Availability Cap means, as of any time of determination, an amount that is the lesser of (a) the aggregate amount of Revolving Commitments at such time of determination and (b) an amount equal to 10% of Consolidated Net Tangible Assets at such time of determination minus the Utilized CNTA Lien Amount, in each case, as of such time of determination. For the avoidance of doubt, for purposes of this definition, the amount of Revolving Commitments shall be calculated without giving effect to any utilization of such Commitments.
Availability Cap means $110,000,000; provided that such amount shall be permanently reduced to $100,000,000 immediately following the initial issuance or incurrence of Junior Capital on or after the Fourth Amendment Effective Date.
Availability Cap means, as of the date of any Credit Event occurring after the Third Amendment Effective Date, an amount equal to: (a) until the earlier of (x) the Castex Acquisition has been consummated (or, upon application of the proceeds of the applicable Borrowing, the Castex Acquisition will be consummated) and all Castex Acquisition Conditions have been satisfied (or on the same date as the applicable Borrowing, will be satisfied), and (y) the Castex Acquisition Outside Date, the Borrowing Base in effect on such date less $85,000,000 (unless a lesser reduction amount is approved by the Required Lenders); and (b) from and after the earlier of (x) the Castex Acquisition has been consummated (or, upon application of the proceeds of the applicable Borrowing, the Castex Acquisition will be consummated) and all Castex Acquisition Conditions have been satisfied (or on the same date as the applicable Borrowing, will be satisfied), and (y) the Castex Acquisition Outside Date, the Borrowing Base in effect on such date less $25,000,000 (unless a lesser reduction amount is approved by the Required Lenders).
Examples of Availability Cap in a sentence
In the case of a Revolving Loan, the principal amount of such Revolving Loan, when aggregated with the outstanding principal amount of all other Loans, shall not be in excess of the Availability Cap.
More Definitions of Availability Cap
Availability Cap means (i) until the Availability Cap Increase Date, US$15,000,000 and (ii) after the Availability Cap Increase Date and subject to approval by the Agent and the Lenders in their sole discretion, (x) US$30,000,000 if the Borrower’s Consolidated EBITDA, calculated for a trailing six month period as of the most recent month end, is greater than US$3,000,000 but less than US$5,500,000, and (y) US$35,000,000 if the Borrower’s Consolidated EBITDA, calculated for a trailing six month period as of the most recent month end, is greater than US$5,500,000.
Availability Cap means, as of any time of determination, an amount that is the lesser of (a) the sum of (i) the aggregate amount of US Revolving Commitments plus (ii) the aggregate amount of Canadian Revolving Commitments and (b) the sum of (i) the greater of (A) the aggregate principal amount of Secured Loans outstanding and (B) the Secured Amount plus (ii) the Unsecured Commitment Cap, in each case, as of such time of determination. For the avoidance of doubt, for purposes of this definition, the amount of both US Revolving Commitments and Canadian Revolving Commitments shall be calculated without giving effect to any utilization of such Commitments.
Availability Cap means an amount equal to the sum of the Aggregate Revolving Commitments then in effect less $25 million.