Term Loan Push-Down Reserve. At any time the Total Outstandings exceed the Borrowing Base, the Loan Parties shall cause the Term Loan Push-Down Reserve to be maintained against the Revolver Borrowing Base (as and when required under the ABL Intercreditor Agreement).
Term Loan Push-Down Reserve. If at any time, and for so long as, the aggregate outstanding principal amount of the Loans exceeds the amount of the Borrowing Base, the Loan Party Obligors shall cause the ABL Agent to implement and maintain the Term Loan Push-Down Reserve.
Term Loan Push-Down Reserve. The Borrowers shall, or shall cause the Revolving Agent to immediately implement and to maintain the Term Loan Push Down Reserve and after giving effect to the institution of the Term Loan Push Down Reserve, Excess Availability shall be greater than $0.
Term Loan Push-Down Reserve. As of the Closing Date, the Term Loan Push Down Reserve is $0. No Term Loan Push Down Reserve shall be established, unless after the Closing Date (a) EBITDA of Borrowers and their Subsidiaries on a consolidated basis calculated each month on a trailing twelve (12) month basis is at any time less than $20,000,000 or (b) an Event of Default exists or has occurred and is continuing (a “Term Loan Push Down Reserve Trigger Event”). Term Loan Agent shall calculate the Term Loan Push Down Reserve based upon the most recent appraisal of the Intellectual Property received by Agent and Term Loan Agent in accordance with Section 7.6 hereof, and Agent shall include the amount of the Term Loan Push Down Reserve in the Borrowing Base; provided, that, at any time after a Term Loan Push Down Reserve Trigger Event has occurred, if (i) EBITDA of Borrowers and their Subsidiaries on a consolidated basis calculated each month on a trailing twelve (12) month basis is $20,000,000 or greater for a period of not less than one (1) fiscal quarter and (ii) no Event of Default shall exist or have occurred and be continuing, then the Term Loan Push Down Reserve previously established as a result of such Term Loan Push Down Reserve Trigger Event shall be released as of the end of the fiscal quarter that both of the conditions set forth in the immediately preceding clauses (i) and (ii) have been satisfied, unless thereafter another Term Loan Push Down Reserve Trigger Event occurs or reoccurs.
Term Loan Push-Down Reserve. As of the Closing Date, the Term Loan Push Down Reserve is $0. No Term Loan Push Down Reserve shall be established, unless after the Closing Date (a) EBITDA of Borrowers and their Subsidiaries on a consolidated basis calculated each month on a trailing twelve (12) month basis is at any time less than $20,000,000 or (b) an Event of Default exists or has occurred and is continuing (a “Term Loan Push Down Reserve Trigger Event”). Term Loan Agent shall calculate the Term Loan Push Down Reserve based upon the most recent appraisal of the Intellectual Property received by Agent and Term Loan Agent in accordance with Section 7.6 hereof, and Agent shall include the amount of the Term Loan Push Down Reserve in the Borrowing Base; provided, that, at any time after a Term Loan Push Down Reserve Trigger Event has occurred, if (i) EBITDA of Borrowers and their Subsidiaries on a consolidated basis calculated each month on a trailing twelve (12) month basis is $20,000,000 or greater for a period of not less than one (1) fiscal quarter and (ii) no Event of Default shall exist or have occurred and be continuing, then the Term Loan Push Down Reserve previously established as a result of such Term Loan Push Down Reserve Trigger Event shall be released as of the end of the fiscal quarter that both of the conditions set forth in the immediately preceding clauses (i) and (ii) have been satisfied, unless thereafter another Term Loan Push Down Reserve Trigger Event occurs or reoccurs.
