ABL Cap definition

ABL Cap means, as of any date of determination, the result of:

ABL Cap means the greater of (i) $345,000,000 and (ii) an amount equal to the sum of 90% of the book value of all inventory and 90% of the book value of all accounts receivable, in each case, owned by the Borrower and its Restricted Subsidiaries as of the end of the most recent fiscal quarter for which financial statements have been delivered to the Administrative Agent in accordance with Section 6.01(a) or (b) and calculated in accordance with GAAP.

ABL Cap means the greater of (i) $215,000,000 and (ii) the Borrowing Base (or similar term) as defined in the ABL Facility as in effect as of the date of incurrence of such Indebtedness.

Examples of ABL Cap in a sentence

If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair, or otherwise affect the obligations of the parties hereto from such date of reinstatement and, to the extent the ABL Cap was decreased in connection with such payment of the ABL Debt, the ABL Cap shall be increased to such extent.
In no event shall the ABL Cap be deemed exceeded solely by the occurrence of any such reinstatement; provided that any ABL Debt outstanding that does not consist of such reinstated amount shall be included in the calculation of ABL Debt for purposes of determining whether the ABL Cap has been exceeded.
To the extent, but only to the extent, permitted by the provisions of the ABL Loan Documents and the Fixed Asset Loan Documents, and subject to the ABL Cap Amount or the Fixed Asset Cap Amount, as applicable, the Company may incur or issue and sell one or more series or classes of Indebtedness under credit agreements, debt facilities, indentures and/or commercial paper facilities that the Company designates as an Additional ABL Credit Agreement or Additional Fixed Asset Credit Agreement, as applicable.
If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair, or otherwise affect the obligations of the parties hereto from such date of reinstatement and to the extent the ABL Cap was decreased in connection with such payment of the ABL Obligations, the ABL Cap shall be increased to such extent.
Bank Product Obligations and ABL Hedging Obligations shall not be subject to the ABL Cap and shall be disregarded in determining whether ABL Debt is Excess ABL Debt or ABL Priority Debt.

More Definitions of ABL Cap

ABL Cap means, as of any date of determination, the sum of (which amount shall be increased by the amount of all interest, fees, costs, expenses, indemnities, and other amounts accrued or charged with respect to the principal amount of any of the ABL Obligations (other than Excess ABL Obligations) as and when the same accrues or becomes due and payable, irrespective of whether the same is added to the principal amount of the ABL Obligations and including the same as would accrue and become due but for the commencement of an Insolvency or Liquidation Proceeding, whether or not such amounts are allowed or allowable, in whole or in part, in any such Insolvency or Liquidation Proceeding):

ABL Cap means $1,100,000,000, plus the amount of the increase in the commitments of the ABL Lenders under the ABL Agreement from time to time, not to exceed $250,000,000 in the aggregate.

ABL Cap means, as of any date of determination, the greater of (i) up to $125,000,000 outstanding under the ABL Credit Agreement or any other ABL Documents (with Letters of Credit and bankers’ acceptances issued thereunder being deemed to have a principal amount equal to the face amount thereof) and (ii) the sum of (A) 75% of the book value (calculated in accordance with GAAP) of the inventory of Holdings and any Restricted Subsidiaries (excluding LIFO reserves) and (B) 90% of the book value of accounts receivable of Holdings and any Restricted Subsidiaries (in each case, calculated on a pro forma basis by the book value set forth on the consolidated balance sheet of Holdings for the most recently ended four full fiscal quarters for which financial statements are available). Bank Product Obligations and ABL Hedging Obligations shall not be subject to the ABL Cap and shall be disregarded in determining whether ABL Debt is Excess ABL Debt or ABL Priority Debt.

ABL Cap means $1,100,000,000; provided, that, if an ABL DIP Financing is provided in accordance with the terms of Section 6.2(a), the ABL Cap shall be $1,210,000,000.

ABL Cap means, as of any date of determination, the result of: (a) the sum of (which amount shall be increased by the amount of all interest, fees, costs, expenses, indemnities, and other amounts accrued or charged with respect to any of the ABL Obligations (other than Excess ABL Obligations) as and when the same accrues or becomes due and payable, irrespective of whether the same is added to the principal amount of the ABL Obligations and including the same as would accrue and become due but for the commencement of an Insolvency Proceeding, whether or not such amounts are allowed or allowable, in whole or in part, in any such Insolvency Proceeding): (i) $82,500,000, plus (ii) the amount of all Swap Obligations, plus (iii) the amount of all Banking Services Obligations, plus (iv) after the commencement of an Insolvency Proceeding, $7,500,000, minus (b) the sum of: (i) the aggregate amount of all payments of the principal amount of the term loan obligations under the ABL Agreement (other than payments of such term loan obligations in connection with a refinancing permitted hereunder or payments in connection with a "roll-up" during any Insolvency Proceeding); plus (ii) the amount of all payments of revolving loan obligations under the ABL Agreement that result in a permanent reduction of the revolving credit commitments under the ABL Agreement (other than payments of such revolving loan obligations in connection with a refinancing permitted thereof or payments in connection with a "roll-up" during any Insolvency Proceeding). "ABL Collateral" means all assets, whether now owned or hereafter acquired by any Loan Party, in which a Lien is granted or purported to be granted at any time to any ABL Secured Party as security for any ABL Obligation (including, but not limited to, Accounts, Chattel Paper, Intellectual Property, Documents, General Intangibles, Instruments, Inventory, Investment Property, Letters of Credit and Letter- of-Credit Rights, Supporting Obligations, Deposit Accounts, cash or cash equivalents, Commercial Tort Claims, Equipment, Real Property, Goods, and accessions to, substitutions for, and replacements, Proceeds and products of the foregoing, together with all books and records, customer lists, credit files, computer files, programs, printouts, and other computer materials and records related thereto and any General Intangibles at any time evidencing or relating to any of the foregoing, and all other assets of each Loan Party now or hereafter as set...

ABL Cap means (a) $44,000,000 plus (b) the amount of any unpaid accrued interest, paid in kind amounts, reasonable and customary premiums, reasonable fees or reasonable expenses that from time to time may be added to principal in connection with any Refinancing of the ABL Credit Agreement, plus (c) solely for purposes of calculating the ABL Cap in connection with an ABL DIP Financing under Section 6.1(a), an additional amount equal to $2,000,000, minus (d) the aggregate amount of permanent commitment reductions (including reductions pursuant to Section 4.1) under the ABL Credit Agreement (but excluding any such reduction made in connection with a Refinancing and excluding automatic commitment reductions or terminations arising from the commencement of any Insolvency Proceeding).

ABL Cap is hereby amended by replacing “$215,000,000” therein with “$425,000,000”.

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