Maximum ABL Obligations definition
Maximum ABL Obligations has the meaning set forth in the definition of ABL Obligations.
Maximum ABL Obligations means, on any date of determination, the sum of the aggregate outstanding principal amount of loans (including Intentional Overadvances and ABL Agent Advances), letter of credit accommodations, Cash Management Obligations and other financial accommodations made, issued or incurred under the ABL Documents up to an aggregate maximum amount equal to the lesser of (i) the result of (A) the sum of 110% of (x) $100,000,000 plus (y) the aggregate amount of commitments with respect to additional revolving loan facilities or increases to the commitments with respect to the revolving loan facility under Section 2.1(d) of the ABL Credit Agreement (or a comparable provision of a loan or credit agreement the debt under which Refinances the ABL Debt but in no event more than the increase to the commitments permitted under Section 2.1(d) of the ABL Credit Agreement as in effect on the date hereof), minus (B) any permanent reductions of the revolving loan commitment under the ABL Documents (other than as a result of Permitted Refinancing); provided, that, for purposes of determining the Maximum ABL Obligations, upon termination of the revolving loan commitment, the revolving loan commitment shall not be deemed to have been reduced to an amount less than the outstanding principal amount of all “revolving loans” (or any comparable term), letter of credit accommodations, Cash Management Obligations and other financial accommodations as of the date of such permanent reduction and (ii) the sum of (A) the greater of (x) the product of (1) the ABL Availability times (2) 110% and (y) the sum of (1) ABL Availability plus (2) $10,000,000 (plus 10% of the amount of commitments, if any, under clause (i)(A)(y) above), plus (B) the portion of the aggregate outstanding principal amount of revolving loans, letter of credit accommodations and Cash Management Obligations made, issued or incurred under the ABL Documents that exceed the amount set forth in clause (ii)(A) above, but that were not Intentional Overadvances determined at the time made, issued or incurred.
Maximum ABL Obligations means, on any date of determination thereof, an amount equal to the result of (a) the principal sum of $815,000,000, minus (b) permanent reductions of revolving loan commitments under the ABL Documents after the date hereof; provided that such commitment reductions are accompanied by principal payments to the extent that such commitment reductions are made as a result of the occurrence of an ABL Event of Default or to the extent such principal payments are otherwise required pursuant to the A&R ABL Credit Agreement as in effect as of the date hereof (but excluding any permanent reductions made in connection with a refinancing permitted under Section 5.2(a)) plus (c) ABL Obligations with respect to Bank Products and Cash Management Services provided that the maximum amount of Bank Products shall, for purposes of this definition, not exceed the Ancillary Cap, plus (d) interest, fees, expenses, and indemnification obligations under the ABL Documents (including interest, fees, expenses, and indemnification obligations which, but for the filing of an Insolvency Proceeding with respect any ABL Obligor, would have accrued or been payable with respect to any ABL Obligation, whether or not such claim is allowed or allowable against any ABL Obligor in any Insolvency Proceeding). For clarity and without limiting the foregoing, as long as the amounts set forth in clause (a) are not exceeded, and subject to the provisions of
Examples of Maximum ABL Obligations in a sentence
To the extent provided under the ABL Credit Documents, all such extensions of credit in excess of the Maximum ABL Obligations shall continue to be secured by the ABL Priority Collateral; provided, that the Liens on the ABL Priority Collateral securing such extensions of credit in excess of the Maximum ABL Obligations shall be junior and subordinate to the Liens on the ABL Priority Collateral securing the Term Loan Obligations.
Notwithstanding the foregoing clauses (a) and (b) or anything else in this Agreement to the contrary, the Aggregate Principal Exposure of extensions of credit made by the ABL Lenders to any of the Grantors that exceed the Maximum ABL Obligations, shall not be considered ABL Obligations for purposes of the Lien priority set forth in Section 2.2(a) above with respect to the ABL Priority Collateral.
Notwithstanding the foregoing clause (a) or anything else in this Agreement to the contrary, the Aggregate Principal Exposure of extensions of credit made by the ABL Lenders to any of the Grantors that exceed the Maximum ABL Obligations, shall not be considered ABL Obligations for purposes of the Lien priority set forth in Section 2.2(a) above with respect to the ABL Priority Collateral.
More Definitions of Maximum ABL Obligations
Maximum ABL Obligations has the meaning specified therefor in the Intercreditor Agreement.
Maximum ABL Obligations means, on any date of determination thereof, an amount equal to the result of (a) the principal sum of $750,000,000, plus (b) ABL Obligations with respect to Bank Products and Cash Management Services provided that the maximum amount of Bank Products shall, for purposes of this definition, not exceed the Ancillary Cap, plus (c) interest, fees, expenses, and indemnification obligations under the ABL Documents (including interest, fees, expenses, and indemnification obligations which, but for the filing of an Insolvency Proceeding with respect any ABL Obligor, would have accrued or been payable with respect to any ABL Obligation, whether or not such claim is allowed or allowable against any ABL Obligor in any Insolvency Proceeding). For clarity and without limiting the foregoing, as long as the amounts set forth in clause (a) are not exceeded, and subject to the provisions of Section 5.2(a), the ABL Obligations equal to the sum of amounts available under the Borrowing Base (subject to increase by the Permitted Insolvency Increase Amount), plus the amount of Permitted Overadvances, plus the amount of Inadvertent Overadvances shall not be violative of this Agreement.