Borrowing Base Requirement. Subject to Section 2.10, each Account Party shall at all times cause its respective Borrowing Base to equal or exceed the Letter of Credit Outstandings attributable to such Account Party at such time.
Borrowing Base Requirement. Subject to Section 2.08, the Company and each Designated Subsidiary Borrower shall at all times cause its respective Borrowing Base to equal or exceed the Revolving Credit Exposure attributable to such Borrower at such time.
Borrowing Base Requirement. Subject to Section 4.02(d), each Borrower shall at all times cause its respective Borrowing Base to equal or exceed the sum of the aggregate principal amount of Tranche 1 Revolving Loans incurred by such Borrower plus the Tranche 1 Letter of Credit Outstandings attributable to such Borrower at such time.
Borrowing Base Requirement. Subject to Sections 2.10(d) and (e), each Designated Subsidiary Borrower shall at all times cause its respective Borrowing Base to equal or exceed the Tranche 1 Letter of Credit Outstandings attributable to such Designated Subsidiary Borrower at such time.
Borrowing Base Requirement. Each Designated Subsidiary Borrower shall at all times cause its respective Borrowing Base to equal or exceed the Tranche A L/C Obligations attributable to such Designated Subsidiary Borrower at such time. If at any time a Designated Subsidiary Borrower’s Borrowing Base is less than the Tranche A L/C Obligations attributable to such Designated Subsidiary Borrower at such time, such Designated Subsidiary Borrower shall as promptly as possible (and in any event within three (3) Business Days) deposit into its Collateral Account Cash and Eligible Securities or reduce its Tranche A L/C Obligations, or a combination of the foregoing, in an amount sufficient to eliminate such excess.
Borrowing Base Requirement. Borrowers covenant that the total outstanding balance of Advances shall not exceed the amount equal to the lesser of (i) sixty percent (60%) of the invoice amount of Borrowers’ then eligible Finished Goods Inventory and (ii) the then applicable Total Credit Line. For purposes of this covenant, the amount of Borrowers’ then eligible Finished Goods Inventory shall be calculated based upon the most recent monthly financial statements or borrowing base certificate provided to Secured Party, subject to Secured Party’s right in its reasonable discretion to require Borrowers to provide a borrowing base certificate more frequently (and upon the occurrence of an Event of Default, Secured Party shall have the right in its sole discretion to demand borrowing base certificates and, other financial information on a daily or other periodic basis). Borrowers agree to comply timely with all such demands. In the event that any borrowing base certificate or financial statements provided to Secured Party, or that should be provided to Secured Party, reflect a total outstanding balance of Advances in excess of the amount permitted under this covenant, Borrowers shall be required to make, within one business day, a mandatory prepayment in an amount sufficient to eliminate such excess amount. The requirements of this covenant are in addition to, and not in limitation or amendment of, Borrowers’ other obligations under the Agreement and other documentation with or in favor of Secured Party.
Borrowing Base Requirement. (a) The percentage equal to (i)(A) through October 31, 2010, 108.5%, and (A) at all times thereafter, 103.5%, minus (ii) the Inventory Advance Rate with respect to Eligible Inventory (under and as defined in the First Lien Credit Agreement), multiplied by (b) 100% of the most recently appraised net orderly liquidation value of Eligible Inventory (as defined in the First Lien Credit Agreement) net of Inventory Reserves.
Borrowing Base Requirement. Borrowers shall not permit the Borrowing Base Coverage Ratio (as indicated on Schedules 10, 11 and 12, as applicable) to be less than (a) 1.05 to 1.00 prior to and on the Transition Date for all the Credit Facilities as calculated pursuant to Schedule 10, (b) 1.25 to 1.00 after the Transition Date for the Revolving Credit Facility as calculated pursuant to Schedule 11, (c) 2.00 to 1.00 after the Transition Date through March 30, 2000 for the Term Loan Facilities as calculated pursuant to Schedule 12, or (d) 4.00 to 1.00 from and after March 31, 2000 for the Term Loan Facilities as calculated pursuant to Schedule 12.
Borrowing Base Requirement. Section 7.24.4 of the Credit Agreement is hereby amended to read in its entirety as follows:
Borrowing Base Requirement. Borrowers shall not permit the Borrowing Base Coverage Ratio (as indicated on Schedules 10, 11 and 12, as applicable) to be less than (a) 1.05 to 1.00 prior to and on the Transition Date for all the Credit Facilities as calculated pursuant to Schedule 10, (b) 1.25 to 1.00 after the Transition Date for the Revolving Credit Facility as calculated pursuant to Schedule 11, (c) if the Transition Date has occurred by March 30, 2000, 2.00 to 1.00 after the Transition Date through March 30, 2000, for the Term Loan Facilities as calculated pursuant to Schedule 12, or (d) 4.00 to 1.00 from and after the later to occur of the Transition Date or March 31, 2000, for the Term Loan Facilities as calculated pursuant to Schedule 12. Compliance with this Section 7.24.4 from and after the Transition Date until the date for delivery of the next month-end Borrowing Base Certificate shall be determined from the pro forma Borrowing Base Certificate to be delivered pursuant to the last sentence of Section 7.1(ix)."
