Maximum ABL Obligations definition

Maximum ABL Obligations has the meaning set forth in the definition of ABL Obligations.
Sample 1Sample 2Sample 3
Maximum ABL Obligations means, on any date of determination, the sum of the aggregate outstanding principal amount of loans (including Intentional Overadvances and ABL Agent Advances), letter of credit accommodations, Cash Management Obligations and other financial accommodations made, issued or incurred under the ABL Documents up to an aggregate maximum amount equal to the lesser of (i) the result of (A) the sum of 110% of (x) $100,000,000 plus (y) the aggregate amount of commitments with respect to additional revolving loan facilities or increases to the commitments with respect to the revolving loan facility under Section 2.1(d) of the ABL Credit Agreement (or a comparable provision of a loan or credit agreement the debt under which Refinances the ABL Debt but in no event more than the increase to the commitments permitted under Section 2.1(d) of the ABL Credit Agreement as in effect on the date hereof), minus (B) any permanent reductions of the revolving loan commitment under the ABL Documents (other than as a result of Permitted Refinancing); provided, that, for purposes of determining the Maximum ABL Obligations, upon termination of the revolving loan commitment, the revolving loan commitment shall not be deemed to have been reduced to an amount less than the outstanding principal amount of all “revolving loans” (or any comparable term), letter of credit accommodations, Cash Management Obligations and other financial accommodations as of the date of such permanent reduction and (ii) the sum of (A) the greater of (x) the product of (1) the ABL Availability times (2) 110% and (y) the sum of (1) ABL Availability plus (2) $10,000,000 (plus 10% of the amount of commitments, if any, under clause (i)(A)(y) above), plus (B) the portion of the aggregate outstanding principal amount of revolving loans, letter of credit accommodations and Cash Management Obligations made, issued or incurred under the ABL Documents that exceed the amount set forth in clause (ii)(A) above, but that were not Intentional Overadvances determined at the time made, issued or incurred.
Sample 1
Maximum ABL Obligations has the meaning specified therefor in the Intercreditor Agreement.
Sample 1

Examples of Maximum ABL Obligations in a sentence

  • To the extent provided under the ABL Credit Documents, all such extensions of credit in excess of the Maximum ABL Obligations shall continue to be secured by the ABL Priority Collateral; provided, that the Liens on the ABL Priority Collateral securing such extensions of credit in excess of the Maximum ABL Obligations shall be junior and subordinate to the Liens on the ABL Priority Collateral securing the Term Loan Obligations.


More Definitions of Maximum ABL Obligations

Maximum ABL Obligations means, on any date of determination thereof, an amount equal to the result of (a) the principal sum of $815,000,000, minus (b) permanent reductions of revolving loan commitments under the ABL Documents after the date hereof; provided that such commitment reductions are accompanied by principal payments to the extent that such commitment reductions are made as a result of the occurrence of an ABL Event of Default or to the extent such principal payments are otherwise required pursuant to the A&R ABL Credit Agreement as in effect as of the date hereof (but excluding any permanent reductions made in connection with a refinancing permitted under Section 5.2(a)) plus (c) ABL Obligations with respect to Bank Products and Cash Management Services provided that the maximum amount of Bank Products shall, for purposes of this definition, not exceed the Ancillary Cap, plus (d) interest, fees, expenses, and indemnification obligations under the ABL Documents (including interest, fees, expenses, and indemnification obligations which, but for the filing of an Insolvency Proceeding with respect any ABL Obligor, would have accrued or been payable with respect to any ABL Obligation, whether or not such claim is allowed or allowable against any ABL Obligor in any Insolvency Proceeding). For clarity and without limiting the foregoing, as long as the amounts set forth in clause (a) are not exceeded, and subject to the provisions of
Sample 1
Maximum ABL Obligations means, on any date of determination thereof, an amount equal to the result of (a) the principal sum of $750,000,000, plus (b) ABL Obligations with respect to Bank Products and Cash Management Services provided that the maximum amount of Bank Products shall, for purposes of this definition, not exceed the Ancillary Cap, plus (c) interest, fees, expenses, and indemnification obligations under the ABL Documents (including interest, fees, expenses, and indemnification obligations which, but for the filing of an Insolvency Proceeding with respect any ABL Obligor, would have accrued or been payable with respect to any ABL Obligation, whether or not such claim is allowed or allowable against any ABL Obligor in any Insolvency Proceeding). For clarity and without limiting the foregoing, as long as the amounts set forth in clause (a) are not exceeded, and subject to the provisions of Section 5.2(a), the ABL Obligations equal to the sum of amounts available under the Borrowing Base (subject to increase by the Permitted Insolvency Increase Amount), plus the amount of Permitted Overadvances, plus the amount of Inadvertent Overadvances shall not be violative of this Agreement.
Sample 1

