Common use of MINIMUM BORROWING Clause in Contracts

MINIMUM BORROWING. Subject to the terms and conditions of this Agreement, Borrower agrees to (i) borrow sufficient amounts to cause the outstanding principal balance of the Loans to Borrower and loans by Lender to each other Company to equal or exceed, at all times prior to the Maturity Date, the Minimum Loan Amount set forth in Section 4 of Schedule A and (ii) maintain Availability sufficient to enable Borrower to do so. Notwithstanding any other provision contained in this Agreement, the failure by Borrower to comply with this Section 1.5 as a result of Borrower's failure to maintain sufficient Availability in accordance with clause (ii) above shall not constitute an Event of Default. However, Lender shall not be obligated to loan Borrower or any other Company the Minimum Loan Amount other than in accordance with all of the terms and conditions of this Agreement or any other loan and security agreement between a Company and Lender.

Appears in 3 contracts

Sources: Loan and Security Agreement (Northwest Teleproductions Inc), Loan and Security Agreement (Northwest Teleproductions Inc), Loan and Security Agreement (Northwest Teleproductions Inc)