Common use of Borrowing Base Limitations Clause in Contracts

Borrowing Base Limitations. (a) The Borrower must ensure that the aggregate amount of all outstanding Borrowings (expressed in Dollars) will not at any time exceed the lesser of (i) the amount of the Facility, and (ii) the Borrowing Base. Accordingly, the Borrower may not request a Borrowing if the making of such Borrowing would result in such limit being exceeded; (b) The Borrower must also ensure that the portion of the Borrowing Base consisting of Qualifying Securities will at all times represent at least 60% of the outstanding Borrowings (expressed in Dollars). Accordingly, the Borrower may not request a Borrowing if the making of such Borrowing would result in such requirement not being met.