Availability Block definition

Examples of Availability Block in a sentence

• Borrowing Base: on any date of determination, an amount equal to the lesser of (a) the aggregate amount of Revolver Commitments, minus the LC Reserve, minus the Availability Block; or (b) the sum of the Accounts Formula Amount, plus the Inventory Formula Amount, minus the Availability Reserve.

• Availability: (i) the Borrowing Base minus (ii) the principal balance of all Revolver Loans minus (iii) the Availability Block.

• Borrowing Base: on any date of determination, an amount equal to the lesser of (a) the aggregate amount of Revolver Commitments on such date, minus the LC Reserve on such date, minus the Availability Block on such date; or (b) the sum of the Accounts Formula Amount on such date, plus the Inventory Formula Amount on such date, minus the Availability Reserve on such date.

• The Borrowers shall pay to the Lender commitment fees (a) on January 24, 2015, in an amount equal to 2.50% times the amount by which the Commitment exceeds the Availability Block then in effect, and (b) on any subsequent date on which the Lender decreases the Availability Block, in an amount equal to 2.50% times the amount of such reduction.

• After giving effect to the initial funding of Loans and issuance of Letters of Credit, and the payment by Borrowers of all fees and expenses incurred in connection herewith as well as any payables stretched beyond their customary payment practices, Availability shall be at least $20,000,000 on the Closing Date (after giving effect to the Availability Block and all other reserves).