Term Loan Borrowing Capacity definition

Term Loan Borrowing Capacity in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety as follows:
Sample 1
Term Loan Borrowing Capacity at any time, an amount equal to (a) the sum of (i) 108.5% of the Appraised Inventory Liquidation Value of each Eligible Inventory Category (it being acknowledged that the Administrative Agent has the right to deem all or a portion of any Inventory as ineligible that is located in a store for which the lease is expiring in less than 5 months, if in the Administrative Agent’s reasonable discretion it determines that such store closure will adversely impact the Inventory appraisal on a pro forma basis); plus (ii) 102.5% of the Appraised A/R Liquidation Value of Eligible Private Label and Corporate Accounts; plus (iii) 102.5% of the Eligible Major Credit Card Receivables; plus (iv) the principal amount of the Fifth Amendment Tranche B Canadian Term Loan; minus (without any other duplication of Availability Reserves imposed hereunder) (b) the sum of (i) the Availability Reserves, (ii) the Availability Block and (iii) the Seasonal Availability Block, provided that no calculation of the Term Loan Borrowing Capacity shall be required hereunder following the satisfaction of the Term Loan Repayment Conditions.”
Sample 1
Term Loan Borrowing Capacity in Section 1.1 of the Credit Agreement is hereby amended by (i) inserting the following clause: “plus (iv) without duplication of any component of Aggregate Revolver Borrowing Capacity, the Montrovest LC Effective Advance Rate multiplied by the then stated amount of the Montrovest LC;” immediately after “the Eligible Major Credit Card Receivables;” in clause (a)(iii) of such definition, (ii) deleting the “and” at the end of clause (b)(iv) of such definition and (iii) inserting “, and (vi) the Schedule III Reserve” immediately after “the Term Loan Supplemental Reserve” in clause (v) of such definition.
Sample 1

Examples of Term Loan Borrowing Capacity in a sentence

  • No Loan Party shall acquire or accept any Inventory which is part of the Term Loan Borrowing Capacity on consignment or approval.

  • Unless the context otherwise requires, all determinations (including calculations of the Term Loan Borrowing Capacity, Revolver Excess Availability and Fixed Charge Coverage Ratio) made from time to time under the Loan Documents shall be made in light of the circumstances existing at such time.

  • Until the Full Payment (as defined in the Revolving Credit Agreement) of the Revolving Loan Debt and the termination of the “Commitments” (as defined in the Revolving Credit Agreement), the Term Loan Borrowing Capacity shall be determined from time to time by the Revolving Agent (subject to the limitations contained in the Intercreditor Agreement) by reference to the most recent Borrowing Base Certificate delivered by the Borrowers.

  • The Term Loan Borrowing Capacity calculations shall be consistent with historical methods of valuation and calculation, and otherwise reasonably satisfactory to the Agents (and not necessarily calculated in accordance with GAAP).

  • The Combined Total Outstandings shall not exceed the lesser of the Term Loan Borrowing Capacity or the Combined Loan Cap.

  • The Lenders authorize the Administrative Agent to release any Lien with respect to any Collateral (a) upon the occurrence of the Full Payment of the Obligations, (b) that is the subject of a disposition which is permitted under this Agreement (including under Section 10.2.13) or a Lien which is a Permitted Lien entitled to priority over the Administrative Agent’s Liens, (c) is non-material and not of the type included in the Term Loan Borrowing Capacity, or (d) with the written consent of all Lenders.

  • Borrowing Base Certificate - a certificate, substantially in the form of Exhibit E or in such other form satisfactory to the Administrative Agent and the Co-Collateral Agents, by which the Borrowers certify calculation of the US Borrowing Capacity, the Canadian Borrowing Capacity, the Aggregate Revolver Borrowing Capacity and the Term Loan Borrowing Capacity.

  • The US Borrowing Capacity, the Canadian Borrowing Capacity, the Aggregate Revolver Borrowing Capacity and the Term Loan Borrowing Capacity calculations shall be consistent with historical methods of valuation and calculation, and otherwise reasonably satisfactory to the Administrative Agent (and not necessarily calculated in accordance with GAAP).

  • The Administrative Agent may from time to time establish and modify the Availability Reserve in accordance with the definition thereto in respect of the US Borrowing Capacity, the Canadian Borrowing Capacity, the Aggregate Revolver Borrowing Capacity and the Term Loan Borrowing Capacity, as the case may be.

