Average Monthly Excess Availability definition
Average Monthly Excess Availability means, for any calendar month, the sum, without duplication, of (i) the average daily Total Excess Availability plus (ii) the average daily unrestricted cash of Equistar and its Subsidiaries (as determined by Equistar from treasury records on a non-GAAP basis), in each case for such calendar month.
Average Monthly Excess Availability means, for any calendar month, the average daily Receivables Excess Availability for such calendar month.
Average Monthly Excess Availability means, for any monthly period, the amount obtained by adding the Excess Availability at the end of each day for such month and by dividing such sum by the number of days in such month.
Examples of Average Monthly Excess Availability in a sentence
Average Monthly Excess Availability (as such term is defined herein below) with respect to any month commencing after the Petition Date shall not be less than $5,000,000.
Once activated, the Fixed Charge Coverage Ratio requirement of this Section 7.27 shall remain in effect until such time as (a) Borrower has maintained the required Average Monthly Excess Availability for 2 consecutive calendar months and (b) no Default or Event of Default then exists.
More Definitions of Average Monthly Excess Availability
Average Monthly Excess Availability means, for any calendar month, the average daily Receivables Excess Availability for such calendar month. “Business Day” means any day (other than a Saturday or Sunday) on which (i) banks are not authorized or required to close in New York, New York or the
Average Monthly Excess Availability means, as of any date of determination, the average amount of Excess Availability during the prior calendar month of Parent (tested on a weekly basis); provided, that with respect to any date of determination less than one month after the Closing Date, such determination shall be made for the actual number of days from and including the Closing Date through such date of determination.
Average Monthly Excess Availability means, for any calendar month, (a) average Availability for such month of not less than $30,000,000 and (b) Availability of not less than $20,000,000 on each day of such month. For purposes of this definition, average Availability shall mean, for any calendar month, an amount obtained by adding the aggregate of the actual amount of Availability on each day during such month (as determined by Agent) and by dividing such sum by the number of days in such month.