Excess ABL Obligations means the sum of (a) the portion of the principal amount of the loans outstanding under the ABL Documents and the undrawn amount of outstanding letters of credit issued thereunder that is in excess of the ABL Obligations Cap, plus (b) the portion of interest and fees that accrues or is charged with respect to that portion of the principal amount of the loans and letters of credit described in clause (a) of this definition.
Excess ABL Obligations means any Obligations that would constitute ABL Obligations if not for the ABL Cap Amount.
Excess ABL Obligations means ABL Obligations constituting (a) the aggregate outstanding principal amount of loans and outstanding amount of Letters of Credit made, issued or incurred pursuant to the ABL Documents in excess of the Maximum ABL Facility Amount and any interest, fees or reimbursement obligations accrued on or with respect to such excess amounts, (b) ABL Obligations on account of Bank Products in excess of the Bank Product Cap, (c) ABL Obligations on account of Bank Products consisting of leasing, supply chain management, and factoring, and (d) if any of the ABL Credit Parties furnish DIP Financing or do not object to any use of cash collateral in any Insolvency Proceeding of the Loan Parties, any portion of any Carve Out for which the ABL Agent has not established an Availability Reserve (as such term is defined in the ABL Credit Agreement, as in effect on the date hereof) in connection with such DIP Financing.
Examples of Excess ABL Obligations in a sentence
The subordination of Liens in respect of ABL Priority Collateral securing Excess Term Loan Obligations to Liens in respect of ABL Priority Collateral securing Excess ABL Obligations set forth in Section 2.1 affects only the relative priority of those Liens, and does not subordinate the Excess Term Loan Obligations in right of payment to the Excess ABL Obligations other than with respect to proceeds of Collateral as provided herein (and other than as set forth in Section 4.5).
Upon the ABL Agent’s receipt of an effective Purchase Notice conforming to this Section 5.2, the Purchasers will be irrevocably obligated to purchase, and the ABL Creditors will be irrevocably obligated to sell, the ABL Obligations (other than the Excess ABL Obligations) in accordance with and subject to this Section 5.
The subordination of Liens in respect of ABL Priority Collateral securing Excess ABL Obligations to Liens in respect of ABL Priority Collateral securing Term Loan Obligations (other than any Excess Term Loan Obligations) set forth in Section 2.1 affects only the relative priority of those Liens, and does not subordinate the Excess ABL Obligations in right of payment to the Term Loan Obligations other than with respect to proceeds of Collateral as provided herein.
More Definitions of Excess ABL Obligations
Excess ABL Obligations means, at any time of calculation, the portion, if any, of the ABL Obligations in excess of the Maximum ABL Obligations.
Excess ABL Obligations means any excess above the sum of (a) the Maximum ABL Amount, and (b) any principal loaned or advanced pursuant to DIP Financing by the ABL Creditors in excess of the Maximum ABL Amount, but subject to the additional principal amount provided for under to Section 6.2(C), as applicable, plus any interest, fees or other amounts payable under the ABL Credit Agreement or other ABL Loan Documents solely with respect to such excess.
Excess ABL Obligations has the meaning specified in the ABL Intercreditor Agreement.
Excess ABL Obligations means ABL Obligations constituting (a) the aggregate outstanding principal amount of loans and outstanding amount of Letters of Credit made, issued or incurred pursuant to the ABL Documents in excess of the Maximum ABL Facility Amount and any interest, fees or reimbursement obligations accrued on or with respect to such excess amounts, (b) ABL Obligations on account of Bank Products in excess of the Bank Product Cap, and (c) if any of the ABL Credit Parties furnish DIP Financing or do not object to any use of cash collateral in any Insolvency Proceeding of the Loan Parties, any portion of any Carve Out for which the ABL Agent has not established an Availability Reserve (as such term is defined in the ABL Credit Agreement, as in effect on the date hereof) in connection with such DIP Financing.
Excess ABL Obligations means the portion of the ABL Obligations exceeding the ABL Cap. "Excess Notes Obligations" means the portion of the Notes Obligations exceeding the Notes Cap. "Existing ABL Agreement" has the meaning set forth in the first WHEREAS clause of this Agreement. "Existing Notes Agreement" has the meaning set forth in the second WHEREAS clause of this Agreement. "Insolvency Proceeding" means any proceeding in respect of bankruptcy, insolvency, winding up, receivership, dissolution or assignment for the benefit of creditors, in each of the foregoing events whether under the Bankruptcy Code or any similar federal, state or foreign bankruptcy, insolvency, reorganization, receivership or similar law. "Intellectual Property" means, collectively, Copyrights, Copyright Licenses, Patents, Patent Licenses, Trademarks, Trademark Licenses, Trade Secrets, and Trade Secret Licenses. "Junior Collateral" shall mean with respect to any Junior Secured Party, any Collateral on which it has a Junior Lien. "Junior Documents" shall mean, collectively, with respect to any Junior Obligations, any provision pertaining to such Junior Obligation in any Loan Document or any other document, instrument or certificate evidencing or delivered in connection with such Junior Obligation. “Junior Lien Default” shall mean an Event of Default under the Junior Documents. "Junior Liens" shall mean (a) with respect to any ABL Priority Collateral, all Liens securing the Notes Obligations and (b) with respect to any Notes Priority Collateral, all Liens securing the ABL Obligations. "Junior Obligations" shall mean (a) with respect to any ABL Priority Collateral, all Notes Obligations and (b) with respect to any Notes Priority Collateral, all ABL Obligations. "Junior Representative" shall mean (a) with respect to any ABL Obligations or any ABL Priority Collateral, the Notes Representative and (b) with respect to any Notes Obligations or any Notes Priority Collateral, the ABL Representative. "Junior Secured Parties" shall mean (a) with respect to the ABL Priority Collateral, all Notes Secured Parties and (b) with respect to the Notes Priority Collateral, all ABL Secured Parties. "Junior Security Documents" shall mean with respect to any Junior Secured Party, the Security Documents that secure the Junior Obligations. "Lien" means, with respect to any asset, (a) any mortgage, deed of trust, deed to secure debt, lien, pledge, hypothecation, assignment, assignation, debenture, encumbrance, charge or security in...
Excess ABL Obligations means the sum of (a) the portion of the principal amount of the Advances outstanding under the ABL Loan Documents, the undrawn amount of all outstanding Letters of Credit, and the outstanding amount of Hedge Liabilities under Lender- Provided Interest Rate Xxxxxx that is in excess of the ABL Cap, plus (b) the portion of interest and fees on account of such portion of the loans, Letters of Credit and Hedge Liabilities under Lender-Provided Interest Rate Xxxxxx described in clause (a) of this definition plus (c) any default interest (but not any other interest) or loan fees, each arising from or related to a default and accruing or becoming due under the terms of the ABL Loan Documents on or after the commencement of any Insolvency Proceeding relating to any Grantor or any other Person to the extent that a claim for such default interest or loan fees is not allowable or allowed in such Insolvency Proceeding.]
Excess ABL Obligations means any Obligations (x) constituting ABL Principal Obligations to the extent exceeding the ABL Priority Principal Obligations, and (y) constituting ABL Direct Interest Obligations to the extent exceeding the ABL Priority Interest Obligations.