Borrowing Base Condition definition

Borrowing Base Condition means, both before and after giving pro forma effect to any such distribution, (i) with respect to any distribution permitted under Sections 10.16(a)(A)(1) and 10.16(a)(A)(2), the Borrowing Base is greater than or equal to the Advances outstanding, and (ii) with respect to any distribution permitted under Section 10.16(a)(A)(3), the Borrowing Base is greater than or equal to 110% of the Advances outstanding.

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Borrowing Base Condition means, both before and after giving pro forma effect to any such distribution, (i) (a) with respect to any distribution permitted under Sections 10.16(a)(A)(1) and 10.16(a)(A)(2), the Borrowing Base is greater than or equal to the Loans outstanding and (b) with respect to any distribution permitted under Sections 10.16(a)(A)(3) and 10.16(a)(A)(4), the Borrowing Base is greater than or equal to 110% of the Loans outstanding or (iii) the Foreign Currency Loan Amount would exceed the Foreign Currency Sublimit on such day.

Borrowing Base Condition means, both before and after giving pro forma effect to any such distribution, the Borrowing Base is greater than or equal to the Outstanding Loan Amount.

Examples of Borrowing Base Condition in a sentence

• If a Collateral Obligation is optionally sold to an Affiliate (i) the amount received by the Issuer in connection with such sale must be equal to or greater than the Market Value and (ii) the proceeds of such sale (together with any contributions from holders of the Subordinated Notes) must be in an amount sufficient to not cause a breach of the Borrowing Base Condition (giving pro forma effect to such sale).

• Notwithstanding the foregoing, optional sales of Collateral Obligations to Affiliates of the Issuer pursuant to the immediately preceding sentence will only be permitted if (i) the conditions described under Section 12.3(a) are met and (ii) the proceeds of such sale (together with any contributions from holders of the Subordinated Notes) are in an amount sufficient to satisfy the Borrowing Base Condition (giving pro forma effect to such sale).

• Either (A) the Borrowing Base Condition must be satisfied immediately following any substitution or (B) if the Borrowing Base Condition is not satisfied immediately prior to a substitution, such substitution will maintain or lower the difference between the Aggregate Outstanding Amount of the Secured Notes and the Aggregate Borrowing Base.

• Effective Date until the date on which the Borrower delivers to the Administrative Agent a Covid Relief Financial Officer’s Certificate certifying that each of the Covid Relief Borrowing Base Condition and the condition that the Asset Coverage Ratio shall be greater than 1.70 to 1 has been satisfied for each date in the two (2) consecutive month period ending on such date (or, if such date is not the end of the month, the date of the month then most recently ended).

• Either (A) the Borrowing Base Condition must be satisfied immediately following any substitution or (B) if the Borrowing Base Condition is not satisfied immediately prior to a substitution, such substitution will maintain or lower the difference between the Aggregate Outstanding Amount of the Class A Notes and the Borrowing Base.

More Definitions of Borrowing Base Condition

Borrowing Base Condition. A condition that will be satisfied as of any date of determination on which the Borrowing Base Condition is applicable, if the Class A Borrowing Base Condition, the Class B Borrowing Base Condition and the Aggregate Borrowing Base Condition are satisfied.

Borrowing Base Condition means that, as of any date of determination, the sum of (a) the aggregate Market Value of all Eligible Investments owned by the Borrower and pledged to the Collateral Agent on behalf of the Lenders, and (b) the aggregate Market Value of all other Assets owned by the Borrower and pledged to the Collateral Agent on behalf of the Lenders, shall exceed the product of (i) the Aggregate Outstanding Principal Balance, and (ii) 110%.

Borrowing Base Condition means, both before and after giving pro forma effect to any distribution pursuant to Section 10.16, including any Permitted RIC Distribution, the Borrowing Base (Aggregate) is greater than or equal to the Loans outstanding multiplied by 105%.

Borrowing Base Condition has occurred if the aggregate outstanding principal amount of Revolving Loans, Swing Loans and L/C Obligations either (i) equals or exceeds $20,000,000 for a period of thirty (30) days or more during any rolling sixty (60) day period or (ii) equals or exceeds $40,000,000 at any time.

Borrowing Base Condition means (a) receipt by the Agents of a final field audit and appraisal report relating to the Accounts and Inventory of the Loan Parties, in form and substance reasonably satisfactory to the Agents, and (b) receipt by the Agents of a Borrowing Base Certificate, after satisfaction of the requirements of clause (a) above, reasonably satisfactory in form and substance to the Agents.

Borrowing Base Condition has occurred if the aggregate outstanding principal amount of Revolving Loans, Swing Loans and L/C Obligations either (i) equals or exceeds $40,000,000 for a period of thirty (30) days or more (which need not be consecutive) during any sixty (60) consecutive day period or (ii) equals or exceeds $75,000,000 for four (4) or more consecutive Business Days, it being understood that the aggregate outstanding principal amount of Revolving Loans, Swing Loans and L/C Obligations (x) for each Business Day will be measured as of the close of business of such Business Day and (y) for each day which is not a Business Day will be deemed to be the aggregate outstanding principal amount of Revolving Loans, Swing Loans and L/C Obligations outstanding as of the close of business of the last Business Day prior to such day. Notwithstanding anything in this Agreement to the contrary, if at any time the Borrower's financial statements delivered pursuant to Section 8.5 hereof and accompanying compliance certificates for its two most recently-ended fiscal quarter reporting periods show that Adjusted EBITDA (as calculated to determine compliance with Section 8.21(d) hereof for the four fiscal quarters then ended) exceeded $60,000,000 at the end of both such reporting periods, then the provisions of this Agreement relating to the Borrowing Base Condition and all obligations imposed on the Borrower as a result thereof shall be deemed of no force or effect; provided, however, that if at any time thereafter the Borrower's financial statements delivered pursuant to

Borrowing Base Condition. A condition satisfied as of any date of determination on which the Aggregate Outstanding Amount of the Class A Notes (calculated after giving effect to any acquisition or substitution of any Additional Collateral Obligations, the sale of any Collateral Obligations, any Contribution and/or any payment on the Class A Notes occurring on such date of determination) is no greater than the Borrowing Base.