Excess Borrowing Availability Sample Clauses
The Excess Borrowing Availability clause defines the amount of credit a borrower can access beyond their standard borrowing base or limit. In practice, this clause allows a borrower to draw additional funds if certain conditions are met, such as maintaining a minimum level of collateral or meeting specific financial covenants. Its core function is to provide financial flexibility to the borrower, ensuring they have access to extra liquidity when needed, while also protecting the lender by setting clear parameters for when and how this excess availability can be used.
Excess Borrowing Availability. The Borrowers shall, at all times during the term of this Agreement, maintain Revolving Credit Availability which exceeds the Revolving Credit Obligations by at least $2,000,000.
Excess Borrowing Availability. After giving effect to all transactions contemplated to occur on the Closing Date under the Acquisition/Capitalization Documents, and the making of all Loans being made on the Closing Date, Excess Borrowing Availability shall be at least Six Million Dollars ($6,000,000).
Excess Borrowing Availability. An amount equal to the Revolving Credit Borrowing Base less the sum of: (i) the amount of Loans then outstanding and requested to be made as of the date of calculation thereof, plus (ii) any reserves against the borrowing availability formula under Subsection 2.2(i) and the line limit under Subsection 2.2(ii), or both.
Excess Borrowing Availability. Commencing April 1, 2011, and at all times thereafter so long as any Senior Subordinated Convertible Notes remains outstanding, Excess Borrowing Availability shall not be less than the principal balance of the Senior Subordinated Convertible Notes.
Excess Borrowing Availability. On the Closing Date, and for thirty (30) days thereafter or until Lender completes its initial audit, whichever is sooner (the "Initial Excess Availability Period"), Borrower shall have excess borrowing availability, as determined by Lender from review of outstanding Borrowings and the Borrowing Base Requirement in place at the Closing Date equal to not less than ten percent (10%) of outstanding Borrowings at the Closing Date, excluding the amount of the Equipment Draw. Following the Initial Excess Availability Period, and up until such date as the Borrower refinances all or part of the Equipment Draw, the Borrower shall maintain excess availability equal to the portion of such Equipment Draw not previously refinanced. It is understood by the Borrower that the repayment to Lender for such Equipment Draw, whether made through a single or multiple refinancings, and regardless of the time period in which such Equipment Draw is refinanced in total, will be equal to the full amount of such Equipment Draw on the Closing Date. During the 30 day period following the Closing Date, Borrower shall pay Lender a one-time fee of $15,000.