Related to Maximum ABL Obligations

  • ABL Obligations means the “Obligations” as defined in the ABL Credit Agreement.

  • Discharge of ABL Obligations has the meaning specified in the Intercreditor Agreement.

  • Term Obligations shall include all interest accrued or accruing (or which would, absent commencement of an Insolvency or Liquidation Proceeding, accrue) after commencement of an Insolvency or Liquidation Proceeding in accordance with the rate specified in the relevant Term Document whether or not the claim for such interest is allowed as a claim in such Insolvency or Liquidation Proceeding.

  • Initial Additional First Lien Obligations means the [Obligations] as such term is defined in the Initial Additional First-Lien Security Agreement.

  • Additional First Lien Obligations means, with respect to any Series of Additional First Lien Obligations, (a) all principal of, and interest (including, without limitation, any interest which accrues after the commencement of any Bankruptcy Case, whether or not allowed or allowable as a claim in any such proceeding) payable with respect to, such Additional First Lien Obligations, (b) all other amounts payable to the related Additional First Lien Secured Parties under the related Additional First Lien Documents and (c) any renewals of extensions of the foregoing.

  • Junior Priority Obligations means the Initial Junior Priority Obligations and any Additional Obligations constituting Junior Priority Debt.

  • Senior Priority Obligations as defined in the Base Intercreditor Agreement.

  • Credit Facility Obligations means all “Obligations” (or any other defined term having a similar purpose) as defined in the Credit Agreement.

  • Discharge of First Lien Obligations shall have the meaning assigned to such term in the Intercreditor Agreement.

  • Second Lien Obligations means the “Obligations” as defined in the Second Lien Credit Agreement.

  • First Lien Obligations means, collectively, (a) all First Lien Credit Facility Obligations, (b) all Secured Notes Obligations and (c) all Other First Lien Obligations.

  • Term Loan Obligations means any Obligations with respect to the Term Loan (including, without limitation, the principal thereof, the interest thereon, and the fees and expenses specifically related thereto).

  • Note Obligations means the Notes, the Guarantees and all other obligations of any obligor under this Indenture, the Notes, the Guarantees and the Security Documents.

  • Additional Second Lien Obligations means, with respect to any Grantor, any obligations of such Grantor owed to any Additional Second Lien Secured Party (or any of its Affiliates) in respect of the Additional Second Lien Documents.

  • Second Priority Obligations means (a) with respect to the Existing Second Priority Agreement, all “Secured Obligations” of each Loan Party as defined in the “Security Agreement” referred to in the Existing Second Priority Agreement and (b) with respect to each other Second Priority Agreement, (i) all principal of and interest (including without limitation any Post-Petition Interest) and premium (if any) on all indebtedness under such Second Priority Agreement, and (ii) all guarantee obligations, fees, expenses and other amounts payable from time to time pursuant to the applicable Second Priority Documents, in each case whether or not allowed or allowable in an Insolvency Proceeding. To the extent any payment with respect to any Second Priority Obligation (whether by or on behalf of any Loan Party, as proceeds of security, enforcement of any right of setoff or otherwise) is declared to be a fraudulent conveyance or a preference in any respect, set aside or required to be paid to a debtor in possession, any First Priority Secured Party, receiver or similar Person, then the obligation or part thereof originally intended to be satisfied shall, for the purposes of this Agreement and the rights and obligations of the First Priority Secured Parties and the Second Priority Secured Parties hereunder, be deemed to be reinstated and outstanding as if such payment had not occurred.

