Eligibility Reserve definition

Eligibility Reserve effective as of five Business Days after the date of written notice of any determination thereof to the Company by the Administrative Agent (which notice shall include a reasonable description of the basis for such determination), such amounts as the Administrative Agent, in its sole discretion exercised reasonably and in accordance with customary business practices for comparable asset-based transactions, may from time to time establish, against the gross amounts of Eligible Receivables, Eligible Inventory, Eligible Equipment and Eligible Real Property to reflect risks or contingencies arising after the Closing Date that may adversely affect any one or more class of such items and that have not already been taken into account in the calculation of the Tranche A Borrowing Base and the Tranche B Borrowing Base; provided that no such Eligibility Reserve will be established with respect to such matters that have been taken into account in the determination of any Dilution Reserve or Availability Reserve; provided, further, that any Eligibility Reserve with respect to the Tranche A Borrowing Base shall not be duplicative of (but may be additive to) any Eligibility Reserve with respect to the Tranche B Borrowing Base and any Eligibility Reserve with respect to the Tranche B Borrowing Base shall not be duplicative of (but may be additive to) any Eligibility Reserve with respect to the Tranche A Borrowing Base. For the avoidance of doubt, Eligibility Reserves shall not be established in respect of any dilution risks or contingencies, which shall be reserved against by way of Dilution Reserves.
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Eligibility Reserve means, effective as of three (3) Business Days after the date of written notice of any determination thereof to the Borrower by the Administrative Agent (except that no such advance notice shall be required with respect to amounts established on or prior to the Closing Date, which amounts shall be in effect as of the Closing Date), such amounts as the Administrative Agent, in its sole discretion exercised reasonably, may from time to time establish against the gross amounts of Eligible Receivables or Eligible Inventory, to reflect (a) risks or contingencies which may affect any one or class of such items and which have not already been taken into account in the calculation of the Borrowing Base, (b) Cash Management Obligations owing to any of the Facility Agents that constitute Secured Obligations and (c) (i) at any time that Available Credit is less than $50,000,000 or during an Event of Default, upon the written request of any Lender that is (or whose Affiliate is) party to a Hedging Contract, the aggregate obligations of the Borrower or any other Loan Party under such Hedging Contract calculated on a xxxx to market basis or (ii) at any time that any such Hedging Contract has been terminated, the amount due and owing pursuant to such Hedging Contract.
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Eligibility Reserve means, effective as of three (3) Business Days after the date of written notice of any determination thereof to the Borrower by the Administrative Agent (except that no such advance notice shall be required with respect to amounts established on or prior to the Closing Date, which amounts shall be in effect as of the Closing Date), such amounts as the Administrative Agent, in its sole discretion exercised reasonably, may from time to time establish against the gross amounts of Eligible Receivables or Eligible Inventory, to reflect (a) risks or contingencies which may affect any one or class of such items and which have not already been taken into account in the calculation of the Borrowing Base, (b) Cash Management Obligations owing to any of the Facility Agents that constitute Secured Obligations, (c) (i) at any time that Available Credit is less than U.S.$50,000,000 or during an Event of Default, upon the written request of any Lender that is (or whose Affiliate is) party to a Hedging Contract, the aggregate obligations of the Borrower or any other Canadian Loan Party under such Hedging Contract calculated on a xxxx to market basis or (ii) at any time that any such Hedging Contract has been terminated, the amount due and owing pursuant to such Hedging Contract and (d) the unpaid or unremitted Canadian Priority Payables by any of the Canadian Loan Parties which would give rise to a Lien with priority under applicable laws over the Lien of the Collateral Agent under any of the Loan Documents.
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Examples of Eligibility Reserve in a sentence

  • Any such deposit in the Eligibility Reserve Subaccount or any such substitution shall be completed no later than the due date for the prepayment required under this Section 2.4.2(a).

  • Any such deposit in the Eligibility Reserve or any such substitution shall be completed no later than the due date for the prepayment required under this Section 2.4.2(a).

  • Administrative Agent shall control the Eligibility Reserve Account at all times.

  • Any such deposit in the Eligibility Reserve Subaccount or any such Substitution shall be completed no later than the due date for the prepayment required under this Section 2.4.2(a).

