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.
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 outstanding Letters of Credit, minus (b) the sum of (i) the outstanding amount of Advances (other than the Term Loan) plus (ii) all amounts due and owing to any Borrower’s trade creditors which are outstanding sixty (60) days or more past their due date, plus (iii) fees and expenses incurred in connection with the Transactions for which Borrowers are liable but which have not been paid or charged to Borrowers’ Account.
Undrawn Availability at a particular date shall mean an amount equal to (a) the sum of all cash in Depository Accounts plus the lesser of (i) the Formula Amount or (ii) the Maximum Revolving Advance Amount minus the Maximum Undrawn Amount of all outstanding Letters of Credit, minus (b) the sum of (i) the outstanding amount of Advances (other than the Equipment Loans and Term Loans) plus (ii) fees and expenses incurred in connection with the Transactions for which Borrowers are liable but which have not been paid or charged to Borrowers’ Account.
Examples of Undrawn Availability in a sentence
After giving effect to the initial Loans and Advances and all other Closing Date transactions, Borrowers’ Undrawn Availability is at least $1,500,000.
Borrowers shall, at all times, maintain Undrawn Availability of not less than $1,500,000; provided, however, if Adjusted EBITDA is less than the amounts set forth for the Test Period on Schedule 2.10, $1,500,000 shall be deemed automatically increased to $3,000,000 until such time as Borrowers demonstrate Adjusted EBITDA in excess of the amounts set forth for the Test Period on Schedule 2.10.
More Definitions of Undrawn Availability
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 (b) the sum of (i) the outstanding amount of Advances (other than the Term Loan) plus (ii) all amounts due and owing to any Borrower’s trade creditors which are more than sixty (60) days past due, plus (iii) fees and expenses for which Borrowers are liable but which have not been paid or charged to Borrowers’ Account..
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 amount of reserves (if any) established in accordance with Section 2.1(a)(y)(vii), minus (b) the sum of (i) the outstanding amount of Advances plus (ii) all amounts due and owing to any Borrower’s trade creditors which are sixty (60) days or more past due, plus (iii) fees and expenses for which Borrowers are liable but which have not been paid or charged to Borrowers’ Account.
Undrawn Availability shall have the meaning provided for in the Revolving Loan Agreement (as in effect on the date hereof).
Undrawn Availability at a particular date means an amount equal to (a) the lesser of (i) the Borrowing Base or (ii) the Maximum Revolving Advance Amount, minus (b) the sum of (i) the outstanding amount of Advances (other than the Term Loan) plus (ii) fees and expenses for which Borrower is liable but which have not been paid or charged to Borrower's Account plus (iii) any Coverage Shortfall.
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 outstanding Letters of Credit, minus (b) the sum of (i) the outstanding amount of Advances (other than the Term Loan) plus (ii) all amounts due and owing to any Borrower’s trade creditors which are for sixty (60) days beyond the due date thereof, plus (iii) the aggregate amount of fees and expenses due and payable to Agent and Xxxxxxx hereunder for which each Borrower has been invoiced and is liable but which have not been paid or charged to such Xxxxxxxx’s Account.
Undrawn Availability means as of each date of determination, (a) the Available Loan Commitment minus (b) the Outstanding Credit Exposure at such time.
Undrawn Availability at a particular date shall mean an amount equal to (a) Availability, minus (b) the sum of the outstanding amount of Advances.