Term Pushdown Reserve definition

Term Pushdown Reserve means, at any time, an amount equal to the greater of (a) $0 and (b) the amount, if any, by which the outstanding principal amount of the Term Loan exceeds the Aggregate Borrowing Base. The Loan Parties hereby agree and acknowledge that the ABL Agent has agreed at all times to implement and maintain the Term Pushdown Reserve against the ABL U.S. Borrowing Base, as and when applicable, in accordance with the terms of the ABL Credit Agreement and the Intercreditor Agreement.

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Term Pushdown Reserve means the “Term Pushdown Reserve” as defined in the Term Credit Agreement.

Term Pushdown Reserve means, at any time, an amount equal to the greater of (a) $0 and (b) the amount, if any, by which the Facilities exceed the Term Loan Borrowing Base. The Loan Parties hereby agree and acknowledge that the ABL Administrative Agent has agreed at all times to implement and maintain the Term Pushdown Reserve against the ABL Borrowing Base, as and when applicable.

Examples of Term Pushdown Reserve in a sentence

Prior to the FCCR Financial Covenant Trigger Date, the Borrowers and their Subsidiaries shall at all times maintain ABL Availability of not less than the greater of (a) $10,000,000 (or, if any Additional Portion of Term Loan has been funded, $11,000,000) and (b) 12.5% of the Combined Line Cap (excluding the effect, if any, of any Term Pushdown Reserve).
The ABL Agent fails to implement and maintain the Term Pushdown Reserve against the ABL Borrowing Base at any time that the Term Pushdown Reserve is greater than zero ($0).
The Loan Parties shall take such steps as shall be required under the ABL Credit Agreement and the ABL Intercreditor Agreement, as applicable (including delivery of such ABL Borrowing Base Certificates and Term Loan Borrowing Base Certificates as may be required by the applicable ABL Agent and any Agent), to enable the ABL Administrative Agent to implement and maintain the Term Pushdown Reserve against the ABL Borrowing Base, as and when the Term Pushdown Reserve is greater than zero.
Prior to the FCCR Financial Covenant Trigger Date, the Borrowers and their Subsidiaries shall at all times maintain Availability of not less than the greater of (a) the Applicable ABL Availability Amount and (b) 12.5% of the Combined Line Cap (excluding the effect, if any, of any Term Pushdown Reserve).
At all times the Company will not permit Availability to be less than the greater of (i) $80,000,000 (as such amount shall be increased pursuant to Section 2.09(g) of this Agreement) and (ii) ten percent (10%) of the Maximum Credit Amount (without giving effect to the Term Pushdown Reserve).
Cause the ABL Term Pushdown Reserve to be maintained at any time that the ABL Term Total Outstandings exceeds the ABL Term Loan Borrowing Base.
If for any reason (other than on account of Protective Advances permitted to remain outstanding by the Agent), the outstanding principal amount of the Term Loan at any time exceeds the sum of (x) the Aggregate Borrowing Base and (y) the Term Pushdown Reserve maintained against the ABL Borrowing Base, the Borrower shall immediately prepay the Term Loan in an aggregate amount equal to such excess.
The Borrower shall maintain, at all times, Excess Availability of at least the greater of (i) $25,000,000 or (ii) ten percent (10%) of the sum of (x) the Loan Cap (calculated without giving effect to the Term Pushdown Reserve) plus (y) the lesser of (A) the outstanding principal balance of the Term Obligations and (B) the Term Borrowing Base.
If at any time the Term Pushdown Reserve is greater than zero ($0), then the Borrowers shall immediately notify the Agent and the ABL Agent thereof, and cause the ABL Agent to establish and maintain the Term Pushdown Reserve against the ABL Borrowing Base.
The Loan Parties shall take such steps required to enable the Administrative Agent to maintain the Term Pushdown Reserve at any time that the Total Term Loan Outstandings exceeds the Term Borrowing Base.

More Definitions of Term Pushdown Reserve

Term Pushdown Reserve means, at any time, an amount equal to the greater of (a) $0 and (b) the amount, if any, by which the Facilities exceedTerm Loan Facility exceeds the Term Loan Borrowing Base. The Loan Parties hereby agree and acknowledge that the ABL Administrative Agent has agreed at all times to implement and maintain the Term Pushdown Reserve against the ABL Borrowing Base, as and when applicable.

Term Pushdown Reserve means the “Term Pushdown Reserve” as defined in the Third-Party Term Loan Agreement; provided that changes in the amount of such Term Pushdown Reserve shall be subject to Section 3.10 {Term Pushdown Reserve} of the Intercreditor Agreement. “Term SOFR” means, (a) for any calculation with respect to a SOFR Loan, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the “Periodic Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day, and (b) for any calculation with respect to a Base Rate Loan on any day, the Term SOFR Reference Rate for a tenor of one month on the day (such day, the “Base Rate Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior to such day, as such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (New York City time) on any Base Rate Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Base Rate Term SOFR Determ...

Term Pushdown Reserve means, at any time of determination, a reserve in an amount equal to the amount (if any) by which the Total Term Loan Outstandings exceeds the Term Loan Exposure Limitation. “Term Rate Loan” means a Loan that bears interest at a rate based on the Term SOFR Rate or Term RFR. “Term Rate Loan Option” means the option of the Borrowers to have Loans bear interest at the rate and under the terms specified in Section 2.08(a)(i). “Term RFR” means, for any Term RFR Borrowing for any Interest Period, a rate per annum determined by the Administrative Agent (rounded upwards, at the Administrative Agent’s discretion, to the nearest 1/100 of 1%) equal to, for any Obligations, interest, fees, commissions, or other amounts denominated in, or calculated with respect to Canadian Dollars, the Term ▇▇▇▇▇ Reference Rate for a period equal in length to such Interest Period, as displayed on a page or service providing such quotations as determined by the Administrative Agent from time to time (the “Term ▇▇▇▇▇ Rate”) at approximately 1:00 p.m. (Toronto time) two (2) Business Days prior to the commencement of such Interest Period; provided, that if by such time the Term ▇▇▇▇▇ Rate in respect of such day has not been so published, or if such day is not a Business Day, then the Term ▇▇▇▇▇ Rate for such day will be the Term ▇▇▇▇▇ Rate

Term Pushdown Reserve as defined in the Term Credit Agreement.