  • Available Credit on the Effective Date, after giving effect to each Loan to be made and each Letter of Credit to be issued on such Effective Date but without giving effect to the Minimum Eligibility Reserve, shall exceed $10,000,000.

  • On the Closing Date, the Borrowers shall deposit with the Paying Agent for transfer to the Eligibility Reserve Account an amount equal to 100% of the Allocated Loan Amount of each Title Clearance Property listed on Schedule XII (the “Title Clearance Properties Reserves”).

  • In the event that the Borrowers shall be required to make a prepayment in respect of any Financed Property pursuant to Section 2.05(b)(v) (other than in the case of any Property that constitutes a Disqualified Property due to the occurrence of a Prohibited Action in respect thereof), the Borrowers may have an option to deposit into the Eligibility Reserve Account an amount equal to 100% of the Allocated Loan Amount for any Financed Property described above (the “Eligibility Reserves”).

  • Prior Service re-enlistment or affiliation will incur a three-year or six-year SELRES obligation, and all Prior Service Re-enlistment Eligibility Reserve (PRISE­ R) candidates must obligate for six years to receive a bonus.

  • Notwithstanding anything herein to the contrary, other than with respect to a Disqualified Property for which Borrower has deposited an amount equal to 100% of the Allocated Loan Amount of such Disqualified Property into the Eligibility Reserve Account in accordance with Section 2.4.3(a) and Section 6.10(a), the Underwritten Net Cash Flow of any Property that is a Disqualified Property shall be zero for all purposes of this Agreement.

  • Any such deposit in the Eligibility Reserve Account or any such substitution shall be completed no later than the due date for the prepayment required under this Section 2.4.3(a).


More Definitions of Eligibility Reserve

Eligibility Reserve means, during the Eligibility Reserve Period, a reserve in an amount equal to (a) 100% of all Accounts that would otherwise be Eligible Accounts if not for this Eligibility Reserve, and (b) 100% of spare parts inventory that would otherwise be Eligible Parts if not for this Eligibility Reserve.
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Eligibility Reserve effective as of five Business Days after the date of written notice of any determination thereof to the Company by the Administrative Agent (which notice shall include a reasonable description of the basis for such determination) (the “Eligibility Reserve Notice Period”), such amounts as the Administrative Agent, in its sole discretion exercised reasonably and in accordance with customary business practices for comparable asset-based transactions, may from time to time establish, against the gross amounts of Eligible Receivables, Eligible Inventory, Eligible Equipment and Eligible Real Property to reflect risks or contingencies arising after the Closing Date that may adversely affect any one or more class of such items and that have not already been taken into account in the calculation of the Tranche A Borrowing Base and the Assumed Tranche B Borrowing Base; provided that no such Eligibility Reserve will be established with respect to such matters that have been taken into account in the determination of any Dilution Reserve or Availability Reserve; provided, further, that any Eligibility Reserve with respect to the Tranche A Borrowing Base shall not be duplicative of (but may be additive to) any Eligibility Reserve with respect to the Assumed Tranche B Borrowing Base and any Eligibility Reserve with respect to the Assumed Tranche B Borrowing Base shall not be duplicative of (but may be additive to) any Eligibility Reserve with respect to the Tranche A Borrowing Base; provided, further, that such Eligibility Reserve shall take immediate effect if the Borrower submits a notice of borrowing during the Eligibility Reserve Notice Period. For the avoidance of doubt, Eligibility Reserves shall not be established in respect of any dilution risks or contingencies, which shall be reserved against by way of Dilution Reserves.
