{"component": "clause", "props": {"groups": [{"snippet_links": [{"key": "outstanding-principal-balance", "type": "definition", "offset": [13, 42]}, {"key": "revolving-credit-loans-and-swing-loans", "type": "clause", "offset": [46, 84]}, {"key": "the-banks", "type": "clause", "offset": [88, 97]}, {"key": "letters-of-credit-outstanding", "type": "clause", "offset": [103, 132]}, {"key": "borrowing-base", "type": "definition", "offset": [144, 158]}, {"key": "the-borrower-shall", "type": "clause", "offset": [160, 178]}, {"key": "business-day", "type": "clause", "offset": [200, 212]}, {"key": "excess-and", "type": "clause", "offset": [247, 257]}, {"key": "the-administrative-agent", "type": "clause", "offset": [273, 297]}, {"key": "notice-to", "type": "definition", "offset": [308, 317]}, {"key": "mandatory-prepayment-of-principal", "type": "clause", "offset": [333, 366]}, {"key": "equal-to", "type": "definition", "offset": [367, 375]}, {"key": "the-excess", "type": "clause", "offset": [376, 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"type": "clause", "offset": [210, 220]}, {"key": "the-agent", "type": "clause", "offset": [236, 245]}, {"key": "notice-to", "type": "definition", "offset": [256, 265]}, {"key": "mandatory-prepayment-of-principal", "type": "clause", "offset": [281, 314]}, {"key": "equal-to", "type": "definition", "offset": [315, 323]}, {"key": "the-excess", "type": "clause", "offset": [324, 334]}, {"key": "accrued-interest-on", "type": "definition", "offset": [424, 443]}, {"key": "principal-amount", "type": "clause", "offset": [449, 465]}], "samples": [{"hash": "2cj3icnHUEy", "uri": "/contracts/2cj3icnHUEy#borrowing-base-exceeded", "label": "Revolving Credit Facility (Rainbow Rentals Inc)", "score": 18.0, "published": true}], "snippet": "Whenever the outstanding principal balance of the Loans plus the Letters of Credit Outstanding exceeds the Borrowing Base, the Borrower shall make, within one (1) Business Day after the Borrower learns of such excess and whether or not the Agent has given notice to such 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"determination-of-the", "type": "clause", "offset": [361, 381]}, {"key": "aggregate-principal-amount-outstanding", "type": "definition", "offset": [393, 431]}, {"key": "outstanding-amount", "type": "definition", "offset": [509, 527]}, {"key": "the-loans", "type": "clause", "offset": [531, 540]}, {"key": "cash-collateral", "type": "clause", "offset": [568, 583]}, {"key": "to-the-bank", "type": "clause", "offset": [584, 595]}, {"key": "to-secure", "type": "clause", "offset": [596, 605]}, {"key": "outstanding-letters-of-credit", "type": "definition", "offset": [610, 639]}, {"key": "outstanding-loans", "type": "definition", "offset": [728, 745]}, {"key": "the-company-hereby", "type": "clause", "offset": [750, 768]}, {"key": "lien-and-security-interest", "type": "clause", "offset": [805, 831]}, {"key": "collateral-shall", "type": "definition", "offset": [870, 886]}, {"key": "control-of-the", "type": "clause", "offset": [919, 933]}, {"key": "made-pursuant-to", "type": "clause", "offset": [959, 975]}, {"key": "binding-on-the-parties", "type": "clause", "offset": [1048, 1070]}], "samples": [{"hash": "7Kx14h9QdCI", "uri": "/contracts/7Kx14h9QdCI#borrowing-base-exceeded", "label": "Credit Agreement (Petroleum Development Corp)", "score": 18.0, "published": true}], "snippet": "If it should be determined by the Bank ----------------------- at any time and from time to time that the principal amount of the Advances and the Rate Hedging Obligations exceeds the Borrowing Base, the Company shall promptly, in addition to all payments of principal and interest required to be paid on the Note, prepay the Note in an amount by which, in the determination of the Bank, such aggregate principal amount outstanding exceeds the Borrowing Base. If any such prepayment would be in excess of the outstanding amount of the Loans, the Company shall deliver cash collateral to the Bank to secure the outstanding Letters of Credit and the Rate Hedging Obligations in the amount of such excess which is greater than the outstanding Loans and the Company hereby grants to the Bank a first priority lien and security interest in such collateral, and all such cash collateral shall be under the sole and exclusive control of the Bank. All determinations made pursuant to this Section 4.1(c) shall be made by the Bank and shall be conclusively binding on the parties.", "size": 1, "hash": "4de0cb794c9404f1ba6084a4b56abcde", "id": 9}, {"snippet_links": [{"key": "at-any-time", "type": "clause", "offset": [40, 51]}, {"key": "from-time-to-time", "type": "clause", "offset": [56, 73]}, {"key": "the-principal-amount", "type": "definition", "offset": [79, 99]}, {"key": "aggregate-outstanding-credit-exposure", "type": "definition", "offset": [107, 144]}, {"key": "borrowing-base", "type": "definition", "offset": [157, 171]}, {"key": "the-company-shall", "type": "clause", "offset": [173, 190]}, {"key": "promptly-provide", "type": "clause", "offset": [202, 218]}, {"key": "additional-collateral", "type": "definition", "offset": [219, 240]}, {"key": "benefit-of-the-lenders", "type": "clause", "offset": [263, 285]}, {"key": "having-a", "type": "definition", "offset": [287, 295]}, {"key": "sole-discretion", "type": "clause", "offset": [351, 366]}, {"key": "in-addition-to", "type": "clause", "offset": [376, 390]}, {"key": "payments-of-principal-and-interest", "type": "definition", "offset": [395, 