Additional Borrowing Base Collateral Clause Samples

Additional Borrowing Base Collateral. From time to time during the term of this Agreement following Borrower's written request ("Additional Collateral Request"), and the Borrower's compliance with the provisions of this Section 3.3, the Required Lenders shall authorize the Agent to accept additional assets ("Additional Collateral") from the Borrower or any Borrower Subsidiary or other Loan Party and include the value of such Additional Collateral in the determination of the Borrowing Base (based on the formula set forth in the definition of Borrowing Base, or on such other basis as the Agent and the Lenders may reasonably determine with respect to such Additional Collateral). The Lenders shall agree to the inclusion of such Additional Collateral in the Borrowing Base, only upon the satisfaction of the following conditions, in a manner reasonably acceptable to the Agent and the Required Lenders:
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Additional Borrowing Base Collateral. From time to time during the term of this Agreement following Borrower’s written request (“Additional Collateral Request”), and the Borrower’s compliance with the provisions of this Section 3.3, the Required Lenders shall authorize the Agent to accept additional unencumbered assets (“Additional Collateral”) from the Borrower or any Borrower Subsidiary or other Loan Party as a Borrowing Base Asset and include the value of such Additional Collateral in the determination of the Borrowing Base (based on the formula set forth in the definition of Borrowing Base, or on such other basis as the Agent and the Lenders may reasonably determine with respect to such Additional Collateral). The Lenders shall agree to the inclusion of such Additional Collateral in the Borrowing Base Assets Pool, only upon the satisfaction of the following conditions, in a manner reasonably acceptable to the Agent and the Required Lenders: 3.3.1 No Event of Default shall exist under this Agreement or the other Loan Documents at the time of the Additional Collateral Request or at the time of any such assets becoming Additional Collateral hereunder, except for any Default which is cured or remedied by such Additional Collateral becoming part of the Borrowing Base. 3.3.2 All representations and warranties contained herein or in the other Loan Documents shall be true and correct in all material respects as of the time of the delivery of any such Additional Collateral (or shall become true by virtue of such Additional Collateral becoming part of the Borrowing Base), including the Borrower’s continued compliance with the Financial Covenants. 3.3.3 The Borrower shall pay or reimburse the Agent for all appraisal fees, title insurance and recording costs, reasonable legal fees and expenses and other costs and expenses incurred by Agent in connection with the additional Collateral. 3.3.4 The Borrower or the applicable Loan Party shall have executed all such documents and taken all such action (and caused any Person to take such action and execute such documents) as the Agent may reasonably request to vest, perfect and confirm the guaranties, liens and security interests required by the Agent with respect to such Additional Collateral. 3.3.5 The Borrower, any applicable Borrower Subsidiary or Loan Party, and the subject Additional Collateral shall have satisfied all applicable conditions precedent set forth in Article 5 prior to the inclusion of the Additional Collateral in the Borrowing Base. Any f...
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Related to Additional Borrowing Base Collateral

  • Initial Borrowing Base For the period from and including the Closing Date to but excluding the first Redetermination Date, the amount of the Borrowing Base shall be $2,250,000,000. Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 2.14(e), (f) and (g).

  • Borrowing Base Report The Agent shall have received from the Borrower the initial Borrowing Base Report dated as of the Closing Date.

  • Borrowing Base Reports Within thirty (30) days after the last day of each month, aged listings of accounts receivable and accounts payable (by invoice date) (the “Borrowing Base Reports”);

  • Additional Borrowers (a) The Parent may from time to time designate one or more wholly-owned Subsidiaries of Parent organized in the United States as an Additional Borrower by delivering to the Agent: (i) all documentation and other customary information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including, without limitation, the Patriot Act, that the Agent or any Lender has reasonably requested, including, if such Subsidiary qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in relation to such Subsidiary, without any written objection submitted by any Lender or the Agent within five (5) Business Days of its receipt of such documentation and other information; (ii) solely to the extent such Subsidiary is not already a Loan Party, (A) all documents, joinders, supplements, updated schedules, instruments, certificates and agreements and all other actions and information, then required by or in respect of such Subsidiary by Section 5.11 or by the Guaranty and Security Agreement (without giving effect to any grace periods for delivery of such items, the updating of such information or the taking of such actions), (B) a customary opinion of counsel of such Subsidiary and (C) a customary secretary’s certificate attaching such documents as were delivered by the existing Borrowers on the Closing Date; (iii) promissory notes in respect of such Subsidiary in its capacity as Additional Borrower in favor of any Lender requesting such promissory notes, in form and substance consistent with the notes (if any) provided by the existing Borrowers as of the Closing Date; and (iv) a joinder agreement in form and substance reasonably satisfactory to the Agent whereby such Subsidiary becomes party hereto as a Borrower. (b) The designation of any wholly-owned Subsidiary of Parent organized in the United States as an Additional Borrower shall only be effective two (2) Business Days following the delivery of the documents set forth in, and satisfaction of the requirements of, Section 2.2(a).

  • Borrowing Base Agent shall have received evidence from Borrowers that the aggregate amount of Eligible Receivables and Eligible Inventory is sufficient in value and amount to support Advances in the amount requested by Borrowers on the Closing Date;