Borrowing Base and Borrowing Base Certificate Sample Clauses

Borrowing Base and Borrowing Base Certificate. The Borrowing Base definition in the Loan Agreement and the Borrowing Base Certificate are hereby modified to provide that total advances under the Loan shall not exceed $5,000,000.00, or such lesser amount as permitted by the Borrowing Base.
Sample 1See All (4)
AutoNDA by SimpleDocs
Borrowing Base and Borrowing Base Certificate. The Borrowing Base definition in the Loan Agreement is hereby deleted and the following Borrowing Base definition is substituted in its place and stead:
Sample 1Sample 2
Borrowing Base and Borrowing Base Certificate. Borrower shall provide Lender with information regarding the Borrowing Base in such format and at such times as Lender may request. Within twenty (20) days of the end of each calendar month, Borrower shall provide to Lender a completed and executed Borrowing Base Certificate in the form of Exhibit 2.1.4 showing the calculation of the Borrowing Base for the preceding calendar month.
Sample 1
Borrowing Base and Borrowing Base Certificate. The definitions of the Borrowing Base and the Borrowing Base Certificate in Section 1.2 of the Loan agreement are hereby amended and modified to henceforth read as follows:
Sample 1
Borrowing Base and Borrowing Base Certificate. In no event shall the Banks be required to make any Advance or the Agent be required to issue any Letter of Credit hereunder if the making of such Advance or drawing under such Letter of Credit (assumed for these purposes to be an Advance) would create a Borrowing Base Deficiency. The Borrowing Base shall be initially computed as of the Effective Date. Thereafter the Borrowing Base shall be recomputed as of the last day of each month utilizing the required Borrowing Base Certificate, which shall be furnished to the Agent within twenty (20) days after the end of such month and certified as to correctness by an Authorized Officer of the Company. If the Banks shall reasonably object to the form or contents of, or any calculations made in, any Borrowing Base Certificate, the Banks shall not be required to make any Advance hereunder until such objection is resolved to the Banks' satisfaction.
Sample 1
Borrowing Base and Borrowing Base Certificate. In no event shall the Banks be required to make any Advance or the Agent be required to issue any Letter of Credit hereunder if the making of such Advance or drawing under such Letter of Credit (assumed for these purposes to be an Advance) would create a Borrowing Base Deficiency. The Borrowing Base shall be initially computed as of the date of this Agreement. Thereafter the Borrowing Base shall be recomputed as of the last day of each fiscal month utilizing the required Borrowing Base Certificate, which shall be furnished to the Agent within twenty (20) days after the end of such fiscal or calendar month and certified as to correctness by an Authorized Officer of the Company. If the Banks shall reasonably object to the form or contents of, or any calculations made in, any Borrowing Base Certificate, the Banks shall not be required to make any Advance hereunder until such objection is resolved to the Banks' satisfaction.
Sample 1
Borrowing Base and Borrowing Base Certificate. The Borrowing Base will be limited to 85% of true trade AR, plus 60% of costs in excess of xxxxxxxx and unbilled AR plus an overadvance amount. The overadvance will be structured so as to not unduly impinge beginning liquidity but to prevent a deterioration in the relative collateral coverage of the Borrowing Base for the Revolving Credit Loans outstanding. Borrower shall provide an updated Borrowing Base Certificate semi-monthly as of the 15th and last day of each month, each such Certificate to be delivered within ten (10) days after such date. End-of-Month Borrowing Base Certificates will be enhanced to provide detail concerning true trade AR, costs in excess of xxxxxxxx, unbilled revenues and other amounts due and owing the Borrower. Cash in lock box will be swept down to $500,000 daily and applied to the Revolving Credit Loans. Blocked lock box arrangement will be amended to reflect such revised amount.
Sample 1
AutoNDA by SimpleDocs

Related to Borrowing Base and Borrowing Base Certificate

  • Borrowing Base Certificate The Administrative Agent shall have received a Borrowing Base Certificate which calculates the Borrowing Base as of the end of the month immediately preceding the Effective Date.

