Non-Formula Period definition
Non-Formula Period is, on and after the Effective Date, provided no Event of Default has occurred and is continuing, the period (a) commencing on the first day of the month following the day that Borrower provides to Bank a written report that Borrower and its Subsidiaries (i) maintained, during the immediately preceding month, daily average Liquidity of at least $87,500,000.00 and (ii) had Liquidity of at least $87,500,000.00 on the last day of the immediately preceding month, in each case as determined by Bank in its reasonable discretion (the “Non-Formula Balance”); and (b) terminating on the earlier to occur of (i) the occurrence of an Event of Default, and (ii) the first day thereafter in which Borrower and its Subsidiaries fail to maintain the Non-Formula Balance, as determined by Bank in its reasonable discretion. Borrower shall give Bank prior written notice of ▇▇▇▇▇▇▇▇’s election to enter into any such Non-Formula Period, and each such Non-Formula Period shall commence on the first day of the monthly period following the date Bank determines, in its reasonable discretion, that the Non-Formula Balance has been achieved.
Non-Formula Period is, on and after the Effective Date and after the initial Credit Extension, provided no Event of Default has occurred and is continuing, any period of time (a) commencing on the first (1st) day of any month during which Borrower provides to Bank a written report pursuant to Section 6.2(e) hereof and other financial statements evidencing that Borrower has maintained Cash and Excess Availability of at least Forty Million Dollars ($40,000,000.00) at all times during the prior two (2) consecutive calendar months, and (b) terminating on the earlier to occur of (i) the occurrence of an Event of Default, and (ii) the first (1st) day thereafter on which Borrower fails to maintain Cash and Excess Availability of at least Forty Million Dollars ($40,000,000.00), as determined by Bank in its sole discretion. Upon the termination of a Non-Formula Period, Borrower must maintain Cash and Excess Availability of at least Forty Million Dollars ($40,000,000.00) for two (2) consecutive calendar months thereafter before a new Non-Formula Period may begin.
Non-Formula Period is, on and after the Fifth Amendment Effective Date, provided no Event of Default has occurred and is continuing, the period (a) commencing on the first day of the month following the day that Borrower provides to Bank a written report that Borrower has, for each consecutive day in the immediately preceding calendar month, Liquidity in an amount at all times greater than Twenty Five Million Dollars ($25,000,000) (the “Non-Formula Balance”); and (b) terminating on the earlier to occur of (i) the occurrence of an Event of Default, and (ii) the first day thereafter in which Borrower fails to maintain the Non-Formula Balance, subject, however, to Bank’s reasonable determination made within a reasonable time after its receipt of the relevant report that Borrower has maintained the requisite Liquidity in the relevant time periods.
Examples of Non-Formula Period in a sentence
If, at any time (other than during a Non-Formula Period), the sum of (a) the outstanding principal amount of any Advances, plus (b) the Dollar Equivalent of the face amount of any outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve), exceeds the lesser of either the Revolving Line or the Borrowing Base, Borrower shall immediately pay to Bank in cash the amount of such excess (such excess, the “Overadvance”).
Advances during the Non-Formula Period will be repaid in full with the initial Advance during the Formula Period.
Maintain at all times when a Non-Formula Period is not in effect, to be tested as of the last day of each month, a Liquidity Ratio of greater than 1.50 to 1.00.
The aggregate Dollar Equivalent of the face amount of outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve) may not exceed (i) when a Non-Formula Period is in effect, the Revolving Line, minus the sum of all outstanding principal amounts of any Advances, and (ii) when a Non-Formula Period is not in effect, the lesser of (A) the Revolving Line or (B) the Borrowing Base, minus the sum of all outstanding principal amounts of any Advances.
If during the Non-Formula Period, Borrowers’ Obligations under Section 2.1.1 exceed the Committed Revolving Line, or if during the Formula Period, Borrower’s Obligations under Section 2.1.1 exceed the lesser of either (i) the Committed Revolving Line or (ii) the Borrowing Base, Borrowers shall immediately pay Bank the excess.