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Eligibility Reserve. “Minimum Eligibility Reserve”, “Aged Work-in-Process Reserve”, “Fixed Asset Sublimit”, “Borrowing Base Value” or “Mortgage Value”; and provided, further, that the Administrative Agent may, with the consent of the Borrowers, amend, modify or supplement this Agreement to cure any typographical error, defect or inconsistency, so long as such amendment, modification or supplement does not adversely affect the right of any Lender or any Issuer.
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Eligibility Reserve effective as of five Business Days after the date of written notice of any determination thereof to the Company by the Administrative Agent (which notice shall include a reasonable description of the basis for such determination), such amounts as the Administrative Agent, in its sole discretion exercised reasonably and in accordance with customary business practices for comparable asset-based transactions, may from time to time establish, against the gross amounts of Eligible Receivables, Eligible Inventory, Eligible Equipment, Eligible Real Property and Qualified Cash to reflect risks or contingencies arising after the Closing Date that may adversely affect any one or more class of such items and that have not already been taken into account in the calculation of the Borrowing Base; provided that no such Eligibility Reserve will be established with respect to such matters that have been taken into account in the calculation of the Borrowing Base or the determination of any Dilution Reserve or Availability Reserve. For the avoidance of doubt, Eligibility Reserves shall not be established in respect of any dilution risks or contingencies, which shall be reserved against by way of Dilution Reserves.
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Eligibility Reserve means, effective as of three (3) Business Days after the date of written notice of any determination thereof to the Borrower by the Administrative Agent, such amounts as the Administrative Agent, in its sole discretion exercised reasonably, may from time to time establish against the gross amounts of Eligible Receivables, Eligible Finished Inventory or Eligible Other Inventory, to reflect (a) risks or contingencies arising after the Closing Date which may affect any one or class of such items and which have not already been taken into account in the calculation of the Borrowing Base, (b) Cash Management Obligations owing to the Agents that constitute Secured Obligations as of the date of the most recent report delivered to the Administrative Agent pursuant to Section 6.12(e) and (c) (i) at any time that Available Credit is less than $50,000,000 or during an Event of Default, upon the written request of any Lender that is (or whose Affiliate is) party to that certain Hedging Contract, dated as of September 18, 2003, with the Borrower, the aggregate obligations of the Borrower under such Hedging Contract calculated on a xxxx to market basis or (ii) at any time that such Hedging Contract has been terminated, the amount due and owing pursuant to such Hedging Contract; provided that any reserve pursuant to this clause (c) shall not exceed $5,000,000 at any time.
Sample 1
Eligibility Reserve means, effective as of three Business Days after the date of written notice of any determination thereof to the Borrower by the Agent, such amounts as the Agent, in its reasonable discretion, may from time to time establish against the gross amounts of Eligible Inventory to reflect risks or contingencies arising after the Effective Date that may affect any one or more class of Eligible Inventory and that have not already been taken into account in the calculation of the Debt Coverage Limit.
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Related to Eligibility Reserve

