Specified Reserves means, with respect to any Borrower, Reserves established by the Administrative Agent in its Permitted Discretion from time to time for (a) repurchase obligations of such Borrower, (b) warranty obligations of such Borrower, (c) accrued sales rebates provided by such Borrower and (d) free on board (FOB) destination delivery terms provided by such Borrower.
Specified Reserves means, at any time, the sum of (a) the excess, if any, of the aggregate Outstanding Balance of Eligible Receivables which are due and payable more than 90 days (but less than 121 days) after the Billing Date therefor, over fifteen percent (15%) of the aggregate Outstanding Balance of all Eligible Receivables, plus (b) the excess, if any, of the aggregate Outstanding Balance of Eligible Receivables the Obligor with respect thereto is organized under the laws of Canada or any province thereof, over five percent (5%) of the aggregate Outstanding Balance of all Eligible Receivables, plus (c) the excess, if any, of the aggregate Outstanding Balance of Eligible Receivables which are payable in Canadian dollars, over five percent (5%) of the aggregate Outstanding Balance of all Eligible Receivables, plus (d) the excess, if any, of the aggregate Outstanding Balance of Eligible Receivables the Obligor with respect thereto is organized under the laws of Mexico, over $1,000,000.
Specified Reserves means, as of any date of determination, Other Reserves on account of items that, in the reasonable judgment of the Administrative Agent, would result in a future cash expenditure by or on behalf of the Borrower or any Subsidiary; provided, that the Administrative Agent may at any time and from time to time, in its discretion, (a) reduce the amount of Specified Reserves below the amount that would otherwise constitute Specified Reserves determined in accordance with this definition and (b) reinstate (in whole or in part) any reduction made pursuant to clause (a), it being understood that any reduction or reinstatement made pursuant to this paragraph shall not, in itself, affect the amount of Other Reserves (which shall be determined in accordance with the definition of such term). Borrower and the Administrative Agent acknowledge and agree that the reserves provided for in Section 2.4 of the Financing Order shall constitute Specified Reserves.”
Examples of Specified Reserves in a sentence
Through this process, they are working to reconcile past differences and build powerful new relationships based on mutual respect, understanding and a common vision for their future.
In addition, on each Business Day Servicer may calculate the Specified Reserves in any order that it chooses.
The inventory and supplies of Xxxx-Star and its --------- Subsidiaries are adequate for present needs, and are in usable and saleable condition in the ordinary course of business, subject only to appropriate reserves for obsolescence, if any, to be included in the Specified Reserves.
Particulars of net worth certificateClarifications Paid-up Capital + Free Reserves – Share Application Money (Total Reserves less Revaluation Reserves & Specified Reserves) Receivable from / Investments in / Loansand advances to group Cos.
The reserves on this schedule, as so adjusted, are referred to in this Agreement as the "Specified Reserves".
More Definitions of Specified Reserves
Specified Reserves means reserves established from time to time that represent Dollar amounts that the Agent in its reasonable credit judgment believes may be required (a) in connection with the preservation, protection, collection or realization of Collateral or (b) in connection with any obligations, agreement or undertaking of any Obligor set forth in the Agreement or any of the other Loan Documents.
Specified Reserves is defined in Section 4.10.
Specified Reserves means, collectively, the FILO Reserve and the ABL Term Loan Reserve.
Specified Reserves means an amount (expressed as a positive number) equal to the reserves reflected in the Estimated Closing Balance Sheet for (i) the Specified Disputes, (ii) the Specified Tax Matters and (iii) possible Regulatory Actions. As of June 30, 2005, the reserves reflected in the balance sheet of the Company for (i) the Specified Disputes was $1,835,000, (ii) the Specified Tax Matters was $1,775,000 and (iii) possible Regulatory Actions was $579,000. The parties agree that the reserves for the Specified Disputes, the Specified Tax Matters and Regulatory Actions reflected in the Actual Closing Balance Sheet and the Closing Balance Sheet shall be the same amounts as reflected in the Estimated Closing Balance Sheet.
Specified Reserves means, with respect to any Borrower, Reserves established by the Administrative Agent in its Permitted Discretion from time to time for (a) repurchase obligations of such Borrower, (b) warranty obligations of such Borrower, (c) accrued sales rebates provided by such Borrower and (d) free on board (FOB) destination delivery terms provided by such Borrower. “Specified Swap Obligation ” means, with respect to any Loan Party, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act or any rules or regulations promulgated thereunder. “Standby LC Exposure ” means, at any time, the sum of (a) the aggregate undrawn amount of all standby Letters of Credit outstanding at such time plus (b) the aggregate amount of all LC Disbursements relating to standby Letters of Credit that have not yet been reimbursed by or on behalf of the Borrowers at such time. The Standby LC Exposure of any Lender at any time shall be its Applicable Percentage of the aggregate Standby LC Exposure at such time. “Statements ” has the meaning assigned to such term in Section 2.18(g) . “Statutory Reserve Rate ” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentage (including any marginal, special, emergency or supplemental reserves) established by the Board to which the Administrative Agent is subject with respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities ” in Regulation D of the Board). Such reserve percentages shall include those imposed pursuant to such Regulation D of the Board. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D of the Board or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. “Subordinated Indebtedness ” means any Indebtedness of the Company or any Subsidiary the payment of which is subordinated to payment of the obligations under the Loan Documents. “Subordinated Indebtedness Documents ” means any document, agreement or instrument evidencing any Subordinated Ind...
Specified Reserves means any Reserves which (a) constitute either (i) any Rent Reserves or (ii) other reserves under clause (xi) of the definition of “Reserves” established by the Co-Collateral Agents to the extent such Reserves relate to the ability of the Collateral Agent to obtain access to Accounts and Inventory and (b) the Administrative Agent in its Permitted Discretion has deemed to be a “Specified Reserve”.
Specified Reserves means Reserves consisting of (a) the Rent Reserve, (b) the Shipping Reserve, (c) the Royalty Reserve, (d) the Gift Card Reserve, (e) the Customer Deposit Reserve, (f) the Rate Contracts Reserve, (g) the Bank Product Reserve, (h) Reserves established to established to reflect unpaid sales tax, (i) the Term Loan Reserve (j) the Bank Product Leasing Reserve; provided that the Bank Product Leasing Reserve may only be implemented by the Agent from and after any time Availability (after giving effect to the imposition of such Bank Product Leasing Reserve) shall be less than the greater of (x) $25,000,000 and (y) twelve and one half of one percent (12.5%) of the Aggregate Revolving Loan Commitments then in effect, and (k) reserves which reflect claims, liabilities, expenses and other amounts that may need to be satisfied or paid in connection with the realization upon the Collateral or the continued operation of the Borrowers' business (including, without limitation, ad valorem taxes), as determined from time to time by Agent and the Co-Collateral Agents in their Permitted Discretion.