Example ContractsClausesAccelerated Borrowing Base Delivery Event
Accelerated Borrowing Base Delivery Event
Accelerated Borrowing Base Delivery Event contract clause examples

Accelerated Borrowing Base Delivery Event” means either (i) the occurrence and continuance of any Event of Default, or (ii) the failure of the Borrowers to maintain Availability at least equal to the greater of (x) twelve and one-half percent (12.5%) of the Loan Cap (without giving effect to the FILO Reserve), or (y) $12,500,000, in each case, at the End of any Business Day. For purposes of this Agreement, the occurrence of an Accelerated Borrowing Base Delivery Event shall be deemed continuing at the Administrative Agent’s option (i) so long as such Event of Default has not been waived, and/or (ii) if the Accelerated Borrowing Base Delivery Event arises as a result of the Borrowers’ failure to maintain Availability as required hereunder, until Availability has exceeded the greater of (x) twelve and one-half percent (12.5%) of the Loan Cap (without giving effect to the FILO Reserve), or (y) $12,500,000, in each case at the End of each calendar day for sixty (60) consecutive calendar days, in which case an Accelerated Borrowing Base Delivery Event shall no longer be deemed to be continuing for purposes of this Agreement.

Accelerated Borrowing Base Delivery Event” means either (i) the occurrence and continuance of any Event of Default, or (ii) the failure of the Borrowers to maintain Availability at least equal to fifteen percent (15%) of the Revolving Loan Cap (calculated without giving effect to the FILO Push Down Reserve). For purposes of this Agreement, the occurrence of an Accelerated Borrowing Base Delivery Event shall be deemed continuing at the Agent’s option (i) so long as such Event of Default has not been waived or is no longer continuing, and/or (ii) if the Accelerated Borrowing Base Delivery Event arises as a result of the Borrowers’ failure to achieve Availability as required hereunder, until Availability has exceeded fifteen percent (15%) of the Revolving Loan Cap (calculated without giving effect to the FILO Push Down Reserve) for sixty (60) consecutive calendar days, in which case an Accelerated Borrowing Base Delivery Event shall no longer be deemed to be continuing for purposes of this Agreement. The termination of an Accelerated Borrowing Base Delivery Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Accelerated Borrowing Base Delivery Event in the event that the conditions set forth in this definition again arise.

Push Down Reserve). For purposes of this Agreement, the occurrence of an Accelerated Borrowing Base Delivery Event shall be deemed continuing at the Agent’s option (i) so long as such Event of Default has not been waived or is no longer continuing, and/or (ii) if the Accelerated Borrowing Base Delivery Event arises as a result of the Borrowers’ failure to achieve Availability as required hereunder, until Availability has exceeded twelve and one-half percent (12.5%) of the Revolving Loan Cap (calculated without giving effect to the FILO Push Down Reserve) for sixty (60) consecutive calendar days, in which case an Accelerated Borrowing Base Delivery Event shall no longer be deemed to be continuing for purposes of this Agreement. The termination of an Accelerated Borrowing Base Delivery Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Accelerated Borrowing Base Delivery Event in the event that the conditions set forth in this definition again arise.

Accelerated Borrowing Base Delivery Event” means either (a) the occurrence and continuance of any Specified Event of Default, or (b) the failure of the Borrower to maintain Availability plus Suppressed Availability equal to at least 12.5% of the Loan Cap. An Accelerated Borrowing Base Delivery Event shall be deemed continuing (I) so long as such Specified Event of Default shall be continuing, and/or (II) if the Accelerated Borrowing Base Delivery Event arises under clause (b) above, until Availability plus Suppressed Availability has exceeded 12.5% of the Loan Cap for twenty (20) consecutive Business Days, in which case such Accelerated Borrowing Base Delivery Event shall be terminated. The termination of an Accelerated Borrowing Base Delivery Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Accelerated Borrowing Base Delivery Event in the event that the conditions set forth in clause (a) or (b) above again arise.

Accelerated Borrowing Base Delivery Event” means either (i) the occurrence and continuance of any Specified Event of Default or (ii) the failure of the Borrower to maintain Excess Availability of at least the Trigger Amount for three (3) consecutive Business Days. For purposes of this Agreement, the occurrence of an Accelerated Borrowing Base Delivery Event shall be deemed continuing (x) so long as such Specified Event of Default has not been waived in accordance with the terms hereof, and/or (y) if such Accelerated Borrowing Base Delivery Event arises as a result of the Borrower’s failure to achieve Excess Availability of at least the Trigger Amount for three (3) consecutive Business Days, until the date Excess Availability shall have been at least equal to the Trigger Amount for thirty (30) consecutive calendar days. The termination of an Accelerated Borrowing Base Delivery Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Accelerated Borrowing Base Delivery Event in the event that the conditions set forth in this definition again arise.

