Borrowing Base Trigger Date definition

Borrowing Base Trigger Date shall have the meaning provided in Section 10.10(a).
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Borrowing Base Trigger Date means the first date on or after the Closing Date upon which Borrower requests either a Line of Credit Advance or the issuance of a Letter of Credit that would cause, after giving effect to such Line of Credit Advance or Letter of Credit, the sum of the outstanding principal balance of the Line of Credit Advances plus the L/C Amount to equal or exceed Two Million Five Hundred Thousand Dollars ($2,500,000.00).
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Borrowing Base Trigger Date means the date on which any of (a) Excess Availability is less than $12,000,000 for the third consecutive Business Day, or (b) Consolidated Adjusted EBITDA, for the 12 month period ending on the last day of any month is less than $50,000,000.
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Examples of Borrowing Base Trigger Date in a sentence

  • Prior to the occurrence of a Borrowing Base Trigger Date, the applicable Agent shall hold any proceeds of business interruption insurance received by such Agent in trust for the Loan Parties and promptly turn over such proceeds to the account directed by the applicable Loan Party.

  • In addition, at any time on or after the Borrowing Base Trigger Date, each Borrower agrees to use commercially reasonable efforts in cooperation with Agents to facilitate and implement a system of electronic collateral reporting in order to provide electronic reporting of each of the items set forth on such Schedule.

  • In addition, at any time on or after the Borrowing Base Trigger Date, Borrower agrees to use commercially reasonable efforts in cooperation with Agent to facilitate and implement a system of electronic collateral reporting in order to provide electronic reporting of each of the items set forth on such Schedule.


More Definitions of Borrowing Base Trigger Date

Borrowing Base Trigger Date means the Business Day following the Closing Date on which the Borrowing Base is first determined and becomes effective pursuant to Section 2.9.
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Borrowing Base Trigger Date shall have the meaning provided in Section 10.10(a). “Borrowing Base Trigger Event” shall mean the public announcement by ▇▇▇▇▇’▇ or S&P that its Credit Rating is B1 or lower from (or is unrated by) ▇▇▇▇▇’▇ or B+ or lower (or is unrated by) from S&P; provided, however, that if one of the Credit Ratings is B1 or B+, as applicable (but not lower than B1 or B+), and the other Credit Rating is BB or Ba2 or higher, as applicable, a Borrowing Base Trigger Event shall not have occurred.
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Borrowing Base Trigger Date means the date set forth in a written notice by Agent to Borrower and identified as the "Borrower Base Trigger Date", which date shall be on or after any date that Borrower fails to maintain Excess Availability of at least the Applicable Excess Availability Amount.
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Related to Borrowing Base Trigger Date

  • Borrowing Base Test means as of any date, a determination that (a) the lesser of (i) the Borrowing Base and (ii) the Facility Amount shall be equal to or greater than (b) the Advances Outstanding.

  • Borrowing Base Value means, with respect to any Oil and Gas Property of a Credit Party or any Swap Agreement in respect of commodities, the value the Administrative Agent attributed to such asset in connection with the most recent determination of the Borrowing Base as confirmed by Required Lenders.

  • Borrowing Base Amount means:

  • Borrowing Base Availability means, at the time of any determination, an amount equal to the lesser of the Borrowing Base at such time and the aggregate amount of the Commitments at such time.

  • Borrowing Base means, at any time of calculation, an amount equal to: