Common use of Borrowing Base Certificate; Authorizations Clause in Contracts

Borrowing Base Certificate; Authorizations. (a) Concurrent with each request for a Revolver Loan pursuant to Section 2.1 (other than a deemed request for a Revolver Loan pursuant to Section 2.1(b)), and at least once during each Borrowing Base Reporting Period (as defined in Item 10 of the Terms Schedule), Borrower shall deliver to Lender a fully completed Borrowing Base Certificate certified by a Senior Officer of Borrower as being true and correct. In addition, within 20 days after the end of each month Borrower shall deliver to Lender a fully completed Borrowing Base Certificate calculated as of the end of such prior month, with reconciliations of the calculations set forth therein to the last Borrowing Base Certificate delivered during such month, and certified by a Senior Officer of Borrower as being true and correct (a “Reconciliation Borrowing Base Certificate”). Concurrent with the delivery of each Borrowing Base Certificate, Borrower shall provide a written report to Lender of all returns and all material disputes, claims and other deductions, together with sales and other reports and supporting information relating to the Accounts and Inventory, as required by Lender. Lender shall have the right to review and adjust any calculations made in a Borrowing Base Certificate (i) to reflect Lender’s reasonable estimate of declines in value of any of the Collateral described therein, as provided in this Agreement, and (ii) to the extent that such calculation is not in accordance with this Agreement or does not accurately reflect the amount of the Availability Reserve. In no event shall the Borrowing Base on any date be deemed to exceed the amount of the Borrowing Base shown on the Borrowing Base Certificate (other than a Reconciliation Borrowing Base Certificate) last received by Lender prior to such date, as such Borrowing Base Certificate may be adjusted from time to time by Lender as authorized herein. If Borrower fails to deliver to Lender the Borrowing Base Certificate on the date when due, then notwithstanding any of the provisions contained in Section 2.1 or in any other Loan Document to the contrary, Lender may suspend honoring any requests for Revolver Loans until a current Borrowing Base Certificate is delivered to Lender.

Borrowing Base Certificate; Authorizations. (a) Concurrent with each request for a Revolver Loan pursuant to Section 2.1 (other than a deemed request for a Revolver Loan pursuant to Section 2.1(b)), and at At least once during each Borrowing Base Reporting Period (as defined in Item 10 of the Terms Schedule), Borrower shall deliver to Lender a fully completed Borrowing Base Certificate certified by a Senior Officer of Borrower as being true and correct. In addition, within 20 days after the end of each month Borrower shall deliver to Lender a fully completed Borrowing Base Certificate calculated as of the end of such prior month, with reconciliations of the calculations set forth therein to the last Borrowing Base Certificate delivered during such month, and certified by a Senior Officer of Borrower as being true and correct (a “Reconciliation Borrowing Base Certificate”). Concurrent with the delivery of each the Borrowing Base Certificate, Borrower shall provide a written report to Lender of (i) all returns by Lumbermens Merchandising Corporation of a value greater than $10,000, (ii) all other returns of a value greater than $25,000, (iii) all xxxx-and-hold Inventory in existence as of the date of such Borrowing Base Certificate that includes the location of such xxxx-and-hold Inventory, the name of the customer that owns such xxxx-and-hold Inventory and any Inventory identification number or designation of such xxxx-and-hold Inventory (e.g., on "license plates" or other identifying labels utilized by Borrower to identify Inventory), and (iv) all material disputes, claims and other deductions, together with sales and other reports and supporting information relating to the Accounts and Inventory, as required by Lender. Lender shall have the right to may review and adjust any calculations made in a Borrowing Base Certificate (iA) to reflect Lender’s reasonable estimate of declines errors in value of any of the Collateral described therein, as provided in this Agreementcalculation, and (iiB) if and to the extent that such calculation is not in accordance with this Agreement or does not accurately reflect the amount of the Availability Reserve. In no event shall the Borrowing Base on any date be deemed to exceed the amount of the Borrowing Base shown on the Borrowing Base Certificate (other than a Reconciliation Borrowing Base Certificate) last received by Lender prior to such date, as such Borrowing Base Certificate may be adjusted from time to time by Lender as authorized herein. If Borrower fails to deliver to Lender the Borrowing Base Certificate on the date when due, then notwithstanding any of the provisions contained in Section 2.1 or in any other Loan Document to the contrary, Lender may suspend honoring any requests for Revolver Loans until a current Borrowing Base Certificate is delivered to Lender.

Borrowing Base Certificate; Authorizations. (a) Concurrent with each request for a Revolver Loan pursuant to Section 2.1 (other than a deemed request for a Revolver Loan pursuant to Section 2.1(b)), and at least once during each Borrowing Base Reporting Period (as defined in Item 10 of the Terms Schedule), Borrower shall deliver to Lender a fully completed Borrowing Base Certificate certified by a Senior Officer of Borrower as being true and correct. In addition, within 20 30 days after the end of each month Borrower shall deliver to Lender a fully completed Borrowing Base Certificate calculated as of the end of such prior month, with reconciliations of the calculations set forth therein to the last Borrowing Base Certificate delivered during such month, and certified by a Senior Officer of Borrower as being true and correct (a “Reconciliation Borrowing Base Certificate”)correct. Concurrent with the delivery of each the Borrowing Base Certificate, Borrower shall provide a written report to Lender of all returns and all material disputes, claims and other deductions, together with sales and other reports and supporting information relating to the Accounts and Inventory, as reasonably required by Lender. Lender shall have the right to review and adjust any calculations made in a Borrowing Base Certificate (i) to reflect Lender’s reasonable estimate of declines in value of any of the Collateral described therein, as provided in this Agreement, therein and (ii) to the extent that such calculation is not in accordance with this Agreement or does not accurately reflect the amount of the Availability Reserve. In no event shall the Borrowing Base on any date be deemed to exceed the amount of the Borrowing Base shown on the Borrowing Base Certificate (other than a Reconciliation Borrowing Base Certificate) last received by Lender prior to such date, as such Borrowing Base Certificate may be adjusted from time to time by Lender as authorized herein. If Borrower fails to deliver to Lender the Borrowing Base Certificate on the date when due, then notwithstanding any of the provisions contained in Section 2.1 or in any other Loan Document to the contrary, Lender may suspend honoring any requests for Revolver Loans until a current Borrowing Base Certificate is delivered to Lender.

Borrowing Base Certificate; Authorizations. (a) Concurrent with each request for a Revolver Loan pursuant to Section 2.1 (other than a deemed request for a Revolver Loan pursuant to Section 2.1(b)), and at least once during each Borrowing Base Reporting Period (as defined in Item 10 of the Terms Schedule), Borrower Borrowers shall deliver to Lender a fully completed Borrowing Base Certificate certified by a Senior Officer of a Borrower as being true and correct. In addition, within 20 days after the end of each month Borrower shall deliver to Lender a fully completed Borrowing Base Certificate calculated as of the end of such prior month, with reconciliations of the calculations set forth therein to the last Borrowing Base Certificate delivered during such month, and certified by a Senior Officer of Borrower as being true and correct (a “Reconciliation Borrowing Base Certificate”). Concurrent with the delivery of each the Borrowing Base Certificate, Borrower Borrowers shall provide a written report to Lender of all returns and all material disputes, claims and other deductions, together with sales and other reports and supporting information relating to the Accounts and Inventory, as required by Lender. Lender shall have the right to review and and, in its reasonable judgment, adjust any calculations made in a Borrowing Base Certificate (i) to reflect Lender’s reasonable estimate of declines in value of any of the Collateral described therein, as provided in this Agreement, therein and (ii) to the extent that such calculation is not in accordance with this Agreement or does not accurately reflect the amount of the Availability Reserve. In no event shall the Borrowing Base on any date be deemed to exceed the amount of the Borrowing Base shown on the Borrowing Base Certificate (other than a Reconciliation Borrowing Base Certificate) last received by Lender prior to such date, as such Borrowing Base Certificate may be adjusted from time to time by Lender as authorized herein. If Borrower fails Borrowers fail to deliver to Lender the Borrowing Base Certificate on the date when due, then notwithstanding any of the provisions contained in Section 2.1 or in any other Loan Document to the contrary, Lender may suspend honoring any requests for Revolver Loans until a current Borrowing Base Certificate is delivered to Lender.

Borrowing Base Certificate; Authorizations. (a) Concurrent with (i) For the period commencing on the Closing Date and ending on January 4, 2015, on or prior to 11:00 a.m. on the first Business Day of each calendar week and (ii) thereafter less frequently as the Agents may agree in their Permitted Discretion (in each case, or more frequently as Agents shall request for a Revolver Loan pursuant to Section 2.1 (other than a deemed request for a Revolver Loan pursuant to Section 2.1(b)), and at least once during each Borrowing Base Reporting Period (as defined in Item 10 of the Terms Scheduletheir Permitted Discretion), Borrower shall deliver to Lender Agents a fully completed Borrowing Base Certificate certified by a Senior Officer of Borrower as being true and correct. In addition, within 20 days after the end of each month Borrower shall deliver to Lender the Agents a fully completed Borrowing Base Certificate calculated as of the end of such prior month, with reconciliations of the calculations set forth therein to the last Borrowing Base Certificate delivered during such month, and certified by a Senior Officer of Borrower as being true and correct (a “Reconciliation Borrowing Base Certificate”)correct. Concurrent with the delivery of each the Borrowing Base Certificate, Borrower shall provide a written report to Lender Agents of all returns and all material disputes, claims and other deductions, together with sales and other reports and supporting information relating to the Accounts and Inventory, as reasonably required by LenderAgents. Lender Agents shall have the right to review and adjust any calculations made in a Borrowing Base Certificate (i) to reflect Lender’s reasonable Agents’ estimate of declines in value of any of the Collateral described therein, as provided in this Agreement, therein and (ii) to the extent that such calculation is not in accordance with this Agreement or does not accurately reflect the amount of the Availability Reserve. In no event shall the Borrowing Base on any date be deemed to exceed the amount of the Borrowing Base shown on the Borrowing Base Certificate (other than a Reconciliation Borrowing Base Certificate) last received by Lender Agents prior to such date, as such Borrowing Base Certificate may be adjusted from time to time by Lender Agents as authorized herein. If Borrower fails to deliver to Lender Agents the Borrowing Base Certificate on the date when due, then notwithstanding any of the provisions contained in Section 2.1 or in any other Loan Document to the contrarycontrary and in addition to any other rights or remedies the Administrative Agent or Lenders may have under this Agreement, Lender Administrative Agent may suspend honoring any requests for Revolver Loans until a current Borrowing Base Certificate is delivered to LenderAgents.