FILO Reserve definition

FILO Reserve means, if as of any date that a FILO Loan is outstanding (a) an amount equal to (i) the outstanding principal amount of the FILO Loans as of such date plus (ii) the Borrowing Base (excluding the FILO Reserve amount as of such date) is greater than (b) 105% of the total of the following as of such date (i) 100% of Eligible Credit Card Receivables plus (ii) 100% of Eligible Account Receivables plus (iii) 100% of the Net Orderly Liquidation Value of the Borrower’s Eligible Inventory minus (iv) applicable Reserves (excluding any FILO Reserve), a reserve equal to the amount by which the amount in clause (a) exceeds the amount in clause (b).
FILO Reserve means, at any time, the amount (if positive) equal to the difference between (a) the aggregate outstanding principal amount of FILO Loans and (b) the FILO Borrowing Base.
FILO Reserve means, as of any date of determination thereof, a reserve equal to the amount by which the outstanding amount of FILO Advances exceeds the Maximum FILO Borrowing Amount.

Examples of FILO Reserve in a sentence

  • The Prepetition ABL Agent shall not implement any reserves that were not in effect as of June 29, 2020 (other than fluctuations resulting from existing mathematical calculations, including with respect to the FILO Reserve).

  • If at any time the FILO Advances exceed the FILO Borrowing Base at such time, the FILO Reserve shall be established under the Formula Amount in an aggregate amount equal to such excess.


