Excess Availability Condition means as of any date of determination, after giving effect to the applicable (a) Indebtedness incurred pursuant to Section 8.1(d) (Indebtedness), (b) Investments made pursuant to Section 8.3(h)(iv)(Investments), (c) Restricted Payments made pursuant to Section 8.5 (g) (Restricted Payments), (d) sales or dispositions pursuant to Section 8.4(k) (Sale of Assets), (e) prepayments, redemptions, repurchases, defeasances or other satisfactions of Indebtedness made pursuant to Section 8.6(vii), or (f) the repayment of Indebtedness contemplated by the definition of “Revolving Credit Termination Date”, the satisfaction of each of the following: (i)(A) Designated Excess Availability is at least the greater of (x) $262,500,000 and (y) 17.5% of the Maximum Borrowing Amount or (B) Designated Excess Availability is less than the greater of (w) $262,500,000 and (x) 17.5% of the Maximum Borrowing Amount but greater than or equal to the greater of (y) $187,500,000 and (z) 12.5% of the Maximum Borrowing Amount and, in the case of this clause (B), the Borrower is in pro forma compliance with the financial covenant contained in Section 5.1 (Minimum Fixed Charge Coverage Ratio) (whether or not then tested) for the most recently ended Fiscal Quarter, determined on a Pro Forma Basis after giving effect to such Investments, Restricted Payments or prepayments, redemptions, repurchases, defeasances or other satisfactions of Indebtedness, as the case may be, as if such transaction had been consummated on the first day of such Fiscal Quarter, and (ii) no Event of Default has occurred and is continuing, or would result therefrom.

Excess Availability Condition means, at the time of determination with respect to any Disposition, that (a) no Default or Event of Default then exists or would arise as a result of such Disposition, (b) before and after giving pro forma effect to such Disposition, the Excess Availability Percentage will be equal to or greater than twenty-two and a half percent (22.5%) and (c) after giving effect to such Disposition, the Excess Availability Percentage is projected to be equal to or greater than twenty-two and a half percent (22.5%) for the following six (6) four (4) week Accounting Periods. Prior to undertaking any transaction which is subject to the Excess Availability Condition, the Loan Parties shall deliver to the Administrative Agent an officer’s certificate (1) confirming that no Default or Event of Default then exists or would arise as a result of entering into such transaction or the making of such payment and (2) setting forth calculations showing satisfaction of the conditions contained in clause (b) above (which, with respect to projected Excess Availability, shall be on a basis (including, without limitation, giving due consideration to results for prior periods) reasonably satisfactory to the Administrative Agent).

More Definitions of Excess Availability Condition

Excess Availability Condition means (a) as to any event or transaction, or proposed event or transaction, in any case in an amount equal to or in excess of $10,000,000, each and all of the following: (i) Excess Availability shall have been not less than ten (10%) percent of the Borrowing Base as of the date of the most recent calculation of the Borrowing Base prior to the date of such event or transaction and any payment in respect of such event or transaction, (ii) on a pro forma basis, using the Excess Availability as of the date of the most recent calculation of the Borrowing Base immediately prior to such event or transaction and any payment in respect thereof, after giving effect to such event or transaction and the payments in respect thereof, Excess Availability shall be not less than ten (10%) percent of the Borrowing Base, and (iii) on a pro forma basis, after giving effect to such event or transaction and the payments in respect thereof, Excess Availability shall be projected to be not less than ten (10%) percent of the Borrowing Base for the succeeding six (6) calendar months (excluding the month in which the event or transaction occurs for this purpose) after the date of such event or transaction based on current, updated projections of the amount of the Borrowing Base and Excess Availability for such six (6) month period, in a form reasonably satisfactory to Agent, representing Borrowers’ reasonable best estimate of the future Borrowing Base and Excess Availability for the period set forth therein, on the basis of the assumptions set forth therein which Borrowers believe are fair and reasonable as of the date of preparation in light of current and reasonably foreseeable business conditions and (b) as to any event or transaction, or proposed event or transaction, in any case in an amount less than $10,000,000, Excess Availability shall have been not less than ten (10%) percent of the Borrowing Base as of the date of the most recent calculation of the Borrowing Base prior to the date of such event or transaction and any payment in respect of such event or transaction.

