Excess Availability definition

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.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

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

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.

Examples of Excess Availability in a sentence

• For purposes of calculating ABL Excess Availability as of the date hereof, the Lead Borrower, on behalf of the Borrowers, shall certify to the Administrative Agent that (i) all lease payments, accounts payable, payments due under Indebtedness (other than the Obligations) and Taxes are current, or are otherwise in accordance in all material respects with ordinary course payment practices of the Borrowers, in each case, excluding good faith disputes.

• Permit Excess Availability at any time to be less than the greater of (a) 10% of the Global Line Cap and (b) $35,000,000.

• At all times, maintain ABL Excess Availability of at least the greater of (x) ten percent (10%) of the Global Line Cap and (y) $35,000,000.

• For purposes of calculating Excess Availability pursuant to this clause (c), the Lead Borrower, on behalf of the Borrowers, shall certify to the Administrative Agent that all lease payments, accounts payable, payments due under Indebtedness (other than the Obligations) and Taxes are current, or are otherwise in accordance in all material respects with ordinary course payment practices of the Borrowers, in each case, excluding good faith disputes.

• Minimum Excess Availability............................................................................

More Definitions of Excess Availability

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

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, the amount equal to Availability.

Excess Availability means, at any time, (a) the Line Cap at such time minus (b) the Revolving Facility Credit Exposure at such time.

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 Availability minus without duplication the aggregate amount, if any, of all trade payables of the Loan Parties and their Subsidiaries that are due and owing and aged in excess of 90 days and all book overdrafts of the Loan Parties and their Subsidiaries in excess of 90 days.