Borrowing Base Limitation. At any time at which the Borrower does not have an Investment Grade Rating from at least two of the Rating Agencies, permit the aggregate outstanding amount of the sum of all Borrowing Base Debt to exceed the Borrowing Base at such time (the “Borrowing Base Limitation”).
Borrowing Base Limitation. The maximum aggregate amount outstanding at any time under the Revolving Credit Loans shall not exceed the Revolving Credit Borrowing Base then in effect.
Borrowing Base Limitation. At any time at which the Facilities do not have a rating of BBB- or higher from S&P or Baa3 or higher from Xxxxx’x, permit the aggregate outstanding amount of the sum of all Borrowing Base Debt to exceed the Borrowing Base at such time (the “Borrowing Base Limitation”).
Borrowing Base Limitation. “Borrowing Base Limitation” means at the time in question the total of (x) 80% of Eligible Accounts Receivable, plus (y) the lesser of 50% of the value of Finished Goods or $250,000.00.
Borrowing Base Limitation. Notwithstanding anything to the contrary herein, at no time shall the Formula Debt exceed the Lending Availability. If at any time the Formula Debt shall exceed the Lending Availability, Companies shall forthwith make a principal payment on the Revolving Credit Note in an amount sufficient to bring Formula Debt in compliance with the Lending Availability. Lending Availability shall be determined on the basis of the most recent Borrowing Base Report to be delivered by Detrex, on behalf of the Companies, to Bank pursuant to the provisions of Section 8.2(c) hereof.
Borrowing Base Limitation. The following new Section 6.15 is hereby added to the Credit Agreement:
Borrowing Base Limitation. At any time, permit the aggregate outstanding amount of the sum of all Borrowing Base Debt to exceed the Borrowing Base at such time (the "Borrowing Base Limitation"), provided, however, that, after the Bridge Loan is paid in full from the proceeds of unsecured debt or equity Securities or the Exchange Notes issued by the Company, the Borrower shall not be required to comply with the Borrowing Base Limitation if, but only so long as, the Facilities have a rating of BBB- or higher from S&P or Baa3 or higher from Moody's.
Borrowing Base Limitation. The Borrowing Base shall be redetermined as of September 1, 1998, and as of each March 1 and September 1 thereafter. During each six month period between scheduled redeterminations, an unscheduled redetermination can be required once by Required Lenders and once by Borrower. Only those Oil and Gas Properties in which the Agent has a first priority Lien shall be considered in determining the Borrowing Base. The Lenders shall determine in their sole discretion the amount of the Borrowing Base using such methodology, assumptions and discount rates as the Lenders customarily use in assigning collateral value to oil and gas properties at the time in question and based upon such other credit factors as the Lenders customarily consider in evaluating oil and gas credits. It is expressly understood that the Lenders have no obligation to designate the Borrowing Base at any particular amount, except in the exercise of their sole discretion, whether in relation to the Maximum Line Amount or otherwise. After each such redetermination, the Agent shall promptly notify the Borrower in writing of the new Borrowing Base. If an Unscheduled Redetermination is made by the Lenders, the Agent shall notify Borrower of the new Borrowing Base, and such new Borrowing Base shall continue until the next redetermination of the Borrowing Base. Borrower shall furnish to the Lenders as soon as possible but in any event no later than February 1 of each year, beginning February 1, 1999, an engineering report in form and substance satisfactory to Required Lenders, prepared by a firm of petroleum engineers acceptable to the Required Lenders, valuing the Mortgaged Properties utilizing economic and pricing parameters designated by Required Lenders. Borrower shall furnish to the Lenders by each August 1 and February 1 of each year such other information concerning the value of the Mortgaged Properties as the Required Lenders may reasonably deem necessary to determine the Borrowing Base. The engineering reports furnished February 1 pursuant to this SECTION 5 shall be prepared as of the preceding December 31. If the Borrower does not furnish all such information, reports and data by the date specified in this SECTION 5(b), the Lenders may nonetheless designate the Borrowing Base at any amount which the Lenders determine in their discretion in accordance with this SECTION 5(b) and may redesignate the Borrowing Base from time to time thereafter until the Lenders receive all such information, reports...
Borrowing Base Limitation. Borrowers shall not be entitled to request and Lenders shall not be obligated to advance, issue or create, any Loans, Letters of Credit or Bankers' Acceptances hereunder if (a) the amount of any Revolving Credit Loan, Letter of Credit or Bankers' Acceptances requested, when added to (b) the then current Lender Outstandings, would cause the sum of (a) and (b) to exceed the Borrowing Base Limitation. If at any time the Lender Outstandings exceed the Borrowing Base Limitation, Borrowers shall immediately (without any grace or cure period being applicable) upon demand by the Collateral Agent (and the Collateral Agent shall make such demand upon the request of the Agent or Required Lenders), reduce the principal balance outstanding under the Revolving Credit Commitment to an amount which causes the Lender Outstandings to be equal to or less than the Borrowing Base Limitation, with failure to do so constituting an Event of Default under this Agreement.
Borrowing Base Limitation. The Borrowing Base shall be redetermined semi-annually in accordance with this Section 6 as of each Scheduled Redetermination Date commencing on November 1, 2011. In addition, the Borrower may, by notifying the Agent thereof, and the Agent may, at the direction of the Required Revolving Lenders, by notifying the Borrower thereof, one time during any 12-month period, each elect to cause the Borrowing Base to be redetermined between Scheduled Redeterminations; provided, however, that the Agent may cause the Borrowing Base to be redetermined within 90 days of the Closing Date, which redetermination shall not count towards the limitation set forth above (an “Unscheduled Redetermination”). After each such redetermination, the Agent shall promptly notify the Borrower in writing of the new Borrowing Base. If an Unscheduled Redetermination is made, the Agent shall notify the Borrower of the new Borrowing Base, and such new Borrowing Base shall continue until the next redetermination of the Borrowing Base.