  • Eligibility Requirement means all eligibility requirements and other qualification requirements for a person to act in the applicable Corporate Trust Capacity under any Appointment as set forth in the related Corporate Trust Contract, including any required authorizations or licenses from the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Government National Mortgage Association, the Federal Housing Administration, the Federal Home Loan Bank or the Department of Veterans Affairs.

  • Annuity reserve means the present value, computed upon the basis of the mortality and other tables adopted by the board, of all payments to be made on account of any annuity, or benefit in lieu of any annuity, granted to a retirant as provided in this chapter.

  • Eligibility Requirements means, with respect to any Person, that such Person has at least $200,000,000 in capital/statutory surplus or shareholders’ equity (except with respect to a pension advisory firm or similar fiduciary) and at least $600,000,000 in total assets (in name or under management), and is regularly engaged in the business of making or owning commercial real estate loans (or interests therein), mezzanine loans (or interests therein) or commercial loans (or interests therein) similar to the Mortgage Loan.

  • Availability Reserve means the sum (without duplication of any other reserves or items that are otherwise addressed or excluded through eligibility criteria (including collection rates or collection percentages)) of (a) the Rent and Charges Reserve; (b) the Bank Product Reserve; provided that reserves of the type described in this clause (b) shall be instituted only after consultation with the Lead Borrower; (c) customs duties, and other costs to release Inventory which is being imported into the United States; (d) outstanding Taxes and other governmental charges, including, ad valorem, real estate, personal property, sales, and other Taxes which have priority over the interests of the Administrative Agent in the Current Asset Collateral; (e) salaries, wages and benefits due to employees of the Borrowers which have priority over the interests of the Administrative Agent in the Current Asset Collateral; (f) Customer Credit Liabilities, (g) the Inventory Reserve, and (h) such additional reserves not otherwise addressed in clauses (a) through (g) above, in such amounts and with respect to such matters, as the Administrative Agent in its Credit Judgment may elect to establish or modify from time to time. Notwithstanding anything to the contrary in this Agreement, (i) such Availability Reserves shall not be established or changed except upon not less than three (3) Business Days’ prior written notice to the Lead Borrower, which notice shall include a reasonably detailed description of such Availability Reserve being established (during which period (a) the Administrative Agent shall, if requested, discuss any such Availability Reserve or change with the Lead Borrower and (b) the Lead Borrower shall have the opportunity to take such action as may be required so that the event, condition or matter that is the basis for such Availability Reserve or change thereto no longer exists or exists in a manner that would result in the establishment of a lower Availability Reserve or result in a lesser change thereto, in a manner and to the extent reasonably satisfactory to the Administrative Agent), (ii) the amount of any Availability Reserve established by the Administrative Agent, and any change in the amount of any Availability Reserve, shall have a reasonable relationship to the event, condition or other matter that is the basis for such Availability Reserve or such change and (iii) no event, condition or matter existing or arising prior to or on the Closing Date shall be the basis for any reserve unless such event, condition or matter shall have changed since such time in a manner that is materially adverse to the Lenders. Notwithstanding clause (i) of the preceding sentence, changes to the Availability Reserves solely for purposes of correcting mathematical or clerical errors shall not be subject to such notice period, it being understood that no Default or Event of Default shall be deemed to result therefrom, if applicable, for a period of three (3) Business Days.

  • Availability Reserves means, without duplication of any other Reserves or items that are otherwise addressed or excluded through eligibility criteria, such reserves as the Agent from time to time determines in its discretion as being appropriate (a) to reflect the impediments to the Agent’s ability to realize upon the Collateral, (b) to reflect claims and liabilities that the Agent determines may need to be satisfied in connection with the realization upon the Collateral, (c) to reflect criteria, events, conditions, contingencies or risks which the Agent believes in good faith could adversely affect any component of the Borrowing Base, or the assets, business, financial performance or financial condition of any Loan Party, or (d) to reflect that a Default or an Event of Default then exists. Without limiting the generality of the foregoing, Availability Reserves may include, in the Agent’s discretion, (but are not limited to) reserves based on: (i) rent; (ii) customs duties, and other costs to release Inventory which is being imported into the United States; (iii) outstanding Taxes and other governmental charges, including, without limitation, ad valorem, real estate, personal property, sales, claims of the PBGC and other Taxes which may have priority over the interests of the Agent in the Collateral; (iv) salaries, wages and benefits due to employees of any Borrower, (v) Customer Credit Liabilities, (vi) customer deposits, (viii) reserves for reasonably anticipated changes in the Appraised Value of Eligible Inventory between appraisals, (viii) warehousemen’s or bailee’s charges and other Permitted Encumbrances which may have priority over the interests of the Agent in the Collateral, (ix) amounts due to vendors on account of consigned goods, (x) Cash Management Reserves, (xi) Bank Products Reserves and (xii) royalties payable in respect of licensed merchandise.

  • Pension reserve means the present value, computed upon the basis of the mortality and other tables adopted by the board, of all payments to be made on account of any retirement allowance or benefit in lieu of any retirement allowance, granted to a member or beneficiary under this chapter.

  • Eligibility Record Date means a record date that is 1 year or more before the adoption of a plan of conversion by a credit union board and is set forth in a plan of conversion for determining eligible members of a converting credit union.

  • Targeted Accumulation Reserve Subaccount Deposit means, with respect to any Distribution Date during the Accumulation Reserve Funding Period, an amount equal to (i) [0.5]% of the Outstanding Dollar Principal Amount of the Class C( - ) Notes as of the close of business on the last day of the related Due Period or (ii) any other amount designated by the Calculation Agent on behalf of the Issuer.]

  • Liquidity Reserve Account shall have the meaning set forth in Section 8.2(A)(iii).

  • Eligible Unbilled Accounts means Accounts of the Obligors that does not qualify as an Eligible Account solely because (a) the goods giving rise to such Account have not been shipped and billed to the Account Debtor, or (b) the services giving rise to such Account have not been performed and billed to the Account Debtor and, in either case, so long as such Accounts have not been unbilled for more than thirty (30) days. For the avoidance of doubt, at such time as an Account is billed to the Account Debtor it shall no longer be an “Eligible Unbilled Account”.

