Term Loan Push-Down Reserve means the amount, as of any date of determination, equal to the difference, if a positive number, between the Term Loan Outstandings minus the Term Loan Borrowing Base.
Term Loan Push-Down Reserve means, as of any date of determination, an ABL Reserve against the ABL Borrowing Base and the Maximum Revolving Facility Amount (as defined in the ABL Loan Agreement) in respect of, and in an amount equal to, the excess (if any) of the aggregate outstanding principal amount of the Loans over the amount of the Borrowing Base.
Term Loan Push-Down Reserve means the amount, if any, by which the outstanding amount of the Term Loan exceeds the Term Loan Borrowing Base.
Examples of Term Loan Push-Down Reserve in a sentence
The Loan Parties shall not permit Excess Availability at any time to be less than the greater of (a) $4,000,000 and (b) 7.5% of the Borrowing Base (calculated using $0 for the Term Loan Push-Down Reserve regardless of its actual value at the time of determination).
The ‘Unit’ price should be for the unit as indicated in the tender enquiry.
If at any time, and for so long as, the aggregate outstanding principal amount of the Loans exceeds the amount of the Borrowing Base, the Loan Party Obligors shall cause the ABL Agent to implement and maintain the Term Loan Push-Down Reserve.
Permit Availability, at any time, to be less than the greater of (x) $8,000,000 and (y) 10.0% of the Combined Loan Cap (calculated without giving effect to any Term Loan Push-Down Reserve).
The Credit Parties shall request that the ABL Agent implement and maintain the Term Loan Push-Down Reserve against the Borrowing Base at all times.
More Definitions of Term Loan Push-Down Reserve
Term Loan Push-Down Reserve has the meaning set forth in the Term Loan Agreement as in effect on the Third Amendment Effective Date or as amended from time to time in accordance with the Intercreditor Agreement.
Term Loan Push-Down Reserve means a Reserve maintained against the Revolving Borrowing Base in an amount equal to the greater of (x) $0 and (y) the excess, if any, of the aggregate principal amount of the Term Loans then outstanding over the Borrowing Base set forth in the most recently delivered Borrowing Base Certificate (or, if applicable, the amount set forth in the most recently delivered Term Loan Push Down Correction Notice (as defined in the Intercreditor Agreement) delivered pursuant to the Intercreditor Agreement).
Term Loan Push-Down Reserve an Availability Reserve maintained against the Revolving Borrowing Base in an amount equal to the amount by which (if any) the Total Outstandings exceed the Borrowing Base.
Term Loan Push-Down Reserve as defined in the Revolving Loan Agreement as in effect on the date hereof.
Term Loan Push-Down Reserve a reserve against the ABL Borrowing Base in an amount equal to (a) (i) $14,000,000 for the period from the Closing Date through December 31, 2019, and (ii) at all times after December 31, 2019, $20,000,000 minus (b) the amount by which the Term Loan Borrowing Base exceeds the ABL Borrowing Base (but in no event less than zero). For purposes of the Term Loan Push Down Reserve, the Agent will be entitled to rely solely on the calculation of the Term Loan Borrowing Base made by the Borrowers unless the Agent receives written notification by the Term Loan Agent that such calculation is inaccurate, together with a reasonable calculation of the correct Term Loan Push Down Reserve. In such event, the Agent shall be entitled to rely solely on such written notice and the calculation of the Term Loan Push Down Reserve by the Term Loan Agent thereunder.
Term Loan Push-Down Reserve means a Reserve in an amount equal to the greater of (x) $0 and (y) the excess, if any, of the aggregate principal amount of the Term Loans then outstanding over the Term Facility Borrowing Base set forth in the most recently delivered Borrowing Base Certificate (or, if applicable, the amount set forth in the most recently delivered Term Loan Push Down Correction Notice (as defined in the Intercreditor Agreement) delivered pursuant to the Intercreditor Agreement). Upon the earlier of (x) receipt by the Administrative Agent of a Borrowing Base Certificate that confirms the existence of a Term Loan Push Down Reserve, and (y) within three (3) Business Days following written notice from the Term Loan Agent of the existence of any such Term Loan Push Down Reserve, a Term Loan Push Down Reserve shall be implemented.
Term Loan Push-Down Reserve a reserve implemented by the Revolver Agent against the Revolver Borrowing Base in an amount equal to the amount by which, if any, (a) the aggregate outstanding principal amount of the Term Loans exceeds (b) the Term Loan Borrowing Base. For purposes of the Term Loan Push Down Reserve, Revolver Agent will be entitled to rely solely on the calculation made by Borrowers unless the Revolver Agent is notified by Agent that such calculation is inaccurate. In such event, the Revolver Agent shall be entitled to rely solely on the calculation of the Term Loan Push Down Reserve by the Agent.