Examples of Availability Triggering Event in a sentence
For purposes of this testing, (i) the Fixed Charge Coverage Ratio will be computed based upon the information available as of the last day of the most recent fiscal quarter ending prior to such day for which financial statements are available, and (ii) whether an Availability Triggering Event exists will be continually tested as of the close of business each day so that the Fixed Charge Coverage Ratio may apply (or not apply) multiple times within any particular fiscal quarter.
If at the close of business on any day an Availability Triggering Event shall exist, the Borrower must maintain a Fixed Charge Coverage Ratio of not less than 1.0 to 1.0 until such time as no Availability Triggering Event shall exist.
Unless an Excess Availability Triggering Event or a Default or Event of Default has occurred and is continuing, the Administrative Agent waives Cash Dominion except for the Collection Accounts designated in the Accounts Side Letter.
The Collateral Agent may, at Borrowers’ expense, conduct up to two visits per year; provided, that, if a Default or Event of Default has occurred and is continuing, or if an Excess Availability Triggering Event has occurred and prior to the Cure Date, the Collateral Agent may perform an additional visit at Borrowers’ expense.
Additionally, for purposes of this Section 6.10, when calculating Availability under the definition of Availability Triggering Event, Availability for a non-Business Day shall be Availability as of the immediately preceding Business Day.