429]}, {"key": "the-notes", "type": "clause", "offset": [453, 462]}, {"key": "determination-of-the", "type": "clause", "offset": [511, 531]}, {"key": "aggregate-principal-amount-outstanding", "type": "definition", "offset": [544, 582]}, {"key": "within-thirty", "type": "clause", "offset": [658, 671]}, {"key": "days-after", "type": "definition", "offset": [677, 687]}, {"key": "demand-by-the-agent", "type": "clause", "offset": [688, 707]}, {"key": "equal-monthly-installments", "type": "clause", "offset": [729, 755]}, {"key": "commencing-on-the", "type": "clause", "offset": [757, 774]}, {"key": "payment-by-the", "type": "clause", "offset": [794, 808]}, {"key": "prior-to-the", "type": "clause", "offset": [880, 892]}, {"key": "scheduled-determination-date", "type": "definition", "offset": [898, 926]}, {"key": "section-26", "type": "clause", "offset": [961, 972]}, {"key": "outstanding-amount", "type": "definition", "offset": [1023, 1041]}, {"key": "the-loans", "type": "clause", "offset": [1045, 1054]}, {"key": "cash-collateral", "type": "clause", "offset": [1082, 1097]}, {"key": "to-secure", "type": "clause", "offset": [1111, 1120]}, {"key": "outstanding-letters-of-credit", "type": "definition", "offset": [1125, 1154]}, {"key": "outstanding-loans", "type": "definition", "offset": [1210, 1227]}, {"key": "the-company-hereby", "type": "clause", "offset": [1232, 1250]}, {"key": "lien-and-security-interest", "type": "clause", "offset": [1288, 1314]}, {"key": "collateral-shall", "type": "definition", "offset": [1353, 1369]}, {"key": "control-of-the", "type": "clause", "offset": [1402, 1416]}, {"key": "made-pursuant-to", "type": "clause", "offset": [1443, 1459]}, {"key": "binding-on-the-parties", "type": "clause", "offset": [1533, 1555]}], "samples": [{"hash": "kq2up1dFMFv", "uri": "/contracts/kq2up1dFMFv#borrowing-base-exceeded", "label": "Credit Agreement (Petroleum Development Corp)", "score": 21.0, "published": true}], "snippet": "If it should be determined by the Agent at any time and from time to time that the principal amount of the Aggregate Outstanding Credit Exposure exceeds the Borrowing Base, the Company shall either (i) promptly provide additional collateral to the Agent, for the benefit of the Lenders, having a value and quality satisfactory to the Lenders in their sole discretion, or (ii) in addition to all payments of principal and interest required to be paid on the Notes, prepay the Notes in an amount by which, in the determination of the Agent, such aggregate principal amount outstanding exceeds the Borrowing Base, which payment shall be made either (A) in full within thirty (30) days after demand by the Agent, or (B) in three (3) equal monthly installments, commencing on the date of demand for payment by the Agent, provided, that, the entire amount of such excess must be repaid prior to the next scheduled determination date of the Borrowing Base pursuant to Section 2.6. If any such prepayment would be in excess of the outstanding amount of the Loans, the Company shall deliver cash collateral to the Agent to secure the outstanding Letters of Credit in the amount of such excess which is greater than the outstanding Loans and the Company hereby grants to the Agent a first priority lien and security interest in such collateral, and all such cash collateral shall be under the sole and exclusive control of the Agent. All determinations made pursuant to this Section 4.1(c) shall be made by the Agent and shall be conclusively binding on the parties.", "size": 1, "hash": "1f5a5951fec87469d5be8773ac3981f0", "id": 10}], "next_curs": "CmASWmoVc35sYXdpbnNpZGVyY29udHJhY3RzcjwLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IiBib3Jyb3dpbmctYmFzZS1leGNlZWRlZCMwMDAwMDAwYQyiAQJlbhgAIAA=", "clause": {"parents": [["mandatory-prepayments", "Mandatory Prepayments"], ["payments", "Payments"], ["loans-and-other-financial-accommodations", "LOANS AND OTHER FINANCIAL ACCOMMODATIONS"], ["letter-of-credit-subfacility", "Letter of Credit Subfacility"], ["benchmark-replacement-setting", "Benchmark Replacement Setting"]], "title": "Borrowing Base Exceeded", "size": 41, "children": [["indemnity", "INDEMNITY"], ["", ""], ["capitalization-and-ownership", "CAPITALIZATION AND OWNERSHIP"], ["subsidiaries", "SUBSIDIARIES"], ["power-and-authority", "POWER AND AUTHORITY"]], "id": "borrowing-base-exceeded", "related": [["borrowing-base", "Borrowing Base", "Borrowing Base"], ["initial-borrowing-base", "Initial Borrowing Base", "Initial Borrowing Base"], ["borrowing-base-deficiency", "Borrowing Base Deficiency", "Borrowing Base Deficiency"], ["calculation-of-borrowing-base", "Calculation of Borrowing Base", "Calculation of Borrowing Base"], ["borrowing-base-properties", "Borrowing Base Properties", "Borrowing Base Properties"]], "related_snippets": [], "updated": "2025-07-07T12:36:17+00:00", "also_ask": [], "drafting_tip": null, "explanation": "The 'Borrowing Base Exceeded' clause defines the lender's rights and the borrower's obligations when the amount of outstanding loans surpasses the agreed borrowing base, which is typically calculated based on the value of certain collateral such as inventory or receivables. In practice, this clause may require the borrower to immediately repay the excess amount or provide additional collateral to restore compliance. Its core function is to protect the lender by ensuring that the loan remains adequately secured and to promptly address situations where the borrower's borrowing capacity has been exceeded."}, "json": true, "cursor": ""}}