Specified Excess Availability definition

Specified Excess Availability means, at any time, the sum of (a) Excess Availability at such time, plus (b) Suppressed Availability at such time.

Specified Excess Availability means, as of any date of determination thereof, the sum of (a) Excess Availability and (b) the lesser of (i) the Excess Borrowing Base and (ii) 2.50% of the Revolving Credit Commitments.

Specified Excess Availability as of any date of determination, an amount equal to the sum of (a) Excess Availability and (b) Specified Suppressed Availability.

Examples of Specified Excess Availability in a sentence

• The occurrence of a Specified Liquidity Event shall be deemed continuing notwithstanding that Specified Excess Availability may thereafter exceed the amount set forth in the preceding sentence unless and until the Specified Excess Availability exceeds the greater of (i) $150.0100.0 million and (ii) 10% of the lesser of (A) the Borrowing Base and (B) the Total Facility Commitment for 30 consecutive days, in which event a Specified Liquidity Event shall no longer be deemed to be continuing.

• On and after the Closing Date, at any time Specified Excess Availability is less than the greater of (i) $7,500,000 and (ii) 10.0% of the Line Cap (the “Financial Covenant Triggering Event”), permit the Fixed Charge Coverage Ratio for the Test Period most recently ended and for any Test Period during which time as such Financial Covenant Triggering Event shall be continuing to be less than 1.00 to 1.00 (the “Springing Financial Covenant”).

• At the option of the Canadian Borrowers, initially, Canadian BA Rate plus 1.50% or Canadian Prime Rate plus 0.50%, which margins shall be subject to one step-down of 0.25% and one step-up of 0.25% commencing at the completion of the first full fiscal quarter completed after the Closing Date based on the daily average Specified Excess Availability with respect to the ABL Facility during the preceding quarter greater than 66.7% and less than 33.3%, respectively of the Line Cap.

• At the option of the U.S. Borrowers, initially, Adjusted LIBOR plus 1.50% or ABR plus 0.50%, which margins shall be subject to one step-down of 0.25% and one step-up of 0.25% commencing at the completion of the first full fiscal quarter completed after the Closing Date based on the daily average Specified Excess Availability with respect to the ABL Facility during the preceding quarter greater than 66.7% and less than 33.3%, respectively of the Line Cap.

• In addition, in the event that a lesser amount of indebtedness is required to fund the Transactions for any reason, you may reduce the Initial Lenders’ commitments with respect to the ABL Facility (on a pro rata basis amongst the Initial Lenders in the ABL Facility); provided, fixed dollar thresholds in respect of triggers based on Specified Excess Availability or Excess Availability shall be automatically reduced accordingly.

More Definitions of Specified Excess Availability

Specified Excess Availability means the sum of (i) Excess Availability and (ii) the amount by which the Borrowing Base at such time exceeds the Revolving Facility Commitments, up to an amount not to exceed 2.5% of Revolving Facility Commitments.

Specified Excess Availability means the sum of (i) Excess Availability plus (ii) the amount (if any, and not to be less than zero or greater than 5% of the Aggregate ABL Commitments) by which the Borrowing Base (calculated excluding the Supplemental Amount) then in effect exceeds Aggregate ABL Commitments.

Specified Excess Availability means, as of any date of determination thereof, the sum of (a) Excess Availability, plus (b) the Excess Borrowing Base; provided that, in no event shall any increase pursuant to this clause (b) exceed for any purpose 5.00% of the Line Cap at such time plus (c) so long as Excess Availability is not less than zero, the amount of any Letters of Credit that are Cash Collateralized with the Administrative Agent in accordance with Section 2.03(f) at such time.

Specified Excess Availability means, at any time, the sum of (a) Availability at such time plus (b) 5.0% of Specified Suppressed Availability (which shall not be less than zero) at such time.

Specified Excess Availability means, at any time, the sum of (i) Excess Availability at such time and (ii) the positive difference (if any) by which the Borrowing Base at such time exceeds the Aggregate Commitments at such time, up to an amount not to exceed 5% of the Aggregate Commitments at such time.

Specified Excess Availability means the sum of (a) Excess Availability at such time plus (b) Suppressed Availability (which shall not be less than zero) at such time. “Suppressed Availability” means an amount, if positive, by which the Borrowing Base exceeds the aggregate amount of the commitments under the ABL Facility; provided, for the purposes of calculating Specified Excess Availability, Suppressed Availability shall not exceed 2.5% of the aggregate commitments under the ABL Facility at any time.

Specified Excess Availability means the sum of (i) Excess Availability and (ii) the amount by which the Borrowing Base at such time exceeds the Aggregate Revolving Credit Commitments, up to an amount for this clause (ii) not to exceed 2.50% of the Aggregate Revolving Credit Commitments. “Spot Rate” for a currency shall mean the rate determined by the Administrative Agent or an L/C Issuer, as applicable, to be the rate quoted by the Person acting in such capacity as the spot rate for the purchase by such Person of such currency with another currency through its principal foreign exchange trading office at approximately 11:00 a.m. on the date two Business Days prior to the date as of which the foreign exchange computation is made; provided that the Administrative Agent or any L/C Issuer, as applicable, may obtain such spot rate from another financial institution