Borrowing Base Condition definition

Borrowing Base Condition means, both before and after giving pro forma effect to any such distribution, (i) with respect to any distribution permitted under Sections 10.16(a)(A)(1) and 10.16(a)(A)(2), the Borrowing Base is greater than or equal to the Advances outstanding, and (ii) with respect to any distribution permitted under Sections 10.16(a)(A)(3) and 10.16(a)(A)(4), the Borrowing Base is greater than or equal to 110% of the Advances outstanding.

Borrowing Base Condition means, both before and after giving pro forma effect to any such distribution, (i) (a) with respect to any distribution permitted under Sections 10.16(a)(A)(1) and 10.16(a)(A)(2), the Borrowing Base is greater than or equal to the Loans outstanding and (b) with respect to any distribution permitted under Sections 10.16(a)(A)(3) and 10.16(a)(A)(4), the Borrowing Base is greater than or equal to 110% of the Loans outstanding or (iii) the Foreign Currency Loan Amount would exceed the Foreign Currency Sublimit on such day.

Borrowing Base Condition means, both before and after giving pro forma effect to any such distribution, the Borrowing Base is greater than or equal to the Loans outstanding.

Examples of Borrowing Base Condition in a sentence

• Effective Date until the date on which the Borrower delivers to the Administrative Agent a Covid Relief Financial Officer’s Certificate certifying that each of the Covid Relief Borrowing Base Condition and the condition that the Asset Coverage Ratio shall be greater than 1.70 to 1 has been satisfied for each date in the two (2) consecutive month period ending on such date (or, if such date is not the end of the month, the date of the month then most recently ended).

• Notwithstanding the foregoing, optional sales of Collateral Obligations to Affiliates of the Issuer pursuant to the immediately preceding sentence will only be permitted if (i) the conditions described under Section 12.3(a) are met and (ii) the proceeds of such sale (together with any contributions from holders of the Subordinated Notes) are in an amount sufficient to satisfy the Borrowing Base Condition (giving pro forma effect to such sale).

• If a Collateral Obligation is optionally sold to an Affiliate (i) the amount received by the Issuer in connection with such sale must be equal to or greater than the Market Value and (ii) the proceeds of such sale (together with any contributions from holders of the Subordinated Notes) must be in an amount sufficient to not cause a breach of the Borrowing Base Condition (giving pro forma effect to such sale).

• Under the Security Agreement, BOA was not authorized to release any Ocala funds for the purchase of mortgages unless the Borrowing Base Condition was satisfied.

• BOA’s failure to perform its obligations with respect to reviewing, certifying, and confirming the Borrowing Base Condition prevented those safeguards from taking effect, resulting in the loss of a substantial portion of DB’s investment.

More Definitions of Borrowing Base Condition

Borrowing Base Condition means that, as of any date of determination, the sum of (a) the aggregate Market Value of all Eligible Investments owned by the Borrower and pledged to the Collateral Agent on behalf of the Lenders, and (b) the aggregate Market Value of all other Assets owned by the Borrower and pledged to the Collateral Agent on behalf of the Lenders, shall exceed the product of (i) the Aggregate Outstanding Principal Balance, and (ii) 110%.

Borrowing Base Condition has occurred if the aggregate outstanding principal amount of Revolving Loans, Swing Loans and L/C Obligations either (i) equals or exceeds $20,000,000 for a period of thirty (30) days or more during any rolling sixty (60) day period or (ii) equals or exceeds $40,000,000 at any time.

Borrowing Base Condition means, both before and after giving pro forma effect to any distribution pursuant to Section 10.16, including any Permitted RIC Distribution, the Borrowing Base (Aggregate) is greater than or equal to the Loans outstandingOutstanding Loan Amount multiplied by 105%.

Borrowing Base Condition. A condition that will be satisfied as of any date of determination on which the Borrowing Base Condition is applicable, if the Class A Borrowing Base Condition and the Aggregate Borrowing Base Condition are satisfied.

Borrowing Base Condition means that the Collateral Agent and the Administrative Agent have determined in their reasonable discretion, that the percentage obtained by dividing (i) the total non-cash credits (not including credits to charge back invoices) to Purchased Accounts of the Borrowers during the 3-month period ending on September 30, 2001 by (ii) total Purchased Accounts sales of the Borrowers during such 3-month period, does not exceed 5%."

Borrowing Base Condition. A condition satisfied as of any date of determination on which the Aggregate Outstanding Amount of the Class A Notes (calculated after giving effect to any acquisition or substitution of any Additional Collateral Obligations, the sale of any Collateral Obligations, any Contribution and/or any payment on the Class A Notes occurring on such date of determination) is no greater than the Borrowing Base.

Borrowing Base Condition set forth in Section 5.1 of the Credit Agreement and the Lenders have agreed to do so, all on the terms and conditions hereinafter set forth.