Permitted Store Closings means (a) store closures and related dispositions which do not exceed (i) in any Fiscal Year of the Borrower and its Subsidiaries, the greater of five (5) stores and 10% of the total number of stores in existence on the first day of such Fiscal Year (net of new store openings), and (b) the related Inventory is disposed of at such stores in accordance with liquidation agreements and with professional liquidators acceptable to the Agent.
Permitted Store Closings means (a) Store closures and related Inventory dispositions which do not exceed in any Fiscal Year of Holdings and its Relevant Subsidiaries, ten (10%) percent of the number of the Loan Parties’ Stores as of the beginning of such Fiscal Year (net of new Store openings), provided that, subject to clause (b) below, the Loan Parties may close any Stores the leases of which have expired in accordance with their terms and which have not been renewed or extended; and (b) the related Inventory is either (i) moved to a distribution center or another retail location of the Loan Parties for future sale in the ordinary course of business, or (ii) disposed of on-site by the applicable Loan Party, provided that all sales of Inventory in connection with Store closings (in a single transaction or series of related transactions) that exceed ten (10%) percent of the number of the Loan Parties’ Stores as of the beginning of such Fiscal Year (net of new Store openings) shall be disposed of in accordance with liquidation agreements and with professional liquidators reasonably acceptable to the Agent, and provided further that all Net Proceeds received in connection with such Permitted Store Closings and related Dispositions of Inventory shall be applied to the Obligations in accordance with Section 2.05 hereto.
Permitted Store Closings means (a) Store closures and related Inventory dispositions which do not exceed in any Fiscal Year of the Parent and its Subsidiaries, ten (10%) percent of the number of the Borrowers’ Stores as of the beginning of such Fiscal Year (net of new Store openings), and (b) the related Inventory is either moved to a distribution center or another retail location of the Borrowers for future sale in the ordinary course of business or is disposed of at such Stores in accordance with liquidation agreements and with professional liquidators reasonably acceptable to the Agent.
Examples of Permitted Store Closings in a sentence
There exists no actual or, to the knowledge of any Loan Party, threatened, termination or cancellation of, or any material adverse modification or change in the business relationship of any Loan Party with any supplier material to its operations, except as a result of the Bankruptcy Events or the Permitted Store Closings.
Except as disclosed on Schedule 5.08(a) or as a result of the Bankruptcy Events and the Permitted Store Closings, each of the Loan Parties has good and marketable title to, valid leasehold interests in, or valid licenses to use all personal property and assets material to the ordinary conduct of its business.
Permitted Lien - as defined in Section 10.2.2. Permitted Store Closings - the closing of (i) five (5) retail locations of the Loan Parties in the aggregate in any calendar year, (ii) five (5) temporary retail locations, to the extent opened by the Loan Parties and closed within six (6) months of such opening, in the aggregate in any calendar year, and (iii) the retail locations listed on Schedule 1.1(c).
A company must keep accounting records that comply with subsections (2) and (3).
SCHEDULE 7.20 Bank Accounts SCHEDULE 8.4(f) Borrowing Base Reports SCHEDULE 8.4(i) Other Reports SCHEDULE 8.7.1 Insurance Policies SCHEDULE 8.10 Noncompliance with Laws, Contracts, Licenses and Permits SCHEDULE 9.1 Existing Indebtedness SCHEDULE 9.2 Existing Liens SCHEDULE 9.3 Existing Investments SCHEDULE 9.9 Permitted Store Closings -------------------------------------------------------------------------------- REVOLVING CREDIT, TRANCHE B LOAN AND SECURITY AGREEMENT FLEET RETAIL FINANCE INC.
More Definitions of Permitted Store Closings
Permitted Store Closings means (a) Store closures and related Inventory dispositions, which do not exceed in any Fiscal Year of the Parent and its Subsidiaries, fifteen percent (15%) of the number of the Loan Parties’ Stores as of the beginning of such Fiscal Year (net of Store relocations and openings for such Fiscal Year), and (b) the related Inventory is either moved to a distribution center or another retail location of the Loan Parties for future sale in the ordinary course of business or is disposed of, if requested by the Agent, in accordance with liquidation agreements and with professional liquidators reasonably acceptable to the Agent.
