Bank Borrowing Reserve definition
Bank Borrowing Reserve means the amount that a Borrower has, at the time of calculation, borrowed from any financial institution if the terms of the applicable credit agreement with the financial institution require such Borrower to maintain any Excess Availability under this Agreement or otherwise condition the borrowing on the existence or continuation of this Agreement. Bank of America shall mean Bank of America, N.A. and any successors or assigns thereof. Bank Product Obligations shall mean all debts, liabilities and obligations now owed or hereafter arising from or in connection with Bank Products. Bank Product Reserves shall mean all reserves for the Bank Products then provided or outstanding which the Agent from time to time establishes in its reasonable discretion, or which the Agent establishes at the direction of one or more Lenders if and for so long as Hypothetical Availability is 10% or less of the sum of (i) the aggregate outstanding amount of all Revolving Loans and Pending Revolving Loans, plus (ii) the aggregate undrawn face amount of all outstanding Letters of Credit which the Agent has caused to be issued or obtained for the Borrowers’ accounts. Bank Products shall mean any one or more of credit cards services, ACH Transactions, Hedge Agreements and Cash Management Services extended by either (i) Bank of America or any affiliate of Bank of America in reliance on Bank of America’s agreement to indemnify such affiliate, or (ii) in Agent’s sole, but reasonable discretion, other Lenders. 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 30 day interest period as determined on such day, plus 1.0%. Base Rate Revolving Loan shall mean a Revolving Loan during any period in which it bears interest at the Base Rate. Borrower and Borrowers shall have the respective meaning ascribed thereto in the preamble to this Agreement. Borrowing shall mean a borrowing hereunder consisting of Revolving Loans made on the same day by Lenders to Borrowers, or by Bank of America in the case of a Borrowing funded by Non-Ratable Loans, or by the Agent in the case of a Borrowing consisting of an Agent Advance, or the issuance of Letters of Credit hereunder. Borrowing Base shall mean the sum of the Adjusted Tangible Net Worth of Borrowers, plus all Subordinated Debt of Borrowers. Borrowing Base Certificate shall have the meaning set forth in Paragraph 5.2(e). Bulk Purchase s...