Examples of Required Availability in a sentence
Borrower will have no obligation to make, and the Lender will not accept or receive or take any action to collect, any payment of any portion of the principal amount of the obligations under this Note unless at the time such amount is paid to the Lender, and after giving effect thereto, the Borrower shall have satisfied the Required Availability Test.
Prepayment of all or part of this Note may be made at any time without penalty; provided, however, Borrower shall not be permitted to prepay any amount owing hereunder unless, at the time of such prepayment, and after giving effect thereto, (i) the Borrower shall have satisfied the Required Availability Test and (ii) no default or event of default under the terms of any Senior Debt of the Borrower has occurred and is continuing.
The failure of the Borrower to make any such Revolving Loan Mandatory Prepayment shall constitute a Default, but shall not constitute an Event of Default unless such failure to make the required Revolving Loan Mandatory Prepayment continues uncured for a period of fourteen (14) days or the Borrower otherwise fails to attain and maintain the Required Availability within such fourteen (14) day period.
On the Closing Date, the Required Availability shall be at least $1,000,000 and the Borrower must have a minimum pro forma revolver availability of .25x its consolidated EBITDA.
The Borrowers shall make the mandatory prepayments (each a "Revolving Loan Mandatory Prepayment" and collectively, the "Revolving Loan Mandatory Prepayments") of the Revolving Loan at any time and from time to time in such amounts requested by the Lender pursuant to Section 2.1.3 (Borrowing Base) and/or Section 2.1.11(c) (Required Availability under the Revolving Credit Facility) of this Agreement in order to cover any Borrowing Base Deficiency.