Canadian Reserves Sample Clauses

Canadian Reserves. The Agent may at any time and from time to time in the exercise of its Permitted Discretion establish and increase or decrease Canadian Reserves; provided that, as a condition to the establishment of any new category of Canadian Reserves, or any increase in Canadian Reserves resulting from a change in the manner of determination thereof, any Required Reserve Notice shall have been given to the Borrower Agent. The amount of any Canadian Reserve established by the Agent shall have a reasonable relationship to the event, condition or other matter that is the basis for the Canadian Reserve. No reserves shall be imposed on the first two percent (2%) of dilution of Eligible Canadian Receivables (or five percent (5%) in the case of Account Debtors not having an Investment Grade Rating) and thereafter no dilution reserve shall exceed one percent (1%) for each incremental whole percentage in dilution over two percent (2%) (or five percent (5%) in the case of Account Debtors not having an Investment Grade Rating). Upon delivery of such notice, the Agent shall be available to discuss the proposed Canadian Reserve or increase, and the Canadian Borrower may take such action as may be required so that the event, condition or matter that is the basis for such Canadian Reserve or increase no longer exists, in a manner and to the extent reasonably satisfactory to the Agent in the exercise of its Permitted Discretion. In no event shall such notice and opportunity limit the right of the Agent to establish or change such Canadian Reserve, unless the Agent shall have determined in its Permitted Discretion that the event, condition or other matter that is the basis for such new Canadian Reserve or such change no longer exists or has otherwise been adequately addressed by the Canadian Borrower. Notwithstanding anything herein to the contrary, Canadian Reserves shall not duplicate eligibility criteria contained in the definition of “Eligible Canadian Receivable” or “Eligible Canadian Inventory” and vice versa, or reserves or criteria deducted in computing the cost or market value or Value of any Eligible Canadian Receivable, any Eligible Canadian Inventory or the Net Orderly Liquidation Value of any Eligible Canadian Inventory and vice versa.
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Canadian Reserves. Canadian reserves have been calculated assuming reserves are calculated according to PLICC practices and assumptions for inforce business. Assumptions reflect changes currently anticipated by PLICC to be implemented by yearend 2009. Milliman APPENDIX A Asset and Investment Assumptions Asset Portfolio as of June 30, 2009 Invested assets were provided on a seriatim basis, recognizing sinking fund provisions, call features, refinancing provisions, and anticipated levels of prepayments. The tables below summarize the asset portfolio by investment category. The assumption underlying the values in this report is that most of the asset portfolio can be distributed out of the Companies immediately, due to reserve financing and excess capital. Therefore, the portfolios have not been projected in detail. Instead, a 5.7% net investment earnings rate is assumed, based on the new money reinvestment strategy as well as the current market yield on the portfolios. PLICC Summary of Modeled Assets as of June 30, 2009 Coupon Book Market Par Book Market Rate Yield Yield Asset Class Value Value Value (AnnEff) (AnnEff) (AnnEff) PublicBond $ 375.9 $383.1 $ 395.4 5.43% 5.01% 3.77% PrivateBond 10.5 10.5 10.5 4.61 4.71 4.59 Government — — — — — — CMBS 55.0 55.0 47.7 4.88 4.86 5.98 MortLoan — — — — — Total $ 441.4 $ 448.6 $ 453.7 5.34% 4.99% 4.02% Reinvestment Assumptions The strategy for the investment of net cash flow is summarized below. Spreads, shown in the following table, are consistent with corporate bond equivalent (semi-annual) yield. Net yields, after deduction of investment expenses and expected defaults, are shown on an annual effective basis. Xxxxxxxx Xxxxxxxxx Investment Strategy Summary As of June 30, 2009 Gross Gross Net Gross Yield Yield Investment Expected Yield Asset Class Allocation Maturity Treasury Spread (BEY) (AEY) Expenses Defaults (AEY) Public Bond, A 8.18 % 5 2.54 % 2.48 % 5.02 % 5.08 % 0.075 % 0.15 % 4.86 % Public Bond, BBB 7.11 5 2.54 3.25 5.79 5.87 0.075 0.34 5.46 Public Bond, BB 2.49 5 2.54 6.12 8.66 8.84 0.075 1.23 7.54 Public Bond, A 9.40 10 3.53 2.44 5.97 6.06 0.075 0.15 5.83 Public Bond, BBB 8.18 10 3.53 3.18 6.71 6.82 0.075 0.34 6.41 Public Bond, BB 3.73 10 3.53 5.98 9.51 9.74 0.075 1.23 8.43 Public Bond, A 2.86 20 4.30 2.30 6.60 6.71 0.075 0.15 6.49 Public Bond, BBB 2.49 20 4.30 3.10 7.40 7.54 0.075 0.34 7.12 Private Bond, A 3.33 5 2.54 2.73 5.27 5.34 0.075 0.15 5.11 Private Bond, BBB 3.33 5 2.54 3.55 6.09 6.18 0.075 0.34 5.77 Private Bond, A 5....
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Canadian Reserves. The maximum amount of Eligible Equipment and Eligible Real Estate that may be included in the Canadian Borrowing Base is the amount equal to the lesser of (i) the Fixed Asset Percentage multiplied by U.S.$5,000,000 and (ii) (x) the Fixed Asset Percentage multiplied by U.S.$40,000,000 minus (y) the amount of Eligible Equipment and Eligible Real Estate included in the U.S. Borrowing Base.
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Canadian Reserves 
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Related to Canadian Reserves

  • 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.

