Common use of Closing Excess Availability Clause in Contracts

Closing Excess Availability. The amount equal to (a) the Excess Availability as of the Closing Date plus unrestricted cash on the balance sheet of the Borrowers minus (b) the aggregate amount of all then outstanding and unpaid trade payables and other obligations of each Borrower which are outstanding more than 30 days past due as of the end of the immediately preceding month (other than trade payables or other obligations being contested or disputed by a Borrower in good faith) and without duplication, all book overdrafts of Borrowers, shall be not less than $10,000,000 after giving effect to the initial Term Loan, the initial Revolving Loans and Letters of Credit made in connection with the initial transactions hereunder and after payment of all fees and expenses payable on the Closing Date (or any Reserves in respect thereof).

Closing Excess Availability. The amount equal to (a) the Excess Availability as of the Closing Date plus unrestricted cash on the balance sheet of the Borrowers minus (b) the aggregate amount of all then outstanding and unpaid trade payables and other obligations of each Borrower which are outstanding more than 30 days past due as of the end of the immediately preceding month (other than trade payables or other obligations being contested or disputed by a Borrower in good faith) and without duplication, all book overdrafts of Borrowers, shall be not less than $10,000,000 after giving effect to the initial Term Loan, the initial Revolving Loans and Letters of Credit made in connection with the initial transactions hereunder and after payment of all fees and expenses payable on the Closing Date (or any Reserves in respect thereof).