Excess Availability means, as of any date of determination, the amount equal to Availability minus the aggregate amount, if any, of all trade payables of Borrower and its Subsidiaries aged in excess of historical levels with respect thereto and all book overdrafts of Borrower and its Subsidiaries in excess of historical practices with respect thereto, in each case as determined by Agent in its Permitted Discretion.

Excess Availability means, as of any date of determination, the amount equal to Availability minus the aggregate amount, if any, of all trade payables of Parent and its Subsidiaries aged in excess of historical levels with respect thereto and all book overdrafts of Parent and its Subsidiaries in excess of historical practices with respect thereto, in each case as determined by Agent in its Permitted Discretion.

Excess Availability means, as of any date of determination, the excess, if any, of (a) the Loan Cap, over (b) the Total Outstandings.

Examples of Excess Availability in a sentence

Administrative Agent shall have received evidence that the Borrowers have (i) Excess Availability of not less than $3,000,000 and (ii) Consolidated EBITDA of at least $2,000,000 for the trailing twelve month period calculated on a consolidated basis for Holdings and its Subsidiaries as of June 30, 2020.
Each such prepayment shall be applied to the installments of principal due under the Term Loan in the order of application designated by Borrower; provided, that, Borrower shall only be required to make such prepayments to the extent that, after giving effect thereto, Excess Availability would be at least $3,000,000.
Unless an Excess Availability Triggering Event or a Default or Event of Default has occurred and is continuing, the Administrative Agent waives Cash Dominion except for the Collection Accounts designated in the Accounts Side Letter.
The Credit Parties and their Subsidiaries shall maintain Excess Availability at all times equal or greater than the greater of (i) $3,000,000 and (ii) 7.5% of the Line Cap.
The Collateral Agent may, at Borrowers’ expense, conduct up to two visits per year; provided, that, if a Default or Event of Default has occurred and is continuing, or if an Excess Availability Triggering Event has occurred and prior to the Cure Date, the Collateral Agent may perform an additional visit at Borrowers’ expense.

More Definitions of Excess Availability

Excess Availability means, at any time, (a) the Maximum Credit at such time minus (b) the aggregate Revolving Credit Outstandings at such time.

Excess Availability means, as of any date of determination thereof by the Administrative Agent, the result, if a positive number, of:

Excess Availability means, as of any time the same is to be determined, the amount (if any) by which (a) the lesser of the Borrowing Base as then determined and computed or the Revolving Credit Commitment as then in effect exceeds (b) the aggregate principal amount of Revolving Loans, Swing Loans and L/C Obligations then outstanding.

Excess Availability means, as of any date of determination, the amount equal to (a) Availability minus (b) the aggregate amount of all trade payables owed to suppliers of Borrower which are more than sixty (60) days past due as of such time.

Excess Availability means the amount, as determined by Agent, calculated at any time, equal to:

Excess Availability means, as of any date of determination, the amount equal to Availability.