Excess Availability Clause Samples
The Excess Availability clause defines the amount of credit or funds that remain available to a borrower under a revolving credit facility after accounting for outstanding loans and certain reserves. In practice, this clause sets a threshold or calculation method to determine how much additional borrowing capacity the borrower has at any given time, often factoring in current collateral values and existing obligations. Its core function is to provide both the lender and borrower with a clear, real-time measure of accessible credit, helping to manage risk and ensure that borrowing stays within agreed limits.
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Excess Availability. Borrowers shall maintain Excess Availability at ------------------- all times of at least $4,500,000.
Excess Availability. Borrowers shall have Excess Availability at all times of at least (i) as of any date of determination during the period from July 25, 2016 through and including August 29, 2016, $10,000,000, (ii) as of any date of determination during the period from August 30, 2016 through and including October 17, 2016, $13,000,000, (iii) as of any date of determination during the period from October 18, 2016 through and including October 31, 2016, $17,500,000, and (iv) as of any date of determination during the period from November 1, 2016 through and including December 31, 2016, $20,000,000.
Excess Availability. Section 9.23 of the Loan Agreement is hereby replaced with the following:
Excess Availability. Section 9.17.1 of the Loan Agreement is hereby amended and restated to read in its entirety as follows:
Excess Availability. The Administrative Agent shall have received a Borrowing Base Certificate in the form contemplated by Subsection 7.2(f), or such other form as may be reasonably acceptable to the Administrative Agent, prepared as of the last day of the last fiscal month ended at least 20 Business Days prior to the Closing Date, setting forth, after giving effect to the Borrowings hereunder on the Closing Date, Excess Availability.
Excess Availability. Section 9.25 of the Loan Agreement is hereby amended by deleting such Section in its entirety and substituting the following therefor:
Excess Availability. The Administrative Agent and the Co-Collateral Agent shall have received a Borrowing Base Certificate in the form contemplated by Subsection 7.2(f), or such other form as may be reasonably acceptable to the Administrative Agent and the Co-Collateral Agent, setting forth, after giving effect to the Borrowings hereunder on the Closing Date, the Available Loan Commitments. After giving effect to any borrowing on the Closing Date, the amount of Available Loan Commitments (determined for this purpose only without giving effect to any L/C Obligation), together with any remaining cash on hand from the issuance of the Senior Secured Notes immediately after giving effect to the Transactions, shall equal or exceed $175,000,000.
Excess Availability. Borrower shall at all times maintain Excess Availability of at least $5,000,000.
Excess Availability. The Administrative Agent and the Co-Collateral Agent shall have received a Borrowing Base Certificate setting forth, after giving effect to the Borrowings hereunder on the Closing Date, the Available Loan Commitments equal to an amount not less than $400,000,000.
Excess Availability. The U.S. Administrative Agent shall have received a Borrowing Base Certificate which shall demonstrate, inter alia, that after giving effect to the Borrowings hereunder on the Closing Date, the Available RCF Commitments shall be at least $350,000,000.