Permitted Store Closings shall have the meaning provided in clause (b) of the definition of Permitted Dispositions.
Permitted Store Closings means (a) Store closures and related Inventory dispositions which do not exceed (i) in any Fiscal Year of the Lead Borrower and its Subsidiaries, ten percent (10%) of the number of the Loan Parties’ Stores as of the beginning of such Fiscal Year (net of new Store openings) and (ii) in the aggregate from and after the Closing Date, thirty-five percent (35%) of the number of the Loan Parties’ Stores in existence as of the Closing Date (net of new Store openings), and (b) the related Inventory is either moved to a distribution center or another retail location of the Loan Parties for future sale in the ordinary course of business or is disposed of at such Stores in accordance with liquidation agreements and with professional liquidators reasonably acceptable to the Agent.
Permitted Store Closings means sales or other dispositions of the Inventory not in the ordinary course of business in connection with Store closures (a) which Store closures do not exceed (i) in any fiscal year of the Borrower and its Subsidiaries, ten percent (10%) of the number of the Loan Parties’ Stores as of the beginning of such fiscal year (net of Store relocations and new Store openings) and (ii) in the aggregate from and after the Third Amendment Effective Date, twenty-five percent (25%) of the greater of (x) the number of the Loan Parties’ Stores in existence as of the Third Amendment Effective Date (net of Store relocations and new Store openings) and (y) the number of the Loan Parties’ Stores as of the beginning of any fiscal year beginning after the Third Amendment Effective Date (net of Store relocations and new Store openings) and (b) which sales of Inventory in connection with such Store closures shall, to the extent the Cost of such Inventory being sold (in any one transaction or series of related transactions) is in excess of $10,000,000, be in accordance with liquidation agreements and with professional liquidators reasonably acceptable to the Agent.
Permitted Store Closings means the Store closures effectuated prior to the commencement of the Chapter 11 Case, or thereafter with Lender’s approval.
Permitted Store Closings means Store closures and related Inventory dispositions which, in the aggregate from and after the Effective Date, do not exceed one hundred fifty (150) Stores (net of new Store openings); provided that Store closures and related Inventory dispositions that exceed the foregoing limits shall (i) require the consent of the Agents and the Required Lenders (which consent shall not be unreasonably withheld), and (ii) be in accordance with liquidation agreements or formal consulting arrangements with professional liquidators or liquidation consultants, in each case reasonably acceptable to the Co-Borrowing Base Agents.
Permitted Store Closings means subject to the terms of the Fee Letter, (a) Store closures and related disposition of Inventory and FF&E located at such affected Stores, at arm’s length, in a net amount (taking into account new store openings after the Closing Date) of no more than one hundred fifty (150) Stores during the term of this Agreement and (b) if applicable, the movement of the related Inventory to another Store location of the Loan Parties (or with the consent of the Administrative Agent in its Permitted Discretion to a distribution center) for future sale in the ordinary course of business or if the FF&E or Inventory is disposed of, if requested by the Administrative Agent, such disposition shall be in accordance with liquidation agreements and with professional liquidators reasonably acceptable to the Administrative Agent, provided, that, (i) with respect to a Disposition (in a single transaction or a series of related transactions) consisting of assets constituting ABL Priority Collateral of the type eligible to be included in the ABL Borrowing Base that decreases the ABL Borrowing Base by $5,625,000 or more (after giving effect thereto), the Borrower Representative shall have first delivered an updated ABL Borrowing Base Certificate and Borrowing Base Certificate to the Administrative Agent giving pro forma effect to such Disposition and demonstrating pro forma compliance with Section 6.12 and (ii) with respect to a Disposition (in a single transaction or a series of related transactions) consisting of assets constituting Term Loan Priority Collateral of the type eligible to be included in the Borrowing Base that decreases the Borrowing Base by $2,000,000 or more (after giving effect thereto), the Borrower Representative shall have first delivered an updated Borrowing Base Certificate to the Administrative Agent giving pro forma effect to such Disposition and demonstrating pro forma compliance with Section 6.12.