Specified Reserves means, with respect to any Borrower, Reserves established by the Administrative Agent in its Permitted Discretion from time to time for (a) repurchase obligations of such Borrower, (b) warranty obligations of such Borrower, (c) accrued sales rebates provided by such Borrower and (d) free on board (FOB) destination delivery terms provided by such Borrower.
Specified Reserves means, at any time, the sum of (a) the excess, if any, of the aggregate Outstanding Balance of Eligible Receivables which are due and payable more than 90 days (but less than 121 days) after the Billing Date therefor, over fifteen percent (15%) of the aggregate Outstanding Balance of all Eligible Receivables, plus (b) the excess, if any, of the aggregate Outstanding Balance of Eligible Receivables the Obligor with respect thereto is organized under the laws of Canada or any province thereof, over five percent (5%) of the aggregate Outstanding Balance of all Eligible Receivables, plus (c) the excess, if any, of the aggregate Outstanding Balance of Eligible Receivables which are payable in Canadian dollars, over five percent (5%) of the aggregate Outstanding Balance of all Eligible Receivables, plus (d) the excess, if any, of the aggregate Outstanding Balance of Eligible Receivables the Obligor with respect thereto is organized under the laws of Mexico, over $1,000,000.
Specified Reserves means, as of any date of determination, Other Reserves on account of items that, in the reasonable judgment of the Administrative Agent, would result in a future cash expenditure by or on behalf of the Borrower or any Subsidiary; provided, that the Administrative Agent may at any time and from time to time, in its discretion, (a) reduce the amount of Specified Reserves below the amount that would otherwise constitute Specified Reserves determined in accordance with this definition and (b) reinstate (in whole or in part) any reduction made pursuant to clause (a), it being understood that any reduction or reinstatement made pursuant to this paragraph shall not, in itself, affect the amount of Other Reserves (which shall be determined in accordance with the definition of such term). Borrower and the Administrative Agent acknowledge and agree that the reserves provided for in Section 2.4 of the Financing Order shall constitute Specified Reserves.”
Examples of Specified Reserves in a sentence
As used in this Agreement, "Unused Reserves" at any time means the ------ -------- aggregate amount of Specified Reserves as reduced to such time to reflect the cumulative resolution of claims, contingencies or other matters that were the subject of such Specified Reserves (whether specifically or generally, such as claims of the type for which an "Incurred But Not Reported Claims" reserve is maintained).
The movement on the reserves balance is summarised in Table 1 below: Table 1: Summary of Reserves Position Opening Balance£25.8m In year movement in reserves£ 2.9m Closing Balance£28.7m Specified Reserves at year end£15.8m Balance Available£12.9m 3.3 Capital Fund £19,369,748 The Capital Fund is made up of: Belfast Investment Fund (£723) -created to support key partnership projects to regenerate Belfast and help lever substantial funds from other sources.
The inventory and supplies of Xxxx-Star and its --------- Subsidiaries are adequate for present needs, and are in usable and saleable condition in the ordinary course of business, subject only to appropriate reserves for obsolescence, if any, to be included in the Specified Reserves.
In addition, on each Business Day Servicer may calculate the Specified Reserves in any order that it chooses.
Such reports have been duly filed, were in substantial compliance with the requirements of their respective report forms, were complete and correct in all material respects as of the dates for which the information was furnished, and contained (as of such dates) no untrue statement of a material fact nor omitted to state a material fact necessary in order to make the statements made therein in light of the circumstances in which made not misleading.
More Definitions of Specified Reserves
Specified Reserves means reserves established from time to time that represent Dollar amounts that the Agent in its reasonable credit judgment believes may be required (a) in connection with the preservation, protection, collection or realization of Collateral or (b) in connection with any obligations, agreement or undertaking of any Obligor set forth in the Agreement or any of the other Loan Documents.
Specified Reserves is defined in Section 4.10.
Specified Reserves means an amount (expressed as a positive number) equal to the reserves reflected in the Estimated Closing Balance Sheet for (i) the Specified Disputes, (ii) the Specified Tax Matters and (iii) possible Regulatory Actions. As of June 30, 2005, the reserves reflected in the balance sheet of the Company for (i) the Specified Disputes was $1,835,000, (ii) the Specified Tax Matters was $1,775,000 and (iii) possible Regulatory Actions was $579,000. The parties agree that the reserves for the Specified Disputes, the Specified Tax Matters and Regulatory Actions reflected in the Actual Closing Balance Sheet and the Closing Balance Sheet shall be the same amounts as reflected in the Estimated Closing Balance Sheet.
Specified Reserves means, collectively, the FILO Reserve and the ABL Term Loan Reserve.
Specified Reserves means, with respect to any Borrower, Reserves established by the Administrative Agent in its Permitted Discretion from time to time for (a) repurchase obligations of such Borrower, (b) warranty obligations of such Borrower, (c) accrued sales rebates provided by such Borrower and (d) free on board (FOB) destination delivery terms provided by such Borrower. “Specified Swap Obligation” means, with respect to any Loan Party, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act or any rules or regulations promulgated thereunder. “Standby LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all standby Letters of Credit outstanding at such time plus (b) the aggregate amount of all LC Disbursements relating to standby Letters of Credit that have not yet been reimbursed by or on behalf of the Borrowers at such time. The Standby LC Exposure of any Lender at any time shall be its Applicable Percentage of the aggregate Standby LC Exposure at such time. “Statements” has the meaning assigned to such term in Section 2.18(g). “Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentage (including any marginal, special, emergency or supplemental reserves) established by the Board to which the Administrative Agent is subject with respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall include those imposed pursuant to such Regulation D of the Board. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any 43
Specified Reserves means, as of any date of determination, Other Reserves on account of items that, in the reasonable judgment of the Co-Collateral Agents, would result in a future cash expenditure by or on behalf of the Borrower or any Subsidiary; provided, that the Co-Collateral Agents may at any time and from time to time, in their reasonable discretion, (a) reduce the amount of Specified Reserves below the amount that would otherwise constitute Specified Reserves determined in accordance with this definition and (b) reinstate (in whole or in part) any reduction made pursuant to clause (a), it being understood that any reduction or reinstatement made pursuant to this paragraph shall not, in itself, affect the amount of Other Reserves (which shall be determined in accordance with the definition of such term).
Specified Reserves means reserves against availability under Section 2.01(b), which reserves may include (but shall not be limited to) (a) 100% of the value (calculated at the higher of cost or fair market value) of slow-moving Inventory and Inventory consisting of work in process, in-transit goods, obsolete goods, promotional goods, seconds and supplies; (b) $500,000 in respect of the Eligible Receivables of Hall (Canada); and (c) a reserve in the amount of $1,500,000 in respect of the integration of the Borrower's Portland, Oregon facility into its Freehold, New Jersey facility, but such $1,500,000 reserve shall be reduced to zero if the Consolidated Debt Service Coverage Ratio is equal to or greater than 1.0 to 1.0 on July 31, 2000 for the four-quarter period then ending or on the last day of any fiscal quarter thereafter for the four-quarter period then ending.