Definition of ABL Revolving Credit Exposure


ABL Revolving Credit Exposure means (A) following the entry of the Interim Order, but prior to the entry of the Final Order, the sum of (i) the Pre-Petition Revolving Obligations, (ii) the principal amount of outstanding New Money Revolving Loans, and (iii) all L/C Reimbursement Obligations and (B) following the entry of the Final Order, the sum of (i) the principal amount of outstanding Roll-Up Revolving Loans, (ii) the principal amount of outstanding New Money Loans and (iii) all L/C Reimbursement Obligations.

Examples of ABL Revolving Credit Exposure in a sentence

If at any time the ABL Revolving Credit Exposure exceeds the Maximum ABL Revolving Credit Exposure Amount, then the Borrower shall, subject to the next succeeding sentence, immediately prepay Loans and/or cash collateralize outstanding Letters of Credit in an amount such that immediately after giving effect to such prepayment or cash collateralization, the ABL Revolving Credit Exposure does not exceed the Maximum ABL Revolving Credit Exposure Amount.
After giving effect to any Borrowing of Revolving Loans, the ABL Revolving Credit Exposure shall not exceed the Maximum ABL Revolving Credit Exposure Amount.
All such prepayments / cash collateralization pursuant to this subsection 1.1(b)(iv) shall be applied first to prepay outstanding Revolving Loans on a pro rata basis and, if after prepayment in full thereof, the ABL Revolving Credit Exposure exceeds the Maximum ABL Revolving Credit Exposure Amount, second to cash collateralize outstanding Letters of Credit in a manner satisfactory to the LC Facility Lenders.