Minimum Excess Availability definition

Minimum Excess Availability means the amount equal to the Credit Limit less the principal amount of outstanding Loans.

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Minimum Excess Availability the greater of (i) $25,000,000, or (ii) 15% of the lesser of (A) the RC Commitment and (B) the amount of the Borrowing Base.

Minimum Excess Availability means, for any period, the lowest amount of Excess Availability at the opening of business on any Business Day in such period; provided, that for purposes of determining Minimum Excess Availability, the Initial Reserve shall be disregarded.

Examples of Minimum Excess Availability in a sentence

Borrowers shall not permit Excess Availability at any time to be less than the Minimum Excess Availability Amount, unless as of the last day of the most recent month for which the monthly financial statements of Borrowers and the related Compliance Certificate have been or are required to have been delivered to Agent pursuant to Section 7.15, the Fixed Charge Coverage Ratio for the twelve consecutive calendar month period then ended is greater than 1.05 to 1.00.
Additional Real Estate, Leased Locations 62 ARTICLE VI FINANCIAL COVENANTS 65 Section 6.1. Leverage Ratio 65 Section 6.2. Fixed Charge Coverage Ratio 65 Section 6.3. Minimum Excess Availability 65 Section 6.4. Minimum Cash Balance 65 Section 6.5. Minimum Consolidated Adjusted EBITDA 65 ARTICLE VII NEGATIVE COVENANTS 65 Section 7.1. Indebtedness and Preferred Equity.
Compliance shall be determined as of the end of each month, except as otherwise specifically provided below: MINIMUM CASH ON HAND/MINIMUM EXCESS AVAILABILITY: Borrower shall at all times maintain a combination of a minimum of unrestricted cash (and cash equivalents) in accounts maintained at Silicon, and Minimum Excess Availability, in an amount of not less than $1,000,000.
Borrowers shall not permit Excess Availability at any time following the Availability Block Release Date to be less than the Minimum Excess Availability Amount, unless as of the last day of the most recent month for which the monthly financial statements of Borrowers and the related Compliance Certificate are required to have been delivered to Agent pursuant to Section 7.15, the Fixed Charge Coverage Ratio for the applicable FCCR Measurement Period then ended is greater than 1:05 to 1:00.
In no event shall (i) the Aggregate Revolving Credit Outstandings exceed the Line Cap (other than solely as a result of Protective Advances and Overadvances permitted under Section 2.15), including as a result of any change in the Letter of Credit Usage Excluded Amount and (ii) Excess Availability be less than the Minimum Excess Availability Amount unless the Loan Parties are in compliance with Section 9.2.

More Definitions of Minimum Excess Availability

Minimum Excess Availability means the amount by which (a) the lesser of (i) the Borrowing Base (as defined in the Priority Credit Agreement) and (ii) the Commitments (as defined in the Priority Credit Agreement) exceeds (b) the aggregate outstanding amount of all Loans (as defined in the Priority Credit Agreement).

Minimum Excess Availability. Until such time as the Standby Period is terminated, Borrower shall maintain a minimum Excess Availability of at least $1,500,000. Minimum Excess Availability shall mean the amount equal to the Credit Limit less the principal amount of outstanding Loans."

Minimum Excess Availability means, at any time (a) prior to the date which is the date of entry of the Priming Order, $12,000,000, plus the amount of any Availability Reserve (as adjusted from time to time pursuant to the terms of the definition thereof and/or clause (e) of Section 2.7) and (b) on and after the date of entry of the Priming Order, the amount of any Availability Reserve (as adjusted from time to time pursuant to the terms of the definition thereof and/or clause (e) of Section 2.7), plus, for all purposes of this Agreement other than Section 7.2.21, the sum of (x) $6,000,000 plus (y) 15% of the aggregate amount of any reductions in the Current Assets Loan Commitment Amount pursuant to clause (b) of Section 3.1.2 as a result of Dispositions of Fixed Assets Collateral.

Minimum Excess Availability means $5,000,000, provided that such amount shall be automatically increased proportionally concurrently with any Incremental Increase.

Minimum Excess Availability means the following: (a) $1,000,000 at all times during each of the Fiscal Periods most closely corresponding to the calendar months of July, August and September of calendar year 2003; and (b) $1,350,000 during all other Fiscal Periods.

Minimum Excess Availability means Ten Million Dollars ($10,000,000)." Annex G to the Credit Agreement is hereby amended by adding the following new sentence to the end of subsection (a) thereto: "For the sole purpose of testing compliance in January 2003, the amount (not to exceed $3,500,000) paid in cash by Borrower in respect of the make-whole premiums to be paid to the securitization certificate holders pursuant to the terms of that certain Agreement Regarding Prepayment of Fixed Base Certificate and those certain Agreements Regarding Prepayment of Variable Base Certificates shall be added back into the EBITDA calculation."

Minimum Excess Availability means the difference between (a) the Borrowing Base, and (b) the Revolving Loan Outstandings.

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