Minimum Availability Reserve means an amount equal to the product of the then applicable Maximum Revolver Amount times 7.5%.
Minimum Availability Reserve means at all times $10,000,000.
Minimum Availability Reserve means a reserve in the amount of $1,000,000; provided, however, that during the period beginning March 20, 2015, through and including June 20, 2015, the Minimum Availability Reserve shall be deemed to be $0.
Examples of Minimum Availability Reserve in a sentence
Average Adjusted Availability - for any period, an amount equal to the sum of (i) the actual amount of Availability on each day during such period, plus (ii) the Minimum Availability Reserve in effect on each day during such period, each as determined by Agent, divided by the number of days in such period.
Excess Availability (without giving effect to the Minimum Availability Reserve for purposes of calculating Availability) shall not be less than the then-applicable Minimum Excess Availability at the end of any calendar day.
If the Borrowers elect to exercise the one-time Financial Covenant Option and, consequently, the Minimum Availability Reserve of $15,000,000 is released, the Fixed Charge Coverage Ratio of the Consolidated Parties shall thereafter be tested as set forth above.
The aggregate balance of Advances outstanding at any time shall not exceed the lesser of (a) the Maximum Loan Amount, less the Maximum Undrawn Amount of all issued and outstanding Letters of Credit, less the Minimum Availability Reserve or (b) the Formula Amount.
Notwithstanding anything to the contrary contained in this Section 7.22, for so long as the Borrowers have not exercised the one-time Financial Covenant Option and, consequently, the Minimum Availability Reserve of $15,000,000 continues to exist, the Fixed Charge Coverage Ratio of the Consolidated Parties shall not be tested.
More Definitions of Minimum Availability Reserve
Minimum Availability Reserve means (i) $0.00 as of the Closing Date and for each day during each fiscal quarter immediately following any fiscal quarter end in which the Fixed Charge Coverage Ratio of Borrowers calculated for the trailing twelve month period ending on such fiscal quarter end is at least
Minimum Availability Reserve means, on any date of determination, a Reserve equal to an amount not less than the Weekly Flex Payroll Amount on such date.
Minimum Availability Reserve means a reserve against Borrowing Availability in the amount of $2,500,000. “Moody’s” means Xxxxx’x Investor’s Service, Inc. “Mortgages” means each of the mortgages, deeds of trust, leasehold mortgages, leasehold deeds of trust, collateral assignments of leases or other real estate security documents delivered by any Credit Party to Agent on behalf of itself and Lenders with respect to the Real Estate, in each case as amended, modified or supplemented from time to time. “Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA, and to which any Credit Party or ERISA Affiliate is making or is obligated to make contributions on behalf of participants who are or were employed by any of them or with respect to which it has any liability. “Net Orderly Liquidation Value” shall mean, at any time, as to any Eligible Inventory, the net orderly liquidation value determined most recently at or prior to such time in writing by an independent appraiser mutually agreed upon by Agent and the Credit Parties, each such determination to be made using the same basis and or approach to valuation consistent with the approach used in the initial determination and calculating the orderly liquidation value net of liquidation costs. “Net Proceeds” means the aggregate cash proceeds received by the Credit Parties or any of their respective Subsidiaries in respect of any Asset Disposition (including, without limitation, insurance proceeds, awards of condemnation and any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Disposition), net of the direct costs relating to such Asset Disposition (including, without limitation, legal, accounting and investment banking fees, and sales commissions) and any relocation expenses incurred as a result thereof, taxes paid or payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements), the amounts required to be applied to the payment of Indebtedness secured by a Lien on the asset or assets that were the subject of the Asset Disposition, and any reserve for adjustment in respect of the sale price of such asset or assets established in accordance with GAAP. “Non-Consenting Lender” has the meaning ascribed to it in Section 9.19(c). “Non-Funding Lender” has the meaning ascribed to it in Section 8.5(a). “Notes” means the Revolving Note and the Term Note. “Notice of Conversion/Continuation” has the mea...
Minimum Availability Reserve means, on any date of determination, a Reserve equal to an amount not less than the Weekly Flex Payroll Amount on such date, provided that on any date that the Borrowers shall have a Fixed Charge Coverage Ratio of less than 1.25 to 1.00 as of the last day of the most recent fiscal month end for the period of six (6) fiscal months then ending (the period of time during which the Borrowers shall have failed to maintain such Fixed Charge Coverage Ratio is referred to herein as a “Weekly Flex Payroll Amount Trigger Period”), the “Minimum Availability Reserve” will be equal to 200% of the Weekly Flex Payroll Amount on each such date during the Weekly Flex Payroll Amount Trigger Period.
Minimum Availability Reserve means a Reserve of $15,000,000, which shall remain in place unless and until the Financial Covenant Option is exercised.
Minimum Availability Reserve means (i) $0.00 as of the Closing Date and for each day during each fiscal quarter immediately following any fiscal quarter end in which the Fixed Charge Coverage Ratio of Borrowers calculated for the trailing twelve month period ending on such fiscal quarter end is at least 2.0 to 1.0 and (ii) $5,000,000.00 at all other times. For purposes of determining the amount of the Minimum Availability Reserve, the Fixed Charge Coverage Ratio shall be calculated as of the first Business Day following receipt by Agent of the quarterly financial statements of Borrowers on a Consolidated Basis required under Section 9.8 for the previous fiscal quarter (each day of such delivery, an “Adjustment Date”), and the Minimum Availability Reserve shall be adjusted, if necessary, as of the first Business Day following the Adjustment Date. If Borrowers shall fail to deliver the financial statements, certificates and/or other information required under Sections 9.7 or 9.8 by the dates required pursuant to such sections, the Minimum Availability Reserve shall be conclusively presumed to equal $5,000,000 until the date of delivery of such financial statements, certificates and/or other information, at which time the reserve will be adjusted based upon the Fixed Charge Coverage Ratio reflected in such statements.
Minimum Availability Reserve means (i) the amount of $3,000,000 from the Amendment Date through the first Anniversary date and (ii) on and after the first Anniversary Date “Minimum Availability Reserve” as defined in the CIT Financing Agreement. Mortgages shall mean the mortgages, deeds of trust, leasehold mortgages, leasehold deeds of trust, assignments of leases, subleases and rents, including any assignments and modifications thereof, executed and to be executed by the Company which owns or leases such Real Estate on or about the Closing Date in favor of the Lender and by which such Company shall grant and convey to the Lender, as security for the Obligations, liens and security interests upon the Real Estate owned or leased by such Company.