Colonial Availability Reserve means the sum (without duplication) of (a) the portion of the Rent and Charges Reserve relating to Colonial; (b) the Bank Product Reserve applicable to Colonial as determined by Agent; (c) the aggregate amount of liabilities secured by Liens upon Colonial Collateral that are senior to Agent’s Liens (but imposition of any such reserve shall not waive an Event of Default arising therefrom); and (d) such additional reserves, in such amounts and with respect to such matters, as Agent in its discretion may elect to impose from time to time. Agent shall endeavor to notify Colonial at or before the time any Colonial Availability Reserve is to be established, but a failure of Agent to so notify Colonial shall not be a breach of this Agreement and shall not cause such reserve to be ineffective.
Colonial Availability Reserve the sum (without duplication) of (a) the portion of the Rent and Charges Reserve relating to Colonial; (b) the LC Reserve; (c) the Bank Product Reserve applicable to Colonial as determined by Agent and Collateral Agent; (d) the aggregate amount of liabilities secured by Liens upon Colonial Collateral that are senior to Collateral Agent’s Liens (but imposition of any such reserve shall not waive an Event of Default arising therefrom); (e) the ACM-TCM Revolver Commitments; (f) the Litigation Reserve; and (g) such additional reserves, in such amounts and with respect to such matters, as Collateral Agent in its discretion may elect to impose from time to time. Agent shall endeavor to notify Borrowers at or before the time any Colonial Availability Reserve is to be established, but a failure of Agent to so notify Borrowers shall not be a breach of this Agreement and shall not cause such reserve to be ineffective.
Colonial Availability Reserve the sum (without duplication) of (a) the portion of the Rent and Charges Reserve relating to Colonial; (b) the LC Reserve; (c) the Bank Product Reserve applicable to Colonial as determined by Agent; (d) the aggregate amount of liabilities secured by Liens upon Colonial Collateral that are senior to Agent’s Liens (but imposition of any such reserve shall not waive an Event of Default arising therefrom); and (e) such additional reserves, in such amounts and with respect to such matters, as Agent in its discretion may elect to impose from time to time. Agent shall endeavor to notify Borrowers at or before the time any Colonial Availability Reserve is to be established, but a failure of Agent to so notify Borrowers shall not be a breach of this Agreement and shall not cause such reserve to be ineffective.
Examples of Colonial Availability Reserve in a sentence
Make any changes in the Credit Guidelines which were provided to and reviewed by Agent and Lenders prior to the Closing Date without prior written notice to Agent (it being understood and agreed that Agent may lower advance rates, establish an ACM-TCM Availability Reserve or a Colonial Availability Reserve, or adjust the criteria of ineligibility in the definition of “Eligible Contracts” based on (and reasonably related to) such change in the Credit Guidelines).
More Definitions of Colonial Availability Reserve
Colonial Availability Reserve appearing in Section 1.1 of the Loan Agreement: (i) to the extent that the Atlas Guaranty has not been terminated, a reserve equal to fifty percent (50.0%) of the Recourse Guaranteed Obligations (as defined in the Atlas Guaranty in effect on the Seventh Amendment Effective Date); and (ii) a reserve during the Reserve Period determined as of the last day of each month with the initial reserve equal to $11,272,614 (the “Base Reserve”); provided, that the Base Reserve shall be (A) increased at the end of a month by the amount that Fixed Charges for such month exceeds EBITDA for such month and (B) decreased at the end of a month by 50% of the amount by which EBITDA for such month exceeds Fixed Charges for such month.