Net Borrower definition

Net Borrower means Borrower as of the end of any calendar month in which the sum all of Borrower’s unrestricted cash and investments is less than Borrower’s Funded Debt for such calendar month; provided that a Net Borrower shall cease to be a Net Borrower on the first (1st) day of the month following any month in which such Net Borrower fails to maintain the requirements set forth above. The following terms and their respective definitions are hereby added in alphabetical order to Section 13.1 of the Loan Agreement:
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Net Borrower means Borrower as of the end of any calendar month in which (a) the sum of (i) Borrower’s unrestricted cash and investments maintained with Bank and Bank’s Affiliates in the United States for such calendar month and (ii) fifty percent (50%) of Borrower’s unrestricted cash and Cash Equivalents maintained in the United Kingdom with respect to which Bank has a fixed or floating charge for such calendar month, is less than (b) Borrower’s Funded Debt for such calendar month; provided that a Net Borrower shall cease to be a Net Borrower on the first (1st) day of the month following any month in which such Net Borrower fails to maintain the requirements set forth above. Notwithstanding the foregoing, if any Transaction Report submitted by Borrower reflects that the Borrower would be switching from a Net Depositor status to a Net Borrower status and such change in status is solely as a result of a change or adjustment by Bank of the eligibility criteria set forth in the definition of “Eligible Accounts” (any such Transaction Report being hereinafter referred to as a “Status Change Transaction Report”), then the Borrower shall deliver to Bank a Transaction Report (an “Interim Transaction Report”) within fourteen (14) days of the delivery of the applicable Status Change Transaction Report and shall continue to be deemed a Net Depositor (except with respect to the obligation of Borrower to pay the Collateral Monitoring Fee set forth in Section 2.4(e) above) for such fourteen (14) day period. Effective upon Bank’s receipt of the Interim Transaction Report, Borrower shall be either a Net Borrower or a Net Depositor based upon the information referenced in the Interim Transaction Report; provided, however, that Borrower shall be deemed to be a Net Borrower on the fourteenth (14th) day after delivery of the applicable Status Change Transaction Report if Borrower fails to submit an Interim Transaction Report within the required fourteen (14) day time period referenced above.
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Examples of Net Borrower in a sentence

  • In addition, while Borrower is a Net Borrower, Bank shall be entitled to charge Borrower a “float” charge in an amount equal to two (2) Business Days interest, at the interest rate applicable to the Advances, on all payments received by Bank.

  • Changes in the applicable interest rate as a result of changes in Borrower’s status as a Net Borrower or Net Depositor or as a result of changes in Borrower’s Quick Ratio shall not become effective until the first (1st) day of the month following such change.

  • Changes in the applicable interest rate as a result of changes in Borrower’s status as a Net Borrower, Net Depositor or Net Daily Depositor or as a result of changes in Borrower’s Adjusted Quick Ratio shall not become effective until the first (1st) day of the month following such change.

  • At all times that US Borrower is a Net Borrower, (i) Bank shall apply any proceeds in such lockbox account to the balance of the outstanding Obligations and (ii) Borrower shall deposit all proceeds of Foreign Accounts into a lockbox account, or such other “blocked account” as Bank may specify, with Royal Bank of Scotland or Barclays pursuant to a blocked account agreement in such form as Bank may specify in its good faith business judgment.

Related to Net Borrower

  • U.S. Borrower means any Borrower that is a U.S. Person.

  • Parent Borrower as defined in the preamble hereto.

  • Co-Borrower shall have the meaning assigned to such term in the introductory paragraph of this Agreement.

  • Domestic Borrower means the Company and each Designated Borrower that is a Domestic Subsidiary.

  • Co-Borrowers means Wholly Owned Restricted Subsidiaries organized in any Applicable Jurisdiction from time to time designated by the Borrower to the Administrative Agent as “borrowers” with respect to Borrowings in accordance with Section 11.01, and “Co-Borrower” means any one of them.