Borrowing Base Limitations Sample Clauses

Borrowing Base Limitations. Notwithstanding anything to the contrary set forth herein (but subject to Section 2.01(e)), it shall be a condition precedent to each Credit Event that after giving effect thereto (and the use of the proceeds thereof) that: (i) the Aggregate U.S. Borrower Exposure would not exceed the U.S. Borrowing Base at such time; (ii) the Aggregate European Borrower Exposure would not exceed the European Borrowing Base at such time; (iii) the Aggregate Canadian Exposure would not exceed the Canadian Borrowing Base at such time; and (iv) the Aggregate Exposure at such time would not exceed the Total Borrowing Base at such time. For purposes of this Section 7.03, the relevant Borrowing Bases will be determined based upon the most recent Borrowing Base Certificate delivered by Aleris, subject to adjustment by the Co-Collateral Agents in their Permitted Discretion in accordance with the terms of this Agreement, less the Aggregate Exposure as determined by the Administrative Agent on the applicable date of determination. The acceptance of the benefits of each Credit Event shall constitute a representation and warranty by Aleris and each of the Borrowers to the Administrative Agent and each of the Lenders that all the conditions specified in Section 6 (with respect to Credit Events on the Closing Date) and in this Section 7 and applicable to such Credit Event are satisfied as of that time. All of the Notes, certificates, legal opinions and other documents and papers referred to in Section 6 and in this Section 7, unless otherwise specified, shall be delivered to the Administrative Agent at the Notice Office for the account of each of the Lenders and, except for the Notes, in sufficient counterparts or copies for each of the Lenders and shall be in form and substance reasonably satisfactory to the Administrative Agent and the Required Lenders.

Borrowing Base Limitations. The Borrowers must ensure that all outstanding Borrowings under the Facilities (expressed in Dollars) will not at any time exceed the lesser of the amount at such time of the Facilities and the Borrowing Base. Accordingly, no Borrower may request a Borrowing under the Revolving Facility if the making of such Borrowing would result in such limit being exceeded.

Borrowing Base Limitations. Notwithstanding anything to the contrary set forth herein (but subject to Section 2.01(e)), it shall be a condition precedent to each Credit Event that after giving effect thereto (and the use of the proceeds thereof): (a) the Aggregate Exposure would not exceed 100% (or, during an Agent Advance Period, 110% to the extent the excess above 100% is attributable to one or more Agent Advances) of the Borrowing Base at such time; and (b) the Aggregate Exposure at such time would not exceed the Total Revolving Loan Commitment at such time.

Borrowing Base Limitations. If, as of the last day of the most recent fiscal quarter then ended, the Debt to Capitalization Ratio is greater than fifty-five percent (55%), then until Borrower delivers a Compliance Certificate pursuant to Section 6.01(c) reflecting that the Debt to Capitalization Ratio is equal to or less than fifty-five percent (55%), Borrower shall not permit the aggregate outstanding amount of all Borrowing Base Debt to, at any time, exceed the Borrowing Base.

Borrowing Base Limitations. After giving effect thereto (and the use of the proceeds thereof) the Total Revolving Credit Exposure would not exceed the Line Cap at such time. Each Borrowing of a Loan (other than (w) the initial extensions of credit on the Closing Date (except with respect to the condition precedent specified in clause (d) above), (x) Agent Advances, (y) a conversion of Loans to the other Type, or a continuation of Eurocurrency Rate Loans and (z) any amendment, modification, renewal or extension of a Letter of Credit which does not increase the face amount of such Letter of Credit) by and issuance of a Letter of Credit on behalf of one or more Borrowers hereunder shall constitute a representation and warranty by the Parent Borrower and such Borrower as of the date of such extension of credit that the conditions contained in this Section 4.02 have been satisfied. Notwithstanding anything in this Section 4.02 to the contrary, (i) the effectiveness of any Incremental Amendment shall be subject only to the conditions precedent set forth in Section 2.14 and to such conditions as are mutually agreed between the applicable Borrower and the Lenders party to the Incremental Amendment and (ii) the effectiveness of any Extension Amendment shall be subject only to the conditions precedent set forth in Section 2.16 and to such conditions as are mutually agreed between the applicable Borrower and the Lenders party to the Extension Amendment.