More Definitions of Non-Formula Period
Non-Formula Period is, on and after the 2016 Amendment Date and after the initial Credit Extension, provided no Event of Default has occurred and is continuing, any period of time (a) commencing on the first (1st) day of any month during which Borrower provides to Bank a written report pursuant to Section 6.2(e) hereof and other financial statements evidencing that Borrower has maintained Cash and Excess Availability of at least Thirty Million Dollars ($30,000,000.00) at all times during the prior two (2) consecutive calendar months, and (b) terminating on the earlier to occur of (i) the occurrence of an Event of Default, and (ii) the first (1st) day thereafter on which Borrower fails to maintain Cash and Excess Availability of at least Thirty Million Dollars ($30,000,000.00), as determined by Bank in its sole discretion. Upon the termination of a Non-Formula Period, Borrower must maintain Cash and Excess Availability of at least Thirty Million Dollars ($30,000,000.00) for two (2) consecutive calendar months thereafter before a new Non-Formula Period may begin.
Non-Formula Period means such times as Borrower maintains not less than Twelve Million Dollars ($12,000,000) in unencumbered cash or cash equivalents with Bank and any investments held with Bank’s affiliates.
Non-Formula Period is any period of time that Borrowers maintain Cash Equivalents with Bank or any of Bank’s Affiliates in an aggregate amount of not less than the Minimum Cash Requirement.
Non-Formula Period is, on and after the Fourth LMA Effective Date, provided no Event of Default has occurred and is continuing, the period (a) commencing on the first day of the month following the day that Borrower provides to Bank a written report that Borrower had, for each consecutive day in the immediately preceding month, maintained Net Cash, as determined by Bank in its reasonable discretion, in an amount at all times of at least One Hundred Million Dollars ($100,000,000.00) (the “Non-Formula Balance”); and (b) terminating on the earlier to occur of (i) the occurrence of an Event of Default, and (ii) the first day thereafter in which Borrower and its Subsidiaries fail to maintain the Non-Formula Balance, as determined by Bank in its reasonable discretion. Borrower shall give Bank prior written notice of Borrower’s election to enter into any such Non-Formula Period, and each such Non-Formula Period shall commence on the first day of the monthly period following the date Bank determines, in its reasonable discretion, that the Non-Formula Balance has been achieved.”
Non-Formula Period is defined in the definition of Borrowing Base.
Non-Formula Period is, on and after the Fifth Amendment Effective Date, provided no Event of Default has occurred and is continuing, the period (a) commencing on the first day of the month following the day that Borrower provides to Bank a written report that Borrower has, for each consecutive day in the immediately preceding calendar month, Liquidity in an amount at all times greater than Twenty Five Million Dollars ($25,000,000) (the “Non-Formula Balance”); and (b) terminating on the earlier to occur of (i) the occurrence of an Event of Default, and (ii) the first day thereafter in which Borrower fails to maintain the Non-Formula Balance, subject, however, to Bank’s reasonable determination made within a reasonable time after its receipt of the relevant report that Borrower has maintained the requisite Liquidity in the relevant time periods. “Streamline Period” is, on and after the Fifth Amendment Effective Date, provided no Event of Default has occurred and is continuing, the period (a) commencing on the first day of the month following the day that Borrower provides to Bank a written report that Borrower has, for each consecutive day in the immediately preceding calendar month, Liquidity in an amount at all times greater than Seventeen Million Five Hundred Thousand Dollars ($17,500,000) (the “Streamline Balance”); and (b) terminating on the earlier to occur of (i) the occurrence of an Event of Default, and (ii) the first day thereafter in which Borrower fails to maintain the Streamline Balance. Upon the termination of a Streamline Period, Borrower must maintain the Streamline Balance each consecutive day for one (1) calendar month prior to entering into a subsequent Streamline Period. Borrower shall give Bank prior written notice of Borrower’s election to enter into any such Streamline Period, and each such Streamline Period shall commence on the first day of the monthly period following the date the Bank determines, in its reasonable discretion, that the Streamline Balance has been achieved, subject, however, in each such case to Bank’s reasonable determination made within a reasonable time after receipt of the relevant report that Borrower has maintained the requisite Liquidity in the relevant time periods. “Transaction Report” is that certain report of transactions and schedule of collections in the form attached hereto as Exhibit B, with appropriate insertions.
Non-Formula Period provided no Event of Default has occurred and is continuing, the period (a) beginning on the first (1st) day in which Liquidity is greater than or equal to 50% of the Total Revolving Commitments (the “Non-Formula Threshold”), and (b) ending on the earlier to occur of (i) the occurrence of an Event of Default, and (ii) the first day thereafter in which the Borrower fails to maintain the Non-Formula Threshold. Upon the termination of a Non-Formula Period, the Borrower must maintain the Non-Formula Threshold each consecutive day for thirty (30) consecutive days prior to entering into a subsequent Non-Formula Period. A Non-Formula Period shall be deemed to exist on the Closing Date.