Availability Covenant. Borrower shall, at all times, maintain, as of the last day of each calendar month, Liquidity of not less than (a) from the Second Incremental Closing Date until Senior Agent’s receipt of the financial statements for the Fiscal Year ending February 29, 2020, $10,000,000, and (b) from and after Senior Agent’s receipt of the audited financial statements required under Section 7.1(a) of the Senior Loan Agreement for the Fiscal Year ending February 29, 2020, and upon Senior Agent’s receipt of the audited financial statements required under Section 7.1(a) of the Senior Loan Agreement for each Fiscal Year thereafter, (i) if Annual Revenue Growth is greater than 25%, $10,000,000, (ii) if Annual Revenue Growth is greater than 10%, but less than 25%, $15,000,000, and (iii) if Annual Revenue Growth is less than 10%, $20,000,000, in each case tested as of the last day of each calendar month.
Availability Covenant. Permit Excess Availability at any time to be less than ten percent (10%) of the Loan Cap.”
Availability Covenant. The definition of "Availability Covenant" is hereby amended to read as follows:
Availability Covenant. Permit ABL Excess Availability, at any time, to be less than the greater of (a) 10% of the ABL Commitments and (b) $9,500,000.
Availability Covenant. Until the Term Loan is paid in full, the Companies shall maintain at all times Excess Availability of not less than 50% of the outstanding balance of the Term Loan.
Availability Covenant. During the Availability Term, and subject to the exclusions set forth in Section 2.5 and the provisions of Section 7.1 of the Agreement, to the extent that the Measured Average Availability is less than the Projected Average Availability, Supplier shall pay to Buyer, liquidated damages for such Production Period (the “Availability Liquidated Damages”), calculated pursuant to the formula set forth in Section 3.4. If the Availability Term commences on the final Deemed Commissioning Completion Date, the Measured Average Availability shall be deemed to be equal to the Projected Average Availability until Final Commissioning Completion has been achieved.
Availability Covenant. After the Closing Date, Borrower will maintain average monthly Borrowing Base Availability in an amount at least equal to an amount represented by 7.5% of the average monthly Borrowing Base for each calendar month, commencing with the calendar month of August, 2005 (“Availability Covenant”).
Availability Covenant. The Borrower shall not cause or suffer to exist Availability, at all times, to be less than that amount (stated in Dollars) equal to Ten (10%) Percent multiplied by the lesser of the Borrowing Base and the Revolving Credit Loan Ceiling. Compliance with such Availability covenant shall be made as if no Material Accounting Changes had been made (other than any Material Accounting Changes specifically taken into account in the setting of such covenants). The Lender may assess the Borrower’s compliance with such covenant based upon financial reports and statements provided by the Obligors to the Lender (whether or not such financial reports and statements are required to be furnished pursuant to this Agreement) as well as by reference to interim financial information provided to, or developed by, the Lender.
Availability Covenant. Section 7.18 of the Credit Agreement is hereby amended by amending and restating such Section 7.18 in its entirety as follows:
Availability Covenant. Permit ABL Excess Availability to be less than (a) during the period from the First Amendment Effective Date through and including December 29, 2022, the result of (i) the greater of (x) $9,500,000 and (y) 10% of the ABL Commitments, minus (ii) the amount (if any, but not less than zero) by which the amount of the ABL Borrowing Base solely attributable to the assets of the Borrower (and, for certainty, excluding the assets of each other Loan Party) exceeds the aggregate ABL Commitments (but in no event shall the amount under this clause (a)(ii) exceed $5,000,000) and (b) at all other times, the greater of (x) $9,500,000 and (y) 10% of the ABL Commitments at any time.”
(h) Amendment to Section 8.
