Increased Reporting Event definition

Increased Reporting Event means if at any time Availability is less than the greater of (a) 15% of the Line Cap and (b) $14,062,500.

Increased Reporting Event means if at any time Excess Availability is less than 15% of the Maximum Revolver Amount.

Increased Reporting Event means any period when a Liquidity Condition has occurred and is continuing.

Examples of Increased Reporting Event in a sentence

• Without limiting the foregoing, the Borrower acknowledges that the Agent may, in its discretion, undertake up to two (2) commercial finance examinations in any Fiscal year at the Borrower’s expense, provided that during the continuance of an Increased Reporting Event arising as a result of the Borrower’s failure to maintain the required Availability, the Agent may undertake up to three (3) commercial finance examinations in any Fiscal year at the Borrower’s expense.

• The Department shall use its best efforts to ensure that payments for amounts billed hereunder shall be paid so that such payments are received by the Seller by the last Business Day of the Invoice Month or the 10th day after receipt of the xxxx, whichever is later.

• The Lender shall not conduct more than One (1) such appraisals of the Collateral at the Borrower’s expense during any Twelve (12) month period during which this Agreement is in effect, unless an Event of Default has occurred and is continuing or an Increased Reporting Event has occurred and not been remedied, in which case the Lender in its discretion, may undertake additional such appraisals at the Borrower’s expense during such period as the Lender shall require.

• Notwithstanding the foregoing, if an Increased Reporting Event has occurred and is continuing, instead of providing the Agent with a Borrowing Base Certificate on a monthly basis, the Borrower shall provide the Agent with a Borrowing Base Certificate on a weekly basis, on Wednesday of each week (as of the immediately preceding Saturday), commencing with the week in which the Increased Reporting Event occurs.

• If the Agents shall request at any time when an Increased Reporting Event has occurred and is continuing, the Loan Parties shall execute and deliver to the Agents Borrowing Base Certificates weekly on the third Business Day of each week as of the last day of the immediately preceding week.

More Definitions of Increased Reporting Event

Increased Reporting Event means if Availability is less than 12% of the Borrowing Base then in effect.

Increased Reporting Event means if at any time Availability is less than the greater of (a) 15% of the Borrowing Limit, and (b) $20,250,000.

Increased Reporting Event means the occurrence of either of the following: (a) the occurrence and continuance of any Event of Default, or (b) if at any time Excess Availability is less than 12.5% of the Maximum Revolver Amount.

Increased Reporting Event set forth in Section 1.1 of the Credit Agreement is hereby deleted in its entirety and the following substituted therefor:

Increased Reporting Event means if at any time Liquidity is less than the greater of (a) 33.33% of the Line Cap, and (b) $20,000,000.

Increased Reporting Event means if at any time Availability is less than the greater of (a) 15% of the Maximum Revolver Amount, and (b) $8,250,000. 27 125672876_9

Increased Reporting Event means (a) the Book Value of the Loan Parties’ Inventory is less than $2,500,000,000, and (b) the failure of the Borrowers to maintain Specified Availability at least equal to twenty percent (20%) of the Loan Cap. For purposes of this Agreement, the occurrence of an Increased Reporting Event shall be deemed continuing until the Book Value has exceeded $2,500,000,000 or Specified Availability has exceeded twenty percent (20%) of the Loan Cap, in all cases, for thirty (30) consecutive calendar days, in which case an Increased Reporting shall no longer be deemed to be continuing for purposes of this Agreement. The termination of an Increased Reporting Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Increased Reporting Event in the event that the conditions set forth in this definition again arise