Mandatory Cash Collateralisation Clause Samples

Mandatory Cash Collateralisation. If by no later than 30 November 2015, the Facility has not been renewed with the Lenders (by way of an amended or replacement facility agreement) or the Facility has been cancelled in full and all outstanding Letters of Credit have been returned by the beneficiary thereunder, then from the first Business Day falling after 30 November 2015, the Borrowing Base shall be determined on a Cash basis only and shall not include any Eligible Securities.