Cash and Excess Availability definition

Cash and Excess Availability means the US Dollar Amount as determined by Agent, equal to the sum of (a) Excess Availability, (b) cash, and (c) in Agent’s discretion, highly liquid securities with a known market value.
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Cash and Excess Availability is, as of any date of determination, the sum of (a) the aggregate amount of unrestricted cash and Cash Equivalents held at such time by Borrower in Deposit Accounts or Securities Accounts maintained with Bank, or in an account maintained with a financial institution other than Bank if such account and all property therein is subject to a Control Agreement in favor of Bank, and (b) the Availability Amount.
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Cash and Excess Availability means the US Dollar Amount as determined by Lender, equal to the sum of: Excess Availability; cash; and, in Lender’s discretion, highly liquid securities with a known market value.
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Examples of Cash and Excess Availability in a sentence

  • Borrower shall, at all times, maintain minimum Cash and Excess Availability, calculated monthly by Agent on the first day of each month, of not less than $15,000,000.

  • Compliance shall be determined as of the end of each month, except as otherwise specifically provided below: Minimum Cash and Excess Availability: Through October 15, 2005, Borrower shall at all times maintain a sum of (i) unencumbered cash on deposit with Silicon and (ii) availability under the Loans of not less than Ten Million Dollars ($10,000,000).

  • Borrower shall, at all times after a breach of the Cash and Excess Availability Covenant under Section 9.23 hereof, maintain EBITDA, calculated quarterly by Lender on a trailing four quarter basis, of not less than $20,000,000 or, in the case of the four fiscal quarters ending on September 30, 2007 only, not less than $17,000,000 or, in the case of the four fiscal quarters ending each of December 31, 2007, March 31, 2008, June 30, 2008 and September 30, 2008, only, not less than $12,500,000.

  • Silicon forbears Borrower’s compliances with the Minimum Cash and Excess Availability covenant set forth in Section 7 of the Schedule to the Original Loan Agreement through October 15, 2005.