Anti-Cash Hoarding Condition. At the time of each Revolving Credit Borrowing (but not the time of each issuance or renewal or extension), and also after giving effect thereto, the aggregate amount of cash and Cash Equivalents (excluding cash and Cash Equivalents held in Excluded Accounts) owned or held by the Borrower and its Subsidiaries (as reflected in the books and records of the Borrower and its Subsidiaries and determined after giving pro forma effect to the making of each such Revolving Credit Advance and the application of the proceeds from such Revolving Credit Advance (to the extent that such proceeds are actually utilized by the Borrower and/or any of its Subsidiaries)) shall not exceed $10,000,000.
Anti-Cash Hoarding Condition. At the time of each Revolving Borrowing (but not the time of each issuance or renewal or extension of any Letter of Credit), and also after giving effect thereto, the aggregate amount of cash and Cash Equivalents (excluding cash and Cash Equivalents held in Excluded Accounts and Cash Collateral Accounts) owned or held by the Loan Parties and their respective Subsidiaries (as reflected in the books and records of the Loan Parties and their respective Subsidiaries and determined after giving pro forma effect to the making of each such Revolving Advance and the application of the proceeds from such Revolving Advance (to the extent that such proceeds are actually utilized by the Borrower and/or any of its Subsidiaries)) shall not exceed $20,000,000; provided that, notwithstanding the foregoing, until the first anniversary of the Closing Date, the Borrower and its Subsidiaries may hold cash and Cash Equivalents in an amount exceeding $20,000,000 so long as the aggregate principal amount of all Advances outstanding under this Agreement is less than or equal to 50% of the Borrowing Base in effect at such time.
