Borrowing Base Audits Sample Clauses

Borrowing Base Audits. The Borrower shall, and shall cause each of its Subsidiaries to, permit the Bank, at any reasonable time, and upon reasonable notice, to perform one collateral audit of the assets of the Borrower and its Subsidiaries that comprise the Borrowing Base during each fiscal year; provided, however, that, if an Event of Default has occurred and is continuing, the Bank shall be permitted to conduct additional audits as it determines. Regardless of whether an Event of Default has occurred and is continuing, all such audits shall be performed at the Borrower’s sole cost and expense.
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Borrowing Base Audits. Periodically at the request of the Agent --------------------- or the Majority Revolving Credit Lenders, but in no event more frequently than twice in each fiscal year so long as no Event of Default has occurred and is continuing, a report, the scope and cost of which shall be reasonably acceptable to the Revolving Credit Lenders and Borrower (the reasonable cost and expense of which, unless an Event of Default shall have occurred and be continuing, for one shall be for the sole account of Borrower), of an independent collateral auditor (which may be, or be affiliated with, one of the Lenders) with respect to the Inventory included in the Borrowing Base as at the end of a monthly accounting period, which report shall indicate that, based upon a review by such auditors of the Inventory (including verification as to the value, location and respective types), the information set forth in the Borrowing Base Certificate delivered by Borrower as at the end of such accounting period is accurate and complete in all material respects;
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Borrowing Base Audits. The Agent shall have received the results of an audit of the inventory and accounts receivable of the Company and its Subsidiaries and of the UK Borrower, and such report shall be in form and substance satisfactory to the Agent.
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Borrowing Base Audits. (1) Once during each six-month period prior to the first anniversary of the Closing Date, and once per year thereafter and (2) at any time at the request of Administrative Agent if an Event of Default has occurred and is continuing, a report, the scope and cost of which shall be reasonably acceptable to the Lenders and Borrower (the reasonable cost and expense of which shall be for the sole account of Borrower), of an independent collateral auditor (which may be, or be affiliated with, one of the Lenders) with respect to the Accounts, Inventory and Rental Assets included in the Borrowing Base as at the end of a monthly accounting period;
Sample 1
Borrowing Base Audits. (1) At any one time at the discretion of the Administrative Agent and (2) at any time at the request of Administrative Agent if an Event of Default has occurred and is continuing, a report, the scope and cost of which shall be reasonably acceptable to the Lenders and Borrower (the reasonable cost and expense of which shall be for the sole account of Borrower), of an independent collateral auditor (which may be, or be affiliated with, one of the Lenders) with respect to the Accounts, Inventory and Rental Assets included in the Borrowing Base as at the end of a monthly accounting period; provided, that if the Borrowing Base Audit Condition is not satisfied at any time, then at all times thereafter, even if the Borrowing Base Audit Condition is thereafter satisfied, the Borrower must provide a report during each 12 month period after the date that the report under clause (1) is delivered to the Administrative Agent, each of which reports must be provided at such time as may be requested by the Administrative Agent (or, if not sooner requested, in any event prior to the last day of each such 12 month period ending after the first date on which the Borrowing Base Audit Condition was not satisfied);
Sample 1
Borrowing Base Audits. Periodically at the request of the Administrative Agent or the Majority Revolving Credit Lenders, a report, the scope and cost of which shall be reasonably acceptable to the Revolving Credit Lenders and Borrower (the reasonable cost and expense of which shall be for the sole account of Borrower), of an independent collateral auditor (which may be, or be affiliated with, one of the Revolving Credit Lenders) with respect to the Inventory included in the Borrowing Base as at the end of a monthly accounting period, which report shall indicate that, based upon a review by such auditors of the Inventory (including verification as to the value, location and respective types), the information set forth in the Borrowing Base Certificate delivered by Borrower as at the end of such accounting period is accurate and complete in all material respects;
Sample 1

Related to Borrowing Base Audits

  • 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 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:

  • 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 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.

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

  • 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.

  • 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).

  • 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.

  • Borrowing Base Properties (a) Except where the failure to comply with any of the following would not have a Material Adverse Effect, each of Parent and Borrower shall, and shall use commercially reasonable efforts to cause each other Loan Party or the applicable tenant, to:

  • 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:

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