Example ContractsClausesBorrower’s Minimum Excess Availability
Borrower’s Minimum Excess Availability
Borrower’s Minimum Excess Availability contract clause examples

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. Immediately after giving effect to the making of the requested Loan (and the application of the proceeds thereof), or the issuance, increase or extension of a Letter of Credit, as the case may be, the Revolving Credit Obligations shall not exceed the Revolving Committed Amount.

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