  • 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”);

  • Borrowing Base Certificates Prior to the occurrence of a Reporting Trigger Event (and after a Reporting Trigger Event has not existed for 30 consecutive days), Borrowers shall, by the 12th Business Day of each month, deliver to Agent (and Agent shall promptly deliver same to Lenders) a Borrowing Base Certificate prepared as of the close of business of the previous month, and at such other times as Agent may reasonably request. After the occurrence of a Reporting Trigger Event and until such time as a Reporting Trigger Event has not existed for 30 consecutive days, Borrowers shall, on or before 10:00 p.m. on the second Business Day of each week, deliver to Agent (and Agent shall promptly deliver same to Lenders) a Borrowing Base Certificate prepared as of the close of business of Friday of the immediately preceding week, and at such other times as Agent may reasonably request. All calculations of Availability in any Borrowing Base Certificate shall originally be made by Borrowers and signed by a Senior Officer or the Controller of Borrower Agent or its general partner, provided that Agent may in its Permitted Discretion from time to time review and adjust any such calculation (a) to reflect its reasonable estimate of declines in value of any Collateral, due to collections received in the Dominion Account or otherwise; and (b) to the extent the calculation is not made in accordance with this Agreement or does not accurately reflect the Availability Reserve. Furthermore, Borrower shall, on or before the Inventory Structuring Transaction Commencement Date applicable to each Permitted Inventory Structuring Transaction, deliver to Agent (and Agent shall deliver to Lenders) an updated Borrowing Base Certificate prepared as of the close of business of the month immediately preceding such Inventory Structuring Transaction Commencement Date, adjusted to exclude from the Borrowing Base (i) all Accounts of such Inventory Structuring Subsidiary owed by the applicable Inventory Structuring Counterparty, (ii) all Accounts of such Inventory Structuring Subsidiary which constitute or consist of insurance proceeds of any Hydrocarbon Inventory at any Inventory Structuring Location or any proceeds of such insurance proceeds, (iii) all Inventory of such Inventory Structuring Subsidiary at any Inventory Structuring Location, and (iv) without duplication of the foregoing, any cash or Cash Equivalents pledged to secured the obligations with respect to such Permitted Inventory Structuring Transaction. On or after the Inventory Structuring Transaction Termination Date with respect to any Permitted Inventory Structuring Transaction, Borrower Agent may deliver to Agent (and Agent shall deliver to Lenders) an updated Borrowing Base Certificate prepared as of the close of business of the immediately preceding month, adjusted to include in the Borrowing Base any Collateral previously excluded solely as a result of being subject to such Permitted Inventory Structuring Transaction, together with a certificate certifying that the Inventory Structuring Transaction Termination Date with respect to such Permitted Inventory Structuring Transaction has occurred, and such Collateral shall be eligible for inclusion in the Borrowing Base (subject to the requirements otherwise set forth in this Agreement).

  • Execution of Loan Documents; Borrowing Base Certificate The Borrowers hereby empower and authorize the Borrower Representative, on behalf of the Borrowers, to execute and deliver to the Administrative Agent and the Lenders the Loan Documents and all related agreements, certificates, documents, or instruments as shall be necessary or appropriate to effect the purposes of the Loan Documents, including, without limitation, the Borrowing Base Certificates and the Compliance Certificates. Each Borrower agrees that any action taken by the Borrower Representative or the Borrowers in accordance with the terms of this Agreement or the other Loan Documents, and the exercise by the Borrower Representative of its powers set forth therein or herein, together with such other powers that are reasonably incidental thereto, shall be binding upon all of the Borrowers.

  • Borrowing Base Compliance After giving effect to the release of the Borrowing Base Property, the Total Outstandings will be less than or equal to the Maximum Loan Amount.

  • 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 If, at any time, (A) the Revolver Usage on such date exceeds (B) the lesser of (x) the Borrowing Base reflected in the Borrowing Base Certificate most recently delivered by Borrowers to Agent, or (y) the Maximum Revolver Amount, in all cases as adjusted for Reserves established by Agent in accordance with Section 2.1(c), then Borrowers shall immediately prepay the Obligations in accordance with Section 2.4(f)(i) in an aggregate amount equal to the amount of such excess.

Time is Money Join Law Insider Premium to draft better contracts faster.