Borrowing Base Availability Clause Samples
The Borrowing Base Availability clause defines the maximum amount a borrower can draw under a credit facility, based on the value of specified assets such as accounts receivable or inventory. This clause typically requires the borrower to periodically report the value of these assets, and the lender calculates the borrowing base by applying agreed-upon advance rates and eligibility criteria. Its core function is to limit the lender’s risk by ensuring that loan advances are always backed by sufficient collateral, thereby protecting against over-advancement and potential losses.
Borrowing Base Availability. The Borrower shall not at any time permit the outstanding principal balance of the Revolving Credit Loans, the Swing Loans and the Letter of Credit Liabilities to be greater than the Borrowing Base Availability.
Borrowing Base Availability. At any date of determination, the Borrowing Base Availability for Eligible Real Estate owned by the Borrower or any Subsidiary Guarantor included in the Unencumbered Borrowing Base Property shall be the amount which is the lesser of (a) sixty percent (60%) of the Unencumbered Pool Value; and (b) the Debt Service Coverage Amount for the Unencumbered Borrowing Base Properties. Borrowing Base Property Certificate. See §7.4(e). Building. With respect to each parcel of Real Estate, all of the buildings, structures and improvements now or hereafter located thereon. Business Day. Any day on which banking institutions located in the same city and state as the Agent’s Head Office and in New York are open for the transaction of banking business and, in the case of LIBOR Rate Loans, which also is a LIBOR Business Day.
Borrowing Base Availability. The sum of:
Borrowing Base Availability. The Borrower shall not at any time permit the outstanding principal balance of the Revolving Credit Loans, Swing Loans and the Letter of Credit Liabilities to be greater than the Borrowing Base Availability; provided, however, that upon a violation of this §9.1 by the Borrower, no Event of Default shall exist hereunder in the event the Borrower cures such Default within five (5) Business Days of the occurrence of such event.
Borrowing Base Availability. The making of such Advance shall not cause the Total Outstandings to exceed the Borrowing Base then in effect.
Borrowing Base Availability. The amount which is the lowest of (i) fifty-five percent (55%) of the sum of the total cost of the Mortgaged Properties as determined in accordance with GAAP, (ii) the Borrowing Base Appraised Value Limit, and (iii) the Debt Service Coverage Amount. For the avoidance of doubt, Stonegate Center shall constitute only one (1) Mortgaged Property. Borrowing Base Certificate. See §7.4(c).
Borrowing Base Availability. As of any time of determination, the lesser of (A) a maximum Total Loan Exposure such that the Pool Leverage Ratio would not at such time exceed the percentage required under §9.9(a), or (B) a maximum Total Loan Exposure which would provide a Pool Debt Yield of no less than ten and one-half percent (10.5%).
Borrowing Base Availability. At any date of determination, the Borrowing Base Availability shall be the Borrowing Base Availability for Eligible Real Estate included in the Mortgaged Property owned by the Borrower or any Subsidiary Guarantor. The Borrowing Base Availability for Eligible Real Estate included in the Mortgaged Property shall be the amount which is the lesser of (a) sixty-five percent (65%) of the Collateral Pool Value through March 31, 2010, sixty percent (60%) of the Collateral Pool Value thereafter through and including March 31, 2011, and fifty-five percent (55%) of the Collateral Pool Value thereafter; and (b) the Debt Service Coverage Amount for the Mortgaged Properties, and the amount which is the lesser of (a) and (b) shall be the Borrowing Base Availability for Eligible Real Estate included in the Mortgaged Property. Notwithstanding the foregoing, the Borrowing Base Availability attributable to a Mortgaged Property shall not exceed the principal amount to which recovery under the applicable Security Deed is limited, unless such Security Deed is amended to increase any such limit. Furthermore, the Borrowing Base Availability shall be adjusted and reduced as described in clause (c) of the definition of “Insurance Availability Condition”. Borrowing Base Property Certificate. See §7.4(e). Building. With respect to each parcel of Real Estate, all of the buildings, structures and improvements now or hereafter located thereon. Business Day. Any day on which banking institutions located in the same city and state as the Agent’s Head Office and in New York are open for the transaction of banking business and, in the case of LIBOR Rate Loans, which also is a LIBOR Business Day.
Borrowing Base Availability. In addition to and without limitation of any other provisions set forth elsewhere herein, the availability of any Loans or any L/C Credit Extension shall be limited by, and shall at no time exceed, the Borrowing Base. The calculation of Borrowing Base at any time shall be determined by reference to the most recent Compliance Certificate delivered to the Administrative Agent; provided that if the Administrative Agent notifies the Borrower within five (5) Business Days of receipt of the Compliance Certificate that it disagrees with the calculation of Borrowing Base contained in such Compliance Certificate (including a reasonable description of the basis upon which it disagrees and its reasonable calculation of the Borrowing Base), the Borrowing Base shall be calculated as so reasonably determined by Administrative Agent based on the Compliance Certificate and the statements, reports and information provided to Administrative Agent pursuant to Section 6.01.
Borrowing Base Availability. The Borrowing Base Availability shall be the amount which is the least of (a) the Borrowing Base Value, (b) the maximum principal amount which would not cause the Borrowing Base Debt Service Coverage Ratio to be less than 1.75 to 1, and