US Borrower Borrowing Base at any date the sum of (a) eighty-five percent of the sum of each of the following for the US Borrower and the Domestic Subsidiaries, without duplication: (i) cash held overnight in store safes, (ii) the balance held in store accounts, (iii) the amount payable under checks held in store safes, (iv) clearing house transfers initiated on the previous day and transfers of same-day funds to be credited to store accounts, (v) cash held overnight by armored car carriers, (vi) eligible government receivables in respect of government contracts, (vii) cash balances held in demand deposit accounts and/or investment accounts, and (viii) Eligible CLP Assets; provided that in no event shall any of the items described in subparagraphs (i) through (viii) above be included in any calculation of the “US Borrower Borrowing Base” to the extent any of the same are subject to any Liens other than in favor of the Administrative Agent for the benefit of any of the Lenders and (b) $30,000,000.
US Borrower Borrowing Base means, as of any date of determination, the result of:
US Borrower Borrowing Base is (a) prior to the completion of the Initial Audit, eighty percent (80.0%) of US Borrower’s Eligible Accounts and (b) following the completion of the Initial Audit, eighty-five percent (85.0%) of US Borrower’s Eligible Accounts, in each case as determined by Bank from Borrowers’ most recent Borrowing Base Report (and as may subsequently be updated by Bank in Bank’s sole discretion based upon information received by Bank including, without limitation, Accounts that are paid and/or billed following the date of the Borrowing Base Report); provided, however, that Bank has the right, upon notice to Borrowers, to decrease the foregoing percentages in its good faith business judgment to mitigate the impact of events, conditions, contingencies, or risks which may materially and adversely affect the Collateral or its value.
Examples of US Borrower Borrowing Base in a sentence
Each request by the US Borrower to borrow US Borrower Revolving Loans hereunder shall be deemed to be a representation and warranty by the US Borrower that, after giving effect to such borrowing on the requested Borrowing Date, the aggregate amount of the US Borrower Revolving Extensions of Credit of the Lenders then outstanding shall not exceed the US Borrower Borrowing Base.
The Administrative Agent shall have received a Canadian Borrower Borrowing Base Report dated as of October 26, 2006, and a US Borrower Borrowing Base Report dated as of October 27, 2006.