Undrawn Availability definition

Undrawn 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 (b) the outstanding amount of all Revolving Advances and Swing Loans, minus (c) the Maximum Undrawn Amount of all outstanding Letters of Credit, minus (d) the sum of (i) all amounts due and owing to any Borrower’s trade creditors which are outstanding sixty (60) days or more past their due date, plus (ii) all fees and expenses incurred in connection with the Transactions for which Borrowers are liable but which have not been paid or charged to Borrowers’ Account.

Undrawn 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 (b) the sum of (i) the outstanding amount of ----- Advances, plus (ii) all amounts due and owing to Borrowers' trade creditors ---- which are 60 days or more past due, plus (iii) fees and expenses for which ---- Borrowers are liable but which have not been paid or charged to Borrowers' Account.

Undrawn 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 Letters of Credit, minus (b) the sum of (i) the outstanding amount of Revolving Advances, plus (ii) amounts due and owing to any Borrower’s trade creditors which are outstanding sixty (60) days or more past the due date thereof.

Examples of Undrawn Availability in a sentence

• Notwithstanding the above, no European Loan Party may, at any time that any amount of the European Facility Revolving Facility Usage is outstanding, directly or indirectly, repay any Indebtedness other than to another European Loan Party or acquire any Indebtedness other than of any other European Loan Party unless the European Undrawn Availability at that time, and immediately after making such repayment, exceeds (and has at all times in the preceding 30 day period exceeded) $3,000,000.

• Agent shall only be permitted to deliver an Activation Notice to the Borrowing Agent in the event that either (i) an Event of Default has occurred and is continuing or (ii) the Undrawn Availability is less than Twenty-Five Million Dollars ($25,000,000).

• The Borrower may from time to time request the Lender to extend the expiration date of an outstanding Letter of Credit or increase the Letter of Credit Undrawn Availability of such Letter of Credit.

• For the purposes of calculating Undrawn Availability under this definition, any assets being acquired in the proposed acquisition shall be included in the Formula Amount on the date of closing of such acquisition so long as Agent has received an audit or appraisal of such assets as set forth in clause(vii) above, and so long as such assets satisfy the applicable eligibility criteria.

• At the end of each fiscal quarter, the Agent shall determine the Undrawn Availability for such fiscal quarter based upon the average daily Undrawn Availability for each day of such fiscal quarter.

More Definitions of Undrawn Availability

Undrawn 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 (b) the sum of (i) the outstanding amount of Revolving Facility Advances, plus (ii) all amounts due and owing to Borrowers' trade creditors which are outstanding beyond normal trade terms, except to the extent the past due amount is consistent with past practices, plus (iii) accrued interest under this Agreement and fees and expenses for which Borrowers are liable to Agent and the Lenders but which have not been paid.

Undrawn 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 (b) the sum of (i) the outstanding amount of Advances (other than Term Loans and, if the Formula Amount is the lesser amount under clause (a) preceding, the outstanding Letters of Credit up to an aggregate amount of such Letters of Credit not to exceed the remainder of the Maximum Revolving Advance Amount minus the Formula Amount) plus (ii) all amounts due and owing to Borrower’s trade creditors which are 60 days or more past due, plus (iii) fees and expenses for which Borrower is liable but which have not been paid or charged to Borrower’s Account.

Undrawn 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 less the Maximum Undrawn Amount of all outstanding Letters of Creditless Reserves established hereunder, minus (b) the sum of

Undrawn Availability at a particular date shall mean an amount equal to (a) the lesser of (i) the Formula Amount or (ii) the Total Revolving Credit Commitment minus (b) the sum of (i) the Aggregate Revolving Credit Exposure, plus (ii) all amounts due and owing to the Loan Parties' trade creditors which are outstanding more than 60 days after the due date, plus (iii) fees and expenses for which Borrowers are liable but which have not been paid or charged to Borrowers' Account.

Undrawn Availability at a particular date shall mean an amount equal to (a) the lesser of (i) the Formula Amount and (ii) the Maximum Revolving Advance Amount, minus (b) the sum of (i) the outstanding amount of Advances, plus (ii) all amounts due and owing to Borrower’s trade creditors which are outstanding beyond sixty (60) days past the due date, plus (iii) fees and expenses for which Borrower is liable but which have not been paid or charged to Borrower’s Account, plus (iv) to the extent the determination date is a date that is five (5) or less days prior to a date on which Borrower must make payroll, the amount due by Borrower on such date on account of such payroll.

Undrawn Availability at a particular date shall mean an amount equal to (a) the lesser of (i) the Formula Amount or (ii) the Maximum Loan Amount, minus (b) the sum of (i) the outstanding amount of Advances plus (ii) all amounts due and owing to Borrowers’ trade creditors which are outstanding more than 60 days beyond normal trade terms plus (iii) fees and expenses for which Borrowers are liable hereunder but which have not been paid or charged to Borrowers’ Account.

Undrawn Availability means as of each date of determination, (a) the Available Loan Commitment minus (b) the Outstanding Credit Exposure at such time.