ABL Debt Cap means the greater of: (1) up to $150.0 million (or the U.S. Dollar Equivalent thereof) outstanding under any ABL Credit Facility or any other ABL Lien Documents (with outstanding letters of credit, bank guarantees and bankers’ acceptances issued thereunder being deemed to have a principal amount equal to the face amount thereof); and (2) the sum of (i) 75.0% of the book value (calculated in accordance with GAAP) of the inventory of the Parent Guarantor and the Restricted Subsidiaries and (ii) 85.0% of the book value of accounts receivable (excluding any receivables subject to a Permitted Factoring Arrangement or Permitted Securitization Financings) of the Parent Guarantor and the Restricted Subsidiaries (in each case, calculated on a pro forma basis by the book value set forth on the consolidated balance sheet of the Parent Guarantor for the most recently ended full fiscal quarter for which financial statements are available).
ABL Debt Cap means the greater of: (1) up to $125.0 million (or the U.S. Dollar Equivalent thereof) outstanding under any ABL Credit Facility or any other ABL Lien Documents (with outstanding letters of credit, bank guarantees and bankers’ acceptances issued thereunder being deemed to have a principal amount equal to the face amount thereof); and (2) the sum of (i) 75.0% of the book value (calculated in accordance with GAAP) of the inventory of the Parent Guarantor and the Restricted Subsidiaries and (ii) 85.0% of the book value of accounts receivable (excluding any receivables subject to a Permitted Factoring Arrangement or Permitted Securitization Financings) of the Parent Guarantor and the Restricted Subsidiaries (in each case, calculated on a pro forma basis by the book value set forth on the consolidated balance sheet of the Parent Guarantor for the most recently ended full fiscal quarter for which financial statements are available).
ABL Debt Cap with respect to the ABL Loans, means the aggregate principal amount of the following (all as determined exclusive of all interest, fees (including attorneys’ fees) and expenses, amounts (including, without limitation, attorneys’ fees and fees, expenses and obligations in respect of returned items and overdrafts or reversed payment orders, and fees and expenses in respect of cash management and treasury management services in line with the customary fees and expenses of a third-party provider of such services or, if the Agent or an affiliate of the Agent is the provider, in line with the reasonable and customary fees and expenses of such provider) expended by Agent or ABL Lenders and remitted to Persons other than the Credit Parties to enforce its rights and remedies in respect of the Collateral, the ABL Loans, or both, and all indemnity obligations): (i) $25,000,000, plus (ii) during a Proceeding of any Credit Party, incremental principal amount not to exceed (if funded pursuant to an ABL DIP Financing) to 15% of the sum of the aggregate principal amount funded and outstanding under the immediately preceding clause (i) as of the day immediately preceding the commencement of such Proceeding, minus (iii) the amount of all payments of principal on (x) term loans (except for term loans intended to be repaid on or about the date of this Agreement) and (y) revolving loan obligations under the ABL Loan Agreement that result in a permanent reduction of the revolving credit commitments under the ABL Loan Agreement (other than (A) payments of such revolving loan obligations in connection with a refinancing thereof, including any Permitted Refinancing, (B) any commitment reduction occurring as a result of a default under the ABL Loan Documents that does not constitute a permanent commitment reduction and (C) any portion of the ABL DIP Financing used to refinance or “roll up” the ABL Loans.
Examples of ABL Debt Cap in a sentence
ABL Representative shall impose and maintain the Availability Block at all times; provided, however, that nothing herein shall limit or otherwise restrict the ability of the ABL Representative and the other ABL Secured Parties from making Protective Advances in compliance with clause (a)(ii)(B) of the definition of ABL Debt Cap.
To the extent the ABL Debt Cap was decreased in connection with such payment of the ABL Obligations, the ABL Debt Cap shall be increased to such extent, and to the extent the Term Loan Debt Cap was decreased in connection with such payment of the Term Loan Obligations, the Term Loan Debt Cap shall be increased to such extent.
To the extent the ABL Debt Cap was decreased in connection with such payment of the ABL Obligations, the ABL Debt Cap shall be increased to such extent; to the extent the First-Lien Debt Cap was decreased in connection with such payment of the First- Lien Obligations, the First-Lien Debt Cap shall be increased to such extent; and to the extent the Second-Lien Debt Cap was decreased in connection with such payment of the Second-Lien Obligations, the Second-Lien Debt Cap shall be increased to such extent.
More Definitions of ABL Debt Cap
ABL Debt Cap means, as of any date of determination, the amount set forth in Section 6.01(b)(i).
