Adjusted Excess Availability definition

Adjusted Excess Availability means, at any time, an amount, expressed in Dollars, equal to (a) Excess Availability plus (b) Qualified Cash, in the case of this clause (b), in an aggregate amount not to exceed 5% of the lesser of (i) the Revolving Commitments of all of the Lenders and (ii) the Total Borrowing Base on the date of determination.

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Adjusted Excess Availability means, at any time of calculation, the sum of (a) Excess Availability plus (b) (x) for the period commencing on the Second Amendment Effective Date and continuing until the earlier of (1) March 31, 2020 and (2) the date of the first Borrowing following the Second Amendment Effective Date, Qualified Unrestricted Cash, and thereafter (y) the lesser of (1) Qualified Unrestricted Cash of the Borrowers and (2) $12,500,000.

Adjusted Excess Availability means, as of any date, the amount (if any) as of such date by which (i) the Line Cap, exceeds (ii) the sum on such date of (A) the aggregate principal amount of all Revolving Credit Loans (inclusive of Swingline Loans) then outstanding, plus (B) the aggregate undrawn amount of all unexpired Letters of Credit then outstanding, plus (C) the aggregate amount, if any, of all accounts payable of the Loan Parties and their Subsidiaries aged in excess of historical levels with respect thereto and all book overdrafts of the Loan Parties and their Subsidiaries in excess of historical practices with respect thereto, in each case as determined by Agent in its Permitted Discretion.

Examples of Adjusted Excess Availability in a sentence

After giving effect to all Loans to be made and all Letters of Credit to be issued on the Closing Date, Adjusted Excess Availability, after deduction for the amount of all costs, fees and expenses (including Lender Group Expenses) associated with the closing of the transactions contemplated hereby which have accrued, but which have not been paid by or on the Closing Date (either from the proceeds of the Loans or otherwise), shall exceed $45,000,000.
Any time either (a) an Event of Default shall have occurred or (b) the Excess Availability (or, if in effect, Adjusted Excess Availability) is less than the greater of (i) fifteen percent (15%) of the lesser of (A) the Aggregate Borrowing Base and (B) the Total Commitment and (ii) $65,000,000.
Adjusted Excess Availability ...................................................
As defined in the First Lien Credit Agreement; except that any reference therein to Excess Availability shall mean and refer to Adjusted Excess Availability.
After giving effect to all Loans to be made on the Effective Date and after giving effect to the Acquisition, (i) the Adjusted Excess Availability of the Loan Parties shall not be less than $25,000,000 and (ii) all liabilities of the Loan Parties (other than intercompany liabilities) shall not be past due unless such liabilities are the subject of a bona fide dispute for which adequate reserves have been set aside for the payment thereof in accordance with GAAP.

More Definitions of Adjusted Excess Availability

Adjusted Excess Availability means, as of any date of determination, the positive difference, if any, between (a) the Borrowing Base Amount as of such date minus any Reserves and (b) the Aggregate Revolving Exposure as of such date.

Adjusted Excess Availability means, as of any date of determination, Excess Availability as determined without including any Quarter End Borrowing as outstanding Revolving Loans or Floorplan Loans, as applicable, for the period commencing on the last day of the applicable fiscal quarter of Borrower and ending on the earlier to occur of (a) two (2) Business Days thereafter and (b) the date on which such Quarter End Borrowing is repaid in full.

Adjusted Excess Availability means Availability plus Qualified Unrestricted Cash.

Adjusted Excess Availability means, as of any date of determination, the excess, if any, of (a) the Borrowing Base minus (b) the outstanding Credit Extensions.

Adjusted Excess Availability means the amount, as determined by Agent, calculated at any date, equal to: (a) the Borrowing Base, minus (b) the amount of all then outstanding Revolving Loans, minus (c) the amount of all then outstanding Letter of Credit Accommodations.

Adjusted Excess Availability means, at any time, the amount equal to (a) the Excess Availability at such time minus (b) the sum of: (i) the aggregate amount of all then outstanding and unpaid trade payables and other obligations of Borrowers which are outstanding more than sixty (60) days past due as of the date of the calculation of the Borrowing Base for purposes of the closing of the Credit Facility (other than trade payables or other obligations being contested or disputed by Borrowers in good faith), plus (ii) without duplication, the amount of checks issued by Borrowers to pay trade payables and other obligations which are more than sixty (60) days past due as of the date of the calculation of the Borrowing Base for such purpose (other than trade payables or other obligations being contested or disputed by Borrowers in good faith), but not yet sent.

Adjusted Excess Availability means, as of the date of determination, Excess Availability less $7,500,000.