Excess Availability Condition means, at the time of determination with respect to any Disposition, that (a) no Event of Default then exists or would arise as a result of such Disposition, (b) if no Loan or Letter of Credit (other than any Letter of Credit that has been Cash Collateralized) is outstanding, before and after giving pro forma effect to such Disposition, Liquidity will be, and shall have been for the previous 45 days, equal to or greater than the greater of (x) seventeen and a half percent (17.5%) of the Loan Cap and (y) $30,000,000, (c) if no Loan or Letter of Credit (other than any Letter of Credit that has been Cash Collateralized) is outstanding, after giving effect to such Disposition, Liquidity is projected to be equal to or greater than the greater of (x) seventeen and a half percent (17.5%) of the Loan Cap, for the following Fiscal Quarter and (y) $30,000,000, (d) if any Loan or Letter of Credit (other than any Letter of Credit that has been Cash Collateralized) is outstanding, before and after giving pro forma effect to such Disposition, Excess Availability will be, and shall have been for the previous 45 days, equal to or greater than the greater of (x) seventeen and a half percent (17.5%) of the Loan Cap and (y) $30,000,000, and (e) if any Loan or Letter of Credit (other than any Letter of Credit that has been Cash Collateralized) is outstanding, after giving effect to such Disposition, Excess Availability is projected to be equal to or greater than the greater of (x) seventeen and a half percent (17.5%) of the Loan Cap and (y) $30,000,000, for the following Fiscal Quarter. Prior to undertaking any transaction which is subject to the Excess Availability Condition, the Loan Parties shall deliver to the Administrative Agent an officer’s certificate (i) confirming that no Event of Default then exists or would arise as a result of entering into such transaction or the making of such payment and (ii) setting forth calculations showing satisfaction of the conditions contained in clause (b), (c), (d) and (e) above, as applicable (which, with respect to projected Liquidity or Excess Availability, shall be on a basis (including, without limitation, giving due consideration to results for prior periods) reasonably satisfactory to the Administrative Agent).

Excess Availability Condition means, as of any date of determination, after giving effect to the applicable (i) Capital Expenditures pursuant to Section 5.2(b)(i) (Capital Expenditures), (ii) Investments pursuant to Section 8.3(h)(iv)(Investments), (iii) Restricted Payments pursuant to Section 8.5 (g) (Restricted Payments), or (iv) prepayments, redemptions, repurchases, defeasances or other satisfactions of Indebtedness pursuant to Section 8.6(vii), the satisfaction of each of the following: (a)(x) the Available Credit is at least $240,000,000 or (y) if the Available Credit is less than $240,000,000 but greater than or equal to $140,000,000 and, in the case of this clause (y), the Borrower shall be in pro forma compliance with the financial covenant contained in Section 5.1 (Minimum Fixed Charge Coverage Ratio) (whether or not then tested) for the most recently ended Fiscal Quarter, determined after giving effect to such Capital Expenditures, Investments, prepayments, redemptions, repurchases, defeasances or other satisfactions of Indebtedness, as the case may be, as if such transaction has been consummated on the first day of such Fiscal Quarter, and (b) no Event of Default has occurred and is continuing, or would result therefrom.

Excess Availability Condition means

Excess Availability Condition. Permitted Cash Collateral Account" and "Reinstatement Conditions" at the appropriate alphabetical location as follows:

Excess Availability Condition means the satisfaction of each of the following: (a) the Available Credit is greater than 35% of the Maximum Credit at such time, (b) the average Available Credit over the preceding twelve calendar months (or, if less, the number of full calendar months since the Closing Date), is greater than 35% of the average Maximum Credit over the preceding twelve calendar months (or, if less, the number of full calendar months since the Closing Date), and (c) no Event of Default has occurred and is continuing, or would result from such payment or transaction, as applicable.

Excess Availability Condition definition

Filter & Search

Related Definitions