UK Borrowing Base Sample Clauses
The UK Borrowing Base clause defines the method for calculating the maximum amount a borrower in the United Kingdom can draw under a credit facility, based on the value of certain eligible assets. Typically, this involves periodic assessments of assets such as inventory or receivables located in the UK, with only those meeting specific criteria being included in the borrowing base calculation. The core function of this clause is to ensure that the lender’s risk is managed by tying the amount of available credit to the value of the borrower’s qualifying UK assets, thereby providing a dynamic and secure lending structure.
UK Borrowing Base. If at any time, the Aggregate UK Exposure exceeds UK Maximum Borrowing Availability then in effect, then (a) until the Discharge of Applicable ABL Priority Obligations, the UK Borrower shall immediately prepay first, the ABL UK Revolver Loans and then, the UK Term Loans, and (b) thereafter, the UK Borrower shall immediately prepay the UK Term Loans, in each case in an amount to eliminate such excess. Each prepayment of UK Term Loans under this Section 5.3.4 shall be applied to the principal repayment installments of the UK Term Loan in inverse order of maturity, including, without limitation, the final principal repayment installment on the Maturity Date.
UK Borrowing Base. Clauses (a) through (d) of the definition of “UK Borrowing Base” shall be amended and restated in their entirety with the following clauses (a) through (e) to read as follows:
(a) the product of (i) 85% multiplied by (ii) the UK Borrower’s and the Eligible UK Subsidiaries’ Eligible Accounts at such time, plus
(b) the lesser of
(i) the product of (x) if an inventory appraisal in form and substance acceptable to the UK Administrative Agent has been completed and delivered to the UK Administrative Agent during the twelve month period prior to such time, 75%, or otherwise, 50% multiplied by (y) the UK Borrower’s and the Eligible UK Subsidiaries’ Eligible Inventory, valued at the lower of weighted average cost or market value, at such time, and
(ii) the product of 85% multiplied by the Net Orderly Liquidation Value percentage identified in the most recent inventory appraisal received by the UK Administrative Agent multiplied by the UK Borrower’s and the Eligible UK Subsidiaries’ Eligible Inventory, valued at the lower of weighted average cost or market value, at such time, plus
(c) the remainder of the US Availability minus $16,500,000 plus
(d) 100% of UK Pledged Cash, minus
(e) Borrowing Base Reserves (applicable to the UK Borrowing Base as determined by the Administrative Agent in its Permitted Discretion).
UK Borrowing Base. As used in this Agreement, the term "
UK Borrowing Base. If at any time (1) the Dollar Equivalent of the UK Revolver Usage exceeds (2) the lesser of (x) the Maximum UK Revolver Amount or (y) the UK Borrowing Base reflected in the Borrowing Base Certificate most recently delivered by Borrowers to Agent, then the UK Borrowers shall, within one Business Day thereof, prepay the UK Obligations in accordance with Section 2.4(f)(i) in an aggregate amount equal to the amount of such excess.
UK Borrowing Base subject to adjustment as provided in Section 2.21, an amount equal to the sum (expressed in dollars, based on the Dollar Equivalent thereof) of, without duplication, the lesser of:
UK Borrowing Base. As used in this Agreement, the term "UK Borrowing Base" means at any time, an amount equal to the aggregate of (a) eighty-five percent (85%) of the amount of Eligible UK Receivables, plus (b) the lesser of (i) sixty percent (60%) of the amount of Eligible UK Inventory or (ii) Five Hundred Thousand Pounds Sterling (?500,000). The UK Borrowing Base shall be computed based on the UK Borrowing Base Report most recently delivered to and accepted by NationsBank in its reasonable discretion. In the event ▇▇▇▇▇ UK and Norwich fail to furnish a UK Borrowing Base Report required by Section (D) UK BORROWING BASE REPORT. (UK Borrowing Base Report), NationsBank may suspend the making of or limit advances under the UK Revolving Loan. The UK Borrowing Base shall be reduced by the amount of any Account or any Inventory which was included in the UK Borrowing Base, but which NationsBank determines fails to meet the respective criteria applicable from time to time for Eligible UK Receivables or Eligible UK Inventory. If at any time the total of the aggregate principal amount of the UK Revolving Loan exceeds the UK Borrowing Base, a borrowing base deficiency (each a "UK Borrowing Base Deficiency") shall exist. Each time a UK Borrowing Base Deficiency exists, ▇▇▇▇▇ UK and Norwich, at the sole and absolute discretion of NationsBank exercised from time to time, jointly and severally shall pay the UK Borrowing Base Deficiency ON DEMAND to NationsBank from time to time. Without implying any limitation on NationsBank's discretion with respect to the UK Borrowing Base, the criteria for Eligible UK Receivables and for Eligible UK Inventory contained in the respective definitions of Eligible UK Receivables and of Eligible UK Inventory are in part based upon the business operations of Norwich and ▇▇▇▇▇ UK existing on or about the date of this Agreement and upon information and records furnished to NationsBank by ▇▇▇▇▇ UK and Norwich. If at any time or from time to time hereafter, the business operations of Norwich or ▇▇▇▇▇ UK changes in any material respect or such information and records furnished to NationsBank are materially incorrect or misleading, NationsBank in its reasonable discretion, may at any time and from time to time during the duration of this Agreement change such criteria, add new criteria, make existing criteria less onerous, or remove existing criteria; provided, however, that any such change in, or addition or removal of criteria shall be effective only after notice...
UK Borrowing Base