More Definitions of FILO Reserve

FILO Reserve means the amount, if any, by which the outstanding amount of the FILO Loan exceeds the FILO Borrowing Base.
FILO Reserve means an amount, at any time of calculation, equal to the excess of the then outstanding amount of the portion of the FILO Loan over the FILO Borrowing Base as reflected in the most recent Borrowing Base Certificate furnished by the Borrower. If at any time the circumstances giving rise to any imposition of the FILO Reserve have ceased to exist then immediately following receipt of a Borrowing Base Certificate in accordance with the terms hereof reflecting that no FILO Reserve is then applicable, the Administrative Agent shall remove such FILO Reserve.
FILO Reserve means, at any time of calculation, an amount equal to the excess of (i) the Outstanding Amount of the FILO Loan over (ii) the FILO Borrowing Base as reflected in the most recent Borrowing Base Certificate furnished by the Borrower; provided, however, that if the FILO Agent determines in good faith that there has been a mathematical error in calculating the FILO Reserve, the FILO Agent may notify the Administrative Agent, the Collateral Agent and the Borrower, setting forth the amount of the FILO Reserve to be established as calculated by the FILO Agent and the basis for its determination, together with its detailed calculation. Within two Business Days after receipt of such notice from the FILO Agent, the Administrative Agent shall establish or update the FILO Reserve in the amount requested by the FILO Agent (in the absence of manifest error). The Administrative Agent shall have no obligation to investigate the basis for the FILO Agent’s dispute or calculation, may conclusively rely on the notice furnished by the FILO Agent with respect thereto, and shall have no liability to any Loan Party for following the instructions of the FILO Agent.
FILO Reserve means, at any time, the sum of the U.S. FILO Reserve and the Canadian FILO Reserve. “First Amendment” means the First Amendment to Credit Agreement, dated as of February 28, 2023, by and among the Borrowers, the other Loan Parties, the Administrative Agent and the Lenders party thereto. “First Amendment Effective Date” means February 28, 2023. “First Amendment Fee Letter” means that certain fee letter, dated as of February 17, 2023, executed by the Company and the Administrative Agent. “Finance Lease” means, with respect to any Person, any lease of any real or personal property by such Person as lessee that, in conformity with GAAP, is accounted for as a finance lease on the balance sheet of such Person. “Finance Lease Obligations” means, with respect to any Person and a Finance Lease, the amount of the obligation of such Person as the lessee under such Finance Lease which would, in accordance with GAAP, appear as a liability on a balance sheet of such Person. “Financial Officer” means with respect to the Company, its President, Chief Executive Officer, Chief Financial Officer, Treasurer or Controller, or other duly elected officer of the Borrower Representative reasonably acceptable to the Administrative Agent. “Floor” means a per annum rate of interest equal to 0.00% “Foreign Benefit Event” means, with respect to any Foreign Plan, (a) the existence of unfunded liabilities in excess of the amount permitted under any applicable Law, or in excess of the amount that would be permitted under any applicable Requirements of Law absent a waiver from a Governmental Authority, (b) the failure to make the required contributions, under any applicable Requirement of Law, on or before the date such contributions are due, except where the failure to do so would not reasonably be expected to result in a material liability or is due to an administrative error that is corrected, (c) the receipt of a notice by a Governmental Authority relating to the intention to terminate any such Foreign Plan or to appoint a trustee or similar official to terminate any such Foreign Plan, or alleging the insolvency of any such Foreign Plan, (d) the incurrence of any additional liability by any Borrower, any Restricted Subsidiary of a Borrower or any Loan Party under applicable Requirements of Law on account of the complete or partial termination of such Foreign Plan or the complete or partial withdrawal of any participating employer therein or (e) the occurrence of any transaction that is...
FILO Reserve means (a) solely to the extent that as of any date of determination the FILO Cap Amount is in excess of the FILO Amount, an amount equal to the FILO Cap Amount minus the FILO Amount as of such date and (b) otherwise, $0. “Financial Covenant Trigger Period” means any period (a) commencing on or after February 29, 2024, on the day that (i) an Event of Default occurs and is continuing, or (ii) Availability is less than the greater of (x) 10% of the Maximum Borrowing Amount at such time and (y) $4,000,000, and (b) continuing until the date that (i) in the case of clause (a)(i), no Event of Default exists, and (ii) in the case of clause (a)(ii), during the previous thirty (30) consecutive days, Availability has been equal to or greater than the greater of (x) 10% of the Maximum Borrowing Amount at such time and (y) $4,000,000. “FIRREA” means The Financial Institutions Reform, Recovery, and Enforcement Act of 1989. “Fiscal Quarter” means a fiscal quarter of any Fiscal Year of the Consolidated Group. “Fiscal Year” means the fiscal year of the Consolidated Group for accounting and tax purposes, ending on the last Sunday of May of each calendar year. “Flood Documentation” means, with respect to any Mortgaged Property, (a) a life-of-loan flood hazard determination acceptable to the Administrative Agent in its discretion, (b) if such Real Property is located in a flood plain, an acknowledged notice to Borrowers and flood insurance in an amount, with endorsements and by an insurer acceptable to the Administrative Agent in its discretion, and (c) all Real Property items as required by FIRREA, in form and substance acceptable to the Administrative Agent in its discretion. “Floor” means the rate per annum of interest equal to zero percent (0.00%). “FLSA” means the Fair Labor Standards Act of 1938. “Foreign Benefit Law” means any law or regulation, other than United States law, governing or applicable to any employee benefit plan, program, scheme or arrangement that is not subject to United States law. “Foreign Government Scheme or Arrangement” has the meaning specified in Section 6.12(e). “Foreign Lender” means (a) if the applicable Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the applicable Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which such Borrower is resident for tax purposes. “Foreign Plan” has the meaning specified in Section 6.12(e). 36
FILO Reserve means, at any time, the amount by which the aggregate outstanding principal amount of the FILO Loans at such time exceeds the FILO Borrowing Base as reflected in the most recent Borrowing Base Certificate at such time; provided that in no event shall the FILO Reserve be less than zero. The FILO Facility is subject to a borrowing base equal to the sum of (i) 10.0% of the Eligible Accounts of the Borrower Parties plus (ii) 15.0% of the Net Orderly Liquidation Value, not to exceed 105% of the Net Orderly Liquidation Value of the Eligible Inventory held by the Borrower Parties when added to the percentage of Net Orderly Liquidation Value of Eligible Inventory included in the Borrowing Base (the “FILO Borrowing Base”); provided, that in the case of clause (ii) reducing by 0.25% each fiscal quarter beginning with the fiscal quarter ending on or about January 31, 2021. Eligibility definitions will be frozen except for changes consented to by the Revolving Agent and the Lead Borrower.
FILO Reserve shall have the meaning set forth in the ABL Credit Agreement as in effect on the date hereof or as amended, amended and restated, supplemented or otherwise modified from time to time in accordance with the ABL Intercreditor Agreement. “Finance Lease” means, with respect to any Person, any lease of any real or personal property by such Person as lessee that, in conformity with GAAP, is accounted for as a finance lease on the balance sheet of such Person. 19 11584747