Excess Formula Availability definition

Excess Formula Availability means the average daily difference, for any period of determination, between (a) the sum of (i) the Aggregate Borrowing Base and (ii) the SMP Canada Borrowing Base and (b) the sum of (i) the total outstanding balance of Revolving Loans and (ii) the total outstanding balance of the Term Loan (in the case of each of subclause (a)(i) and (a)(ii) with trade payables being paid consistent with past practices, expenses and liabilities being paid in the ordinary course of business, without acceleration of sales and without deterioration of working capital). For purposes of determining “Excess Formula Availability” under Section 1.5(a)(ii), the Indenture Maturity Reserve, the 2011 Note Purchase Agreement Reserve, the New Indenture Maturity Reserve and the Borrowing Availability Reserve shall be deemed to be $0.”
Sample 1
Excess Formula Availability means the average daily difference for the prior Fiscal Quarter between (a) the Aggregate Borrowing Base and (b) the total outstanding balance of Revolving Loans (with trade payables being paid consistent with past practices, expenses and liabilities being paid in the ordinary course of business, without acceleration of sales and without deterioration of working capital).
Sample 1
Excess Formula Availability means the amount, as determined by Agent, calculated at any time, equal to: (i) the amount of Formula availability at such time, minus (ii) the aggregate amount of all the outstanding and unpaid Obligations at such time which are not in excess of Formula Availability.
Sample 1

Examples of Excess Formula Availability in a sentence

  • For purposes of calculating Excess Formula Availability, only the portion of the Additional Capitalization Requirement which exceeds $59,000,000 shall be deemed to have been applied to reduce the outstanding balance of Revolving Advances pursuant to Section 1.3(b)(iii).

  • Supplier Letters of Credit which are issued or opened when Excess Formula Availability does not exist or which would result in the amount of all then outstanding and unpaid Obligations to be in excess of Formula Availability at such time shall not have expiration dates in respect thereof later than thirty (30) days prior to the earliest expiration date of a then outstanding and undrawn Xxxxxxxx Letter of Credit.

  • The Excess Formula Availability for Borrowers in the aggregate at closing of the Acquisition (on a pro forma basis with trade payables being paid consistent with past practices, with expenses and liabilities being paid in the ordinary course of business, without acceleration of sales and without deterioration of working capital) shall be at least (x) $52,000,000 if such closing occurs on or before April 30, 2003, or (y) $47,000,000 if such closing occurs during May or June, 2003.


More Definitions of Excess Formula Availability

Excess Formula Availability means the average daily difference, for any period of determination, between (a) the Aggregate Borrowing Base and (b) the total outstanding balance of Revolving Loans (with trade payables being paid consistent with past practices, expenses and liabilities being paid in the ordinary course of business, without acceleration of sales and without deterioration of working capital). For purposes of determining "Excess Formula Availability" under Section 1.5(a)(ii), the Indenture Maturity Reserve is deemed to be $0.
Sample 1
Excess Formula Availability means the average daily difference, for any period of determination, between (a) the sum of (i) the Aggregate Borrowing Base and (ii) the SMP Canada Borrowing Base and (b) the sum of (i) the total outstanding balance of Revolving Loans and (ii) the total outstanding balance of the Term Loan (in the case of each of subclause (a)(i) and (a)(ii) with trade payables being paid pursuant to financings thereof permitted under Section 6.3(a)(xii) or otherwise consistent with past practices, expenses and liabilities being paid in the ordinary course of business, without acceleration of sales , and without deterioration of working capital). For purposes of determining “Excess Formula Availability” under Section 1.5(a)(ii), the 2009 Indenture Maturity Reserve shall be deemed to be $0.
Sample 1

Related to Excess Formula Availability

  • Required Availability means Excess Availability and unrestricted cash and Cash Equivalents in an amount of not less than $5,000,000.

  • Maximum Availability means, as of any date of determination, the difference of (i) the Facility Amount minus (ii) the balance of all unfunded Advances approved but not yet funded minus (iii) the Aggregate Unfunded Amount plus (iv) all amounts on deposit in the Unfunded Exposure Account, each as of such date of determination.

  • Quarterly Average Excess Availability means, at any time, the daily average of the Excess Availability for the immediately preceding fiscal quarter as calculated by Agent in good faith.