  • Tax Reserves The Company has established on its books and records adequate reserves for all Taxes and for any liability for deferred income taxes in accordance with Adjusted GAAP.

  • Increased Costs Reserves on Eurodollar Rate Loans (a) Increased Costs Generally. If any Change in Law shall:

  • Revolver Advances (a) Subject to the terms and conditions of this Agreement, and during the term of this Agreement, each Lender with a Revolver Commitment agrees (severally, not jointly or jointly and severally) to make revolving loans (“Advances”) to Borrower in an amount at any one time outstanding not to exceed the lesser of:

  • Reserves on Eurodollar Rate Loans The Borrower shall pay to each Lender, as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of each Eurodollar Rate Loan equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), which shall be due and payable on each date on which interest is payable on such Loan, provided the Borrower shall have received at least 10 days’ prior notice (with a copy to the Administrative Agent) of such additional interest from such Lender. If a Lender fails to give notice 10 days prior to the relevant Interest Payment Date, such additional interest shall be due and payable 10 days from receipt of such notice.

  • Increased Costs Reserves on Eurocurrency Rate Loans (a) If any Change in Law shall:

  • Increased Cost and Reduced Return; Capital Adequacy; Reserves on Eurocurrency Rate Loans (a) If any Lender determines that as a result of any Change in Law (including with respect to Taxes), or such Lender’s compliance therewith, there shall be any increase in the cost to such Lender of agreeing to make or making, funding or maintaining any Loan or issuing or participating in Letters of Credit, or a reduction in the amount received or receivable by such Lender in connection with any of the foregoing (excluding for purposes of this Section 3.03(a) any such increased costs or reduction in amount resulting from (i) Indemnified Taxes indemnifiable under Section 3.01, (ii) Excluded Taxes described in clauses (b) through (e) of the definition of “Excluded Taxes,” (iii) Excluded Taxes described in clause (a) of the definition of “Excluded Taxes” to the extent such Taxes are imposed on or measured by such Lender’s net income or profits (or are franchise Taxes imposed in lieu thereof) or (iv) reserve requirements contemplated by Section 3.03(c)), then from time to time within fifteen (15) days after demand by such Lender setting forth in reasonable detail such increased costs (with a copy of such demand to the Administrative Agent given in accordance with Section 3.05), the Borrower shall pay to such Lender such additional amounts as will compensate such Lender for such increased cost or reduction; provided that in the case of any Change in Law only applicable as a result of the proviso set forth in the definition thereof, such Lender will only be compensated for such amounts that would have otherwise been imposed under the applicable increased cost provisions and only to the extent the applicable Lender is imposing such charges on other generally similarly situated borrowers (but not necessarily all such borrowers) under comparable syndicated credit facilities.

  • Increased Cost and Reduced Return; Capital Adequacy; Reserves on Eurodollar Rate Loans (a) If any Lender determines that as a result of the introduction of or any change in or in the interpretation of any Law, or such Lender’s compliance therewith, there shall be any increase in the cost to such Lender of agreeing to make or making, funding or maintaining Eurodollar Rate Loans or (as the case may be) issuing or participating in Letters of Credit, or a reduction in the amount received or receivable by such Lender in connection with any of the foregoing (excluding for purposes of this subsection (a) any such increased costs or reduction in amount resulting from (i) Taxes or Other Taxes (as to which Section 3.01 shall govern), (ii) changes in the basis of taxation of overall net income or overall gross income by the United States or any foreign jurisdiction or any political subdivision of either thereof under the Laws of which such Lender is organized or has its Lending Office, and (iii) reserve requirements contemplated by Section 3.04(c)), then from time to time upon demand of such Lender (with a copy of such demand to the Administrative Agent), the Borrower shall pay to such Lender such additional amounts as will compensate such Lender for such increased cost or reduction.

  • Undrawn Availability After giving effect to the initial Advances hereunder, Borrowers shall have Undrawn Availability of at least $10,000,000;

  • Reserves on Eurocurrency Rate Loans The Borrower shall pay to each Lender, as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of each Eurocurrency Rate Loan equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), which shall be due and payable on each date on which interest is payable on such Loan, provided the Borrower shall have received at least 10 days’ prior notice (with a copy to the Administrative Agent) of such additional interest from such Lender. If a Lender fails to give notice 10 days prior to the relevant Interest Payment Date, such additional interest shall be due and payable 10 days from receipt of such notice.

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