Definition of Term Loan Borrowing Base

  1. Term Loan Borrowing Base means (a) the sum of (i) the amount equal to five percent (5%) of the amount of Eligible Accounts of each Borrower, each Canadian Guarantor and Dutch Guarantor plus (ii) until no later than the one (1) year anniversary of the Closing Date, the amount equal to the least of (A) five percent (5%) multiplied by the Value of Eligible Inventory of each Borrower, each Canadian Guarantor and Dutch Guarantor, (B) five percent (5%) of the Net Recovery Percentage multiplied by the Value of such Eligible Inventory or (C) $1,500,000 plus (iii) the Term Loan Trademark Availability minus (b) the aggregate amount of reserves, if any, established by Agent under Section 2.1(f) of the Agreement (without duplication of any reserves established pursuant to the definition of Borrowing Base), which reserves shall not be based on accounting based impairment charges or reserves, but on the value of the Eligible Trademarks and Eligible Accounts included in the Term Loan Borrowing Base.

Examples of Term Loan Borrowing Base in a sentence

  1. Not later than thirty (30) days prior to the end of each Fiscal Year, monthly business projections for the following Fiscal Year for the Loan Parties on a consolidated and consolidating basis, which projections shall include for each such period Term Loan Borrowing Base and Borrowing Base (as defined in the ABL Loan Agreement) projections, profit and loss projections, balance sheet projections, income statement projections and cash flow projections;
  2. For purposes of determining the Term Loan Borrowing Base, such amounts will be credited to the Loan Account and the Collateral balances to which they relate upon Agent's receipt of an advice from Agent's Bank (set forth in Annex A) that such items have been credited to Agent's Account (or upon Agent's deposit thereof at Agent's Bank in the case of payments received by Agent in kind), in each case subject to final payment and collection.

Definition of Term Loan Borrowing Base in Term Loan Agreement

Term Loan Borrowing Base means, as of any date of determination by the Term Agent, from time to time, an amount equal to the sum at such time of:


Definition of Term Loan Borrowing Base in Credit Agreement

Term Loan Borrowing Base means, at any time of calculation, an amount equal to the lesser of:


Definition of Term Loan Borrowing Base in Second Amended and Restated Credit Agreement

Term Loan Borrowing Base means (a) the sum of (i) the amount equal to five percent (5%) of the amount of Eligible Accounts of each Borrower, each Canadian Guarantor and Dutch Guarantor plus (ii) until no later than the one (1) year anniversary of the Closing Date, the amount equal to the least of (A) five percent (5%) multiplied by the Value of Eligible Inventory of each Borrower, each Canadian Guarantor and Dutch Guarantor, (B) five percent (5%) of the Net Recovery Percentage multiplied by the Value of such Eligible Inventory or (C) $1,500,000 plus (iii) the Term Loan Trademark Availability minus (b) the aggregate amount of reserves, if any, established by Agent under Section 2.1(f) of the Agreement (without duplication of any reserves established pursuant to the definition of Borrowing Base), which reserves shall not be based on accounting based impairment charges or reserves, but on the value of the Eligible Trademarks and Eligible Accounts included in the Term Loan Borrowing Base.