Overall Borrowing Limit definition

Overall Borrowing Limit means any at given time the Total Commitment.

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Overall Borrowing Limit means, as of any date of determination, an amount equal to the sum of, without duplication, (a) eighty-five percent (85%) of all Eligible Accounts of TNFE; plus (b) the lesser of (1) fifty percent (50%) of Eligible Foreign Subsidiary Inventory (or, solely for the period of November 8, 1999 through March 31, 2000, the Special Inventory Advance Rate applicable for such period) and (2) the Inventory Sublimit less the outstanding amount of Revolving Loans advanced to and the Risk Participation Reserve attributable to TNFI which, in each case, is supported by Inventory of TNFI; plus (c) forty-five percent (45%) of the aggregate amount of Risk Participation Liability with respect to all outstanding Lender Letters of Credit and Risk Participation Agreements used by TNFE to purchase Inventory; less (d) the GAAP Reserve; less (e) in each category, such other reserves as the Administrative Agent in its sole, reasonable discretion elects to establish from time to time.

Overall Borrowing Limit means, as of any date of determination, an amount equal to the sum of, without duplication, (a) the TNFI Borrowing Limit; plus (b) eighty-five percent (85%) of all TNFE Accounts; plus (c) the lesser of (1) fifty percent (50%) of Eligible Foreign Subsidiary Inventory and (2) the Inventory Sublimit less the outstanding amount of Revolving Loans advanced to and the Risk Participation Reserve attributable to TNFI which, in each case, is supported by Inventory of TNFI; plus (d) forty-five percent (45%) of the aggregate amount of Risk Participation Liability with respect to all outstanding Lender Letters of Credit and Risk Participation Agreements used by either Foreign Subsidiary to purchase Inventory; less (e) the GAAP Reserve; less (f) in each category, such other reserves as the Administrative Agent in its sole, reasonable discretion elects to establish from time to time.

Examples of Overall Borrowing Limit in a sentence

The making of the Initial Loan Advances under the Credit Facilities shall not result in (i) the Outstanding Principal Obligation under the Revolving Facility exceeding the Revolver Borrowing Limit, (ii) the Outstanding Principal Obligation under the Term Facility exceeding the Term Borrowing Limit, and (iii) the combined Outstanding Principal Obligations under both Credit Facilities exceeding the Overall Borrowing Limit.
If the Agent determines that on any day the Outstanding Principal Obligations exceeds the Overall Borrowing Limit (each such excess, a “Borrowing Base Shortfall”), then the Agent shall deliver to the Borrower a Repayment Notice and the Borrower shall, within three (3) Business Days following receipt of such notice, repay the Loan Advances outstanding under the Credit Facilities in an amount equal to such excess.
The Agent shall have received, in form and substance satisfactory to the Agent, not less than one (1) Business Day prior to the proposed date of the Loan Advance a Borrowing Base Certificate, setting out the Borrowing Base Amount as of the date of the proposed Loan Advance (in sufficient detail and with supporting calculations), evidencing that the Loan Advance requested pursuant to the accompanying Borrowing Notice does not exceed either the Revolver Borrowing Limit or the Overall Borrowing Limit.
The making of such Loan Advance under the Credit Facilities shall not result in (i) the Outstanding Principal Obligation under the Revolving Facility exceeding the Revolver Borrowing Limit, (ii) the Outstanding Principal Obligation under the Term Facility exceeding the Term Borrowing Limit, and (iii) the combined Outstanding Principal Obligations under both Credit Facilities exceeding the Overall Borrowing Limit.
The Agent shall have received, in form and substance satisfactory to the Agent, a Borrowing Base Certificate, setting out the Borrowing Base Amount as of the date of the proposed Initial Loan Advance (in sufficient detail and with supporting calculations), evidencing that such Initial Loan Advances requested pursuant to the Borrowing Notice delivered pursuant to Section 4.1(l) does not exceed the Overall Borrowing Limit.

More Definitions of Overall Borrowing Limit

Overall Borrowing Limit means any at given time the lesser of (a) the Total Commitment, and (b) the Borrowing Base Amount.