Example ContractsClausesBorrower’s Minimum Excess Availability
Remove:

Borrower’s Availability on the Date ​ greater than or equal to $2,000,000, as required pursuant to [Section 6.1(s)] of the Loan Agreement.

Minimum Availability. Permit US Availability plus the Canadian Availability, to be less than # $3,000,000 at any time between and including the Eighth Amendment Effective Date and August 1, 2018, or # $4,500,000 at any time on or after August 1, 2018.”

Minimum Availability. Permit Availability to be less than # $1,000,000 at any time, prior to February 1, 2017, # $2,000,000 at any time between and including February 1, 2017 to February 28, 2017, and $1,000,000 at any time on or after March 1, 2017.

Clause (b) of [Section 8.12] is hereby deleted and the following is inserted in its stead; the [following clause (c)] is hereby inserted into [Section 8.12]:

“‘Minimum Excess Availability’ means Availability in an amount equal to $2,000,000.”

Borrower’s Tangible Net Worth as of the Date ​ greater than or equal to the greater of # $20,000,000, and # Item 4(a)(ix), as required to be in compliance with [Section 6.1(q)] of the Loan Agreement.

Borrower’s Interest Coverage Ratio on the Date ​ greater than or equal to 1.25 to 1.0, the minimum Interest Coverage Ratio permitted to be maintained by Borrower pursuant to [Section 6.1(r)] of the Loan Agreement.

Buydown Availability” shall mean that portion of the Buydown Amount in excess of the Minimum Balance Requirement.

effect to the payment, either # minimum Excess Availability at all times during such period of not less than fifteen percent (15%) of the Maximum Revolver Amount and that the Fixed Charge Coverage Ratio is at all times not less than 1.10 to 1.00 during such period, or # minimum Excess Availability at all times during such period of not less than twenty percent (20%) of the Maximum Revolver Amount, and

Availability. Subject to the terms and conditions hereof, each Issuing Lender, in reliance on the agreements of the Revolving Credit Lenders set forth in [Section 3.4(a)], agrees to issue standby Letters of Credit in Dollars or one or more Alternative L/C Currencies in an aggregate amount not to exceed its L/C Commitment for the account of the Borrower or, subject to [Section 3.10], any Subsidiary thereof. Letters of Credit may be issued on any Business Day from the Closing Date to, but not including the thirtieth (30th) Business Day prior to the Revolving Credit Maturity Date in such form as may be approved from time to time by the applicable Issuing Lender; provided, that no Issuing Lender shall issue any Letter of Credit if, after giving effect to such issuance, # the L/C Obligations would exceed the L/C Sublimit, # the Revolving Credit Outstandings would exceed the Revolving Credit Commitment or # the aggregate principal amount of all outstanding Revolving Credit Loans denominated in Alternative Currencies and Letters of Credit denominated in Alternative L/C Currencies would exceed the Alternative Currency Sublimit.

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