Minimum Borrowing Availability. Except for Overadvances outstanding under Section 1.1(a)(iii) and the greater minimum Borrowing Availability required at times and amounts set forth in Sections 2.1(d), 6.3(b) and 6.14, Borrower shall, at all times, cause the Borrowing Availability to exceed $5,000,000.
Minimum Borrowing Availability. Borrowers shall maintain Borrowing Availability in the aggregate of at least $5,000,000 at all times.
Minimum Borrowing Availability. Borrower shall at all times maintain Borrowing Availability at least equal to the Minimum Excess Availability. Without limitation of the foregoing, on each Liquidity Event Measurement Date, Borrower shall maintain (i) a rolling average Borrowing Availability for the prior two (2) weeks at least equal to $13,000,000 (including the Minimum Excess Availability) and (ii) Borrowing Availability at least equal to $10,000,000 on such Liquidity Event Measurement Date. The amount of Borrowing Availability required pursuant to the foregoing in excess of the Minimum Excess Availability shall, for each Liquidity Event Measurement Date for all purposes in the Agreement (including conditions to lending and required prepayments), be considered a reserve against Borrowing Availability. No Revolving Loans shall be available to Borrower to the extent that the making of such Revolving Loan would reduce Borrowing Availability below the Minimum Excess Availability, or as applicable, the additional Borrowing Availability required hereunder, and Borrower shall make any prepayments relating thereto as forth in Section 1.3(b); provided, however, that Agent in its sole discretion may make advances for the account of Lender to the extent permitted under Section 1.1(b)(iii).
Minimum Borrowing Availability. Holdings and its Subsidiaries shall maintain Borrowing Availability of not less than (i) for the period commencing on July 1, 2008 and ending on the Forbearance Termination Date, $2,000,000, (ii) for the period commencing on the day following the Forbearance Termination Date and ending on December 31, 2008, $4,000,000, and (iii) for the period commencing on January 1, 2009 and ending on the Commitment Termination Date, $5,000,000; provided, that in determining compliance with this As of September 29, 2008 Page 5 of 13 minimum Borrowing Availability covenant, (A) the aggregate amount of Daily Reserves shall be excluded from the definition of “Reserves” for purposes of calculating Borrowing Availability and (B) Borrowing Availability shall be calculated on each Friday of each week as a daily average of the amount of Borrowing Availability for the preceding 5-day period (including for such calculations the Friday such calculation is made).”
7. As of the Effective Date, the Credit Agreement is hereby amended by deleting Exhibit 1.1 (a)(i) to the Credit Agreement in its entirety and substituting in lieu thereof Exhibit 1.1 (a)(i) to this Agreement.
Minimum Borrowing Availability. Borrower shall at all times have Borrowing Availability of at least $5,000,000; provided, however, that so long as Borrower’s unaudited quarterly Financial Statements for the Fiscal Quarter ending June 30, 2005 evidences the absence of any Increase Interest Rate Event, Borrower shall not be required to have a Minimum Borrowing Availability after delivery of such Financial Statements.
Minimum Borrowing Availability. Borrowers shall maintain Borrowing Availability of not less than $9,000,000 (the “Minimum Borrowing Availability Amount’) at all times; provided that, (i) the Minimum Borrowing Availability Amount shall be reduced to $8,000,000 upon the Borrowers’ receipt of net cash proceeds from an equity investment of not less than $10,000,000 pursuant Section 5.14; and provided further that, from and after September 30, 2006, (i) the Borrowers may reduce the Minimum Borrowing Availability Amount to $3,000,000 so long as (A) the Agent consents to such reduction in its sole discretion and (B) the Borrowers comply with the minimum Fixed Charge Coverage Ratio set forth in paragraph (b) above at all times and (ii) the Borrower may reduce the Minimum Borrowing Availability Amount to $0 so long as (A) the Agent consents to such reduction in its sole discretion and (B) the Borrowers and their Subsidiaries shall have on a consolidated basis, a Fixed Charge Coverage Ratio of not less than 1.2:1.0, determined as at the end of the most recently ended two (2) consecutive Fiscal Quarters (measured for the 12-month period ending on each such Fiscal Quarter end date); provided that, in the event that the Borrowers reduce the Minimum Borrowing Availability Amount to $0 pursuant to this clause (ii), (A) the Borrowers shall comply with the minimum Fixed Charge Coverage Ratio set forth in this clause (ii) at all times and (B) the advance rate of net orderly liquidation value of Eligible Inventory consisting of finished goods contained in the definition of Borrowing Base shall be automatically and permanently reduced to 85% without further consent or other action by any party to the Agreement; and provided further that the Borrowers may not elect to change the Minimum Borrowing Availability Amount more than once in any 365 day period.
Minimum Borrowing Availability. Borrower shall at all times have Borrowing Availability of at least $2,000,000. Unless otherwise specifically provided herein, any accounting term used in the Agreement shall have the meaning customarily given such term in accordance with GAAP, and all financial computations hereunder shall be computed in accordance with GAAP consistently applied. That certain items or computations are explicitly modified by the phrase ‘in accordance with GAAP’ shall in no way be construed to limit the foregoing. If any ‘Accounting Changes’ (as defined below) occur and such changes result in a change in the calculation of the financial covenants, standards or terms used in the Agreement or any other Loan Document, then Borrower, Agent and Lenders agree to enter into negotiations in order to amend such provisions of the Agreement so as to equitably reflect such Accounting Changes with the desired result that the criteria for evaluating Borrower’s and its Subsidiaries’ financial condition shall be the same after such Accounting Changes as if such Accounting Changes had not been made; provided, however, that the agreement of Requisite Lenders to any required amendments of such provisions shall be sufficient to bind all Lenders. ‘Accounting Changes’ means (i) changes in accounting principles required by the promulgation of any rule, regulation, pronouncement or opinion by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants (or successor thereto or any agency with similar functions), (ii) changes in accounting principles concurred in by Borrower’s certified public accountants; (iii) purchase accounting adjustments under A.P.B. 16 or 17 and EITF 88-16, and the application of the accounting principles set forth in FASB 109, including the establishment of reserves pursuant thereto and any subsequent reversal (in whole or in part) of such reserves; and (iv) the reversal of any reserves established as a result of purchase accounting adjustments. All such adjustments resulting from expenditures made subsequent to the Closing Date (including capitalization of costs and expenses or payment of pre-Closing Date liabilities) shall be treated as expenses in the period the expenditures are made and deducted as part of the calculation of EBITDA in such period. If Agent, Borrower and Requisite Lenders agree upon the required amendments, then after appropriate amendments have been executed and the underlying Accounting Change with respect thereto ...
Minimum Borrowing Availability. The Credit Parties shall not permit Borrowing Availability at any time to be less than $3,500,000.
Minimum Borrowing Availability. Holdings and its Subsidiaries shall maintain Borrowing Availability of not less than, (i) for the period commencing on July 1, 2008 and
Minimum Borrowing Availability. Borrower shall at all times with the exception of the Matrix Release Period maintain Borrowing Availability of no less than $5,000,000."
