ABL Facility Sample Clauses

ABL Facility. Notwithstanding anything to the contrary in Sections 2.03(b) and (e), if any Indebtedness under any ABL Facility is outstanding, to the extent a prepayment or cash collateralization of letters of credit is required under such ABL Facility due to any Net Proceeds or Extraordinary Receipts constituting the proceeds of ABL Priority Collateral, no prepayment shall be required under Sections 2.03(b) and (e) to the extent of such required payment under such ABL Facility.
ABL Facility. The ABL Credit Agreement shall have been amended as required in connection with this Agreement and such amendment shall be satisfactory to the Administrative Agent and the Majority Lenders in their reasonable discretion.
ABL Facility. The Collateral Agent acknowledges, on behalf of itself and each other Secured Party, that (i) the ABL Facility is secured by liens on the ABL Priority Collateral that are senior in priority to the liens on such ABL Priority Collateral that secures the Obligations as provided in the ABL Intercreditor Agreement and (ii) any provision of this Agreement to the contrary notwithstanding, until the Discharge of ABL Obligations, the Pledgors shall not be required to act or refrain from acting pursuant to this Agreement or with respect to any ABL Priority Collateral in any manner that would result in a default under the terms and provisions of the ABL Facility.
ABL Facility. The conditions to effectiveness of the ABL Credit Agreement shall have been satisfied, the ABL Credit Agreement shall be in full force and effect and the Borrower shall have borrowed no greater than $24,000,0000 in aggregate principal amount of loans and other extensions of credit thereunder.
ABL Facility. (i) The Borrower, concurrently with delivering notice under the ABL Facility with respect to any condition or event that constitutes a default or an event of default under any ABL Facility or promptly upon any Person giving any notice to the Borrower or any of its Subsidiaries of the same, shall notify the Administrative Agent of the nature and period of existence of such condition, event or change, or the notice given (including, to the extent applicable, providing copies thereof) and action taken by any such Person and the nature of such claimed Event of Default, Default, default, event or condition, and what action the Borrower has taken, is taking and proposes to take with respect thereto, (ii) promptly upon the execution thereof (and in any event not later than three (3) Business Days after the date of execution), copies of any written amendment, restatement, supplement, waiver or other modification to any ABL Facility Document and (iii) promptly upon the delivery thereof (and in any event not later than five (5) Business Days after such delivery) copies of each borrowing base certificate delivered pursuant to the ABL Credit Agreement; and
ABL Facility. At the option of the U.S. Borrowers, initially, Adjusted LIBOR plus 1.50% or ABR plus 0.50%, which margins shall be subject to one step-down of 0.25% and one step-up of 0.25% commencing at the completion of the first full fiscal quarter completed after the Closing Date based on the daily average Specified Excess Availability with respect to the ABL Facility during the preceding quarter greater than 66.7% and less than 33.3%, respectively of the Line Cap. The lesser of (A) the aggregate commitments in respect of the ABL Facility at any time and (B) the Borrowing Base (as defined below) at such time is referred to herein as the “Line Cap”.
ABL Facility. ABL Facility Amendment Upon the consummation of the Restructuring and the transactions contemplated thereby (excluding the Rights Offering (as defined below)) (the “Closing Date”), the ABL Facility shall be amended (the “Facility Amendment”) such that the $125 million commitment shall be reduced to $100 million. In addition: 1. The ABL advance rate shall be frozen at 80% from and after the Closing Date. 2. There shall be a 0.35% commitment fee payable to the lenders under the ABL Facility and a collateral management fee of $2,500/month payable to the agent under the ABL Facility. 3. The agent under the ABL Facility shall be granted cash dominion and the right to a daily cash sweep. 4. Replacement of existing secured leverage ratio covenant with minimum cumulative EBITDA based on a 20% cushion to the Company’s projections for the four months ending on April 30, 2016, and a 15% cushion to the Company’s projections thereafter, in each case, tested monthly. 5. Mandatory application of proceeds of the New First Lien Term Loan and the Rights Offering to pay down the ABL Facility.
ABL Facility. (i) (A) The ABL Credit Agreement and the related collateral documents shall be in form and substance reasonably satisfactory to the Administrative Agent, (B) the ABL Facility shall be in full force and effect, and (C) the Administrative Agent shall have received true and correct copies of the ABL Credit Agreement, the Guaranty and Security Agreement (as defined in the ABL Credit Agreement) and such other guaranty and collateral documents therefor.