Net Availability definition

Net Availability means, at any date, (a) the Availability for Revolving Credit Loans less (b) the aggregate principal amount of all outstanding Revolving Credit Loans.

Net Availability shall be calculated at any time as an amount equal to the Gross Availability minus the aggregate amount of all then-outstanding Obligations to Lender other than the then outstanding principal balance of the Term Loan, if any.

Net Availability means, as of the date of determination, the difference of (a) the lesser of (i) the Borrowing Base, or (ii) the Revolving Credit Commitment, minus (b) the sum of (i) the aggregate outstanding Revolving Loans, plus (ii) the Letter of Credit Usage. Credit Agreement

Examples of Net Availability in a sentence

• Lender may, in its sole discretion, make or permit Revolving Loans, Accommodations or other Obligations in excess of the Maximum Credit, Gross or Net Availability or applicable formulas or sublimits.

• Lender shall, subject to the terms and conditions contained herein, make revolving loans to Borrower ("Revolving Loans") in amounts requested by Borrower from time to time, but not in excess of the Net Availability existing immediately prior to the making of the requested loan and provided the requested loan would not cause the outstanding Obligations to exceed the Maximum Credit.

• For the purpose of calculating the Net Availability and the Availability for Revolving Credit Loans as such term is used in the definition of Net Availability, Standby Letters of Credit shall be deemed Revolving Credit Loans and not Letters of Credit.

• For the purpose of calculating the Net Availability, Standby Letters of Credit shall be deemed Revolving Loans.

• The Agent shall provide to the Funds Administrator access to CIT’s System during normal business hours, for the purposes of (i) obtaining information regarding loan balances and Net Availability, and (ii) if permitted by the Agent, making requests for Revolving Loans and submitting Borrowing Base Certificates.

More Definitions of Net Availability

Net Availability shall be calculated at any time as an amount equal to the Gross Availability minus the aggregate amount of all then-outstanding Obligations to Lender.

Net Availability means, as of the date of determination, the difference of (a) the lesser of (i) the Borrowing Base, or (ii) the Revolving Credit Commitment, minus (b) the sum of (i) the aggregate outstanding Revolving Loans, plus (ii) the Letter of Credit Usage.

Net Availability the amount of money which Borrower is entitled to borrow from time to time as Revolving Credit Loans, such amount being the difference derived when the sum of the principal amount of Revolving Credit Loans then outstanding (including any amounts which Agent may have paid for the account of Borrower pursuant to any of the Loan Documents and which have not been reimbursed by Borrower) and the LC Amount is subtracted from the Borrowing Base. If the amount outstanding is equal to or greater than the Borrowing Base, Net Availability is zero (0).

Net Availability means at any time of determination an amount equal to the Revolving Loan Commitment, MINUS (i) the aggregate principal amount of all Revolving Credit Loans outstanding and (ii) the face amount of all Accommodations outstanding provided, HOWEVER, that for purposes of determining Net Availability, Loans and Accommodations for which a request is already pending shall be deemed to be outstanding at that time.

Net Availability shall be calculated at any time as an amount equal to the Gross Availability minus the aggregate amount of all then-outstanding Obligations (including Accommodations other than Accommodations provided under Section 2.3(b)) to Lender.

Net Availability means, as of each date of determination, the aggregate principal amount then available to be borrowed under this Agreement minus the amount of the Operating Reserve.

Net Availability means, as of any date of determination, (a) the Base Borrowing Base then in effect, plus (b) Total Cash as of such date, plus (c) Ineligible Relief less (d) the aggregate amount of New Term Loans outstanding as of such date (other than Facility Fees that are deemed to be New Term Loans pursuant to Section 2.4 and paid-in-kind interest added to the principal balance of New Term Loans pursuant to Section 2.1 less (e) Secured Swap Obligations outstanding as of such date less (f) LC Obligations outstanding as of such date less the aggregate amount of the Rolled Revolving Loans.