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 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 September 28, 2016, $13,000,000, (iii) as of any date of determination during the period from September 29, 2016 through and including October 10, 2016, $17,500,000, and (iv) as of any date of determination during the period from October 11, 2016 through and including December 31, 2016, $20,000,000.
Excess Availability. Borrowers shall at all times maintain Excess Availability of not less than $7,500,000.
Excess Availability. Borrower shall maintain at all times Excess Availability as determined by Lender in an amount not less than $750,000.
(f) Schedule A to the Loan Agreement is deleted in its entirety and replaced with Schedule A attached hereto.
5. Each and every reference to the Loan Agreement in the other Financing Agreements shall be deemed to refer to the Loan Agreement, as modified by this Tenth Amendment.
6. The effectiveness of the amendments contained in Section 4 and Section 5 of this Tenth Amendment is subject to satisfactory compliance with conditions precedent requiring that Lender shall have received:
(a) copies of the final executed documents evidencing or securing the 11½% Senior Secured Convertible Notes due December 31, 2009, made by SMF in favor of certain noteholders with American National Bank as the indenture trustee (the "2007 Offering"), all in form and substance satisfactory to Lender;
(b) all requisite corporate action and proceedings in connection with this Tenth Amendment and the other Financing Agreements shall be satisfactory in form and substance to Lender, and Lender shall have received all information and copies of all documents, including records of requisite corporate action and proceedings which Lender or its counsel may have requested in connection therewith, such documents, where requested to be certified by appropriate corporate officers or governmental authorities; and
(c) such additional documents, instruments and agreements as are required hereunder as well as those which Lender or its counsel may reasonably request.
7. Notwithstanding any other provision of the Loan Agreement or the Prior Amendments, Lender agrees that the proceeds of the 2007 Offering shall be used first by Borrower to repay the Prior Indebtedness, including any unpaid principal, pre-payment penalties and accrued interest thereon.
8. Lender hereby waives any right under Article III of the Indenture for the January 2005 Indebtedness and under Article III of the Indenture for the September 2005 Indebtedness to require the full forty five (45) days notice of the redemption of the January 2005 Indebtedness and the September 2005 Indebtedness, respectively, with the proceeds of the 2007 Offering.
9. Borrower represents and warrants to Lender that, except as has been otherwise disclosed to Lender in writing, the representations and warranties contained in the Loan Agreement and all related loan documentation are true and correct on and as of the date hereof (with the sam...
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. 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. Section 9.23 of the Loan Agreement is hereby replaced with the following:
Excess Availability. Permit Excess Availability at any time to be less than the greater of (i) ten percent (10%) of the Combined Loan Caps (calculated without giving effect to the Term Loan Reserve) and (ii) $7,000,000.
Excess Availability. Section 9.17.1 of the Loan Agreement is hereby deleted in its entirety and the following substituted therefor: