Borrowing Base and Conforming Borrowing Base Sample Clauses

Borrowing Base and Conforming Borrowing Base. Effective as of April 1, 2003, the Borrowing Base and the Conforming Borrowing Base shall each be reaffirmed at $220,000,000 and each shall remain at $220,000,000 until the next Redetermination thereafter. Borrower and Banks agree that the Redetermination provided for in this Section 3 shall not be construed or deemed to be a Special Redetermination for purposes of Section 5.3 of the Credit Agreement.
Sample 1
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Borrowing Base and Conforming Borrowing Base. The aggregate amount of credit available to Borrower under this Credit Agreement shall be limited by a Borrowing Base (herein so called) which shall be $75,000,000 unless and until a Redetermination is made pursuant to SECTION 6.2 below. Borrower acknowledges that such Borrowing Base is higher than the Borrowing Base would be if the Banks determined the Borrowing Base based on each Bank's application of the credit standards and other criteria customarily applied by such Bank in the determination of credit limitations for companies similar to Borrower ("CONFORMING CREDIT CRITERIA"). If Conforming Credit Criteria were applied by the Banks, the Borrowing Base that would result would be $60,000,000, and such amount is the "CONFORMING BORROWING BASE" for purposes of this Agreement unless and until a Redetermination is made pursuant to SECTION 6.2 below.
Sample 1
Borrowing Base and Conforming Borrowing Base. The aggregate amount of credit available to Borrower under this Credit Agreement shall be limited by a Borrowing Base (herein so called) which shall be determined by the Banks at the times and in accordance with the standards and procedures set forth in this Article IV. The Borrowing Base shall be based in part on Reserve Reports prepared as of December 31 and June 30 of each year which shall be delivered by Borrower to each Bank as soon as available, but in no event later than February 28 and August 31 of each year, respectively. Simultaneously with the delivery of each such Reserve Report, the Borrower shall notify the Banks of the Borrowing Base which Borrower requests become effective on the next Redetermination. The Banks may, in their sole discretion, establish a Borrowing Base from time to time which is higher than the Borrowing Base would be if the Banks determined the Borrowing Base based on each Bank's application of the credit standards and other criteria customarily applied by such Bank in the determination of credit limitations for companies similar to Borrower ("Conforming Credit Criteria"). At the time of each Redetermination, the Banks shall also determine what the Borrowing Base would be if they applied Conforming Credit Criteria (the "Conforming Borrowing Base"). If the Bank's do not determine a Conforming Borrowing Base, the Borrowing Base as redetermined shall also be the Conforming Borrowing Base for purposes of this Agreement.
Sample 1
Borrowing Base and Conforming Borrowing Base 
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Related to Borrowing Base and Conforming Borrowing Base

  • 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.

  • 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 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.

  • 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 Redetermination Pursuant to Section 2.07, the Administrative Agent and the Lenders agree that for the period from and including the First Amendment Effective Date to but excluding the next Redetermination Date, the amount of the Borrowing Base shall be equal to $450,000,000. Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 2.07(e), Section 2.07(f) or Section 8.12(c). For the avoidance of doubt, the redetermination herein shall constitute the April 1, 2017 Scheduled Redetermination and the next Scheduled Redetermination shall be the October 1, 2017 Scheduled Redetermination.

  • Borrowing Base Assets (a) The Eligible Real Estate and Borrowing Base Loans included in the calculation of the Borrowing Base Availability shall at all times satisfy all of the following conditions:

  • Calculation of Borrowing Base For purposes of this Agreement, the “Borrowing Base” shall be determined, as at any date of determination, as the sum of the products obtained by multiplying (x) the Value of each Eligible Portfolio Investment by (y) the applicable Advance Rate; provided that:

  • Determination of Borrowing Base The Borrowing Base at any time shall be determined by reference to the most recent Borrowing Base Certificate and Monthly Servicing Report delivered to the Administrative Agent.

  • Initial Borrowing Base Certificate Duly executed originals of an initial Borrowing Base Certificate from Borrower, dated the Closing Date, reflecting information concerning Eligible Accounts and Eligible Inventory of Borrower as of a date not more than seven (7) days prior to the Closing Date.

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