Examples of Aggregate Excess Availability in a sentence
Should an event of default occur or the Aggregate Excess Availability be less than C$6.25 million for 5 consecutive business days, the Company would enter a cash dominion period whereby the Company’s bank accounts would be blocked by RBC and daily balances will set-off any borrowings and any remaining amounts made available to the Company.
Borrower shall maintain positive EBITDA measured quarterly and calculated on a trailing four quarter basis; provided that the above EBITDA requirement shall only be tested as of the end of a fiscal quarter if, at any time in the following fiscal quarter, the sum of Borrower's unrestricted and unencumbered (other than liens in favor of Lender) cash equivalents and cash (in U.S. Dollars in domestic bank accounts) plus Borrower's Aggregate Excess Availability was less than $7,500,000.
Under the New RBC Facility, if the Aggregate Excess Availability, defined as the Borrowing Base less any loan advances or letters of credit or guarantee and if undrawn including unrestricted cash, is less than C$5.0 million, the Company is subject to a FCCR covenant of 1.10:1 on a trailing twelve monthbasis.
The making of a Loan, the issuance of a Letter of Credit or the provision of any other credit support to the extent that, immediately after its having been made, the result of the Aggregate Excess Availability minus the Minimum Excess Availability Amount is less than zero ($0).
Under the RBC Facility, if the Aggregate Excess Availability, defined as the Borrowing Base less any loan advances or letters of credit or guarantee and if undrawn including unrestricted cash, is less than C$5.0 million, the Company is subject to a fixed charge coverage ratio (“FCCR”) covenant of 1.10:1 on a trailing twelve month basis.