Maximum Borrowing Availability definition

Maximum Borrowing Availability means, at any time, an amount equal to the lesser of (a) the Aggregate Revolving Loan Commitment then in effect and (b) the result of (i) the Borrowing Base at such time minus (ii) the Availability Block at such time.
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Maximum Borrowing Availability has the meaning specified in the ABL Credit Agreement, as in effect on the Closing Date.
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Examples of Maximum Borrowing Availability in a sentence

  • If at any time the then Aggregate Revolving Exposure exceeds the Maximum Borrowing Availability (other than as a result of an Overadvance permitted pursuant to Section 1.1(a)(ii)), then the Borrowers shall immediately prepay outstanding Revolving Loans and then cash collateralize (in accordance herewith and in a manner satisfactory to the L/C Issuers) outstanding Letters of Credit in an amount sufficient to eliminate such excess.

  • If at any time, the Aggregate UK Exposure exceeds UK Maximum Borrowing Availability then in effect, then (a) until the Discharge of Applicable ABL Priority Obligations, the UK Borrower shall immediately prepay first, the ABL UK Revolver Loans and then, the UK Term Loans, and (b) thereafter, the UK Borrower shall immediately prepay the UK Term Loans, in each case in an amount to eliminate such excess.

  • If at any time, the Aggregate US Exposure exceeds US Maximum Borrowing Availability then in effect, then (a) until the Discharge of Applicable ABL Priority Obligations, the US Borrowers shall immediately prepay first, the ABL US Revolver Loans and, then, the US Term Loans and (b) thereafter, the US Borrowers shall immediately prepay the US Term Loans, in each case in an amount to eliminate such excess.

  • Each Lender agrees, severally on a Pro Rata basis up to its Term Commitment, on the terms set forth herein, to make a Term Loan to Borrower on the Closing Date; provided, however, that, on the Closing Date, after giving effect to the making of the Term Loans, (x) the Aggregate Exposure shall not exceed Maximum Borrowing Availability and (y) the Term Exposure of any Lender shall not exceed such Lender’s Term Commitment.

  • Subject to the terms and conditions hereof and in reliance upon the warranties of the Borrower herein, Bank agrees to make Advances under the Line of Credit from time to time, at the request of Borrower, from the Effective Date until the Maturity Date, during which period the Borrower may repay and reborrow in accordance with the provisions hereof; provided that the Principal Amount of all outstanding Advances shall not at any time exceed the Maximum Borrowing Availability.

  • Each US Lender agrees, severally (and not jointly) on a Pro Rata basis up to its US Term Commitment, on the terms set forth herein, to make US Term Loans in Dollars to US Borrowers on the Closing Date; provided, however, that, on the Closing Date, after giving effect to the making of the US Term Loans, (x) the Aggregate US Exposure shall not exceed US Maximum Borrowing Availability and (y) the US Term Exposure of any US Lender shall not exceed such US Lender’s Term Commitment.

  • Each UK Lender agrees, severally (and not jointly) on a Pro Rata basis up to its UK Term Commitment, on the terms set forth herein, to make UK Term Loans in Dollars to UK Borrower on the Closing Date; provided, however, that, on the Closing Date, after giving effect to the making of the UK Term Loans, (x) the Aggregate UK Exposure shall not exceed UK Maximum Borrowing Availability and (y) the UK Term Exposure of any UK Lender shall not exceed such UK Lender’s Term Commitment.

  • If at any time, the Aggregate Exposure exceeds Maximum Borrowing Availability then in effect, then (a) until the Discharge of ABL Priority Obligations, the Borrower shall immediately prepay the Revolving Loans, and (b) thereafter, the Borrower shall immediately prepay the Term Loans, for the respective accounts of the Lenders in accordance with their Pro Rata share thereof, in each case in an amount to eliminate such excess.

Related to Maximum Borrowing Availability

  • Borrowing Availability means, as of any date of determination, the lesser of (i) the Maximum Amount and (ii) the Borrowing Base, in each case, less the sum of the aggregate Revolving Loan and Swing Line Loan then outstanding.

