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.

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

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.

Examples of Increased Reporting Event in a sentence

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.
Without limiting the foregoing, the Loan Parties acknowledge that the Agent shall undertake one (1) commercial finance examination each Fiscal Year at the Loan Parties’ expense; provided that if an Increased Reporting Event has occurred in any Fiscal Year, the Agent may, in its Permitted Discretion, undertake up to two (2) commercial finance examinations at the Loan Parties’ expense in each such Fiscal Year.
Without limiting the foregoing, the Loan Parties acknowledge that the Agent shall undertake one (1) inventory appraisal each Fiscal Year at the Loan Parties’ expense; provided that if an Increased Reporting Event has occurred in any Fiscal Year, the Agent may, in its Permitted Discretion, undertake up to two (2) inventory appraisals at the Loan Parties’ expense in each such Fiscal Year.
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.
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.

More Definitions of Increased Reporting Event

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

Increased Reporting Event means if at any time Excess Availability is less than the greater of (a) 10.0% of the Maximum Revolver Amount and (b) $4,800,000.

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

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) 15.0% of the Combined Line Cap (excluding the effect, if any, of any Term Pushdown Reserve) and (b) $12,500,000 (the “Availability Test”); provided that from and after the Amendment No. 6 Effective Date and so long as (i) no Revolving Loans are outstanding or have been requested, (ii)(A) commencing on the date the Borrowing Base Certificate for the month of June 2023 is delivered to the Agent in accordance with Section 5.2 of this Agreement to (but not including) the date the Borrowing Base Certificate for the month of July 2023 is delivered to the Agent in accordance with Section 5.2 of this Agreement, Availability is not less than $9,400,000 and (B) commencing on the date the Borrowing Base Certificate for the month of July 2023 is delivered to the Agent in accordance with Section 5.2 of this Agreement and thereafter, the Availability is not less than $10,000,000, and (iii) Borrowers provide Agent on a bi-weekly basis, not later than the Friday of every other calendar week following the Amendment No. 6 Effective Date (commencing with the calendar week immediately following the Amendment No. 6 Effective Date), a thirteen (13) week rolling cash flow forecast, or a bi-weekly update thereto, showing updated actuals and variances as of the Friday preceding the delivery thereof for which such prior forecast was delivered, in each case, in form and substance reasonably satisfactory to the Agent, the failure to meet the foregoing Availability Test shall not result in an Increased Reporting Event but if any Revolving Loans shall thereafter be requested and/or are outstanding, the exception described in this proviso shall cease to have any effect and any failure to meet