ABL Debt Cap means (a) the lesser of (i) $122,500,000 (or such greater amount as is permitted under the Term Documents) minus the sum of all permanent reductions of commitments under the revolving credit facility provided for in the ABL Credit Agreement (other than any such reduction in connection with a Refinancing), or (ii) the sum of (A) 110% of the ABL Borrowing Base (as determined based upon the most recent Borrowing Base Certificate received by the ABL Agent prior to the funding of a loan or advance under the ABL Credit Agreement or the issuance, renewal or amendment of a Letter of Credit (it being understood and agreed that the use of cash collateral in an Insolvency Proceeding shall not constitute a funding of a loan or advance)), plus (B) any Inadvertent Overadvance Amounts, minus (C) the Minimum Availability Amount; plus (b) amounts incurred in connection with a Refinancing to pay accrued or capitalized interest, original issue discount and reasonable fees and expenses incurred in connection with such Refinancing; provided that, for the avoidance of doubt, ABL Obligations under ABL Cash Management Services shall not be included in the calculation of the ABL Debt Cap.
ABL Debt Cap means, as of any date of determination, an amount equal to the greater of (a) the maximum aggregate principal amount of “Indebtedness” (as defined in the Term Loan Credit Agreement) permitted to be outstanding under the “ABL Loan Documents” under the terms of, and as defined in, the Term Loan Credit Agreement plus, without duplication, the maximum aggregate principal amount of “Indebtedness” (as defined in the Term Loan Credit Agreement) secured by the Collateral on a pari passu basis with the ABL Obligations that is permitted to be outstanding under the terms of the Term Loan Credit Agreement, as determined under the terms of the Term Loan Credit Agreement as in effect on such date of determination, and (b) the amount that would be determined under the preceding clause (a) if such amount were determined under the terms of the Term Loan Credit Agreement as in effect on the date of this Agreement.
ABL Debt Cap means, as of any date of determination, an amount equal to the lesser of (a) the greater of (i) the maximum aggregate principal amount of “Indebtedness” (as defined in the First-Lien Credit Agreement) permitted to be outstanding under the “ABL Loan Documents” under the terms of, and as defined in, the First-Lien Credit Agreement plus, without duplication, the maximum aggregate principal amount of “Indebtedness” (as defined in the First Lien Credit Agreement) secured by the Collateral on a pari passu basis with the ABL Obligations that is permitted to be outstanding under the terms of the First-Lien Credit Agreement, as determined under the terms of the First-Lien Credit Agreement as in effect on such date of determination, and (ii) the amount that would be determined under the preceding clause (i) if such amount were determined under the terms of the First-Lien Credit Agreement as in effect on the date of this Agreement; and (b) the greater of (i) the maximum aggregate principal amount of “[Indebtedness]” (as defined in the Second-Lien Credit Agreement) permitted to be outstanding under the “ABL Loan Documents” under the terms of, and as defined in, the Second-Lien Credit Agreement plus, without duplication, the maximum aggregate principal amount of “Indebtedness” (as defined in the Second-Lien Credit Agreement) secured by the Collateral on a pari passu basis with the ABL Obligations that is permitted to be outstanding under the terms of the Second-Lien Credit Agreement, as determined under the terms of the Second-Lien Credit Agreement as in effect on such date of determination, and (ii) the amount that would be determined under the preceding clause (i) if such amount were determined under the terms of the Second-Lien Credit Agreement as in effect on the date of this Agreement.
ABL Debt Cap means as of any date of incurrence of any ABL Debt, an aggregate principal amount not to exceed the greatest of (i) $115,000,000, and (ii) the amount of the Borrowing Base as of such date of incurrence; provided that (x) the ABL Debt Cap may be reduced at any time by an amendment to this Agreement executed by the ABL Agent and Stream without the consent of the Noteholder Collateral Trustee and (y) the ABL Agent and the holders of ABL Debt Obligations shall be entitled to rely conclusively on an Officer’s Certificate of Stream representing that any incurrence of any ABL Debt does not exceed the ABL Debt Cap.
ABL Debt Cap means as of any date of incurrence of any ABL Debt, an aggregate principal amount not to exceed the greatest of (i) $275,000,000, (ii) the amount of the Borrowing Base as of such date of incurrence, and (iii) the maximum aggregate principal amount of ABL Debt permitted to be incurred under all Secured Documents as of such date; provided that the ABL Debt Cap may be reduced at any time by an amendment to this Agreement executed by the ABL Agent and the Issuers without the consent of the Noteholder Collateral Trustee.
ABL Debt Cap means$375,000,000.