Borrowing Base Reporting. The Borrowing Base Reports are subject to the procedures set forth on Schedule 6.
Borrowing Base Reporting. As soon as available, but in any event no later than thirty (30) days after the end of each fiscal month, calculated in respect of the immediately preceding month:
(i) an executed Borrowing Base Certificate;
(ii) a detailed aging of each Credit Party’s Accounts (each, based on and describing the respective invoice and due dates or terms of such invoice and delivered electronically in an acceptable format, if such Credit Party has implemented electronic reporting), along with a detailed calculation of those Accounts that are not Eligible Accounts;
(iii) an Account roll-forward of each Credit Party’s Accounts, with supporting details supplied from sales journals, collection journals, credit registers and any other records, tied to the beginning and ending account receivable balances of each Credit Party’s general xxxxxx (it being understood that such reporting will be consistent with the form provided prior to the Closing Date);
(iv) a summary aging (including the invoice or due date and, upon Revolving Agent’s request, with a detailed aging and aged by invoice or due date as so requested), by vendor, of each Credit Party’s accounts payable and any book overdraft (delivered electronically in an acceptable format, if such Credit Party has implemented electronic reporting) and a detailed aging, by vendor, of any held checks; and
(v) a reconciliation of reported balances in the foregoing clauses (ii) and (iv) above to each Credit Party’s applicable general ledger account, and to its quarterly financial statements including any book reserves related to each category; and
Borrowing Base Reporting. The Borrowing Base Reports are subject to the procedures set forth on Schedule 5. Notwithstanding anything to the contrary contained in this Agreement, Administrative Agent shall have the right to conduct a field examination of the Borrower's operations from time to time and, if it deems such action necessary, shall have the right to adjust the Borrowing Base to reflect the result of such field examination.
Borrowing Base Reporting. In addition to any reporting requirements set forth in Section 8.1, not later than 45 days after and as of the end of each month, except for December which shall be not later than 60 days after the end of such month, the Company shall supply the Agent, in form and detail reasonably satisfactory to the Agent, a Borrowing Base Certificate, executed by a Responsible Officer and in sufficient copies for the Banks. Each Borrowing Base Certificate shall set forth the Company's determination of the Gross Borrowing Base, Adjusted EBITDA, Local Debt, and the Net Borrowing Base, and shall include Annexes (as referenced therein) which provide the Agent the following information relating to the calculation of the Gross Borrowing Base and Net Borrowing Base:
(i) a listing, including a reasonable description and value, of all Cash Equivalents;
(ii) a listing of Receivables, aged from the date of invoice, including the name of each debtor, and grouping such Receivables by whether they are Tier 1, Tier 2 or Tier 3 Receivables;
(iii) a listing of all Revenue Accruals, in each case including a reasonable description and value and the name of each debtor, and grouping such Revenue Accruals by whether they are Tier 1, Tier 2 or Tier 3 Revenue Accruals;
(iv) a listing of all Contract Cost and Recognized Income Not Yet Billed, including a reasonable description and value and the name of each debtor, and grouping such Contract Cost and Recognized Income Not Yet Billed by whether they are Tier 1, Tier 2 or Tier 3 Contract Cost and Recognized Income Not Yet Billed;
(v) a listing of all JV Interests, in each case including a reasonable description and value and the name of each applicable Obligor JV Partner and the Material Joint Venture, and grouping such JV Interests by whether they are Tier 1, Tier 2 or Tier 3 JV Interests.
(vi) a listing of all Property, Plant and Equipment and Spare Parts, including the owner, net book value and location of all such property, and grouping such Property, Plant and Equipment and Spare Parts by whether they are Class A or Class B Property, Plant and Equipment and Spare Parts; and
(vii) a listing of Indebtedness comprising Local Debt, the Company's calculation of Local Debt, and the Company's calculation of Adjusted EBITDA from the preceding fiscal quarter end.
Borrowing Base Reporting. In addition to the reports required under the Existing Facility Agreement, the Borrowers shall furnish to the Co-Collateral Agents, for distribution to each Lender, (i) a Borrowing Base Certificate, prepared as of the close of business of the first Saturday prior to the CVA Start Date and each Saturday occurring thereafter until the later of (I) the end of January 2018 and (II) the CVA Completion Date (starting with the week ended November 25, 2017) and (ii) a Borrowing Base Certificate, prepared as of the close of business of the first Saturday in November, 2018 and for each Saturday occurring thereafter until the end of January, 2019, in each case not later than 3:00 P.M. (New York time) on the first Friday following each such Saturday.
Borrowing Base Reporting. Borrower shall deliver to Agent an executed borrowing base certificate at least weekly (no later than Wednesday of each week and calculated as of the last Business Day of the preceding week) or more frequently if requested by Agent after the occurrence of and during the continuance of an Event of Default or provided by Borrower, which shall be accompanied by copies of Borrower’s sales journal, unbilled services/sales activities report, cash receipts journal and credit memo journal for the relevant period. Such weekly report shall reflect the billed and unbilled activity of Borrower with respect to Accounts for the immediately preceding week, and shall be substantially the form of Exhibit F hereto and shall contain such additional information concerning Accounts as may be requested by Agent, from time to time, including, without limitation, but only if specifically requested by Agent, copies of all invoices prepared in connection with such Accounts.
Borrowing Base Reporting. Deliver to the Administrative Agent, who shall deliver to each Lender, a Borrowing Base Certificate, promptly on demand by the Administrative Agent (at the direction of the Majority Lenders) and in any event, not less frequently than the tenth (10th) Business Day (save and except in respect of (ii) below) of each calendar month with respect to the preceding calendar month, together with (i) detailed inventory and accounts receivable reports, including an item level listing of all inventory balances that indicates whether items are purchased or made and quantity and cost for both the current and prior month together with a calculation of changes in cost, and also indicating Net Realizable Value of Eligible Inventory, as well as an inventory aging report and an accounts receivable aging report, (ii) not less frequently than the twenty-fifth (25th) day of each calendar month with respect to the preceding calendar month, the management reporting package for the calendar month including an operational update and a comparison of the month and Financial Quarter to date against the Borrower’s projections for such period, and (iii) any other reports, documentation or information requested by the Administrative Agent at the direction of the Majority Lenders;
Borrowing Base Reporting. (a) Furnish to the Co-Collateral Agents and the Administrative Agent (for distribution to each Lender through the Administrative Agent):
(i) a Balance Sheet Certificate, in no event later than 20 days after the end of each month for the month most recently ended, together with the internally generated monthly consolidated financial statements (including balance sheet) of the Borrower and its Subsidiaries.
(ii) a Borrowing Base Certificate, in no event later than 20 days after the end of each month for the month most recently ended if the aggregate Revolving Exposures of the Revolving Lenders at any time during such month was equal to or greater than $30,000,000.
(iii) a Borrowing Base Certificate for the first full fiscal quarter after the Effective Date and for each quarter thereafter, in no event later than 20 days after the end of each quarter for the quarter most recently ended.
(b) Each monthly Balance Sheet Certificate delivered to the Co-Collateral Agents pursuant to this Section 5.16 shall be accompanied by such supporting information regarding Inventory, Receivables and Equipment of the Loan Parties as the Co-Collateral Agents may request.
(c) Each Borrowing Base Certificate delivered to the Co-Collateral Agents pursuant to this Section 5.16 shall be accompanied by:
(i) a summary of the Loan Parties’ Inventory by location and type with a supporting perpetual Inventory report, in each case accompanied by such supporting detail and documentation as shall be requested by the Co-Collateral Agents in their Permitted Discretion;
(ii) a summary of the Loan Parties’ Equipment by location and type with a supporting Equipment report, in each case accompanied by such supporting detail and documentation as shall be requested by the Co-Collateral Agents in their Permitted Discretion;
(iii) if the aggregate Revolving Exposures of the Revolving Lenders at any time during such month was equal to or greater than $30,000,000, an aging of accounts payable accompanied by such supporting detail and documentation as shall be requested by the Co-Collateral Agents in their Permitted Discretion;
(iv) collateral reports, including all additions and reductions (cash and non-cash) with respect to Receivables of the Loan Parties in each case accompanied by such supporting detail and documentation as shall be requested by the Co-Collateral Agents in their Permitted Discretion each of which shall be prepared by the Borrower as of the last day of the immediately preceding calend...
Borrowing Base Reporting. At least two (2) Business Days prior to the date any Advance is requested hereunder, or prior to the date upon which Borrower is requesting a partial release of Time-Share Interests pursuant to PARAGRAPH 3.2 hereof, Borrower shall provide to Lender a report (herein, the "BORROWING BASE REPORT") with respect to each Time-Share Project in which unsold Time-Share Interests make up a part of the Eligible Inventory upon which such request for an Advance is based, or in which Time-Share Interests proposed to be released are situated. A form of the Borrowing Base Report is attached hereto as Exhibit B. Each Borrowing Base Report shall be prepared and presented on both a consolidated and consolidating basis (i.e., each Borrowing Base Report shall have a section describing, for all Borrowers, the aggregate of the Eligible Inventory contributed by such Persons, with separate sections identifying Eligible Inventory contributed by each individual Time-Share Project or other form of development). Borrower will also deliver to Lender, promptly after receipt of a written request for them, such other reports with respect to Inventory constituting part of the Collateral as Lender may from time to time reasonably require, provided that the information requested by Lender is readily available on Borrower's record keeping systems, or can be developed from information which is readily available. In the event that the information requested by Lender is neither readily available on Borrower's record keeping systems nor can it be developed from such readily available information, then Borrower and Lender shall confer and attempt to identify alternate information which is readily available to Borrower to be substituted for the information requested.
Borrowing Base Reporting. Borrower shall deliver to Agent an executed borrowing base certificate at least weekly (no later than Wednesday of each week and calculated as of the last Business Day of the preceding week) or, to the extent reasonably practicable, more frequently if requested by Agent or provided by Borrower, which shall be accompanied by copies of Borrower’s sales journal, unbilled services/sales activities report, cash receipts journal and credit memo journal for the relevant period. Such weekly report shall reflect the billed and unbilled activity of Borrower with respect to Accounts for the immediately preceding week, and shall be substantially the form of Exhibit F hereto and shall contain such additional information concerning Accounts as may be requested by Agent, from time to time, including, without limitation, but only if specifically requested by Agent, copies of all invoices prepared in connection with such Accounts.
