Unused Availability Clause Samples
The "Unused Availability" clause defines how any portion of a committed service, resource, or credit that remains unused within a specified period is treated. Typically, this clause outlines whether unused amounts can be carried forward, forfeited, or otherwise managed at the end of the relevant term. For example, in a cloud services agreement, if a customer does not use all their allotted computing hours in a month, this clause will specify if those hours expire or roll over. Its core practical function is to set clear expectations regarding the handling of unused entitlements, thereby preventing disputes and ensuring both parties understand the consequences of underutilization.
Unused Availability. For the quarters ending December 31, 2003 through June 30, 2004, permit the Unused Availability to be less than US$25,000,000, where "Unused Availability" means the lesser of (i) the Total U.S. Dollar Revolving Credit Commitment plus the Total Canadian Dollar Credit Commitment and (ii) the amount by which the Borrowing Base exceeds the aggregate principal amount of all U.S. Dollar Loans then outstanding plus the then-current L/C Exposure plus the U.S. Dollar Equivalent of the aggregate principal amount of all Canadian Dollar Loans then outstanding plus the U.S. Dollar Equivalent of the then-current BA Exposure plus the unused portion of the Special Tranche for all Designated Picture that have not yet been Completed.
Unused Availability. The Loan Parties shall not permit Unused Availability at any time to be less than $10,000,000.
Unused Availability. The Loan Parties shall not permit Unused Availability at any time to be less than $10,000,000. At all such times during which the Borrowers have Unused Availability of less than $25,000,000, the Loan Parties shall not at any time permit Consolidated Net Worth to be less than the Base Net Worth.
Unused Availability. The Borrower shall not permit Unused Availability (as reflected in the Borrowing Base Certificate most recently delivered from time to time hereunder) to be less than the Required Available Amount at any time that the most recently delivered quarterly Financial Statements show the Interest Coverage Ratio was greater than or equal to 1.25 to 1.00 for the four consecutive fiscal quarters ended on the date of such Financial Statements, and the Borrower shall not permit Unused Availability (as reflected on the Borrowing Base Certificate most recently delivered from time to time hereunder) to be less than $25,000,000 at any time that the most recently delivered quarterly Financial Statements show the Interest Coverage Ratio was less than 1.25 to 1.00 for the four consecutive fiscal quarters ended on the date of such Financial Statements.
Unused Availability. After giving effect to all Borrowings on the Closing Date and payment of all fees and expenses due hereunder, and with all of the Borrowers’ Indebtedness, liabilities, and obligations current, the Unused Availability shall not be less than $75,000,000.
Unused Availability. Following the initial disbursements and advances hereunder the Availability shall be greater than $10,000,000.
Unused Availability. After giving pro forma effect to the funding of the initial Loans, the issuance of Letters of Credit, if any, and the payment of all costs, fees and expenses incurred by or for the account of the Borrowers in connection with the execution and delivery of this Credit Agreement and the other Credit Documents, there shall be Availability of at least $60,000,000.
Unused Availability. The Borrower will at all times maintain not less than $4 million of unused availability under the Revolving Credit Commitments.”
Unused Availability. On or before the Closing Date, Borrowers shall have delivered to Agent a Borrowing Base Certificate substantially in the form of EXHIBIT E annexed hereto, prepared as of a recent date prior to the Closing Date. After giving pro forma effect to the extensions of credit on the Closing Date, if any, and the payment of all costs, fees and expenses incurred by or for the account of the Borrowers in connection with the execution and delivery of this Credit Agreement and the other Credit Documents, there shall be Excess Availability of at least $35,000,000.
Unused Availability. After giving effect to the Target Acquisition and the use of the proceeds of the initial Borrowings hereunder and repayments of Revolving Loans outstanding under the Existing Credit Agreement prior to the Transaction, the Unutilized Total Revolving Commitment shall be at least $100,000,000.