Insolvency Increase Amount means, at any time of determination, ten percent (10%) percent of the Revolving Borrowing Base minus all outstanding Permitted Overadvances, other than (i) Unintentional Overadvances, and (ii) Permitted Overadvances made to pay up to two (2) weeks of payroll expenses of the Loan Parties to the extent actually used for such purpose, but in no event to exceed (as to all such Permitted Overadvances other than Unintentional Overadvances) an amount equal to 2.5% of the Combined Borrowing Base.
Insolvency Increase Amount means, during any Insolvency Proceeding by or against a Loan Party, an amount equal to the result of (a) 5.0% of the sum of (i) the Revolving Borrowing Base and (ii) the FILO A Borrowing Base, minus (b) any then outstanding Protective Advances made pursuant to clause (b) of the definition of Maximum Revolving / FILO A Insolvency Amount (subject to the limitations set forth therein), whether such Protective Advance is made prior to or during such Insolvency Proceeding; provided that such result shall not be less than zero.
Insolvency Increase Amount means, during any Insolvency Proceeding by or against a Loan Party, an amount equal to the result of (a) 5% of the Modified Borrowing Base, minus (b) any then outstanding Protective Advances made pursuant to clause (b) of the definition of Maximum Revolving Insolvency Amount (subject to the limitations set forth therein), whether such Protective Advance is made prior to or during such Insolvency Proceeding; provided that such result shall not be less than zero.
More Definitions of Insolvency Increase Amount
Insolvency Increase Amount means, during any proceeding under Debtor Relief Laws, an amount equal to the result of (x) 5.00% of the sum of the Revolving Borrowing Base (calculated without giving effect to any FILO Seasonal Reserve), minus (y) any then outstanding Permitted Overadvances or Protective Advances made pursuant to clause (b) of the definition of Maximum Revolving Insolvency Amount (subject to the limitations set forth therein), whether such Permitted Overadvance or Protective Advance is made prior to or during any proceeding under Debtor Relief Laws; provided that such result shall not be less than zero.
Insolvency Increase Amount means, at any time of determination, the result of (a) five percent (5%) percent of the Revolving Loan Borrowing Base minus (b) all outstanding Permitted Overadvances, other than (i) Unintentional Overadvances, and (ii) Permitted Overadvances made to pay up to two (2) weeks of payroll expenses of the Loan Parties to the extent actually used for such purpose (“Permitted Payroll Overadvances”), but in no event shall such Permitted Payroll Overadvances exceed an amount equal to 3.5% of the sum of the Revolving Loan Borrowing Base and the Term Loan Borrowing Base. “Independent Consultant” means Berkeley Research Group, LLC (or another independent third party consultant reasonably acceptable to the Agents). “Intellectual Property” has the meaning assigned to such term in the Intellectual Property Security Agreement. “Intellectual Property Security Agreement” means the Intellectual Property Security Agreement dated as of the Third Amendment Effective Date, among the Loan Parties and the Collateral Agent for the benefit of the Credit Parties, as amended and in effect from time to time. “Intercreditor Agreement” shall mean (a) that certain Intercreditor Agreement dated as of September 12, 2003 by and among the Loan Parties, Bank of America (as successor by merger to Fleet Retail Group, LLC (f/k/a Fleet Retail Finance Inc.)), and World Financial Network National Bank, now known as Comenity Bank, as amended and in effect from time to time, and (b) an intercreditor agreement with any third party administering a private label credit card program for any of the Loan Parties in substitution for Comenity Bank, on terms reasonably acceptable to the Administrative Agent (which agreement shall be deemed reasonably acceptable if it contains the same terms as the intercreditor agreement with Comenity Bank). “Interest Payment Date” means (a) with respect to any Prime Rate Loan (including a Swingline Loan) and all Term Loans, the first day of each calendar month, and (b) with respect to any LIBO Loan (other than any Term Loan), on the last day of the Interest Period applicable to the Borrowing of which such Loan is a part, and, in addition, if such LIBO Loan has an Interest Period of greater than ninety (90) days, on the last day of the third month of such Interest Period. 28
Insolvency Increase Amount. “Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. “Plan” means a Single Employer Plan or a Multiple Employer Plan. “Portal” has the meaning specified provided therefor in Section 2.04. “Prime Rate” shall mean , for any day, a fluctuating rate per annum equal to the highest the greatest of (a) the Federal Funds Effective Rate for such day, plus 0.50 ½%;, (b) the Adjusted LIBO Rate for a 30 day interest period as (which rate shall be calculated based upon an Interest Period of one month and shall be determined on such day a daily basis) , plus 1.0% one percentage point , and (c) the rate of interest announced, from time to time, within Xxxxx Fargo at its principal office in San Francisco as its “prime rate”, with the understanding that the “prime rate” 39
Insolvency Increase Amount. “Interest Payment Date”, “LIBO Rate”, “Material Adverse Effect”, “Measurement Period”, “Payment Conditions”, “Restricted Payments”, “Reserves” (or any defined term included therein), “Revolving Loan Priority Collateral”, “Term Loan Action Notice”, “Term Loan Priority Collateral”, “Term Loan Reserve”, or “Unintentional Overadvance”, or (2) amend Sections 5.01, 5.02, 5.09, 5.10, 6.05, 7.01, 7.02, 9.03, or any provision of Article VI, (xi) modify the definition of “Permitted Overadvance” so as to increase the amount thereof or, except as provided in such definition, the time period for which a Permitted Overadvance may remain outstanding, in each case without the Consent of each Lender, or 149
Insolvency Increase Amount or “Maximum Revolving Insolvency Amount” or (ii) changes, modifies or waives any of the provisions of Sections 10.6 through 10.12;