Examples of Permanent Reserve in a sentence
Excess Availability - the amount by which the sum of (i) the Domestic Borrowing Base (as calculated without reference to the Permanent Reserve Amount) plus (ii) the Canadian Borrowing Base Amount exceeds the Obligations.
Not Applicable (d) Inventory Sublimit(s): (i) Overall sublimit on advances against Eligible Inventory $750,000 or, if less, the aggregate advances against Accounts at any time of determination (ii) Sublimit on advances against finished goods Not Applicable (iii) Sublimit on advances against raw materials Not Applicable (e) Credit Accommodation Limit: $500,000 (f) Permanent Reserve Amount: Not Applicable (g) Overadvance Amount: Not Applicable 2.
The failure to maintain Excess Availability (before giving effect to the Permanent Reserve) of at least Two Million Dollars ($2,000,000) at all times during the thirty (30) days immediately following the date of any such repurchase or redemption shall be deemed an Event of Default hereunder.” The repurchases and redemptions permitted under the foregoing proviso shall be in addition to those consented to in Section 2(a) of the Seventh Amendment to Loan and Security Agreement dated as of November 28, 2007.
For the purposes of this Section 2.9(b), “Unused Amount” means the Maximum Line Amount reduced by (i) the outstanding Revolving Advances, (ii) the Real Estate Reserve, (iii) the Permanent Reserve, and (iv) the Letter of Credit Reserve.