I am going to be out of compliance with my borrowing base at the end of the month – What should I do?
Treat this in the same manner as an upcoming breach discussed here. This may have the added complexity of involving account debtors who are having their own cash flow issues due to the coronavirus pandemic. The sooner you can identify which of your customers are having or are likely to have problems paying their accounts, the sooner you can address the issue.
This is a fluid and rapidly changing situation and these resources are current only as of the date of publication. We recommend that you contact your local Quarles & Brady attorney regarding the most up-to-date information or with any other questions regarding this subject matter, or contact Anthony Marino: (414) 277-5365 / [email protected].