Excess ABL Debt definition

Excess ABL Debt means the sum of (a) the portion of the ABL Debt that is in excess of the ABL Cap, plus (b) the portion of interest, costs, expenses and fees that accrues or is charged with respect to that portion of the principal amount of the loans and Letters of Credit described in clause (a) of this definition.
Sample 1Sample 2Sample 3
Excess ABL Debt means the amount equal to: (a) the sum of: (i) the portion of the principal amount of the loans outstanding under the ABL Credit Agreement, plus (ii) the undrawn amount of all outstanding letters of credit issued pursuant to the ABL Credit Agreement, plus (iii) the unreimbursed amount of all draws under such letters of credit that, in the aggregate for amounts described in clauses (i), (ii) and (iii), is in excess of the Maximum ABL Amount, plus (b) without duplication, the portion of accrued and unpaid interest and fees on account of such portion of the loans and letters of credit described in clause (a); provided, that, interest, fees, costs and expenses (excluding the interest and fees described in clause (b) above) shall not constitute Excess ABL Debt regardless of whether such amounts are added to the principal balance of the loans pursuant to the ABL Loan Documents and in no event shall the term Excess ABL Debt be construed to include ABL Lender Cash Management Obligations or ABL Lender Hedging Obligations.
Sample 1Sample 2Sample 3
Excess ABL Debt means the sum of (a) the amount by which the principal amount of the loans and (to the extent not constituting loans under the ABL Credit Facilities) reimbursement obligations with respect to drawn letters of credit outstanding under the ABL Lien Documents and the undrawn amount of letters of credit outstanding under the ABL Lien Documents exceeds the ABL Lien Cap, plus (b) the portion of interest, premium and fees that accrues or is charged with respect to that portion of the principal amount of the loans, reimbursement obligations and letters of credit described in clause (a) of this definition.
Sample 1Sample 2Sample 3

Examples of Excess ABL Debt in a sentence

  • Further, the parties hereto agree that, after the Discharge of Priority Debt and so long as the Discharge of Priority Noteholder Debt has not occurred, none of the Borrowers shall grant any additional Liens on any asset to secure any Excess ABL Debt unless it has granted, or substantially concurrently therewith shall grant, a Lien on such asset to secure the Noteholder Debt.

  • This Agreement shall continue to be effective until the first to occur of (a) the Discharge of ABL Debt and the payment in full in cash of the Excess ABL Debt or (b) the Discharge of Term Loan Debt and the payment in full in cash of the Excess Term Loan Debt.

  • 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.

  • In addition, any ABL Obligations in excess of the ABL Loan Maximum Amount not purchased pursuant to this Section 7 shall continue to be secured by the Collateral in accordance with the terms of the ABL Documents and the ABL Secured Parties shall retain all rights with respect thereto, including the right to receive payments in respect of such Excess ABL Debt in accordance with the priorities set forth in this Agreement.

  • Further, the parties hereto agree that, after the Discharge of Priority Debt and so long as the Discharge of Priority Noteholder Debt has not occurred, none of the ABL Loan Parties shall grant any additional Liens on any asset to secure any Excess ABL Debt unless it has granted, or substantially concurrently therewith shall grant, a Lien on such asset to secure the Noteholder Debt.


More Definitions of Excess ABL Debt

Excess ABL Debt means ABL Debt which does not constitute First Priority Debt.
Sample 1Sample 2Sample 3
Excess ABL Debt means ABL Obligations that are not ABL Claims.
Sample 1Sample 2Sample 3
Excess ABL Debt has the meaning given to it under the ABL Intercreditor Agreement. ​
Sample 1Sample 2Sample 3
Excess ABL Debt means ABL Debt which does not constitute First Priority Debt. “Existing Intercreditor Agreement” shall have the meaning set forth in the recitals hereto. “Existing Notes” shall have the meaning set forth in the recitals hereto. “First Priority Debt” shall mean ABL Debt to the extent it does not exceed the Maximum Priority ABL Debt Amount. “Hedging Obligations” shall mean, with respect to any Person, the obligations of such Person under (a) interest rate swap agreements, interest rate cap agreements and interest rate collar agreements and (b) other agreements or arrangements designed to protect such Person against fluctuations in interest rates or the value of foreign currencies. “Indenture Loan Parties” shall mean the Issuer and those of its direct and indirect subsidiaries (including the Borrowers) party to the Noteholder Agreement. “Initial Borrowers” shall have the meaning set forth in the preamble hereto. “Insolvency or Liquidation Proceeding” shall mean (a) any voluntary or involuntary case or proceeding under any Bankruptcy Law with respect to any Borrower, (b) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding with respect to any Borrower or with respect to any of their respective assets, (c) any proceeding seeking the appointment of any trustee, receiver, liquidator, custodian or other insolvency official with similar powers with respect to such Person or any or all of its assets or properties, (d) any liquidation,
Sample 1
Excess ABL Debt means the sum of (i) the amount by which the principal amount of the loans and (to the extent not constituting loans under the ABL Credit Agreement) reimbursement obligations with respect to drawn Letters of Credit outstanding under the ABL Documents and the undrawn amount of Letters of Credit outstanding under the ABL Documents exceeds the ABL Cap, plus (ii) the portion of interest, premium and fees that accrues or is charged with respect to that portion of the principal amount of the loans, reimbursement obligations and Letters of Credit described in clause (i) of this definition. “Excess Term Debt” means the sum of (i) the amount by which the principal amount of the notes or loans outstanding under the Term Documents exceeds the Term Cap, plus (ii) the portion of interest, premium and fees that accrues or is charged with respect to that portion of the principal amount of the notes and loans in clause (i) of this definition. “Excluded Property” means (i) any assets described as “Excluded Assets” in the ABL Security Agreement or “Excluded Assets” in the Term Credit Facility Agreement and (ii) any other assets of any Grantor, whether real, personal or mixed, with respect to which a Lien is not granted (and not
Sample 1

Related to Excess ABL Debt

  • ABL Debt means all “Obligations” (as defined in the ABL Credit Agreement) owing to the ABL Secured Parties under the ABL Loan Documents.

  • Priority Debt means, as of any date, the sum (without duplication) of (i) Indebtedness of the Company and its Subsidiaries secured by Liens not otherwise permitted by Sections 10.4(a) through (h), and (ii) outstanding unsecured Indebtedness of Subsidiaries not otherwise permitted by Sections 10.3(a) through (d).

  • ABL Priority Collateral has the meaning set forth in the Intercreditor Agreement.

  • Attributable Receivables Indebtedness at any time shall mean the principal amount of Indebtedness which (i) if a Permitted Receivables Facility is structured as a secured lending agreement, would constitute the principal amount of such Indebtedness or (ii) if a Permitted Receivables Facility is structured as a purchase agreement, would be outstanding at such time under the Permitted Receivables Facility if the same were structured as a secured lending agreement rather than a purchase agreement.