Minimum Excess Availability Covenant Clause Samples
Minimum Excess Availability Covenant. Reference is made to the Credit Agreement dated as of January XX, 2011 among Perfumania Holdings, Inc as the Borrower, the other Credit Parties signatory thereto, the Lenders party thereto, ▇▇▇▇▇ Fargo Capital Finance, as Agent and other Loan Documents. Capitalized terms used herein without definition have the meanings assigned to them in the Credit Agreement. The undersigned hereby certifies on behalf of the Borrower, and not in his or her personal capacity, that, to the best of the undersigned’s knowledge, after making due inquiry, the the BorrowingBase calculated herein, is true, correct,
Minimum Excess Availability Covenant. On the Amendment No. 1 Effective Date, Section 6.11 of the Credit Agreement is hereby deleted in its entirety and replaced with the following:
Minimum Excess Availability Covenant. (a) At any time on or prior to the date of delivery to Agent of the financial statements for the Measurement Period ending on May 31, 2025, the Loan Parties shall not permit Excess Availability at any time to be less than the Minimum Excess Availability Amount and (b) at any time after the date of delivery to Agent of the financial statements for the Measurement Period ending May 31, 2025, Loan Parties shall not permit Excess Availability at any time to be less than the Minimum Excess Availability Amount, unless as of the last day of the most recently ended Measurement Period, the Fixed Charge Coverage Ratio for the Measurement Period then ended is greater than 1.10 to 1.00.