Excess ABL Obligations definition

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.

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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

In the event of the consummation of the purchase option, the Excess ABL Obligations shall be treated pursuant to Section 4.1 hereof.
Interest with respect to such Retained Interest consisting of Excess ABL Obligations shall continue to accrue and be payable in accordance with the terms of the ABL Documents, the Retained Interest shall continue to be secured by the Collateral (but shall be junior and subordinate to all Liens on the Collateral in favor of each Junior Representative), and the Retained Interest shall be paid (or cash collateralized, as applicable) in accordance with the terms of the ABL Agreement and this Agreement.
In the event that any one or more Junior Secured Parties exercises and consummates the purchase option set forth in this Section 7 and at the time of such purchase, there exists Excess ABL Obligations, the consummation of such purchase option shall not include (nor shall the purchase price be calculated with respect to) such Excess ABL Obligations (such amount, the “Retained Interest”).
In the event that a Retained Interest exists, the ABL Agent shall, at the request of the purchasing Junior Secured Parties, execute an amendment to the ABL Agreement acknowledging that such Retained Interest consisting of Excess ABL Obligations is a last-out tranche, payable after the ABL Obligations Payment Date and each Junior Obligations Payment Date.
In the event that any one or more Indenture Secured Parties exercises and consummates the purchase option set forth in this Section 7 and at the time of such purchase, there exists Excess ABL Obligations, the consummation of such purchase option shall not include (nor shall the purchase price be calculated with respect to) such Excess ABL Obligations (such amount, the “Retained Interest”).

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 assigned to such term in the applicable ABL Intercreditor Agreement. “Excess Term Obligations” has the meaning assigned to such term in the applicable ABL Intercreditor Agreement. “Excluded Asset” has the meaning assigned to such term in the Security Agreement. “Excluded Domestic Subsidiary” means, collectively, (a) any CFC Holdco, (b) any Domestic Subsidiary that is a direct or indirect Subsidiary of a CFC and (c) any other Domestic Subsidiary of any Loan Party formed or otherwise acquired after the Closing Date if the execution of a Joinder Agreement and the Guarantee of the Obligations would cause material adverse tax consequences to any Loan Party or any Affiliate of a Loan Party in the reasonable good faith determination of the Company, in consultation with the Administrative Agent. “Excluded Subsidiary” means each (a) Immaterial Subsidiary, (b) Unrestricted Subsidiary, (c) Excluded Domestic Subsidiary, (d) Foreign Subsidiary, (e) Subsidiary that is not a Wholly Owned Subsidiary, (f) Subsidiary that is prohibited by applicable law, rule or regulation or by any contractual obligation (if, with respect to any such contractual obligations, such contractual obligations were existing on the Closing Date or existing at the time of acquisition thereof after the Closing Date), in each case from guaranteeing the Obligations or that would require governmental (including regulatory) consent, approval, license or authorization to provide a guarantee unless such consent, approval, license or authorization has been received, (g) any other Subsidiary if in the reasonable good faith determination of the Company, in consultation with the Administrative Agent, a guarantee by such Subsidiary would result in materially adverse tax consequences to the Company or any of its Subsidiaries and (h) any other Subsidiary with respect to which, in the reasonable judgment of the Administrative Agent (confirmed in writing by notice to the Company), the cost or other consequences of becoming a Guarantor shall be excessive in view of the benefits to be obtained by the Lenders therefrom; provided that any Subsidiary of the Company that is a guarantor of any Other Secured Debt Obligations (if any) shall become a Guarantor hereunder. “Excluded Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Sw...

Excess ABL Obligations means any Obligations that would constitute ABL Obligations if not for clause (c) of the definition of ABL Obligations.

Excess ABL Obligations the sum of (a) the portion of the principal amount of the loans outstanding under the ABL Loan Documents and the undrawn amount of all outstanding Letters of Credit that in the aggregate exceed the ABL Cap (without giving effect to the LC Reserve), plus (b) the outstanding amount of the Bank Product Obligations in excess of the Bank Product Cap or for which the ABL Agent did not actually implement a Bank Product Reserve, plus (c) the portion of interest and fees on account of such portion of the loans, Letters of Credit, and Bank Product Obligations described in clause (a) and (b) of this definition, plus (d) any commitment termination fee, early termination fee or prepayment fee payable under the ABL Loan Agreement.

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.

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 ▇▇▇▇▇▇ 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 ▇▇▇▇▇▇ 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.]