Low Availability Period definition

Low Availability Period means each period beginning on each Low Availability Trigger Date and ending on the first day of the second calendar month following the month in which such Low Availability Trigger Date occurs. For the avoidance of doubt, any two or more Low Availability Periods may run concurrently and/or consecutively and a Low Availability Period shall be deemed to remain in effect until all Low Availability Periods have ended.
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Low Availability Period means each period beginning on each Blockage Period Trigger Date and ending on the first day of the second calendar month following the month in which such Blockage Period Trigger Date occurs, provided, that if such Low Availability Period arises based exclusively on the occurrence or continuance of a Default or Event of Default, such Low Availability Period shall end on the date on which such Default or Event of Default shall be cured or waived. For the avoidance of doubt, any two or more Low Availability Periods may run concurrently and/or consecutively and a Low Availability Period shall be deemed to remain in effect until all Low Availability Periods have ended. The parties hereto acknowledge that a Low Availability Period exists on the Closing Date.
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Low Availability Period means each period beginning on each Low Availability Trigger Date and ending on the first day of the second calendar month following the month in which such Low Availability Trigger Date occurs, provided, that if such Low Availability Period arises based exclusively on the occurrence or continuance of a Default or Event of Default, such Low Availability Period shall end on the date on which such Default or Event of Default shall be cured or waived. For the avoidance of doubt, any two or more Low Availability Periods may run concurrently and/or consecutively and a Low Availability Period shall be deemed to remain in effect until all Low Availability Periods have ended. The parties hereto acknowledge that a Low Availability Period exists on the Closing Date. Low Availability Trigger Date: each date on which any of the following occur: (a) Availability is less than an amount equal to 15% of the total Revolver Commitments on such date, (b) any date on which a Default or Event of Default occurs or (c) any date on which an Event of Default is continuing.
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Examples of Low Availability Period in a sentence

  • Assuming no additional Low Availability Trigger Date or Double-Sided Application Trigger Date occurs following the Second Amendment Effective Date, the first date on which any Low Availability Period or Double-Sided Application Period may end is June 1, 2009.

  • The Obligors acknowledged that, as of the Second Amendment Effective Date, a Low Availability Period, a Double-Sided Application Period, and a Blockage Period are each in effect.

  • The Borrowers will not permit the Fixed Charge Coverage Ratio as of the last day of any fiscal month to be less than 1.10 to 1.00 for the Trailing Twelve Month Period ended as of such day, regardless of whether or not any Low Availability Period is in effect.” (bb) Amendment of Section 12.10.

  • The Obligated Parties will cause the Fixed Charge Coverage Ratio to be greater than 1.1 to 1.0 at all times during each Low Availability Period.

  • Neither any Obligated Party nor any of its Subsidiaries shall make or incur any Capital Expenditure during any Low Availability Period if, after giving effect thereto, the aggregate amount of all Capital Expenditures by the Obligated Parties and their Subsidiaries on a consolidated basis would exceed $10,000,000 in the aggregate during any Fiscal Year.

  • The Borrowers will not permit the Fixed Charge Coverage Ratio as of the last day of any fiscal month to be less than 1.10 to 1.00 for the Trailing Twelve Month Period ended as of such day, regardless of whether or not any Low Availability Period is in effect.

  • During the existence of any Low Availability Period, the Borrowers will not permit the Fixed Charge Coverage Ratio to be less than 1.10 to 1.00 for (a) the Four-Quarter Period most recently ended prior to such Low Availability Period or (b) for any Four-Quarter Period ending during such Low Availability Period.

  • Holdings and each Borrower authorizes and directs each bank or other depository, effective upon receipt from Agent of notice that a Low Availability Period exists, to deliver to Agent, on a daily basis and otherwise pursuant to instructions of Agent, all balances in each Deposit Account maintained by Holdings or such Borrower with such depository (other than Shared Deposit Accounts and Excluded Deposit Accounts), for application to the Obligations then outstanding.

  • If Holdings or any Obligor shall receive any Extraordinary Receipts at any time during a Low Availability Period, Borrowers shall concurrently with such receipt repay all outstanding Revolving Loans in an amount equal to all Extraordinary Receipts.

  • During the period from January 1, 2009 through December 31, 2009 and for each Fiscal Year thereafter, neither Holdings nor any Subsidiary will make any Capital Expenditures during any Low Availability Period if, after giving effect thereto, the aggregate amount of Capital Expenditures made during such Fiscal Year would exceed (a) $25,000,000 in the aggregate, or (b) if routine refinery turnaround is performed or scheduled to be performed during such Fiscal Year, $45,000,000 in the aggregate.