Borrowing Cap definition

Borrowing Cap means, at any time the same is determined (including, at the option of the Administrative Agent, daily computations of the value of Eligible Commodities and Hedging Value of all Hedging Agreements), an amount equal to the sum of:

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Borrowing Cap means, the amount, calculated at any date, equal to the result of (a) the lesser of (i) the Aggregate Revolving Commitment Amounts and (ii) the Borrowing Base, in each case, in effect at such time, minus (b) the Availability Block.

Borrowing Cap means, on any date of calculation, (x) prior to the making of the Term Loan, the amount, equal to the lesser of (a) the aggregate Term Loan Commitments and (b) the Borrowing Base, in each case, in effect at such time and (y) after the making of the Term Loan, the amount equal to the lesser of (A) the aggregate Term Loan Outstandings and (B) the Borrowing Base (or Borrowing Base II, if then applicable), in each case, in effect at such time.

Examples of Borrowing Cap in a sentence

• To exercise such option, Borrower must within an Option Period send notice to Administrative Agent of the reduced amount of the Borrowing Base and Borrowing Cap chosen by Borrower at least 3 Business Days prior to the effective date of any such Borrowing Base and Borrowing Cap reduction.

• If Borrower does not affirmatively exercise this option during an Option Period, the Borrowing Base and Borrowing Cap shall each be the amount previously designated by Administrative Agent.

• If at any time the sum ---------------------------------------- of the aggregate principal amount of outstanding Revolving Loans plus ---- Swingline Loans plus LOC Obligations shall exceed the lesser of (A) the ---- Borrowing Cap then in effect or (B) the aggregate Revolving Committed Amount then in effect, the Borrower immediately shall prepay the Revolving Loans and (after all Revolving Loans have been repaid) cash collateralize the LOC Obligations, in an amount sufficient to eliminate such excess.

• The Borrowers shall have made a prepayment of the Revolving Loans in a minimum amount of at least $1,810,944 so that, after giving effect to such prepayment and after giving effect to all Borrowings (if any) to be made on the Second Amendment Effective Date and the issuance of any Letters of Credit on the Second Amendment Effective Date, Excess Availability exceeds the greater of (x) twenty percent (20%) of the Borrowing Cap and (y) $20,000,000 as of the Second Amendment Effective Date.

• After giving pro forma effect to the Applicable Transfer, including the Assumption of the Allocated Loans, all Loans then outstanding to each of TWIC and TWEAN shall not exceed such Borrower's Borrowing Cap and the limitations set forth in the proviso of Section 2.1.

• Borrower may repay advances and may reborrow from time to time under the Revolving Note, but total advances outstanding under the Revolving Note plus Letters of Credit Outstanding shall not exceed the lesser of (a) $5,500,000 or (b) the sum of (i) 80 percent of Eligible Accounts, plus (ii) the lesser of (x) the Inventory Borrowing Cap or (y) 50 percent of the remainder of Eligible Inventory, less all trade payables owed to inventory vendors.

• Any election by Borrower of a reduced Borrowing Base and Borrowing Cap shall continue in effect until the next date as of which the Borrowing Base and Borrowing Cap are redetermined.

• Until the termination of the Commitment Period, Borrower may, during the fifteen-day period beginning on each Determination Date (each such period being called in this section an “Option Period”), reduce the Borrowing Base and Borrowing Cap (by an equal amount) from the respective amounts designated by Administrative Agent to any lesser amounts.

• Borrower agrees that upon any such subordination, the Inventory Borrowing Cap shall be permanently reduced by an amount equal to 50 percent of the net loan proceeds, but the Inventory Borrowing Cap shall not be less than $2,000,000.

• Any reduction or termination of the Total Commitment shall reduce Borrowing Caps to the extent necessary so that no Borrowing Cap will be in excess of the Total Commitment.

More Definitions of Borrowing Cap

Borrowing Cap means $62,100,000.

Borrowing Cap set forth in Section 5.1 of the Credit Agreement shall be and hereby is amended by deleting the term “minus” at the end of clause (v) and inserting in its place the term “plus”, and amending and restating clause (vi) and immediately thereafter inserting a new clause (vii), each to read in their entirety as follows:

Borrowing Cap means, (i) with respect to TWE, $7.5 billion, (ii) with respect to TWEAN, $2.0 billion and (iii) with respect to each other Borrower, (x) prior to the Diamond Implementation, $4.0 billion and (y) at or after the Diamond Implementation, $6.0 billion, in each case, as such amount may be reduced from time to time pursuant to Section 2.7.

Borrowing Cap means, at any particular time, an amount equal to the lesser of (i) the Commitments or (ii) the sum of sixty-five percent (65%) of Pawn Receivables and Service Charge Receivables, plus thirty-five percent (35%) of Inventory, in each case as shown on the most recent quarterly financial statements delivered pursuant to Section 8.1(b) of this Agreement.

Borrowing Cap shall have the meaning set forth in Section 2.1(a)."