Excess and Suppressed Availability definition
Excess and Suppressed Availability means the amount, as determined by Agent, calculated at any time, equal to: (a) the sum of (i) the Borrowing Base (after giving effect to any Reserves), plus (ii cash and Cash Equivalents of Borrowers and Obligors which are (A) subject to a perfected first priority security interest in favor of Agent and Lenders and (B) available to Borrowers without restriction or condition, but in no event shall include funds held at Borrowers' Retail Store Subsidiaries or in deposit accounts used by the Retail Store Subsidiaries, plus (ii Credit Balance Cash Collateral, minus (b) ----- the sum of: (i) the amount of all then outstanding and unpaid Obligations (but not including for this purpose the outstanding principal amount of the Term Loan), plus (ii the aggregate amount of all then outstanding and unpaid trade payables and other obligations of Borrowers and Obligors which are outstanding more than sixty (60) days past due as of such time, 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 such time, but not yet sent.
Examples of Excess and Suppressed Availability in a sentence
At any time that Excess and Suppressed Availability is less than $50,000,000 at anytime within a fiscal quarter, Parent and its Subsidiaries on a consolidated basis shall, as of the end of such fiscal quarter of Parent, maintain EBITDA, for the twelve (12) consecutive months then ended of at least $115,000,000.