Minimum Availability Reserve definition

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.

Examples of Minimum Availability Reserve in a sentence

• 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.

• Adjusted Availability - on any date, an amount equal to the sum of (i) Availability, (ii) Domestic Cash on Hand, as determined by Lender based upon reports provided to Lender pursuant to Section 9.1.10 of the Agreement, and (iii) the Minimum Availability Reserve, in each case on such date.

• 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.

• The application must describe the resources that the State and its partners (including both the participating payers and participating providers) are relying on to implement the demonstration.

• 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.

More Definitions of Minimum Availability Reserve

Minimum Availability Reserve is amended in its entirety to read as follows:

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 $5,000,000.

Minimum Availability Reserve means $5,000,000 (or such lesser amount as Agent may determine in its sole discretion.)

Minimum Availability Reserve means the sum of $1,000,000.00, provided however, (i) if subsequent to the Closing Date the Company obtains a cash equity investment in an amount not less than $2,500,000.00 and the Company does not directly or indirectly apply all or any portion of such equity investment to the full or partial payment or prepayment of the Subordinated Debt or to the indebtedness evidenced by the Promissory Notes described in Schedule 7 attached hereto, and if no Event of Default exists, then the Minimum Availability Reserve shall be reduced by $500,000.00 and/or (ii) upon CIT's receipt and satisfactory review of the audited unqualified Consolidated Profit and Loss Statements and Consolidating Profit and Loss Statements of the Debtor for the twelve month fiscal period ending December 31, 2001, and provided that such Profit and Loss Statements disclose a minimum net income (net of extraordinary and non-recurring income) for the period then ending of at least $2,236,500.00 and further provided that no Event of Default exists, the Minimum Availability Reserve shall be reduced by $500,000.00. If the Company satisfies the Minimum Availability Reserve reduction requirements set forth in clauses (i) and (ii), then the Minimum Availability Reserve shall be zero.

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, on any date of determination, a Reserve equal to an amount not less than the Weekly Flex Payroll Amount on such date.