  • Minimum Borrowing Amount means, with respect to any Borrowing of Loans, $500,000 (or, if less, the entire remaining Commitments at the time of such Borrowing).

  • Revolving Loan Availability means, at any time, the Revolving Loan Limit minus the Revolving Loan Outstandings.

  • Revolving Credit Availability means, at any particular time, the amount by which (x) the Aggregate Revolving Loan Commitment at such time exceeds (y) the Dollar Amount of the Revolving Credit Obligations outstanding at such time.

  • Revolving Availability means, at the time of determination, (a) the sum of all Revolving Commitments at such time less (b) the sum of (i) the principal amount of Revolving Loans and Swing Loans made and outstanding at such time and (ii) the LC Outstandings at such time.

  • Revolving Credit Availability Period means the period from and including the Effective Date to but excluding the earlier of the Revolving Credit Commitment Termination Date and the date of termination of the Revolving Credit Commitments.

  • Canadian Availability means, as of any date of determination, the amount (if any) by which (a) Canadian Available Credit, exceeds (b) the sum of the aggregate Dollar Equivalent of (i) Revolver Credit Advances made to the Canadian Borrowers plus (ii) the Canadian Borrowers’ Letter of Credit Obligations (other than the Canadian Borrowers’ Letter of Credit Obligations cash collateralized in accordance with the terms of the Loan Documents).

  • 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.

  • Aggregate Borrowing Base means the aggregate amount of the U.S. Borrowing Base and the Canadian Borrowing Base; provided that the maximum amount of the Canadian Borrowing Base which may be included in the Aggregate Borrowing Base is the Canadian Sublimit.

  • Revolving Availability Period means the period from and including the Effective Date to but excluding the earlier of the Revolving Maturity Date and the date of termination of the Revolving Commitments.

  • Term Loan Availability Period means the period starting on the Effective Date and ending on the End Date.

  • 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.

  • Aggregate Revolver Outstandings means, at any date of determination: the sum of (a) the unpaid balance of Revolving Loans, (b) the aggregate amount of Pending Revolving Loans, (c) one hundred percent (100%) of the aggregate undrawn face amount of all outstanding Letters of Credit, and (d) the aggregate amount of any unpaid reimbursement obligations in respect of Letters of Credit.

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

  • Maximum Facility Amount means the aggregate Commitments as then in effect, which amount shall not exceed $200,000,000; provided that at all times after the Reinvestment Period, the Maximum Facility Amount shall mean the aggregate Advances Outstanding at such time.

  • Revolving Facility Usage means at any time the sum of the outstanding Revolving Credit Loans, the outstanding Swing Loans, and the Letter of Credit Obligations.

  • Borrowing Limit has the meaning set forth in Section 1.1(a)(i).

  • Revolver Usage means, as of any date of determination, the sum of (a) the amount of outstanding Advances, plus (b) the amount of the Letter of Credit Usage.

  • 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.

  • Revolving Loan Limit means, at any time, the lesser of (a) the Revolving Loan Commitment and (b) the Borrowing Base.

  • U.S. Borrowing Base means, as of any date of determination, the result of:

  • Revolving Loan Outstandings means, at any time of calculation, (a) the then existing aggregate outstanding principal amount of Revolving Loans, and (b) when used with reference to any single Lender, the then existing outstanding principal amount of Revolving Loans advanced by such Lender.

  • Maximum Revolving Advance Amount means $25,000,000.

  • Maximum Credit Amount means, as to each Lender, the amount set forth opposite such Lender’s name on Annex I under the caption “Maximum Credit Amounts”, as the same may be (a) reduced or terminated from time to time in connection with a reduction or termination of the Aggregate Maximum Credit Amounts pursuant to Section 2.06(b) or (b) modified from time to time pursuant to any assignment permitted by Section 12.04(b).

  • Maximum Revolving Credit Amount means $85,000,000.00.

  • 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.