  • No Loan Party shall acquire or accept any Inventory which is part of the US Borrowing Capacity, Canadian Borrowing Capacity or the Term Loan Borrowing Capacity on consignment or approval.


More Definitions of Term Loan Borrowing Capacity

Term Loan Borrowing Capacity is hereby deleted in its entirety and the following text is substituted in its stead: “Term Loan Borrowing Capacity – at any time, an amount equal to (a) the sum of (i) 108.5% of the Appraised Inventory Liquidation Value of each Eligible Inventory Category (it being acknowledged that the Administrative Agent has the right to deem all or a portion of any Inventory as ineligible that is located in a store for which the lease is expiring in less than 5 months, if in the Administrative Agent’s reasonable discretion it determines that such store closure will adversely impact the Inventory appraisal on a pro forma basis); plus (ii) 102.5% of the Appraised A/R Liquidation Value of Eligible Private Label and Corporate Accounts; plus (iii) 102.5% of the Eligible Major Credit Card Receivables; plus (iv) the Montrovest LC Effective Advance Rate multiplied by the then stated amount of the Montrovest LC (provided however, that upon the occurrence of any Montrovest LC Event which is continuing (other than pursuant clause (d) thereunder), the stated amount of the Montrovest LC shall be deemed to be zero); plus (v) the lesser of (x) the principal balance of the Second Amendment Tranche B U.S. Term Loan and (y) the principal balance of the Second Amendment Tranche B U.S. Term Loan less any scheduled payments required but not paid pursuant to Section 5.2.2; minus (b) the sum of (i) the Availability Reserves (without any other duplication of Availability Reserves imposed by the Revolving Agent under the Revolving Credit Agreement), (ii) the Availability Block, (iii) the Seasonal Availability Block and (iv) the Capital Block.”
Sample 1
Term Loan Borrowing Capacity is hereby deleted in its entirety and the following text is substituted in its stead: “Term Loan Borrowing Capacity - (a) at any time prior to the Seventh Amendment Effective Date, an amount equal to (x) the sum of (i) 108.5% of the Appraised Inventory Liquidation Value of each Eligible Inventory Category (it being acknowledged that the Administrative Agent has the right to deem all or a portion of any Inventory as ineligible that is located in a store for which the lease is expiring in less than 5 months, if in the Administrative Agent’s reasonable discretion it determines that such store closure will adversely impact the Inventory appraisal on a pro forma basis); plus (ii) 102.5% of the Appraised A/R Liquidation Value of Eligible Private Label and Corporate Accounts; plus (iii) 102.5% of the Eligible Major Credit Card Receivables; plus (iv) 100% of the then stated amount of the Eligible Letter of Credit minus (and without any other duplication of Availability Reserves imposed hereunder) (y) the sum of (i) the Availability Reserves, (ii) the Availability Block, (iii) the Seasonal Availability Block, and (iv) the Capital Block and (b) at any time immediately after the Seventh Amendment Effective Date, an amount equal to (x) the sum of (i) 108.5% of the Appraised Inventory Liquidation Value of each Eligible Inventory Category (it being acknowledged that the Administrative Agent has the right to deem all or a portion of any Inventory as ineligible that is located in a store for which the lease is expiring in less than 5 months, if in the Administrative Agent’s reasonable discretion it determines that such store closure will adversely impact the Inventory appraisal on a pro forma basis); plus (ii) 102.5% of the Appraised A/R Liquidation Value of Eligible Private Label and Corporate Accounts; plus (iii) 102.5% of the Eligible Major Credit Card Receivables; plus (iv) 100% of the then stated amount of the Eligible Letter of Credit; plus (v) the lesser of (1) the principal balance of the Second Amendment Tranche B U.S. Term Loan and (2) the principal balance of the Second Amendment Tranche B U.S. Term Loan less any scheduled payments required but not paid pursuant to Section 5.2.2 of the Term Loan Agreement minus (and without any other duplication of Availability Reserves imposed hereunder) (y) the sum of (i) the Availability Reserves, (ii) the Availability Block, (iii) the Seasonal Availability Block, and (iv) the Capital Block.”
Sample 1
Term Loan Borrowing Capacity in Section 1.1 of the Credit Agreement is hereby amended by restating such definition in its entirety as follows: “Term Loan Borrowing Capacity - at any time, an amount equal to (a) the sum of (i) 108.5% of the Appraised Inventory Liquidation Value of each Eligible Inventory Category; plus (ii) 102.5% of the Appraised A/R Liquidation Value of Eligible Private Label and Corporate Accounts; plus (iii) 102.5% of the Eligible Major Credit Card Receivables; minus (and without any other duplication of Availability Reserves imposed hereunder) (b) the sum of (i) the Availability Reserves, (ii) the Availability Block, (iii) the Seasonal Availability Block, (iv) the Term Loan Discretionary Reserve, and (v) the Term Loan Supplemental Reserve.”
Sample 1

Related to Term Loan Borrowing Capacity

  • Term Loan Borrowing means a borrowing consisting of simultaneous Term Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Term Loan Lenders pursuant to Section 2.01(a).

