ABL Cap means, as of any date of determination, the result of:
ABL Cap means the greater of (i) $345,000,000 and (ii) an amount equal to the sum of 90% of the book value of all inventory and 90% of the book value of all accounts receivable, in each case, owned by the Borrower and its Restricted Subsidiaries as of the end of the most recent fiscal quarter for which financial statements have been delivered to the Administrative Agent in accordance with Section 6.01(a) or (b) and calculated in accordance with GAAP.
ABL Cap means the greater of (i) $215,000,000 and (ii) the Borrowing Base (or similar term) as defined in the ABL Facility as in effect as of the date of incurrence of such Indebtedness.
Examples of ABL Cap in a sentence
If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair, or otherwise affect the obligations of the parties hereto from such date of reinstatement and to the extent the ABL Cap was decreased in connection with such payment of the ABL Obligations, the ABL Cap shall be increased to such extent.
More Definitions of ABL Cap
ABL Cap means, on any date of determination thereof, an amount equal to the lesser of (a) the result of (i) the ABL Borrowing Base, plus (ii) (A) if no Inadvertent Overadvance Period exists with respect to the Borrowers, Protective Overadvances in an amount up to $10,000,000 or (B) if an Inadvertent Overadvance Period exists with respect to the Borrowers, the sum of (1) Protective Overadvances in an amount up to $10,000,000, plus (2) the Inadvertent Overadvance Amounts, minus (iii) the Minimum Excess Availability Amount; and (b) the result of (i) $375,000,000 plus (ii) prior to an Insolvency Proceeding any Revolver Increase Amount (as defined in the ABL Loan Agreement as in effect on the date hereof), but in no event an aggregate amount greater than $500,000,000 (inclusive of the amount set forth in clause (b)(i) above); minus (iii) the Minimum Excess Availability Amount, minus (iv) the amount of all permanent reductions of the commitments under the ABL Loan Agreement (other than in connection with a Refinancing thereof). Notwithstanding anything in this definition to the contrary, the ABL Agent and the ABL Lenders hereby agree that upon the occurrence of (i) a store closing, going-out-of-business or similar sale by any Grantor, in each case, of all or substantially all of their retail operations or inventory, (ii) a foreclosure by the ABL Agent of its Liens on a material portion of the Collateral of any Grantor, or (iii) a Disposition of a material portion of the Collateral granted by any Grantor, the commitments under the ABL Loan Agreement shall be permanently reduced by an amount equal to the proceeds received and applied to the repayment of loans under the ABL Loan Agreement from such sale or Disposition. ABL Claimholders: at any relevant time, the holders of ABL Obligations at that time, including ABL Lenders and ABL Agent.
ABL Cap means, as of any date of determination, the greater of (i) up to $160,000,000 outstanding under the ABL Credit Agreement or any other ABL Documents (with Letters of Credit and bankers’ acceptances issued thereunder being deemed to have a principal amount equal to the face amount thereof) and (ii) the sum of (A) 75% of the book value (calculated in accordance with GAAP) of the inventory of Holdings and any Restricted Subsidiaries (excluding LIFO reserves) and (B) 90% of the book value of accounts receivable of Holdings and any Restricted Subsidiaries (in each case, calculated on a pro forma basis by the book value set forth on the consolidated balance sheet of Holdings for the most recently ended four full fiscal quarters for which financial statements are available). Bank Product Obligations and ABL Hedging Obligations shall not be subject to the ABL Cap and shall be disregarded in determining whether ABL Debt is Excess ABL Debt or ABL Priority Debt. “ABL Cash Collateral” has the meaning set forth in Section 6.2(a).
ABL Cap means $1,100,000,000, plus the amount of the increase in the commitments of the ABL Lenders under the ABL Agreement from time to time, not to exceed $250,000,000 in the aggregate.
ABL Cap means $1,100,000,000; provided, that, if an ABL DIP Financing is provided in accordance with the terms of Section 6.2(a), the ABL Cap shall be $1,210,000,000.
ABL Cap means, as of any date of determination, the sum of (which amount shall be increased by the amount of all interest, fees, costs, expenses, indemnities, and other amounts accrued or charged with respect to the principal amount of any of the ABL Obligations (other than Excess ABL Obligations) as and when the same accrues or becomes due and payable, irrespective of whether the same is added to the principal amount of the ABL Obligations and including the same as would accrue and become due but for the commencement of an Insolvency or Liquidation Proceeding, whether or not such amounts are allowed or allowable, in whole or in part, in any such Insolvency or Liquidation Proceeding):
ABL Cap means the greater of (i) $445,000,000 and (ii) an amount equal to the sum of 90% of the book value of all inventory and 90% of the book value of all accounts receivable, in each case, owned by the Borrower and its Restricted Subsidiaries as of the end of the most recent fiscal quarter for which financial statements have been delivered to the Administrative Agent in accordance with Section 6.01(a) or (b) and calculated in accordance with GAAP.
ABL Cap means (i) prior to the ABL Revolver Date, $71,875,000, as reduced from time to time by the aggregate sum of all principal repayments and prepayments made by the Company or any Restricted Subsidiaries with respect to such ABL Obligations (whether voluntary, mandatory or otherwise); and (ii) from and after the ABL Revolver Date, $86,250,000, as reduced from time to time after the ABL Revolver Date by the amount of all repayments and prepayment of principal applied to the ABL Obligations (including reimbursement obligations under letters of credit) that are accompanied by a concurrent corresponding permanent reduction in the commitment relating thereto; provided, for the avoidance of doubt, that a Refinancing of such ABL Obligations in accordance with the provisions of this Agreement shall not be deemed to be a repayment or prepayment of such Indebtedness that reduces the ABL Cap pursuant to clauses (i) and (ii) above but shall be subject to the ABL Cap.