Captive Insurance Threshold definition
Captive Insurance Threshold means an aggregate amount not to exceed at any time outstanding the greater of (x) $10,000,000, (y) 5% of Consolidated Tangible Assets as of the most recently ended Measurement Period for which financial statements have been delivered under Section 6.01(a) or 6.01(b) and (z) an amount of total required collateral with respect to the Captive Insurance Program calculated by Boulder Insurance Ltd., submitted by the Loan Parties and approved by the Administrative Agent in its sole discretion.