  • Revolving Loan Borrowing means a borrowing of a Revolving Loan.

  • Incremental Term Loan Borrowing Date means, with respect to each Class of Incremental Term Loans, each date on which Incremental Term Loans of such Class are incurred pursuant to Section 2.01(b) and as otherwise specified in any amendment providing for Incremental Term Loans in accordance with Section 2.22.

  • Term A Borrowing means a borrowing consisting of simultaneous Term A Advances of the same Type made by the Term A Lenders.

  • Revolving Facility Borrowing means a Borrowing comprised of Revolving Facility Loans.

  • Eurocurrency Revolving Facility Borrowing means a Borrowing comprised of Eurocurrency Revolving Loans.

  • ABR Revolving Facility Borrowing means a Borrowing comprised of ABR Revolving Loans.

  • Term Loan Committed Amount shall have the meaning set forth in Section 2.2(a).

  • Revolving Loan Facility means the credit facility or portion thereof established by Lender in favor of Borrower for the purpose of providing working capital in the form of loans and/or Letters of Credit to finance the manufacture, production or purchase and subsequent export sale of Items pursuant to Loan Documents under which Credit Accommodations may be made and repaid on a continuous basis based solely on credit availability on the Export-Related Borrowing Base during the term of such credit facility

  • Term Loan Commitment Percentage means, for any Lender, the percentage identified as its Term Loan Commitment Percentage on Schedule 2.1(a), as such percentage may be modified in connection with any assignment made in accordance with the provisions of Section 9.6.

  • Revolving Loans shall have the meaning assigned to such term in Section 2.1(a).

  • Revolving Loan Commitment Percentage means, as to any Lender, (a) on the Closing Date, the percentage set forth opposite such Lender’s name on the Commitment Annex under the column “Revolving Loan Commitment Percentage” (if such Lender’s name is not so set forth thereon, then, on the Closing Date, such percentage for such Lender shall be deemed to be zero), and (b) on any date following the Closing Date, the percentage equal to the Revolving Loan Commitment Amount of such Lender on such date divided by the Revolving Loan Commitment on such date.

  • Revolving Loan Limit means, at any time, the lesser of (a) the Revolving Loan Commitment and (b) the Borrowing Base.

  • Revolving Loan Lender means a Lender with a Revolving Credit Commitment.

  • Term B Borrowing means a borrowing consisting of simultaneous Term B Advances of the same Type made by the Term B Lenders.

  • Revolving Loan Notes means with respect to any Borrower the promissory notes of such Borrower in favor of each Lender evidencing the Revolving Loans made to such Borrower and substantially in the form of Exhibit 2.7(a), as such promissory notes may be amended, modified, supplemented or replaced from time to time.

  • Extended Revolving Credit Loans shall have the meaning provided in Section 2.14(g)(ii).

  • Revolving Loan Commitment means the commitment of a Revolving Lender to make Revolving Loans to Company pursuant to subsection 2.1A(ii), and “Revolving Loan Commitments” means such commitments of all Revolving Lenders in the aggregate.

  • Extended Revolving Loans has the meaning assigned to such term in Section 2.23(a).

  • Revolving Loan Commitments means such commitments of all Lenders in the aggregate.

  • Term Loans means, collectively, the Tranche A Term Loans and the Tranche B Term Loans.

  • Term Loan Lender means a Lender with a Term Loan Commitment or an outstanding Term Loan.

  • Eurodollar Revolving Loan means any Revolving Loan bearing interest at a rate determined by reference to the Adjusted LIBOR Rate in accordance with the provisions of Article II.

  • Term SOFR Borrowing means a Borrowing comprised of Term SOFR Loans.

  • ABR Revolving Loan means any Revolving Loan bearing interest at a rate determined by reference to the Alternate Base Rate in accordance with the provisions of Article II.

  • Tranche A Term Loan Lender means a Lender with a Tranche A Term Loan Commitment or an outstanding Tranche A Term Loan.