Canadian FILO Borrowing Base definition
Canadian FILO Borrowing Base or “Borrowing Base” or any component definition thereof if as a result thereof the amounts available to be borrowed by the Borrowers would be increased without the written consent of each of the Lenders, provided that the foregoing shall not limit the discretion of the Administrative Agent to change, establish or eliminate any Reserves, (vi) change any of the provisions of this Section or the definition of “Required Lenders”, ‘Required Revolving Lenders” or any other provision of any Loan Document specifying the number or percentage of Lenders required to waive, amend or modify any rights thereunder or make any determination or grant any consent thereunder, without the written consent of each Lender (other than any Defaulting Lender) directly affected thereby, (vii) change Section 2.20, without the consent of each Lender (other than any Defaulting Lender), (viii) release any Borrower from the Obligations or Loan Party from its obligation under its Loan Guaranty (except as otherwise permitted herein or in the other Loan Documents), without the written consent of each Lender (other than any Defaulting Lender), (ix) except as provided in clause (c) of this Section or in any Collateral Document, release all or substantially all of the Collateral, without the written consent of each Lender (other than any Defaulting Lender) or (x) except as expressly permitted herein or in any other Loan Document, subordinate the Obligations hereunder or the Liens granted hereunder or under the other Loan Documents, to any other Indebtedness or Lien, as the case may be without the written consent of each Lender; provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, any Issuing Bank or the Swingline Lender hereunder without the prior written consent of the Administrative Agent, such Issuing Bank or the Swingline Lender, as the case may be (it being understood that any amendment to Section 2.20 shall require the consent of the Administrative Agent, the Issuing Banks and the Swingline Lender). Any waiver, amendment or modification of the Term Loan Intercreditor Agreement (and any related definitions)may be effected by an agreement or agreements in writing entered into among the Administrative Agent and the Term Agent with the consent of the Required Lenders but without the consent of any Loan Party, so long as such amendment, waiver or modification does not impose any
Canadian FILO Borrowing Base means, at the time of any determination, an amount equal to the sum of the Dollar Equivalent, without duplication, of (a) an advance rate to be agreed between the Canadian FILO Lenders and the Canadian Borrowers (which such advance rate shall be set forth in the relevant FILO Amendment) of the aggregate Outstanding Balance of Eligible Canadian/English Accounts plus (b) an advance rate to be agreed between the Canadian FILO Lenders and the Canadian Borrowers (which such advance rate shall be set forth in the relevant FILO Amendment) of Eligible Canadian/English Inventory at such time, minus any Reserves established from time to time by the Administrative Agent in accordance herewith (without duplication of Reserves otherwise established in connection with the Canadian Borrowing Base). The Canadian FILO Borrowing Base at any time shall be determined by reference to the most recent Borrowing Base Certificate delivered to the Administrative Agent pursuant to Section 9.17(a), adjusted on a pro forma basis as necessary in the Permitted Discretion of the Administrative Agent (pending the delivery of a new Borrowing Base Certificate) to reflect the impact of any Significant Asset Sale (other than receivables to be factored which are sold pursuant to Section 10.02(iii) or any other event or circumstance which by the express terms of this Agreement alters the eligibility for inclusion in the Canadian FILO Borrowing Base of Eligible Accounts or Eligible Inventory reflected in such Borrowing Base Certificate. The Administrative Agent shall have the right (but no obligation) to review the computations in any Borrowing Base Certificate and if, in its Permitted Discretion, such computations have not been calculated in accordance with the terms of this Agreement, the Administrative Agent shall have the right, in consultation with the Company, to correct any such errors in such manner as it shall determine in its Permitted Discretion and the Administrative Agent will notify the Company promptly after making any such correction.
Canadian FILO Borrowing Base means: (a) the product of (i) 5% multiplied by (ii) the Eligible Credit Card Accounts of the Canadian Loan Parties at such time, plus (b) the product of (i) 5% multiplied by (ii) the Net Orderly Liquidation Value percentage identified in the most recent inventory appraisal ordered and received by the Administrative Agent multiplied by (iii) the Canadian Loan Parties’ Eligible Inventory (other than Eligible LC Inventory, Eligible In-Transit Inventory, and Eligible Consigned Inventory) at such time, valued at the lower of average cost or market, determined utilizing the retail method, as appropriate, or such other method approved in writing by the Administrative Agent at the request of the Borrower Representative, net of applicable Inventory Reserves, plus (c) the lesser of (i) the result of the product of (x) 5% multiplied by (y) the Net Orderly Liquidation Value percentage identified in the most recent inventory appraisal ordered and received by the Administrative Agent multiplied by (z) the Canadian Loan Parties’ Eligible In-Transit Inventory and Eligible LC Inventory at such time, valued at the lower of average cost or market, determined utilizing the retail method, as appropriate, or such other method approved in writing by the Administrative Agent at the request of the Borrower Representative, net of applicable Inventory Reserves, or (ii) 15% of the Canadian Inventory Availability, plus (d) the product of (i) 5% multiplied by (ii) the Net Orderly Liquidation Value percentage identified in the most recent inventory appraisal ordered and received by the Administrative Agent multiplied by (iii) the Canadian Loan Parties’ Eligible Consigned Inventory at such time, valued at the lower of average cost or market, determined utilizing the retail method, as appropriate, or such other method approved in writing by the Administrative Agent at the request of the Borrower Representative, net of applicable Inventory Reserves; provided, however, the amount added to the Canadian FILO Borrowing Base pursuant to this clause (d) shall not exceed $1,500,000, minus (e)
Examples of Canadian FILO Borrowing Base in a sentence
Subject to the provisions hereof expressly permitting the Administrative Agent to adjust Reserves, the Canadian FILO Borrowing Base at any time shall be determined by reference to the most recent Borrowing Base Certificate delivered to the Administrative Agent pursuant to Section 5.01(e) (or, prior to the first such delivery, delivered to the Administrative Agent pursuant to Section 6(c) of the First Amendment).
More Definitions of Canadian FILO Borrowing Base
Canadian FILO Borrowing Base means, at any time of calculation, a Dollar Equivalent amount equal to:
Canadian FILO Borrowing Base means: (a) (a) the product of (i) 5% multiplied by (ii) the Eligible Credit Card Accounts of the Canadian Loan Parties at such time, plus (b) (b) the product of (i) 5% multiplied by (ii) the Net Orderly Liquidation Value percentage identified in the most recent inventory appraisal ordered and received by the Administrative Agent multiplied by (iii) the Canadian Loan Parties’ Eligible Inventory (other than Eligible LC Inventory, Eligible In-Transit Inventory, and Eligible Consigned Inventory) at such time, valued at the lower of average cost or market, determined utilizing the retail method, as appropriate, or such other method approved in writing