Maximum First Lien Debt

Maximum First Lien Debt. Shall mean on any date of determination thereof, First Lien Debt in an amount equal to (a) the lesser of (i) $50,000,000 and (ii) the result of (A) the greater of the (I) the Borrowing Base and (II) the Term Loan Borrowing Base (as such terms (including the component definitions thereof) are defined in the First Lien Credit Agreement as of the date hereof) minus (B) the Minimum Required Excess Availability (as such term (including the component definitions thereof) is defined in the First Lien... Credit Agreement as of the date hereof); plus (b) $8,000,000; plus, (c) the Permitted Overadvance Amount, minus (d) all Asset Sale Revolver Reserves, all Insurance Reserves and all Term Loan Permanent Reductions. View More