Availability Triggering Event definition

Availability Triggering Event means that (a) except for purposes of Sections 5.07, 5.11, 5.12 and 5.14, the Specified Availability is less than the Threshold Amount, or (b) for purposes of Section 5.07, 5.11, 5.12 and 5.14 only, the Specified Availability is less than the Threshold Amount for five consecutive Business Days. Once an Availability Triggering Event has occurred, it shall continue until such time as the Specified Availability is greater than the Threshold Amount for a period of 10 consecutive days.

Availability Triggering Event means that (a) except for purposes of Sections 5.07, 5.11, 5.12 and 5.14, the Availability is less than the Threshold Amount, or (b) for purposes of Section 5.07, 5.11, 5.12 and 5.14 only, the Availability is less than the Threshold Amount for five consecutive Business Days. Once an Availability Triggering Event has occurred, it shall continue until such time as the Availability is greater than the Threshold Amount for a period of 10 consecutive days.

Availability Triggering Event means the occurrence of any event or events or the existence of any circumstance or circumstances that cause the aggregate of U.S. Excess Availability and Canadian Compliance Excess Availability to be less than the U.S. Dollar Equivalent of Twenty Million Dollars ($20,000,000).

Examples of Availability Triggering Event in a sentence

• If an Availability Triggering Event or Event of Default has occurred and is continuing, representatives of each Lender (at such Lender’s expense) will be permitted to accompany representatives of the Administrative Agent during each visit, inspection and discussion conducted during the existence of such Availability Triggering Event or Event of Default.

• If an Availability Triggering Event has occurred and is continuing, representatives of each Lender (at such Lender’s expense) will be permitted to accompany representatives of the Administrative Agent during each visit, inspection and discussion conducted during the existence of such Availability Triggering Event.

• 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.

• 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.

• 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.

More Definitions of Availability Triggering Event

Availability Triggering Event means either (a) the occurrence of a Liquidity Event, or (b) the occurrence of (i) an Event of Default under Section 8.01(a) or 8.01(g), (ii) an Event of Default arising from a failure to make any delivery required by Section 6.02(c) and the failure has continued for 10 days after such delivery is required to be made or (iii) to the extent arising due to an event under the Term Facility, an Event of Default under Section 8.01(f)(i)(A).

Availability Triggering Event shall occur at any time that (a) Availability is less than the Minimum Level 1 Availability or (b) an Event of Default shall have occurred and be continuing. Once occurred, an Availability Triggering Event described in clause (a) shall be deemed to be continuing until such time as Availability exceeds the Minimum Level 1 Availability for 10 consecutive days.

Availability Triggering Event. “Commitment Increase” “Eligible In-Transit Inventory” “Increase Effective Date” “Increasing Lender”

Availability Triggering Event means either (a) the occurrence of a Liquidity Event, or

Availability Triggering Event shall occur at any time that (a) Availability is less than (i) $35.0 million at such time if the Borrowing Base is greater than $300.0 million, (ii) $30.0 million at such time if the Borrowing Base is less than or equal to $300.0 million but greater than $250.0 million, (iii) $25.0 million at such time if the Borrowing Base is less than or equal to $250.0 million but greater than $200.0 million or (iv) $20.0 million at such time if the Borrowing Base is less than or equal to $200.0 million (provided that solely with respect to Section 5.04(j), the foregoing $35.0 million, $30.0 million, $25.0 million and $20.0 million thresholds shall be $45.0 million, $40.0 million, $35.0 million and $25.0 million, respectively) or (b) an Event of Default shall have occurred and be continuing. Once occurred, an Availability Triggering Event described in clause (a) shall be deemed to be continuing until such time as the Availability is greater than (i) $35.0 million if the Borrowing Base is greater than $300.0 million, (ii) $30.0 million if the Borrowing Base is less than or equal to $300.0 million but greater than $250.0 million, (iii) $25.0 million if the Borrowing Base is less than or equal to $250.0 million but greater than $200.0 million or (iv) $20.0 million if the Borrowing Base is less than or equal to $200.0 million, as applicable, for 30 consecutive days (provided that solely with respect to Section 5.04(j), the foregoing $35.0 million, $30.0 million, $25.0 million and $20.0 million thresholds shall be $45.0 million, $40.0 million, $35.0 million and $25.0 million, respectively).”

Availability Triggering Event shall occur at any time that (a) Adjusted Availability is less than 12.5% of the Maximum Revolver Amount (or 20% of the Maximum Revolver Amount for purposes of determining the frequency of required appraisals of Collateral consisting of Inventory pursuant to Section 6.5) or (b) an Event of Default shall have occurred and be continuing. Once occurred, an Availability Triggering Event described in clause (a) shall be deemed to be continuing until such time as the Adjusted Availability is equal to or greater than 12.5% of the Maximum Revolver Amount for 20 consecutive days (or equal to or greater than 20% of the Maximum Revolver Amount for purposes of determining the frequency of required appraisals of Collateral consisting of Inventory pursuant to Section 6.5).

Availability Triggering Event shall occur at any time that Unused Revolving Commitments are less than 65.0% of the total Revolving Commitments. Once occurred, an Availability Triggering Event shall be deemed to be continuing until such time as the Unused Revolving Commitments are greater than or equal to 65.0% of the total Revolving Commitments for a period of at least 30 consecutive days.