  • Eligible Funds On any Distribution Date, the portion, if any, of the Available Distribution Amount remaining after reduction by the sum of (i) the aggregate amount of Accrued Certificate Interest on the Senior Certificates, (ii) the Senior Principal Distribution Amount (determined without regard to Section 4.02(a)(ii)(Y)(D) of this Series Supplement), (iii) the Class A-P Principal Distribution Amount (determined without regard to Section 4.02(b)(i)(E) of this Series Supplement) and (iv) the aggregate amount of Accrued Certificate Interest on the Class M, Class B-1 and Class B-2 Certificates.

  • Specified Reserve Account Balance means, for any Payment Date, an amount equal to 2.00% of the Pool Balance as of the Cut-Off Date; provided, however, on any Payment Date after the Notes are no longer Outstanding following payment in full of the principal and interest on the Notes, the “Specified Reserve Account Balance” shall be $0.

  • Required Reserve Factor Floor means, for any Calculation Period, the sum (expressed as a percentage) of (a) 28.00% plus (b) the product of the Adjusted Dilution Ratio and the Dilution Horizon Ratio, in each case, as of the immediately preceding Cut-Off Date.

  • Accumulation Reserve Funding Period shall not apply if the Calculation Agent on behalf of the Issuer notifies the Indenture Trustee that it expects the Accumulation Period Length to be adjusted to one (1) month, and otherwise shall mean a period commencing on the first Distribution Date on which a condition in the right column of the following table was in effect on the immediately preceding Distribution Date, if the Distribution Date is a Distribution Date described in the corresponding left column of the following table, and ending on the Distribution Date immediately preceding the earlier to occur of:

  • Eligibility Criteria means the legal criteria as specified in the Clause 5 of this E- Auction Process Information Document;

  • Primary Reserve Requirement means the megawatts required to be maintained in a Reserve Zone or Reserve Sub-zone as Primary Reserve, absent any increase to account for additional reserves scheduled to address operational uncertainty. The Primary Reserve Requirement is calculated in accordance with the PJM Manuals.

  • Individual retirement account means a trust, custodial arrangement, or annuity under Section 408(a) or (b), Internal Revenue Code of 1954 (26 U.S.C. Section 408 (1986)).

  • Eligible Fund means an open-end fund managed by Xxxxxx and designated by the Boards as a fund that may be chosen by a Participant as a fund in which the Participant’s Account may be deemed to be invested.

  • Concentration Reserve Percentage means, at any time of determination, the largest of: (a) the sum of the five (5) largest Obligor Percentages of the Group D Obligors, (b) the sum of the three (3) largest Obligor Percentages of the Group C Obligors, (c) the sum of the two (2) largest Obligor Percentages of the Group B Obligors and (d) the largest Obligor Percentage of the Group A Obligors.

  • Reserve Account Withdrawal Amount means, with respect to any Distribution Date, the lesser of (x) any shortfall in the amount of Available Funds available to pay the amounts specified in clauses (i) through (xvii) of Section 5.7(a) (taking into account application of Available Funds to the priority of payments specified in Section 5.7(a) and ignoring any provision hereof which otherwise limits the amounts described in such clauses to the amount of funds available) and (y) the amount on deposit in the Reserve Account on such Distribution Date prior to application of amounts on deposit therein pursuant to Section 5.8.

  • Eligibility means the decision as to whether an individual qualifies, under financial and nonfinancial requirements, to receive program benefits.

  • Contingency Reserve means a reserve established for the protection of policyholders covered by policies insuring munici- pal bonds against the effect of excessive losses occurring during adverse economic cycles.

  • Eligibility Computation Period means a 12-consecutive month period beginning with your first day of employment. Any succeeding Eligibility Computation Period will then switch to the Plan Year, beginning with the Plan Year that includes your first anniversary of employment. You will generally earn an hour of service for each hour you are paid for the performance of duties for the Company (however, numerous exceptions and special rules apply).

  • Primary Reserve Alert means a notification from PJM to alert Members of an anticipated shortage of Operating Reserve capacity for a future critical period.

  • Eligibility Service of an employee means the period or periods of service credited to him under the provisions of Article II for purposes of determining his eligibility to participate in the Plan as may be required under Article III or Article VI.

  • Eligibility and selection criteria means criteria for determining: