Common use of Borrowing Base Limitations Clause in Contracts

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. Notwithstanding anything to the contrary set forth herein (but subject to Section 2.01(e)2.01), it shall be a condition precedent to each Credit Event that after giving effect thereto (and the use of the proceeds thereof) that: (i) that the Aggregate U.S. Borrower Exposure (other than the French Locally Supported Aggregate 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 UK/AUS 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 most recently delivered by Aleris, subject to adjustment by less any reserves then in effect on the Co-Collateral Agents in their Permitted Discretion in accordance with date of the terms calculation of this Agreement, less the Aggregate Exposure and the relevant French Locally Supported Aggregate Exposure, as applicable. The Borrowing Base Certificate will not be the basis for determining the amount of the Aggregate Exposure and the relevant French Locally Supported Aggregate Exposure, which shall be determined by the Administrative Agent on the applicable date as of determinationeach day. The acceptance of the benefits of each Credit Event shall constitute a representation and warranty by Aleris the Obligors’ Agent 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 Restatement Effective Date) and in this Section 7 (with respect to Credit Events on or after the Restatement Effective Date) 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. Notwithstanding anything to the contrary set forth herein (but subject to Section 2.01(e2.01(f)), 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 less the Aggregate Non-U.S. Borrowing Base Usage at such time; (ii) the Aggregate European Borrower U.S./European Exposure would not exceed the European Combined U.S./European Borrowing Base at such time less the Canadian U.S. Borrowing Base Usage at such time; (iii) the sum of the Aggregate U.S. Borrower Exposure and the Aggregate Canadian Exposure would not exceed the Canadian Combined U.S./Canadian Borrowing Base at such time less the European U.S. Borrowing Base Usage 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 determinationmost recently delivered. 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 Initial Borrowing Date) and in this Section 7 (with respect to Credit Events on or after the Initial Borrowing Date) 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. Notwithstanding anything to the contrary set forth herein (but subject to Section 2.01(e2.01(f)), 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 less the Aggregate Non-U.S. Borrowing Base Usage at such time; (ii) the Aggregate European Borrower U.S./European Exposure would not exceed the European Combined U.S./European Borrowing Base at such time less the Canadian U.S. Borrowing Base Usage at such time; (iii) the sum of the Aggregate U.S. Borrower Exposure and the Aggregate Canadian Exposure would not exceed the Canadian Combined U.S./Canadian Borrowing Base at such time less the European U.S. Borrowing Base Usage 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 determinationmost recently delivered. 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 Restatement Effective Date) and in this Section 7 (with respect to Credit Events on or after the Restatement Effective Date) 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.