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 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.

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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 the occurrence of any event or events or the existence of any circumstance or circumstances that cause (a) 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) or (b) Canadian Compliance Excess Availability to be less than the U.S. Dollar Equivalent of One Million Dollars ($1,000,000).

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.
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.
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.
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 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.

Availability Triggering Event shall occur at any time that (a) Availability is less than the greater of (i) 12.5% of the Line Cap and (ii) $9,375,000 for three (3) or more consecutive days 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 or equal to the greater of (i) 12.5% of the Line Cap or (ii) $9,375,000 for thirty (30) consecutive calendar days, and an Availability Triggering Event described in clause (b) shall be deemed to be continuing until no Event of Default shall be continuing.

Availability Triggering Event shall occur at any time that (a) Excess Availability is less than 15% of the Line Cap at such time 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 Excess Availability is greater than 15% of the Line Cap at such time for ten (10) consecutive days (or, solely for purposes of Section 5.11, twenty (20) consecutive days), and an Availability Triggering Event described in clause (b) shall be deemed to be continuing until no Event of Default shall be continuing.