Accelerated Borrowing Base Delivery Event” means either (i) the occurrence and continuance of any Specified Event of Default under the ABL Credit Agreement or (ii) the failure of the Borrower to maintain ABL Excess Availability of at least the ABL Trigger Amount for three (3) consecutive Business Days. For purposes of this Agreement, the occurrence of an Accelerated Borrowing Base Delivery Event shall be deemed continuing (x) so long as such Specified Event of Default has not been waived in accordance with the terms of the ABL Credit Agreement, and/or (y) if such Accelerated Borrowing Base Delivery Event arises as a result of the Borrower’s failure to achieve ABL Excess Availability of at least the ABL Trigger Amount for three (3) consecutive Business Days, until the date ABL Excess Availability shall have been at least equal to the ABL Trigger Amount for thirty (30) consecutive calendar days. The termination of an Accelerated Borrowing Base Delivery Event as provided herein or under the ABL Credit Agreement shall in no way limit, waive or delay the occurrence of a subsequent Accelerated Borrowing Base Delivery Event in the event that the conditions set forth in this definition again arise.

Accelerated Borrowing Base Delivery Event” means any of the following: (a) the occurrence and continuance of any Accelerated Borrowing Base Delivery Event under and as defined in the ABL Credit Agreement or (b) either (i) the occurrence and continuance of any Specified Event of Default or (ii) the failure of the Borrower to maintain ABL Excess Availability of at least the ABL Trigger Amount for three (3) consecutive Business Days. For purposes of this Agreement, the occurrence of an Accelerated Borrowing Base Delivery Event hereunder shall be deemed continuing (x) until no Accelerated Borrowing Base Delivery Event under and as defined in the ABL Credit Agreement exists, (y) until each applicable Specified Event of Default has been waived in accordance with the terms of this Agreement, and/or (z) if such Accelerated Borrowing Base Delivery Event arises as a result of the Borrower’s failure to achieve ABL Excess Availability of at least the ABL Trigger Amount for three (3) consecutive Business Days, until the date ABL Excess Availability shall have been at least equal to the ABL Trigger Amount for thirty (30) consecutive calendar days. The termination of an Accelerated Borrowing Base Delivery Event as provided herein or under the ABL Credit Agreement shall in no way limit, waive or delay the occurrence of a subsequent Accelerated Borrowing Base Delivery Event in the event that the conditions set forth in this definition again arise.

Accelerated Borrowing Base Delivery Event” means either (a) the occurrence and continuance of any Event of Default, or (b) the failure of the Borrowers to maintain Excess Availability of an amount greater than twelve and one-half percent (12.5%) of the Borrowing Base (calculated without giving effect to the Term Loan Reserve). For purposes of this Agreement, the occurrence of an Accelerated Borrowing Base Delivery Event shall be deemed continuing at the Administrative Agent’s option (c) so long as such Event of Default has not been waived, and/or (d) if the Accelerated Borrowing Base Delivery Event arises as a result of the Borrowers’ failure to achieve Excess Availability as required hereunder, until Excess Availability has exceeded the amount equal to fifteen percent (15%) of the Borrowing Base (calculated without giving effect to the Term Loan Reserve) for thirty (30) consecutive calendar days, in which case an Accelerated Borrowing Base Delivery Event shall no longer be deemed to be continuing for purposes of this Agreement.

Accelerated Borrowing Base Delivery Event” means either (i) the occurrence and continuance of any Specified Event of Default or (ii) the failure of the Borrower to maintain Excess Availability of at least the Trigger Amount for three (3) consecutive Business Days. For purposes of this Agreement, the occurrence of an Accelerated Borrowing Base Delivery Event shall be deemed continuing (x) so long as such Specified Event of Default has not been waived in accordance with the terms hereof, and/or (y) if such Accelerated Borrowing Base Delivery Event arises as a result of the Borrower’s failure to achieve Excess Availability of at least the Trigger Amount for three (3) consecutive Business Days, until the date Excess Availability shall have been at least equal to the Trigger Amount for thirty (30) consecutive calendar days. The termination of an Accelerated Borrowing Base Delivery Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Accelerated Borrowing Base Delivery Event in the event that the conditions set forth in this definition again arise.

Accelerated Borrowing Base Delivery Event” means either (i) the occurrence and continuance of any Specified Event of Default under the ABL Credit Agreement or (ii) the failure of the Borrower to maintain ABL Excess Availability of at least the ABL Trigger Amount for three (3) consecutive Business Days. For purposes of this Agreement, the occurrence of an Accelerated Borrowing Base Delivery Event shall be deemed continuing (x) so long as such Specified Event of Default has not been waived in accordance with the terms of the ABL Credit Agreement, and/or (y) if such Accelerated Borrowing Base Delivery Event arises as a result of the Borrower’s failure to achieve ABL Excess Availability of at least the ABL Trigger Amount for three (3) consecutive Business Days, until the date ABL Excess Availability shall have been at least equal to the ABL Trigger Amount for thirty (30) consecutive calendar days. The termination of an Accelerated Borrowing Base Delivery Event as provided herein or under the ABL Credit Agreement shall in no way limit, waive or delay the occurrence of a subsequent Accelerated Borrowing Base Delivery Event in the event that the conditions set forth in this definition again arise.

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