Minimum Borrowing Availability. Except for Overadvances outstanding under Section 1.1(a)(iii) and the greater minimum Borrowing Availability required at times and amounts set forth in Sections 2.1(d), 6.3(b) and 6.14, Borrower shall, at all times, cause the Borrowing Availability to exceed $5,000,000.
Minimum Borrowing Availability. Borrower shall maintain Borrowing Availability of not less than $5,000,000 at all times.
Minimum Borrowing Availability. Borrowers shall maintain at all times a Borrowing Availability of (i) on or before Agent's receipt of Financial Statements for the Fiscal Quarter ending December 31, 2001, $20,000,000 and (ii) thereafter, $10,000,000.
Minimum Borrowing Availability. Holdings and its Subsidiaries shall maintain Borrowing Availability of not less than, (i) for the period commencing on July 1, 2008 and ending on September 30, 2008, $2,000,000, (ii) for the period commencing on October 1, 2008 and ending on December 31, 2008, $4,000,000, and (iii) for the period commencing on January 1, 2009 and ending on the Commitment Termination Date, $5,000,000; provided, that in determining compliance with this minimum Borrowing Availability covenant, (A) the aggregate amount of Daily Reserves shall be excluded from the definition of “Reserves” for purposes of calculating Borrowing Availability and (B) Borrowing Availability shall be calculated on each Friday of each week as a daily average of the amount of Borrowing Availability for the preceding 5-day period (including for such calculations the Friday such calculation is made). EXHIBIT C
Minimum Borrowing Availability. Borrower shall maintain at all times minimum borrowing availability against the Borrowing Base of $500,000.
Minimum Borrowing Availability. THE BORROWER SHALL NOT PERMIT ITS BORROWING AVAILABILITY UNDER THE BORROWING BASE TO BE LESS THAN THE MINIMUM EXCESS AVAILABILITY AT ANY TIME.
Minimum Borrowing Availability. Borrower shall at all times have Borrowing Availability of at least $2,000,000. Unless otherwise specifically provided herein, any accounting term used in the Agreement shall have the meaning customarily given such term in accordance with GAAP, and all financial computations hereunder shall be computed in accordance with GAAP consistently applied. That certain items or computations are explicitly modified by the phrase ‘in accordance with GAAP’ shall in no way be construed to limit the foregoing. If any ‘Accounting Changes’ (as defined below) occur and such changes result in a change in the calculation of the financial covenants, standards or terms used in the Agreement or any other Loan Document, then Borrower, Agent and Lenders agree to enter into negotiations in order to amend such provisions of the Agreement so as to equitably reflect such Accounting Changes with the desired result that the criteria for evaluating Borrower’s and its Subsidiaries’ financial condition shall be the same after such Accounting Changes as if such Accounting Changes had not been made; provided, however, that the agreement of Requisite Lenders to any required amendments of such provisions shall be sufficient to bind all Lenders. ‘Accounting Changes’ means (i) changes in accounting principles required by the promulgation of any rule, regulation, pronouncement or opinion by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants (or successor thereto or any agency with similar functions), (ii) changes in accounting principles concurred in by Borrower’s certified public accountants; (iii) purchase accounting adjustments under A.P.B. 16 or 17 and EITF 88-16, and the application of the accounting principles set forth in FASB 109, including the establishment of reserves pursuant thereto and any subsequent reversal (in whole or in part) of such reserves; and (iv) the reversal of any reserves established as a result of purchase accounting adjustments. All such adjustments resulting from expenditures made subsequent to the Closing Date (including capitalization of costs and expenses or payment of pre-Closing Date liabilities) shall be treated as expenses in the period the expenditures are made and deducted as part of the calculation of EBITDA in such period. If Agent, Borrower and Requisite Lenders agree upon the required amendments, then after appropriate amendments have been executed and the underlying Accounting Change with respect thereto ...
Minimum Borrowing Availability. The Eligible Accounts, Eligible Rolling Stock and Eligible Real Estate supporting the initial Revolving Credit Advance, the initial Letter of Credit Obligations incurred, unrestricted cash and Cash Equivalents of Borrowers and the amount of the Reserves to be established on the Closing Date shall be sufficient in value, as determined by Administrative Agent, to provide Borrowers with Borrowing Availability, after giving effect to the initial Revolving Credit Advance made to Borrowers, the incurrence of any initial Letter of Credit Obligations and the consummation of the Related Transactions (on a pro forma basis and, except with respect to Prepetition obligations not paid by Borrowers in accordance with the "first day" orders described on Disclosure Schedule 2.1, with trade payables being paid currently and expenses and liabilities being paid in the ordinary course of business and without acceleration of sales) of at least Nineteen Million Dollars ($19,000,000);
Minimum Borrowing Availability. Borrower shall at all times have Borrowing Availability of at least $5,000,000; provided, however, that so long as Borrower’s unaudited quarterly Financial Statements for the Fiscal Quarter ending June 30, 2005 evidences the absence of any Increase Interest Rate Event, Borrower shall not be required to have a Minimum Borrowing Availability after delivery of such Financial Statements.
Minimum Borrowing Availability. Borrower shall at all times maintain Borrowing Availability at least equal to the Minimum Excess Availability. Without limitation of the foregoing, on each Liquidity Event Measurement Date, Borrower shall maintain (i) a rolling average Borrowing Availability for the prior two (2) weeks at least equal to $13,000,000 (including the Minimum Excess Availability) and (ii) Borrowing Availability at least equal to $10,000,000 on such Liquidity Event Measurement Date. The amount of Borrowing Availability required pursuant to the foregoing in excess of the Minimum Excess Availability shall, for each Liquidity Event Measurement Date for all purposes in the Agreement (including conditions to lending and required prepayments), be considered a reserve against Borrowing Availability. No Revolving Loans shall be available to Borrower to the extent that the making of such Revolving Loan would reduce Borrowing Availability below the Minimum Excess Availability, or as applicable, the additional Borrowing Availability required hereunder, and Borrower shall make any prepayments relating thereto as forth in Section 1.3(b); provided, however, that Agent in its sole discretion may make advances for the account of Lender to the extent permitted under Section 1.1(b)(iii).
