Minimum Availability Reserve definition

Minimum Availability Reserve means an amount equal to the product of the then applicable Maximum Revolver Amount times 7.5%.

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Minimum Availability Reserve means at all times $10,000,000.

Minimum Availability Reserve means a reserve in the amount of $1,000,000; provided, however, that during the period beginning March 20, 2015, through and including June 20, 2015, the Minimum Availability Reserve shall be deemed to be $0.

Examples of Minimum Availability Reserve in a sentence

The Transferee Company shall have received no-objection letters from the Stock Exchanges in respect of the Scheme (prior to filing the Scheme with the NCLT) and the transactions contemplated therein, and which shall be in form and substance acceptable in accordance with the Implementation Agreement.
Notwithstanding anything to the contrary contained in this Section 7.22, for so long as the Borrowers have not exercised the one-time Financial Covenant Option and, consequently, the Minimum Availability Reserve of $15,000,000 continues to exist, the Fixed Charge Coverage Ratio of the Consolidated Parties shall not be tested.
The aggregate balance of Advances outstanding at any time shall not exceed the lesser of (a) the Maximum Loan Amount, less the Maximum Undrawn Amount of all issued and outstanding Letters of Credit, less the Minimum Availability Reserve or (b) the Formula Amount.
Excess Availability (without giving effect to the Minimum Availability Reserve for purposes of calculating Availability) shall not be less than the then-applicable Minimum Excess Availability at the end of any calendar day.
If the Borrowers elect to exercise the one-time Financial Covenant Option and, consequently, the Minimum Availability Reserve of $15,000,000 is released, the Fixed Charge Coverage Ratio of the Consolidated Parties shall thereafter be tested as set forth above.

More Definitions of Minimum Availability Reserve

Minimum Availability Reserve means an amount equal to $1,500,000 thereafter.

Minimum Availability Reserve means (i) $0.00 as of the Closing Date and for each day during each fiscal quarter immediately following any fiscal quarter end in which the Fixed Charge Coverage Ratio of Borrowers calculated for the trailing twelve month period ending on such fiscal quarter end is at least

Minimum Availability Reserve means the sum of $1,000,000.00, provided however, (i) if subsequent to the Closing Date the Company obtains a cash equity investment in an amount not less than $2,500,000.00 and the Company does not directly or indirectly apply all or any portion of such equity investment to the full or partial payment or prepayment of the Subordinated Debt or to the indebtedness evidenced by the Promissory Notes described in Schedule 7 attached hereto, and if no Event of Default exists, then the Minimum Availability Reserve shall be reduced by $500,000.00 and/or (ii) upon CIT's receipt and satisfactory review of the audited unqualified Consolidated Profit and Loss Statements and Consolidating Profit and Loss Statements of the Debtor for the twelve month fiscal period ending December 31, 2001, and provided that such Profit and Loss Statements disclose a minimum net income (net of extraordinary and non-recurring income) for the period then ending of at least $2,236,500.00 and further provided that no Event of Default exists, the Minimum Availability Reserve shall be reduced by $500,000.00. If the Company satisfies the Minimum Availability Reserve reduction requirements set forth in clauses (i) and (ii), then the Minimum Availability Reserve shall be zero.

Minimum Availability Reserve means a reserve against Borrowing Availability in the amount of $2,500,000. “Moody’s” means ▇▇▇▇▇’▇ Investor’s Service, Inc. “Mortgages” means each of the mortgages, deeds of trust, leasehold mortgages, leasehold deeds of trust, collateral assignments of leases or other real estate security documents delivered by any Credit Party to Agent on behalf of itself and Lenders with respect to the Real Estate, in each case as amended, modified or supplemented from time to time. “Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA, and to which any Credit Party or ERISA Affiliate is making or is obligated to make contributions on behalf of participants who are or were employed by any of them or with respect to which it has any liability. “Net Orderly Liquidation Value” shall mean, at any time, as to any Eligible Inventory, the net orderly liquidation value determined most recently at or prior to such time in writing by an independent appraiser mutually agreed upon by Agent and the Credit Parties, each such determination to be made using the same basis and or approach to valuation consistent with the approach used in the initial determination and calculating the orderly liquidation value net of liquidation costs. “Net Proceeds” means the aggregate cash proceeds received by the Credit Parties or any of their respective Subsidiaries in respect of any Asset Disposition (including, without limitation, insurance proceeds, awards of condemnation and any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Disposition), net of the direct costs relating to such Asset Disposition (including, without limitation, legal, accounting and investment banking fees, and sales commissions) and any relocation expenses incurred as a result thereof, taxes paid or payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements), the amounts required to be applied to the payment of Indebtedness secured by a Lien on the asset or assets that were the subject of the Asset Disposition, and any reserve for adjustment in respect of the sale price of such asset or assets established in accordance with GAAP. “Non-Consenting Lender” has the meaning ascribed to it in Section 9.19(c). “Non-Funding Lender” has the meaning ascribed to it in Section 8.5(a). “Notes” means the Revolving Note and the Term Note. “Notice of Conversion/Continuation” has the mea...

Minimum Availability Reserve means $5,000,000 (or such lesser amount as Agent may determine in its sole discretion.)

Minimum Availability Reserve means, on any date of determination, a Reserve equal to an amount not less than the Weekly Flex Payroll Amount on such date.

Minimum Availability Reserve means $5,000,000.