Canadian Excess Availability means, at any time, (i) the lesser of (x) the Canadian Revolving Credit Facility and (y) the Canadian Borrowing Base at such time, as determined from the most recent Borrowing Base Certificate delivered by the Borrower Representative to the Administrative Agent pursuant to Section 6.02(m) hereof minus (ii) the Total Canadian Revolving Credit Outstandings.
Canadian Excess Availability means, at any time, an amount equal to the Dollar Equivalent of (a) the lesser of (i) the aggregate total Canadian Commitments at such time and (ii) the Canadian Borrowing Base at such time, (as determined by reference to the most recent Canadian Borrowing Base Certificate delivered to the Agent pursuant to Section 5.01(h)), minus (b) the aggregate Canadian Revolving Exposure (including Canadian LC Exposure) of all Canadian Revolving Lenders at such time.
Canadian Excess Availability means, at any time, the Dollar Equivalent Amount equal to the sum of (a) the lesser of (i) the aggregate total Canadian Revolving Commitments at such time and (ii) the Canadian Borrowing Base at such time (as determined by reference to the most recent Borrowing Base Certificate delivered to the Agent pursuant to Section 5.01(h)), plus (b) the Dollar Equivalent Amount of all unrestricted cash and cash equivalents of the Canadian Loan Parties at such time (to the extent held in Qualified Accounts), minus (c) the aggregate of the Canadian Revolving Exposures (including the Dollar Equivalent Amount of the Canadian LC Exposure) of all Canadian Revolving Lenders at such time.
Examples of Canadian Excess Availability in a sentence
The Loan Parties shall maintain Excess Availability at all times of not less than $125,000,000 (of which no more than $50,000,000 may be attributable to Canadian Excess Availability).
Each of the Borrowers acknowledges and agrees that any allocation of Canadian Excess Availability pursuant to the preceding sentence shall result in a concurrent reduction of the Canadian Borrowing Base in an amount equal to such allocation.
The Loan Parties shall maintain Excess Availability at all times of not less than the lesser of (a) $125,000,000 (of which no more than $50,000,000 may be attributable to Canadian Excess Availability), or (b) ten percent (10%) of (i) the Tranche A Borrowing Base (or the Tranche A-1 Borrowing Base, if then applicable) plus (ii) the Canadian Borrowing Base (of which no more than 40% of Excess Availability may be attributable to Canadian Excess Availability).
More Definitions of Canadian Excess Availability
Canadian Excess Availability means the US Dollar Amount, as determined by Agent, calculated at any time, equal to: (a) the lesser of: (i) the Borrowing Base subject to the sublimits and Availability Reserves established by Agent from time to time hereunder and (ii) the Canadian Revolving Maximum Credit (less the Xxxx to Market Exposure of Canadian Borrower under all its Hedge Agreements) minus (b) the sum of: (i) the US Dollar Amount of all then outstanding and unpaid Revolving Loans and Letter of Credit Accommodations plus (ii) the aggregate amount of (x) all due but unpaid tax obligations as of such time and (y) all trade payables of Canadian Borrower that are past due for more than 60 days as of such time.
Canadian Excess Availability means, at any time, (1) the Canadian Line Cap minus (2) the Canadian Revolving Credit Facility Usage at such time.
Canadian Excess Availability means the amount, as determined by Agent, calculated at any date, equal to: (a) the lesser of: (i) the Canadian Borrowing Base and (ii) the Canadian Loan Limit (in each case under (i) or (ii) after giving effect to any Reserves other than any Reserves in respect of Canadian Letter of Credit Obligations), minus (b) the sum of: (i) the amount of all then outstanding and unpaid Canadian Obligations (but not including for this purpose Canadian Obligations arising pursuant to any guarantees in favor of Agent and Canadian Lenders of the Canadian Obligations of the other Canadian Borrowers or any outstanding Canadian Letter of Credit Obligations), plus (ii) the amount of all Reserves then established in respect of Canadian Letter of Credit Obligations, plus (iii) the aggregate amount in excess of $185,000 of all then outstanding and unpaid trade payables and other obligations of Canadian Borrowers which are outstanding more than sixty (60) days past due as of the end of the immediately preceding month or at Agent’s option, as of a more recent date based on such reports as Agent may from time to time specify (other than trade payables or other obligations being contested or disputed by Canadian Borrowers in good faith), plus (iv) without duplication, the amount of checks issued by Canadian Borrowers to pay trade payables and other obligations which are more than sixty (60) days past due as of the end of the immediately preceding month or at Agent’s option, as of a more recent date based on such reports as Agent may from time to time specify (other than trade payables or other obligations being contested or disputed by Canadian Borrowers in good faith), but not yet sent.
Canadian Excess Availability means, as of any date, the remainder of (a) the Canadian Maximum Available Amount as of such date, less (b) the aggregate outstanding balance of the Canadian Lender Indebtedness as of such date.
Canadian Excess Availability is defined in the Canadian Loan Agreement.
Canadian Excess Availability means the US Dollar Amount, as determined by Agent, calculated at any time, equal to: (a) the lesser of: (i) the Canadian Borrowing Base subject to the sublimits and Canadian Availability Reserves established by Canadian Agent from time to time under the Canadian Loan Agreement and (ii) the Canadian Revolving Maximum Credit (less the Canadian Mark to Market Exposure of Canadian Borrower under all its Canadian Hedge Agreements) minus (b) the sum of: (i) the US Dollar Amount of all then outstanding and unpaid Canadian Revolving Loans and Canadian Letter of Credit Accommodations plus (ii) the aggregate amount of (x) all due but unpaid tax obligations as of such time and (y) all trade payables of Canadian Borrower that are past due for more than 60 days as of such time.
Canadian Excess Availability means the amount, as determined by Lender, calculated at any time, equal to the U.S. Dollar Equivalent of: (a) the Borrowing Base, plus (b) Borrowers' unrestricted cash and/or Cash Equivalents that are on deposit in a securities or deposit account subject to a control agreement, in form and substance satisfactory to Lender, minus (c) the book overdraft of Borrowers, minus (d) the sum of: (i) the amount of all then outstanding and unpaid Obligations, plus (ii) the aggregate amount of all then outstanding and unpaid trade payables and other obligations of Borrowers, which are more than sixty (60) days past due as of the last day of the immediately preceding fiscal month, and plus (iii) the amount of cheques issued by Borrowers to pay trade payables and other obligations which are more than sixty (60) days past due as of such time, but not yet sent (but without duplication of clause (d)(ii)), as of the last day of the immediately preceding fiscal month.