Facility Availability definition

Facility Availability means, at any time, an amount equal to (i) the lesser of (x) the aggregate amount of the Lenders’ Commitments at such time and (y) the Borrowing Base, at such time, less (ii) the Total Outstanding Amount at such time.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Facility Availability means, on any Business Day, the excess of (a) the lesser of (i) the Facility Limit on such date and (ii) the Borrowing Base on such date, over (b) the Outstanding Loan Amount on such date.

Facility Availability means, with respect to any date of determination during the Revolving Commitment Period, (i) all Collections on deposit in the Disbursement Account, minus (ii) for any date of determination, the product of (x) 1.10 and (y) the total amount of funds projected to be distributed pursuant to Section 2.10(a)(i), (ii) and (iii) on the immediately succeeding Settlement Date, in each case as determined by the Administrative Agent in its sole discretion.

Examples of Facility Availability in a sentence

• The Closing Date shall occur during the Fixed Facility Availability Period.

• On or after the Closing Date but prior to the Facility Availability Period Expiration Date, upon the satisfaction of all conditions set forth in Article 3(b) for the initial Transaction and Article 3(c) for each Transaction (including the initial Transaction), the related Eligible Asset shall be transferred to Purchaser against the transfer of the Purchase Price therefor to an account of Seller.

• Lender agrees to make Fixed Advances to Borrower from time to time during the Fixed Facility Availability Period.

• Thus, while Maintenance is important to ensuring Availability, drastic increases in Maintenance will not lead to substantial improvements in Transmission Facility Availability and associated grid reliability.

• If at any date the Total Revolving Extensions of Credit exceed the Maximum Facility Availability calculated as of such date, the Borrower shall prepay the Loans and the outstanding Letters of Credit shall be Cash Collateralized within three Business Days of such date in an aggregate amount equal to or greater than such excess so that the Total Revolving Extensions of Credit no longer exceed the Maximum Facility Availability as of such date.

More Definitions of Facility Availability

Facility Availability means whether or not a facility is available in a manner to satisfy the concurrency management system.

Facility Availability means the sum of the Facility Availability (Revolving Loans) and the Facility Availability (Term Loans).

Facility Availability means the maximum aggregate amount available to be paid by the Bank to the Sellers not exceeding the Facility Limit, being at any time:

Facility Availability at a particular date shall mean an amount equal to (a) the lesser of (i) the Formula Amount or (ii) the Maximum Revolving Advance Amount minus the Maximum Undrawn Amount of all outstanding Letters of Credit, minus (b) the outstanding amount of Advances (other than the Term Loan).

Facility Availability means, as of any date, the difference between (i) the Borrowing Base on such date and (ii) the outstanding principal amount of the Loans, together with all accrued interest, fees, costs and any other amounts then due from Borrower under this Agreement on such date.

Facility Availability as defined in the Existing Credit Agreement.

Facility Availability means, with respect to any date of determination during the Revolving Commitment Period, (i) all Collections on deposit in each Disbursement Account, minus (ii) for any date of determination, the product of (x) 1.10 and (y) the total amount of funds projected to be distributed pursuant to Section 2.10(a)(i), 2.10(a)(ii), 2.10(a)(iii), 2.10(b)(i), 2.10(b)(ii) and 2.10(b)(iii) on the immediately succeeding Settlement Date, in each case as determined by the Administrative Agent in its sole discretion.