Borrowing Base Eligible definition
Borrowing Base Eligible means at such times that Borrower’s Net Cash is equal to or greater than the Net Cash Threshold Amount; provided, however, that Borrower shall not be Borrowing Base Eligible during the continuance of an Event of Default. At any time that Borrower’s Net Cash is less than the Net Cash Threshold Amount, Borrower will not be Borrowing Base Eligible until such time as Bank confirms that (a) Borrower’s Net Cash is equal to or greater than the Net Cash Threshold Amount as of such date and (b) Borrower’s Net Cash was equal to or greater than the Net Cash Threshold Amount at all times during the immediately preceding two (2) Reconciliation Periods.
Borrowing Base Eligible means at such times that Borrower’s Net Cash is equal to or greater than Five Million Dollars ($5,000,000); provided, however, that Borrower shall not be Borrowing Base Eligible during the continuance of an Event of Default. At any time that Borrower’s Net Cash is less than Five Million Dollars ($5,000,000), Borrower will not be Borrowing Base Eligible until such time as Bank confirms that (a) Borrower’s Net Cash is equal to or greater than Five Million Dollars ($5,000,000) as of such date and (b) Borrower’s Net Cash was equal to or greater than Five Million Dollars ($5,000,000) at all times during the immediately preceding two (2)
Borrowing Base Eligible means any period of time during which Borrower maintained a Liquidity Ratio of equal to or greater than 1.75:1.00 at all times for at least sixty (60) consecutive days; provided that (i) Borrower will be Borrowing Base Eligible if Borrower achieves a Liquidity Ratio of equal to or greater than 1.75:1.00 as a result of the sale of Borrower’s equity securities and (ii) Bank reserves the right to calculate the Liquidity Ratio on a pro forma basis; provided, further, however, Borrower shall not be Borrowing Base Eligible during the continuance of an Event of Default.
Examples of Borrowing Base Eligible in a sentence
At all times that Borrower is Borrowing Base Eligible, Borrower may request that Bank finance Eligible Accounts on an aggregate basis.
Upon Borrower ceasing to be Borrowing Base Eligible as measured on the last day of each Reconciliation Period, Borrower shall deliver to Bank, as soon as possible, but in no event more than one (1) Business Day after such Reconciliation Period, an Invoice Transmittal containing detailed invoice reporting, signed by a Responsible Officer together with a current accounts receivable aging and a copy of each invoice, all in accordance with Section 6.2 hereof.
The Borrower owns each Borrowing Base Eligible Asset free and clear of Adverse Claims and as of the initial Borrowing Date and at all times thereafter, the Program Agent has a first priority perfected security interest in the Pledged Collateral (subject to the Lien of the Custodian securing the Custodian's Overdraft Advances to the extent permitted by Section 5.02(o) and other Permitted Liens) free and clear of all Adverse Claims.
At all times that Borrower is Borrowing Base Eligible the Finance Charge shall be payable monthly on the first day of each month.
On any day that Borrower is no longer Borrowing Base Eligible all outstanding Advances must be supported by specific Eligible Accounts.
More Definitions of Borrowing Base Eligible
Borrowing Base Eligible means that Borrower’s cash maintained at Bank is equal to or greater than the Minimum Cash Threshold; provided, however, that if an Event of Default has occurred and is continuing then Bank may, in its sole discretion, cause Borrower to no longer be Borrowing Base Eligible. If Borrower is transitioning from not being Borrowing Base Eligible to being Borrowing Base Eligible then Borrower must (a) have maintained cash at Bank equal to or greater than the Minimum Cash Threshold for the immediately preceding two consecutive months and (b) deliver a current Borrowing Base Certificate to Bank prior to becoming Borrowing Base Eligible.
Borrowing Base Eligible means that Borrower’s Net Cash was greater than One Million Dollars ($1,000,000) at all times during the previous month; provided, however, that if an Event of Default has occurred and is continuing then Bank may, in its sole discretion, cause Borrower to no longer be Borrowing Base Eligible. If Borrower is transitioning from not being Borrowing Base Eligible to being Borrowing Base Eligible then prior to becoming Borrowing Base Eligible Borrower must (a) maintain Net Cash in excess of One Million Dollars ($1,000,000) for two consecutive months and (b) deliver a current Borrowing Base Certificate to Bank.
Borrowing Base Eligible means, at such times that Borrower’s Net Cash is greater than the Net Cash Threshold. At any time that Borrower’s Net Cash is equal to or less than the Net Cash Threshold, Borrower will not be Borrowing Base Eligible until such time as Bank confirms that Borrower’s Net Cash is greater than the Net Cash Threshold at all times during the immediately preceding Reconciliation Period.
Borrowing Base Eligible means that Borrower’s revenue for each month shall not be less than seventy percent (70%) of Borrower’s projected performance for such month as outlined in Borrower’s Business Plan; provided, however, that if an Event of Default has occurred and is continuing then Bank may, in its sole discretion, cause Borrower to no longer be Borrowing Base Eligible. If Borrower is transitioning from not being Borrowing Base Eligible to being Borrowing Base Eligible then prior to becoming Borrowing Base Eligible Borrower must (a) maintain revenue for two consecutive months of not less than seventy percent (70%) of Borrower’s projected performance for such months as outlined in Borrower’s Business Plan and (b) deliver a current Borrowing Base Certificate to Bank.
Borrowing Base Eligible means that Borrower’s Net Cash is equal to or greater than Four Million Dollars ($4,000,000); provided, however, that if an Event of Default has occurred and is continuing then Bank may, in its sole discretion, cause Borrower to no longer be Borrowing Base Eligible. If Borrower is transitioning from not being Borrowing Base Eligible to being Borrowing Base Eligible then Borrower must deliver a current Borrowing Base Certificate to Bank prior to becoming Borrowing Base Eligible.
Borrowing Base Eligible means at such times that Borrower’s Liquidity Ratio is equal to or greater than 1.75:1.00 (the “Liquidity Threshold”); provided, however, that Borrower shall not be Borrowing Base Eligible during the continuance of an Event of Default. At any time that Borrower’s Liquidity Ratio is less than the Liquidity Threshold, Borrower will not be Borrowing Base Eligible until such time as Bank confirms that (a) Borrower’s Liquidity Ratio is equal to or greater than the Liquidity Threshold as of such date and (b) Borrower’s Liquidity Ratio was equal to or greater than the Liquidity Threshold at all times during the immediately preceding two (2)
Borrowing Base Eligible means each Subject Month for which Borrower’s Adjusted Quick Ratio, tested as of the last day of the immediately preceding Testing Month, was greater than or equal to 1.25:1.00. At any time that Borrower’s Adjusted Quick Ratio is less than 1.25:1.00, Borrower will not be Borrowing Base Eligible until such time as Bank confirms that Borrower’s Adjusted Quick Ratio was greater than or equal to 1.25:1.00 as of the last day of the immediately preceding Testing Month.