  • Loan Obligations means (a) the due and punctual payment by the Borrower of (i) the unpaid principal of and interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans made to the Borrower under this Agreement, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, (ii) each payment required to be made by the Borrower under this Agreement in respect of any Letter of Credit, when and as due, including payments in respect of reimbursement of disbursements, interest thereon (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) and obligations to provide Cash Collateral and (iii) all other monetary obligations of the Borrower owed under or pursuant to this Agreement and each other Loan Document, including obligations to pay fees, expense reimbursement obligations and indemnification obligations, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), and (b) the due and punctual payment of all obligations of each other Loan Party under or pursuant to each of the Loan Documents.

  • Priority Debt means (a) any Debt of the Company secured by a Lien created or incurred within the limitations of Section 10.4(h) or 10.4(n) and (b) any Debt of the Company’s Subsidiaries (other than Debt of a Wholly-owned Subsidiary owing to another Wholly‑owned Subsidiary).

  • ABL Credit Facility means the agreement, dated as of March 30, 2015, among the Company, the Subsidiaries of the Company that borrow or guarantee obligations under such agreement from time to time, as “Credit Parties,” the lenders parties thereto from time to time and Bank of America, N.A., as agent (or its successor in such capacity), together with the related notes, letters of credit, guarantees and security documents, and as the same may be amended, restated, amended and restated, supplemented or modified from time to time and any renewal, increase, extension, refunding, restructuring, replacement or refinancing thereof (whether with the original administrative agent and lenders or another administrative agent, collateral agent or agents or one or more other lenders or additional borrowers or guarantors and whether provided under the original ABL Credit Facility or one or more other credit or other agreements or indentures).

  • Discharge of Credit Agreement Obligations means, with respect to any Shared Collateral, the Discharge of the Credit Agreement Obligations with respect to such Shared Collateral; provided that the Discharge of Credit Agreement Obligations shall not be deemed to have occurred in connection with a Refinancing of such Credit Agreement Obligations with an Additional Senior Debt Facility secured by such Shared Collateral under one or more Additional Senior Debt Documents which has been designated in writing by the Administrative Agent (under the Credit Agreement so Refinanced) to the Designated Senior Representative as the “Credit Agreement” for purposes of this Agreement.

  • Discharge of Second Lien Obligations means the occurrence of all of the following:

  • Other First Lien Obligations means the “Other First Lien Obligations” as defined in the Collateral Agreement, including any interest accruing after commencement of any bankruptcy or insolvency proceeding with respect to any holder of Other First Lien Obligations whether or not allowed in such proceeding.

  • Discharge of Term Obligations means the payment in full in cash of all outstanding Term Obligations (other than contingent indemnity obligations with respect to then unasserted claims).

  • ABL Loans means the “Loans” as defined in the ABL Credit Agreement.

  • First Lien Term Loans means the “Term Loans” as defined in the First Lien Credit Agreement.

  • Senior Lien Obligations means all revenue bonds and other obligations of the RECIPIENT outstanding on the date of execution of this loan agreement (or subsequently issued on a parity therewith, including refunding obligations) or issued after the date of execution of this loan agreement having a claim or lien on the Gross Revenue of the Utility prior and superior to the claim or lien of the loan, subject only to Maintenance and Operation Expense.

  • Second Lien Term Loans means the “Term Loans” (or any comparable term) as defined in the Second Lien Credit Agreement.