Tranche A-1 Borrowing Base means, at any time of calculation, an amount equal to:
Tranche A-1 Borrowing Base means the “Tranche A-1 Borrowing Base” as defined in the ABL Credit Agreement.
Tranche A-1 Borrowing Base means, at any time, an amount equal to (a) the Trade Receivables Component plus (b) the Tranche A-1 Inventory Component minus (c) without duplication, the then amount of all Availability Reserves and other Reserves as the Agents may at any time and from time to time in the exercise of their Permitted Discretion establish. The Tranche A-1 Borrowing Base at any time shall be determined by reference to the most recent Borrowing Base Certificate delivered to the Administrative Agent pursuant to Section 5.01(g).
Examples of Tranche A-1 Borrowing Base in a sentence
Notwithstanding anything to the contrary contained herein, other than Swing Line Loans or Letter of Credit Accommodations, Borrowers shall not request any Tranche A Revolving Loans, and the Tranche A Lenders shall not be required to make any Tranche A Revolving Loans, unless and until the outstanding principal amount of the Tranche A-1 Revolving Loans at such time are equal to the lesser of the Tranche A-1 Borrowing Base or the Tranche A-1 Maximum Credit.
The Administrative Agent shall have received prior to the Closing Date a Borrowing Base Certificate which calculates the Tranche A Borrowing Base and the Tranche A-1 Borrowing Base for the month most recently ended prior to the Closing Date.
Tranche A Borrowing Base and Tranche A-1 Borrowing Base calculations shall be consistent with historical methods of valuation and calculation, and otherwise reasonably satisfactory to Agent (and not necessarily calculated in accordance with GAAP).
Borrowing Base Certificate — a certificate, in form and substance reasonably satisfactory to Agent, by which Borrowers certify calculation of the Tranche A Borrowing Base and the Tranche A-1 Borrowing Base.
Moreover, the US Tranche A1 Loans outstanding to the US Borrowers shall not exceed at any time the Aggregate US Tranche A1 Borrowing Base.
More Definitions of Tranche A-1 Borrowing Base
Tranche A-1 Borrowing Base means, at any time, the amount equal to:
Tranche A-1 Borrowing Base means at any time, an amount equal to the sum of, without duplication, and in each case as of such time:
Tranche A-1 Borrowing Base at any time, 10% of the Net Orderly Liquidation Value of Eligible Inventory at such time.
Tranche A-1 Borrowing Base at any time shall equal the sum of:
Tranche A-1 Borrowing Base the sum of, at any time, (a) 5.0% of the lesser of (i) Net Orderly Liquidation Value of Eligible U.S. Inventory and (ii) Value of Eligible U.S. Inventory, in each case at such time, plus (b) 5.0% of the lesser of (i) Net Orderly Liquidation Value of Eligible U.S. In-Transit Inventory and (ii) Value of Eligible U.S. In-Transit Inventory, in each case at such time, plus (c) 5.0% of the lesser of (i) Net Orderly Liquidation Value of Eligible U.S. Letter of Credit Inventory and (ii) Value of Eligible U.S. Letter of Credit Inventory, in each case at such time, plus (d) 5.0% of Eligible U.S. Accounts at such time, plus (e) 5.0% of Eligible U.S. Credit Card Receivables at such time, plus (f) 5.0% of the lesser of (i) Net Orderly Liquidation Value of Eligible Canadian Inventory and (ii) Value of Eligible Canadian Inventory, in each case at such time, plus (g) 5.0% of the lesser of (i) Net Orderly Liquidation Value of Eligible Canadian In-Transit Inventory and (ii) Value of Eligible Canadian In-Transit Inventory, in each case at such time, plus (h) 5.0% of the lesser of (i) Net Orderly Liquidation Value of Eligible Canadian Letter of Credit Inventory and (ii) Value of Eligible Canadian Letter of Credit Inventory, in each case at such time, plus (i) 5.0% of Eligible Canadian Accounts at such time, plus (j) 5.0% of Eligible Canadian Credit Card Receivables at such time.
Tranche A-1 Borrowing Base means, at any time, (a) the sum of (i) up to 10% of the face amount of all Eligible Receivables of each Loan Party (calculated net of all finance charges, late fees and other fees that are unearned, sales, excise or similar taxes, and credits or allowances granted at such time), (ii) the lesser of (A) up to 10% of the Orderly Liquidation Value Percentage of the value of Eligible Finished Goods of each Loan Party (valued either at cost on a first-in, first-out basis or on a unit basis, as determined by the Administrative Agent in its sole discretion) and (B) up to 10% of the value of Eligible Finished Goods of each Loan Party (valued either at cost on a first-in, first-out basis or on a unit basis, as determined by the Administrative Agent in its sole discretion), (iii) the lesser of (A) up to 10% of the Orderly Liquidation Value Percentage of the value of Eligible Raw Materials of each Loan Party (valued at cost on a first-in, first-out basis) and (B) up to 10% of the value of Eligible Raw Materials of each Loan Party (valued at cost on a first-in, first-out basis) and (iv) the lesser of (A) up to 10% of the Orderly Liquidation Value Percentage of the value of Eligible Work in Process of each Loan Party (valued at cost on a first-in, first-out basis) and (B) up to 10% of the value of Work in Process of each Loan Party (valued at cost on a first-in, first-out basis), minus (b) the sum of (i) any Eligibility Reserve then in effect in respect of any the foregoing (without duplication of any Eligibility Reserve taken in respect of the Tranche A Borrowing Base) and (ii) to the extent not applied to reduce the Tranche A Borrowing Base, (A) any Secured Hedging Reserve then in effect and (B) the Borrowing Base Reserve.
Tranche A-1 Borrowing Base means, on any date (subject to adjustment as provxxxx xx Xxxxxxx Xxrrowing Base Adjustments), the aggregate value of the assets of the Loan Parties, in an amount (calculated based on the most recent Borrowing Base Certificate delivered to the Administrative Agent in accordance with Section within ten (10) Business Days after the end of each fiscal month, a completed Borrowing Base Certificate calculating and certifying the Tranche A Borrowing Base and the Tranche A-1 Borrowing Base as of the last day of such fiscal month, signed on behalf of the Company by one of its Financial Officers, PROVIDED, HOWEVER, that upon the occurrence of a Triggering Event, the Borrowing Base Certificate required by this paragraph will be delivered by the Borrowers weekly within eight (8) Business Days after the end of each calendar week and shall calculate and certify the Tranche A Borrowing Base and the Tranche A-1 Borrowing Base as of the last day of such calendar week;, absent any error in such Borrowing Base Certificate) that is equal to: