Weekly Borrowing Base Delivery Event means either (i) the occurrence and continuance of any Event of Default, or (ii) the failure of the Borrowers to maintain Availability at least equal to the greater of (a) 17.5% of the Loan Cap, and (b) $30.0 million. For purposes of this Agreement, the occurrence of a Weekly Borrowing Base Delivery Event shall be deemed continuing (i) so long as such Event of Default exists, and/or (ii) if the Weekly Borrowing Base Delivery Event arises as a result of the Borrowers’ failure to achieve Availability as required hereunder, until Availability has exceeded the greater of (x) 17.5% of the Loan Cap, and (y) $30.0 million for thirty (30) consecutive calendar days, in which case a Weekly Borrowing Base Delivery Event shall no longer be deemed to be continuing for purposes of this Agreement. The termination of a Weekly Borrowing Base Delivery Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Weekly Borrowing Base Delivery Event in the event that the conditions set forth in this definition again arise.
Weekly Borrowing Base Delivery Event means either (i) the occurrence and continuance of any Event of Default, or (ii) the failure of the Borrowers to maintain Availability at least equal to twenty-five percent (25%) of the Loan Cap. For purposes of this Agreement, the occurrence of a Weekly Borrowing Base Delivery Event shall be deemed continuing at the Agent’s option (i) so long as such Event of Default has not been waived, and/or (ii) if the Weekly Borrowing Base Delivery Event arises as a result of the Borrowers’ failure to achieve Availability as required hereunder, until Availability has exceeded twenty-five percent (25%) of the Loan Cap for thirty (30) consecutive days, in which case a Weekly Borrowing Base Delivery Event shall no longer be deemed to be continuing for purposes of this Agreement. The termination of a Weekly Borrowing Base Delivery Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Weekly Borrowing Base Delivery Event in the event that the conditions set forth in this definition again arise.
Weekly Borrowing Base Delivery Event means either (i) the occurrence and continuance of any Specified Event of Default, or (ii) the failure of the Borrowers to maintain Excess Availability at least equal to twelve and one-half percent (12.5%) of the Revolving Loan Cap. For purposes of this Agreement, the occurrence of a Weekly Borrowing Base Delivery Event shall be deemed continuing at the Agent’s option (i) so long as such Specified Event of Default is continuing, and/or (ii) if the Weekly Borrowing Base Delivery Event arises as a result of the Borrowers’ failure to achieve Excess Availability as required hereunder, until Excess Availability has exceeded twelve and one-half percent (12.5%) of the Revolving Loan Cap for thirty (30) consecutive calendar days, in which case a Weekly Borrowing Base Delivery Event shall no longer be deemed to be continuing for purposes of this Agreement. The termination of a Weekly Borrowing Base Delivery Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Weekly Borrowing Base Delivery Event in the event that the conditions set forth in this definition again arise.
Examples of Weekly Borrowing Base Delivery Event in a sentence
The definition of “Weekly Borrowing Base Delivery Event” is hereby amended by adding the following at the end of such definition: “Notwithstanding the foregoing, a Weekly Borrowing Base Delivery Event shall be deemed continuing at all times during the Increase Period.” xiii.
Notwithstanding the foregoing, Availability Reserves shall not include (i) Bank Product Reserves for the credit exposure of any Loan Party or any direct or indirect subsidiary of the Parent under a Swap Contract or foreign exchange facility except after the occurrence of a Weekly Borrowing Base Delivery Event or (ii) other Bank Products Reserves until such time as Availability is less than 17.5% of the Loan Cap.
More Definitions of Weekly Borrowing Base Delivery Event
Weekly Borrowing Base Delivery Event means either (i) the occurrence and continuance of any Event of Default, or (ii) (a) while the Term Loan remains outstanding, the failure of the Borrowers to maintain Availability of at least $35,000,000 at any time, and (b) after the Term Loan has been paid in full, the failure of the Borrowers to maintain Availability of at least $25,000,000 at any time. For purposes of this Agreement, the occurrence of a Weekly Borrowing Base Delivery Event shall be deemed continuing at the Agent’s option (i) so long as such Event of Default has not been waived, and/or (ii) if the Weekly Borrowing Base Delivery Event arises as a result of the Borrowers’ failure to achieve Availability as required hereunder, until Availability has exceeded $35,000,000 at all times when the Term Loan remains outstanding, or $25,000,000 at all times thereafter, for sixty (60) consecutive Business Days, in which case a Weekly Borrowing Base Delivery Event shall no longer be deemed to be continuing for purposes of this Agreement. The termination of a Weekly Borrowing Base Delivery Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Weekly Borrowing Base Delivery Event in the event that the conditions set forth in this definition again arise.
Weekly Borrowing Base Delivery Event means either (i) the occurrence and continuance of any Event of Default, or (ii) the failure of the Borrower to maintain Availability at leastwhen Total Outstandings are equal to seventeen and one-halfor greater than fifty percent (17.550%) of the Loan CapAggregate Commitments. For purposes of this Agreement, the occurrence of a Weekly Borrowing Base Delivery Event shall be deemed continuing at the Agent’s option (i) so long as such Event of Default has not been waived, and/or (ii) if the Weekly Borrowing Base Delivery Event arises as a result of the Borrower’s failure to achieve Availability as required hereunder, until Availability has exceeded seventeen and one-halfTotal Outstandings being equal to or greater than fifty percent (50%) of the Aggregate Commitments, until the Total Outstandings are less than fifty percent (17.550 %) of the Loan CapAggregate Commitments for more than forty-five (45) consecutive calendar days, in which case a Weekly Borrowing Base Delivery Event shall no longer be deemed to be continuing for purposes of this Agreement. The termination of a Weekly Borrowing Base Delivery Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Weekly Borrowing Base Delivery Event in the event that the conditions set forth in this definition again arise.
Weekly Borrowing Base Delivery Event means (a) Book Value of the Loan Parties’ Inventory is less than $2,500,000,000, and (b) the failure of the Borrowers to maintain Availability at least equal to ten percent (10%) of the Loan Cap. For purposes of this Agreement, the occurrence of a Weekly Borrowing Base Delivery Event shall be deemed continuing until Availability has exceeded ten percent (10%) of the Loan Cap for thirty (30) consecutive calendar days, in which case a Weekly Borrowing Base Delivery Event shall no longer be deemed to be continuing for purposes of this Agreement. The termination of a Weekly Borrowing Base Delivery Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Weekly Borrowing Base Delivery Event in the event that the conditions set forth in this definition again arise.
Weekly Borrowing Base Delivery Event means either (i) the occurrence and continuance of any Specified Event of Default, or (ii) the failure of the Borrower to maintain Availability at least equal to the greater of (a) fifteentwelve and one-half percent (1512.5%) of the Loan Cap, and (b) $125,000,000160,000,000. For purposes of this Agreement, the occurrence of a Weekly Borrowing Base Delivery Event shall be deemed continuing at the Agent’s
Weekly Borrowing Base Delivery Event means either (i) the occurrence and continuance of any Event of Default, or (ii) when Total Outstandings are equal to or greater than fifty percent (50%) of the Aggregate Commitments. For purposes of this Agreement, the occurrence of a Weekly Borrowing Base Delivery Event shall be deemed continuing at the Agent’s option (i) so long as such Event of Default has not been waived, and/or (ii) if the Weekly Borrowing Base Delivery Event arises as a result of the Total Outstandings being equal to or greater than fifty percent (50%) of the Aggregate Commitments, until the Total Outstandings are less than fifty percent (50%) of the Aggregate Commitments for more than forty-five (45) consecutive calendar days, in which case a Weekly Borrowing Base Delivery Event shall no longer be deemed to be continuing for purposes of this Agreement. The termination of a Weekly Borrowing Base Delivery Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Weekly Borrowing Base Delivery Event in the event that the conditions set forth in this definition again arise.
Weekly Borrowing Base Delivery Event is hereby amended by adding the following at the end of such definition: “Notwithstanding the foregoing, a Weekly Borrowing Base Delivery Event shall be deemed continuing at all times during the Increase Period.”
Weekly Borrowing Base Delivery Event means (1) an ABL Compliance Event has occurred and is continuing and (2) the Loan Parties have failed to maintain Availability of at least fifteen percent (15%) of the Loan Cap. For purposes of this Agreement, the occurrence of a Weekly Borrowing Base Delivery Event shall be deemed continuing, unless otherwise agreed to in writing by the Agent until (x) the ABL Compliance Event has been waived in writing or is no longer continuing or, (y) if such ABL Compliance Event is continuing, Availability has exceeded fifteen percent (15%) of the Loan Cap for ninety (90) consecutive Business Days, in which case a Weekly Borrowing Base Delivery Event shall no longer be deemed continuing for purposes of this Agreement. The termination of a Weekly Borrowing Base Delivery Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Weekly Borrowing Base Delivery Event in the event that the conditions set forth in this definition again arise. “Xxxxx Fargo” means Xxxxx Fargo Bank, National Association and its successors.