Availability Cap definition

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.
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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.
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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).
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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.

  • In the case of a Canadian Revolving Loan, the principal amount of such Canadian Revolving Loan, when aggregated with the outstanding principal amount of all other Loans and stated amount of all issued and outstanding Letters of Credit, shall not be in excess of the Availability Cap.

  • Effective as of December 1, 1999, the Loan Availability Cap shall be Three Million Dollars ($3,000,000.00).

  • Notwithstanding Paragraph 2.9 of the Credit Agreement, any such payment shall be applied to the Revolving Loan, and shall reduce the Availability Cap by the principal amount of such payment and may be reborrowed only with the approval of Required Banks.

  • The following new definition shall be added to Section 16.0 in its proper alphabetical order: Loan Availability Cap: shall be a portion (expressed in dollar terms) of the Guaranty Liability, and shall be applied to the reduce the amount available under the Loan.

  • Securities Availability Cap, and (iii) as to each item of Additional Collateral on deposit in the Additional Collateral Account, the amount of such Additional Collateral multiplied by the Applicable Advance Rate, to be at least equal to the Letter of Credit Outstandings.


More Definitions of Availability Cap

Availability Cap means an amount equal to $800,000,000.
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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.
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Availability Cap means an amount equal to the sum of the Aggregate Revolving Commitments then in effect less $25 million.
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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.
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Related to Availability Cap

  • Availability Reserves means, without duplication of any other Reserves or items that are otherwise addressed or excluded through eligibility criteria, such reserves as the Agent from time to time determines in its discretion as being appropriate (a) to reflect the impediments to the Agent’s ability to realize upon the Collateral, (b) to reflect claims and liabilities that the Agent determines may need to be satisfied in connection with the realization upon the Collateral, (c) to reflect criteria, events, conditions, contingencies or risks which the Agent believes in good faith could adversely affect any component of the Borrowing Base, or the assets, business, financial performance or financial condition of any Loan Party, or (d) to reflect that a Default or an Event of Default then exists. Without limiting the generality of the foregoing, Availability Reserves may include, in the Agent’s discretion, (but are not limited to) reserves based on: (i) rent; (ii) customs duties, and other costs to release Inventory which is being imported into the United States; (iii) outstanding Taxes and other governmental charges, including, without limitation, ad valorem, real estate, personal property, sales, claims of the PBGC and other Taxes which may have priority over the interests of the Agent in the Collateral; (iv) salaries, wages and benefits due to employees of any Borrower, (v) Customer Credit Liabilities, (vi) customer deposits, (viii) reserves for reasonably anticipated changes in the Appraised Value of Eligible Inventory between appraisals, (viii) warehousemen’s or bailee’s charges and other Permitted Encumbrances which may have priority over the interests of the Agent in the Collateral, (ix) amounts due to vendors on account of consigned goods, (x) Cash Management Reserves, (xi) Bank Products Reserves and (xii) royalties payable in respect of licensed merchandise.

  • Revolving Availability Period means the period from and including the Effective Date to but excluding the earlier of the Revolving Maturity Date and the date of termination of the Revolving Commitments.

  • Revolving Credit Availability means, at any particular time, the amount by which the Aggregate Revolving Loan Commitment at such time exceeds the Revolving Credit Obligations outstanding at such time.

  • Revolving Facility Usage means at any time the sum of the outstanding Revolving Credit Loans, the outstanding Swing Loans, and the Letter of Credit Obligations.

  • Average Availability means, with respect to any period, the sum of the aggregate amount of Availability for each Business Day in such period (calculated as of the end of each respective Business Day) divided by the number of Business Days in such period.