Minimum Borrowing Base Sample Clauses
The Minimum Borrowing Base clause sets a required minimum value for the pool of assets or collateral that supports a loan or credit facility. In practice, this means the borrower must maintain a certain level of eligible receivables, inventory, or other specified assets to continue accessing the agreed-upon credit. For example, if the borrowing base falls below the minimum threshold, the lender may require immediate repayment of the shortfall or restrict further borrowing. This clause ensures the lender is adequately secured and helps manage credit risk by preventing over-advancement against insufficient collateral.
Minimum Borrowing Base. (a) Notwithstanding anything in this Agreement or any other Loan Document to the contrary and regardless of the calculation of the Multicurrency Facility Borrowing Base and the US Borrowing Base pursuant to the definitions thereof on the Closing Date, the aggregate amount of the Multicurrency Facility Borrowing Base and the US Borrowing Base shall be deemed to be no less than $2,200,000,000 ($100,000,000 of which shall be allocated to the Canadian Borrowing Base, $100,000,000 of which shall be allocated to the UK Borrowing Base and $2,000,000,000 of which shall be allocated to the US Borrowing Base) on and from the Closing Date until the date that is 120 days after the Closing Date (or such later date as Agent may agree in its sole discretion).
(b) Subject to the preceding clause (a), until the earlier of (i) January 31, 2021 and (ii) the date of receipt by Agent of the New Appraisals and Field Exams, the aggregate amount of the Canadian Borrowing Base, UK Borrowing Base and US Borrowing Base shall be determined using the Existing Appraisals and Field Exams and be based on the sum of such borrowing bases as calculated under the Existing WS Credit Agreement and the Existing Mobile Mini Credit Agreement, in each case, as if such agreements were still in effect, provided, that, upon completion and delivery to Agent of the New WS Appraisals and Field Exams (but prior to the completion of the New Mobile Mini Appraisals and Field Exams), the Canadian Borrowing Base, UK Borrowing Base and US Borrowing Base shall each be calculated in accordance with the definitions thereof based on the New WS Appraisals and Field Exams and the Existing Mobile Mini Appraisals and Field Exams until the New Mobile Mini Appraisals and Field Exams are completed and delivered to Agent. In the event that the New WS Appraisals and Field Exams are not completed and delivered to Agent by January 31, 2021, the Borrowing Base shall be deemed to be $0 from and after January 31, 2021 until the date on which the New WS Appraisals and Field Exams are completed and delivered to Agent.
Minimum Borrowing Base. The Loan Parties shall not permit Eligible Accounts to represent less than $8,500,000 of the Borrowing Base as of any date of determination.
Minimum Borrowing Base. Permit, as of any date, the then-current Borrowing Base to be less than $125,000,000.
Minimum Borrowing Base. As of the last day of any fiscal quarter (commencing with the fiscal quarter ending March 31, 2025), permit the Borrowing Base, as reflected in the Borrowing Base Certificate for such fiscal quarter, to be less than 150% of the aggregate principal amount of the Loans outstanding as of such date. Compliance with this Section 6.13 shall be tested on the date that the financial statements for the applicable Test Period have been or are required to be delivered pursuant to Section 5.01(a)(i), (a)(ii)(x), (b)(i) or (b)(ii)(x), as applicable, and not prior to such date.
Minimum Borrowing Base. If at any time while any principal amount of the FILO Term Loan is outstanding, the Borrowing Base is less than zero.
Minimum Borrowing Base. Permit the Borrowing Base to be less than (a) at any time on or after June 30, 2021 through December 30, 2022, $75,000,000, (b) at any time on or after December 31, 2022 through December 30, 2023, $125,000,000, and (c) at any time on or after December 31, 2023, $250,000,000.
Minimum Borrowing Base. Notwithstanding any other provision hereof: (i) the Secured Borrowing Base shall not at any time after the end of the Due Diligence Period through January 31, 2009, be less than $650,000,000; and, (ii) the Secured Borrowing Base shall not at any time after January 31, 2009, through January 31, 2010, be less than $300,000,000.
Minimum Borrowing Base. Maintain at least 6 Borrowing Base Assets.
Minimum Borrowing Base. Permit the Average Excess ---------------------- Availability measured at the first Business Day of each month to be less than $10,000,000; in the event the Average Excess Availability shall be less than $10,000,000, the Administrative Agent, in its sole discretion, may require the following:
(a) The Parent Borrower shall obtain the cooperation of all Account debtors in making payment directly to the Administrative Agent pursuant to the Lock Box Agreement(s). All money received from any source shall be deposited into the Collateral Account, and applied against the Revolving Loans;
(b) The Parent Borrower shall execute and deliver to the Administrative Agent such additional reporting information, and at such frequency, as the Administrative Agent in its sole discretion, may require, and which may include without limitation, more frequent Borrowing Base Certificates, copies of customer invoices, original shipping or delivery receipts, declarations of inventory levels, Accounts, sales, agings, loan and accounts receivable reconciliations, contract, or other documentation;
(c) More frequent field examinations and appraisals;
(d) Additional mandatory prepayment provisions from excess cash flow recapture, as may be negotiated in good faith between the Administrative Agent and the Parent Borrower.
Minimum Borrowing Base. Notwithstanding anything in this Agreement or any other Loan Document to the contrary and regardless of the calculation of the Multicurrency Facility Borrowing Base and the US Borrowing Base pursuant to the definitions thereof on the Closing Date, the aggregate amount of the Multicurrency Facility Borrowing Base and the US Borrowing Base shall be deemed to be no less than $2,200,000,000 ($100,000,000 of which shall be allocated to the Canadian Borrowing Base, $100,000,000 of which shall be allocated to the UK Borrowing Base and $2,000,000,000 of which shall be allocated to the US Borrowing Base) on and from the Closing Date until the date that is 120 days after the Closing Date (or such later date as Agent may agree in its sole discretion).