US Borrowing Capacity definition

US Borrowing Capacity is hereby deleted in its entirety and the following text is substituted in its stead: “US Borrowing Capacity - on any date of determination, an amount in Dollars equal to the lesser of (a) the aggregate amount of US Revolver Commitments and (b) the sum of (i) 85% of the Appraised Inventory Liquidation Value of each Eligible Inventory Category owned by the US Borrower, ▇▇▇▇▇ U.S. or Mayor’s Florida; plus (ii) 90% of the Appraised A/R Liquidation Value of Eligible Private Label and Corporate Accounts of the US Borrower, ▇▇▇▇▇ U.S. or Mayor’s Florida; plus (iii) 90% of the Eligible Major Credit Card Receivables of the US Borrower, ▇▇▇▇▇ U.S. or Mayor’s Florida; minus (iv) the Availability Reserve in respect of the US Borrower, ▇▇▇▇▇ U.S. and/or Mayor’s Florida (it being understood that the amount of the Availability Block, the Seasonal Availability Block, the Loan to Value Reserve and the Capital Block shall be allocated, in the sole discretion of the Administrative Agent and without duplication, among the Aggregate Revolver Borrowing Capacity, the Canadian Borrowing Capacity and the US Borrowing Capacity).”

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US Borrowing Capacity in Section 1.1 of the Credit Agreement is hereby amended by inserting “, the Schedule III Reserve” immediately after “the Term Loan Supplemental Reserve” in the parenthetical in clause (iv) of such definition.

US Borrowing Capacity in Section 1.1 of the Credit Agreement is hereby amended by inserting “, the Term Loan Supplemental Reserve” immediately after “the Loan to Value Reserve” in clause (iv) of such definition.

Examples of US Borrowing Capacity in a sentence

• The Administrative Agent may from time to time establish and modify the Availability Reserve in accordance with the definition thereto in respect of the US Borrowing Capacity, the Canadian Borrowing Capacity, the Aggregate Revolver Borrowing Capacity and the Term Loan Borrowing Capacity, as the case may be.

• The US Borrowing Capacity, the Canadian Borrowing Capacity, the Aggregate Revolver Borrowing Capacity and the Term Loan Borrowing Capacity calculations shall be consistent with historical methods of valuation and calculation, and otherwise reasonably satisfactory to the Administrative Agent (and not necessarily calculated in accordance with GAAP).

• No Loan Party shall acquire or accept any Inventory which is part of the US Borrowing Capacity, Canadian Borrowing Capacity or the Term Loan Borrowing Capacity on consignment or approval.

• Borrowing Base Certificate - a certificate, substantially in the form of Exhibit E or in such other form satisfactory to the Administrative Agent and the Co-Collateral Agents, by which the Borrowers certify calculation of the US Borrowing Capacity, the Canadian Borrowing Capacity, the Aggregate Revolver Borrowing Capacity and the Term Loan Borrowing Capacity.

• If the Total US Revolver Outstandings exceed the US Borrowing Capacity (“US Revolver Overadvance”) at any time, the excess amount shall be payable by the US Borrower in accordance with Section 2.2.4, but all such Loans shall nevertheless constitute Obligations secured by the Collateral and entitled to all benefits of the Loan Documents.

• Other than as set forth in Section 2.1.4, the US Borrower shall not request, and the US Lenders shall not have any obligation to honor a request for, a US Revolver Loan if (i) the Total US Revolver Outstandings at such time (including the requested US Revolver Loan) would exceed the US Borrowing Capacity, or (ii) the Total Revolver Outstandings (including the requested US Revolver Loan) would exceed the Aggregate Revolver Borrowing Capacity.

• Unless the context otherwise requires, all determinations (including calculations of the US Borrowing Capacity, the Canadian Borrowing Capacity, the Aggregate Revolver Borrowing Capacity, the Term Loan Borrowing Capacity, the Revolver Excess Availability, the Aggregate Revolver Excess Availability, the Fixed Charge Coverage Ratio and the Interest Coverage Ratio) made from time to time under the Loan Documents shall be made in light of the circumstances existing at such time.

• Unless the context otherwise requires, all determinations (including calculations of the US Borrowing Capacity, the Canadian Borrowing Capacity, the Aggregate Revolver Borrowing Capacity, the Term Loan Borrowing Capacity, the Revolver Excess Availability, the Aggregate Revolver Excess Availability, and the Fixed Charge[ Coverage Ratio and the Interest] Coverage Ratio) made from time to time under the Loan Documents shall be made in light of the circumstances existing at such time.