Borrowing Base Limitations. Notwithstanding anything to the contrary set forth herein (but subject to Section 2.01(e)), it shall be a condition precedent to each Credit Event that after giving effect thereto (and the use of the proceeds thereof): (a) the Aggregate Exposure would not exceed 100% (or, during an Agent Advance Period 105%) of the Borrowing Base at such time; and (b) the Aggregate Exposure at such time would not exceed the Total Revolving Loan Commitment at such time. The acceptance of the benefits of each Credit Event shall constitute a representation and warranty by the Credit Parties to the Administrative Agent and each of the Lenders that all the conditions specified in Section 6 (with respect to the occurrence of the Effective Date and Credit Events on the Effective Date) and in this Section 7 (with respect to the occurrence of the Effective Date and Credit Events on or after the Effective Date) and applicable to the occurrence on the Effective Date and such Credit Event are satisfied as of that time. All of the Notes, certificates, legal opinions and other documents and papers referred to in Section 6 and in this Section 7, unless otherwise specified, shall be delivered to the Administrative Agent at the Notice Office for the account of each of the Lenders and, shall be in form and substance reasonably satisfactory to the Administrative Agent.

Borrowing Base Limitations. Notwithstanding anything to the contrary set forth herein, it shall be a condition precedent to each Credit Event that after giving effect thereto (and the use of the proceeds thereof): (i) the Aggregate Exposure would not exceed 100% of the Borrowing Base at such time; (ii) the Aggregate Exposure at such time would not exceed the Total Revolving Loan Commitment at such time; and (iii) the Aggregate Exposure would not exceed the maximum amount of indebtedness permitted to be incurred under this Agreement by the Exit Term Loan Credit Agreement or Exit Notes Indenture. The acceptance of the benefits of each Credit Event shall constitute a representation and warranty by the Borrower Agent to the Administrative Agent and each of the Lenders that all the conditions specified in Article VI (with respect to the occurrence of the Closing Date and Credit Events on the Closing Date) and in this Article VII (with respect to the occurrence of Credit Events on and after the Closing Date) and applicable to such Credit Event are satisfied as of that time (other than, in the case of Article VI, any condition that must be satisfied to the Administrative Agent’s satisfaction or other subjective standard of similar effect). All of the Notes, certificates, legal opinions and other documents and papers referred to in Article VI and in this Article VII, unless otherwise specified, shall be delivered to the Administrative Agent at the Notice Office for the account of each of the Lenders and shall be in form and substance reasonably satisfactory to the Administrative Agent. In determining compliance with any condition under Article VI or this Article VII to the making of a Loan, or the issuance, extension, increase, reinstatement or renewal of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an Issuing Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender or Issuing Lender unless the Administrative Agent shall have received written notice to the contrary from such Lender or Issuing Lender prior to the making of such Loan or the issuance of such Letter of Credit.

Borrowing Base Limitations. After giving effect thereto (and the use of the proceeds thereof) the Total Revolving Credit Exposure would not exceed the Line Cap at such time. Each Borrowing of a Loan or issuance of a Letter of Credit (other than (x) Agent Advances and (y) a conversion of Loans to the other Type, or a continuation of Term Benchmark Loans) shall constitute a representation and warranty by the Borrower as of the date of such extension of credit that the conditions contained in this Section 4.2 have been satisfied. Notwithstanding anything in this Section 4.2 to the contrary, the effectiveness of any Extension Amendment shall be subject only to the conditions precedent set forth in Section 2.22(a) and to such conditions as are mutually agreed between the Borrower and the Lenders party to the Extension Amendment.

Borrowing Base Limitations. (a) The Borrower must ensure that the aggregate amount of all outstanding Borrowings (expressed in Dollars) will not at any time exceed the lesser of (i) the amount of the Facility, and (ii) the Borrowing Base. Accordingly, the Borrower may not request a Borrowing if the making of such Borrowing would result in such limit being exceeded; (b) The Borrower must also ensure that the portion of the Borrowing Base consisting of Qualifying Securities will at all times represent at least 60% of the outstanding Borrowings (expressed in Dollars). Accordingly, the Borrower may not request a Borrowing if the making of such Borrowing would result in such requirement not being met.

Borrowing Base Limitations. After giving effect thereto (and the use of the proceeds thereof): (i) the Total Revolving Credit Exposure would not exceed the Line Cap at such time; (ii) the Total Canadian Revolving Credit Exposure at such time would not exceed the Canadian Line Cap at such time; and (iii) the Total US Revolving Credit Exposure at such time would not exceed the US Line Cap at such time. Each Borrowing of a Loan (other than a conversion of Loans to the other Type, or a continuation of Fixed Rate Loans) by and issuance of a Letter of Credit on behalf of one or more Borrower hereunder shall constitute a representation and warranty by Holdings and such Borrower as of the date of such extension of credit that the conditions contained in this Section 4.2 have been satisfied.