Specified Reserve definition

Specified Reserve effective as of five Business Days after the date of written notice of any determination thereof to the Borrower by the Administrative Agent (which notice shall include a reasonable description of the basis for such determination), such amounts as the Administrative Agent, in its sole discretion exercised reasonably and in accordance with customary business practices for comparable asset-based transactions, may from time to time establish a reserve against the Tranche A Borrowing Base (or the amount thereof, as the context requires) in respect of (i) Specified Hedge Agreements in effect at such time but only to the extent provided in Section 9.12, (ii) Specified Additional Obligations in effect at such time but only to the extent provided in Section 9.12 and (iii) solely during a Liquidity Event Period or if an Event of Default has occurred and is continuing, Specified Cash Management Obligations in effect at such time.

Specified Reserve means, as of any date of determination, the sum of (x) all or any portion of any Availability Reserve which the Administrative Agent in its Permitted Discretion elects to designate as a “Specified Reserve” plus (y) all or any amount of the Carve-Out pursuant to the terms of the Interim Borrowing Order or (when entered) the Final Borrowing Order, as applicable, which any member of the Instructing Group directs the Administrative Agent to designate as a “Specified Reserve”.

Specified Reserve means, on any date on or after the Term Loan Funding Date, an amount equal to the lesser of (a) $1,000,000 and (b) the principal balance of the Term Loan outstanding on such date (and $0 on any date prior to the Term Loan Funding Date).

Examples of Specified Reserve in a sentence

• Upon any distribution to the Seller of amounts in excess of the Specified Reserve Fund Balance, the Noteholders will not have any rights in, or claims to, such amounts.

• On each Payment Date prior to the occurrence of an Event of Default that results in the acceleration of the Notes, and as directed in writing by the Servicer, the Indenture Trustee shall release to the Seller any amounts remaining on deposit in the Reserve Account in excess of the Specified Reserve Account Balance.

• On the Closing Date, the Depositor will deposit or cause to be deposited the Specified Reserve Balance into the Reserve Account from the net proceeds of the sale of the Notes.

• Notwithstanding any other provision of this Agreement, the use of such new formula will be deemed to be approved upon the satisfaction of the Rating Agency Condition with respect to the use of such new formula, and the Specified Reserve Balance will be determined in accordance with such new formula and this Agreement will be amended to reflect such new formula without the consent of any Noteholder.

• On any Payment Date on which the amount on deposit in the Reserve Account is less than the Specified Reserve Account Balance, the Indenture Trustee shall, as directed in writing by the Servicer in accordance with Section 5.06(b)(vii), deposit into the Reserve Account Available Collections until the amount on deposit therein equals the Specified Reserve Account Balance.

More Definitions of Specified Reserve

Specified Reserve effective as of five Business Days after the date of written notice of any determination thereof to the Borrower by the Administrative Agent (which notice shall include a reasonable description of the basis for such determination) (the “Specified Reserve Notice Period”), such amounts as the Administrative Agent, in its sole discretion exercised reasonably and in accordance with customary business practices for comparable asset-based transactions, may from time to time establish a reserve (including the Canadian Priority Payable Reserve) against the Tranche A Borrowing Base (or the amount thereof, as the context requires) in respect of (i) Specified Hedge Agreements in effect at such time but only to the extent provided in Section 9.12, (ii) [reserved] and (iii) Specified Cash Management Obligations in effect at such time; provided, however, that such Specified Reserve shall take immediate effect if the Borrower submits a notice of borrowing during the Specified Reserve Notice Period.

Specified Reserve means an amount equal to $6,000,000.

Specified Reserve means a reserve in an amount equal to the sum of (i) the amount by which the aggregate proceeds received by the Borrower from the sale or other disposition of Borrower's (a) real property commonly known as 00000 X. Xxxxxx Xxxx, Xxxxxxxxxx, Xxxxxxxx 00000 and (b) machinery and equipment, exceeds the amount owing hereunder with respect to the Term Loan at the time of such sale(s), plus (ii) the amount by which the aggregate proceeds received by the Borrower from the sale of the assets or equity of Flexo Universal exceed the portion of the Formula Amount attributable to the Eligible Mexican Receivables, the Eligible Mexican Insured Receivables and the Eligible Mexican Inventory as of the date of such sale, to the extent that such excess amount has not been applied to the Term Loan.

Specified Reserve shall have the meaning set forth in Section 8.9 hereof.

Specified Reserve means, from and after the First Amendment Closing Date until released in accordance with Section 2.01(b), a reserve against availability under the Revolving Facility in an amount equal to $45,000,000.

Specified Reserve means any category of Reserve described as such in schedule 12 (Terms specific to Network Providers);

Specified Reserve means, in relation to a corporation, an amount claimed as a deduc- tion in determining income under Part II under any of the following provisions of the Income Tax Act (Canada) as they apply for the purposes of Part II, or under the comparable provisions of the laws of a province that impose a tax calculated by reference to the corporation’s income: