptcy Code - title 11 of the United States Code. Base Rate - for any day, a per annum rate equal to the greater of (i) the Prime Rate for such day; (ii) the Federal Funds Rate for such day, plus 0.50%; or (iii) the LIBOR Rate for a one month interest period as determined on such day, plus 1.00%. Base Rate Loan - a Loan, or portion thereof, during any period in which it bears interest at a rate based upon the Base Rate. Board of Governors - the Board of Governors of the Federal Reserve System. Borrower Materials – as defined in Section 9.1.3.
Bank Product Reserve. US Bank Product Reserve or UK Bank Product Reserve, as the context may indicate. Bankruptcy Code: Title 11 of the United States Code. Board of Governors: the Board of Governors of the Federal Reserve System.
Bank Product Reserve the aggregate amount of reserves established by Agent from time to time in its Permitted Discretion with respect to Secured Bank Product Obligations. 33 Bankruptcy Code: Title 11 of the United States Code. 34 Base Rate: for any day, a per annum rate equal to the greater of (a) the Prime Rate for such day; (b) the Federal Funds Rate for such day, plus 0.50%; or (c) LIBOR for a one month interest period as of such day, plus 1.0%, without giving effect to any minimum floor rate specified in the definition of “LIBOR”; provided, that in no event shall the Base Rate be less than zero percent (0.00%).
Bank Product Reserve the aggregate amount of reserves established by the Agent from time to time in its discretion in respect of Secured Bank Product Obligations, which shall in any event include the maximum amount of all Noticed Xxxxxx. Bankruptcy Code: Title 11 of the United States Code. Belgian Companies Code: the Belgian Companies Code (Wetboek van vennootschappen/Code des sociétés).
Bank Product Reserve the aggregate amount of reserves established by Agent from time to time in its Permitted Discretion in respect of Secured Bank Product Obligations for the account of the U.K. Domiciled Obligors. U.K. Base Rate: (a) with respect to U.K. Loans denominated in Dollars, Term SOFR for a one month interest period as in effect on the first Business Day of the current calendar month, plus the SOFR Adjustment, and (b) with respect to U.K. Loans denominated in Sterling, the XXXXX Daily Rate; provided, that in no event shall the U.K. Base Rate be less than zero. U.K. Base Rate Loan: a U.K. Loan that bears interest based on the U.K. Base Rate. U.K. Billed Accounts Formula Amount: (a) 90% of the Value of U.K. Eligible Accounts owing by Investment Grade Account Debtors, plus (b) 85% of the Value of U.K Eligible Accounts owing by other Account Debtors; provided, that such percentages shall be reduced by 1.0% for each percentage point (or portion thereof) that the Dilution Percent exceeds 5.0%. The amounts included in the computation of the U.K Billed Accounts Formula Amount shall be expressed in Dollars and in any case in which an amount is originally denominated in a currency other than Dollars, such amount shall be the Dollar Equivalent thereof.
Bank Product Reserve the aggregate amount of reserves, as established by the Agent from time to time by the Agent in its commercially reasonable credit judgment to reflect the reasonably anticipated liabilities in respect of the then outstanding Bank Product Debt of the U.S. Facility Loan Parties and their Subsidiaries. U.S. Base Rate: for any day, a per annum rate equal to the greater of (a) the U.S. Prime Rate for such day; (b) the Federal Funds Rate for such day, plus one-half of one percent (0.50%); or (c) LIBOR for a thirty (30) day interest period as determined on such day, plus one percent (1%); provided, that in no event shall the U.S. Base Rate be less than zero.