  • Canadian Availability means (a) the lesser of (x) the Canadian Sublimit and (y) the sum of (i) the Canadian Borrowing Base plus (ii) solely to the extent the total Revolving Exposure relating to the Canadian Borrower exceeds the Canadian Borrowing Base, the US Availability (calculated without giving effect to any Canadian US Borrowing Base Utilization), minus (b) the total Revolving Exposure relating to the Canadian Borrower.

  • Excess Availability means, as of any date of determination, the amount equal to Availability minus the aggregate amount, if any, of all trade payables of Borrower and its Subsidiaries aged in excess of historical levels with respect thereto and all book overdrafts of Borrower and its Subsidiaries in excess of historical practices with respect thereto, in each case as determined by Agent in its Permitted Discretion.

  • Average Availability means, with respect to any period, the sum of the aggregate amount of Availability for each Business Day in such period (calculated as of the end of each respective Business Day) divided by the number of Business Days in such period.

  • Average Excess Availability means, with respect to any period, the sum of the aggregate amount of Excess Availability for each Business Day in such period (calculated as of the end of each respective Business Day) divided by the number of Business Days in such period.

  • Service Availability The total number of minutes in a calendar quarter that the Tyler Software is capable of receiving, processing, and responding to requests, excluding maintenance windows, Client Error Incidents and Force Majeure.

  • Availability Amount is (a) the lesser of (i) the Revolving Line or (ii) the amount available under the Borrowing Base minus (b) the outstanding principal balance of any Advances.

  • Borrowing Base Availability means, at the time of any determination, an amount equal to the lesser of the Borrowing Base at such time and the aggregate amount of the Commitments at such time.

  • Undrawn Availability at a particular date shall mean an amount equal to (a) the lesser of (i) the Formula Amount, or (ii) the Maximum Revolving Advance Amount, minus the Maximum Undrawn Amount of all Letters of Credit, minus (b) the sum of (i) the outstanding amount of Revolving Advances, plus (ii) amounts due and owing to any Borrower’s trade creditors which are outstanding sixty (60) days or more past the due date thereof.

  • System Availability for each System is calculated as follows:

  • Revolving Availability means Class A Revolving Availability or Class B Revolving Availability, as applicable.

  • Suppressed Availability means, at any time, an amount equal to the amount (if any, but in no event less than zero) by which the Borrowing Base exceeds the aggregate Revolving Commitments at such time.

  • Total Available Amount With respect to any Distribution Date, the sum of the Available Interest and the Available Principal for such Distribution Date and the amount of all cash or other immediately available funds on deposit in the Reserve Account immediately prior to such Distribution Date.

  • Availability Block means $15,000,000.

  • Inventory Formula Amount means (i) the lesser of (x) 75% of the Value of Eligible Inventory and (y) 85% of the NOLV Percentage of the Value of Eligible Inventory plus (ii) the lesser of (x) the lesser of (1) 75% of the Value of Eligible In-Transit Inventory and (2) 85% of the NOLV Percentage of the Value of the Eligible In-Transit Inventory and (y) $10,000,000.

  • Consolidated Cash Flow Available for Fixed Charges means, with respect to any Person for any period:

  • Borrowing Availability means as of any date of determination the Maximum Amount less the sum of (i) the Revolving Loan and Swing Line Loan then outstanding and (ii) the Reserves as then in effect.

  • Average Daily Availability means the average daily Availability for the immediately preceding Fiscal Quarter.

  • Maximum Credit means, at any time, the lesser of (i) the Revolving Credit Commitments in effect at such time and (ii) the Borrowing Base at such time.

  • Non-Availability Charges has the meaning set forth in the CAISO Tariff.

  • Maximum Available Amount means, on any date of determination, an amount equal to the lesser of:

  • Maximum Available Commitment means, subject to the proviso contained in the third sentence of Section 2.02(a), at any time of determination, (a) the Maximum Commitment at such time less (b) the aggregate amount of each Interest Advance outstanding at such time; provided that following a Provider Advance or a Final Advance, the Maximum Available Commitment shall be zero.

  • Final Availability Date means the earlier of the Revolving Termination Date and one (1) Business Day prior to the date specified in clause (a) of the definition of Revolving Termination Date.

  • Formula Amount shall have the meaning set forth in Section 2.1(a).