Carve Out Reserves definition

Carve Out Reserves means, at any time, such reserves as the Administrative Agent, from time to time, determines in its Permitted Discretion as being appropriate to reflect (i) the remaining available amount of the Carve Out Cap at such time, if any and (ii) the accrued but unpaid fees, costs and expenses of professionals retained by the Loan Parties and the Creditors’ Committee at such time, in each case as set forth in the most recently delivered Revolving Borrowing Base Certificate.

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Carve Out Reserves means, at any time, the reserves established by Administrative Agent or Collateral Agent in an amount equal to the sum of (a) the aggregate remaining available amount of the Carve Out Cap at such time, if any and (b) $500,000 (or any such lesser unused amount) to be used in accordance with clause (c) of the definition of "Carve Out."

Carve Out Reserves has the meaning set forth in the Financing Orders.

Examples of Carve Out Reserves in a sentence

• Notwithstanding anything to the contrary in this Final Order, if either of the Carve Out Reserves is not funded in full in the amounts set forth in this paragraph ‎13, then any excess funds in one of the Carve Out Reserves following the payment of the Pre-Carve Out Amounts or Post-Carve Out Amounts, respectively, shall be used to fund the other Carve Out Reserve, up to the applicable amount set forth in this paragraph ‎13.

• Notwithstanding anything in this Final Order to the contrary, the Debtors are not authorized hereunder (or under any previously entered orders) to use the proceeds of Revolving Priority Collateral (other than cash up to the Spare Parts Cap from the sale or disposition of Spare Parts that are Revolving Priority Collateral, which sale or disposition is in the ordinary course of business and consistent with past practice) except to fund the Carve Out Reserves to the extent provided in this Final Order.

• As of the Satisfaction of Replenishment Obligations, the Debtors are not authorized to use, and shall not use, cash, funds, investments, or securities from the Specified Encumbered Accounts or any other Encumbered Cash in any other Encumbered Accounts (including any amounts on account of the Satisfaction of Replenishment Obligations) without the consent of the Required DIP Lenders (other than to fund the Carve Out Reserves to the extent provided herein).

More Definitions of Carve Out Reserves

Carve Out Reserves has the meaning provided in the DIP Order.

Carve Out Reserves means a reserve, calculated on a monthly basis in an amount not less than the sum of (1) $500,000 plus (2) the budgeted fees and expenses of the Professionals for any prior month(s), the current month and the immediately following month minus (3) any amount of the previously budgeted fees and expenses of the Professionals that have been paid (it being understood that the Administrative Charge shall be included when calculating the fees and expenses of Professionals noted herein, to the extent a CCAA Case shall then be pending), plus (4) an amount in respect of the Directors’ and Officers’ Charge as shall be agreed to by the Agent, the Majority Lenders, and the Borrower and approved by the Canadian Court (such amount to be included in the Carve-Out Reserves only to the extent a CCAA Case shall then be pending).

Carve Out Reserves has the meaning specified in Section 10.05(e).

Carve Out Reserves means the Post-Carve Out Trigger Notice Reserve together with the Pre-Carve Out Trigger Notice Reserve.