Borrowing Base Reports. Upon receipt of any Borrowing Base Report and the related Borrowing Base Certificate delivered pursuant to Section 2.1(d)(ii), Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), Paying Agent shall, on the Business Day following receipt of such Borrowing Base Report, to the extent that Paying Agent has access to all information necessary to perform the duties set forth herein: (i) compare the beginning Eligible Portfolio Outstanding Principal Balance set forth in such Borrowing Base Report with the aggregate Outstanding Principal Balance of the Eligible Receivables listed in the Master Record and identify any discrepancy; (ii) compare the number of Pledged Receivables listed in the Master Record with the number of Pledged Receivables provided to the Paying Agent by the Custodian pursuant to Section 4.3 of the Custodial Agreement as the number of Pledged Receivables for which the Custodian holds a Receivables File pursuant to the Custodial Agreement and identify any discrepancy; (iii) confirm that each Pledged Receivable listed in the Master Record has a unique loan identification number; (iv) compare the amount set forth in such Borrowing Base Report as the amount on deposit in the Collection Account with the amount shown on deposit in the Collection Account and identify any discrepancy; (v) in the case of a Borrowing Base Report delivered pursuant to Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), recalculate the amount set forth in such Borrowing Base Report as the amount that will be on deposit in the Collection Account after giving effect to the related repayment of Loans or the related purchase of Eligible Receivables set forth therein and identify any discrepancy; (vi) confirm that the Accrued Interest Amount and an estimate of accrued fees as of the date of repayment or the Transfer Date, as the case may be, multiplied by 105%, is the amount set forth in such Borrowing Base Request as 105% of the estimated amount of accrued interest and fees and identify any discrepancy; (vii) recalculate the Class A Revolving Availability and the Class B Revolving Availability based on the Class A Borrowing Base and the Class B Borrowing Base set forth in such Borrowing Base Report and the Total Utilization of Class A Revolving Commitments and the Total Utilization of Class B Revolving Commitments set forth in the Paying Agent’s records and identify any discrepancies; (viii) in the case of a Borrowing Base Report delivered pursuant to Section 3.3(a)(i), (A) confirm that the Class A Revolving Loans requested in the related Funding Request are not greater than the Class A Revolving Availability and the amount of Class B Revolving Loans requested in the related Funding Request are not greater than the Class B Revolving Availability and (B) confirm that, after giving effect to such Revolving Loans, the Total Utilization of Class A Revolving Loans will not exceeds the Class A Revolving Commitments and the Total Utilization of Class B Revolving Loans will not exceed the Class B Revolving Commitments; and
Appears in 5 contracts
Samples: Credit Agreement (On Deck Capital, Inc.), Credit Agreement (On Deck Capital, Inc.), Credit Agreement (On Deck Capital Inc)
Borrowing Base Reports. Upon receipt of any Borrowing Base Report and the related Borrowing Base Certificate delivered pursuant to Section 2.1(d)(ii2.1(c)(ii), Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), Paying Agent shall, on the Business Day following receipt of such Borrowing Base Report, to the extent that Paying Agent has access to all information necessary to perform the duties set forth herein:
(i) compare the beginning Eligible Portfolio Outstanding Principal Balance set forth in such Borrowing Base Report with the aggregate Outstanding Principal Balance of the Eligible Receivables listed in the Master Record and identify any discrepancy;
(ii) compare the number of Pledged Receivables listed in the Master Record with the number of Pledged Receivables provided to the Paying Agent by the Custodian Servicer pursuant to Section 4.3 of the Custodial Agreement as the number of Pledged Receivables for which the Custodian holds a Receivables File pursuant to the Custodial Agreement and identify any discrepancy;
(iii) confirm that each Pledged Receivable listed in the Master Record has a unique loan identification number;
(iv) compare the amount set forth in such Borrowing Base Report as the amount on deposit in the Collection Account with the amount shown on deposit in the Collection Account and identify any discrepancy;
(v) in the case of a Borrowing Base Report delivered pursuant to Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), recalculate the amount set forth in such Borrowing Base Report as the amount that will be on deposit in the Collection Account after giving effect to the related repayment of Loans or the related purchase of Eligible Receivables set forth therein and identify any discrepancy;
(vi) confirm that the Accrued Interest Amount and an estimate of accrued fees as of the date of repayment or the Transfer Date, as the case may be, multiplied by 105%, is the amount set forth in such Borrowing Base Request as 105% of the estimated amount of accrued interest and fees and identify any discrepancy;
(vii) recalculate the Class A Revolving Availability and the Class B Revolving Availability based on the Class A Borrowing Base and the Class B Borrowing Base set forth in such Borrowing Base Report and the Total Utilization of Class A Revolving Commitments and the Total Utilization of Class B Revolving Commitments set forth in the Paying Agent’s records and identify any discrepancies;
(viii) in the case of a Borrowing Base Report delivered pursuant to Section 3.3(a)(i), (A) confirm that the Class A Revolving Loans requested in the related Funding Request are not greater than the Class A Revolving Availability and the amount of Class B Revolving Loans requested in the related Funding Request are not greater than the Class B Revolving Availability and (B) confirm that, after giving effect to such Revolving Loans, the Total Utilization of Class A Revolving Loans will not exceeds the Class A Revolving Commitments and the Total Utilization of Class B Revolving Loans will not exceed the Class B Revolving CommitmentsCommitment; and
(ix) notify the Lenders of the results of such review.
Appears in 3 contracts
Samples: Credit Agreement (On Deck Capital, Inc.), Credit Agreement (On Deck Capital Inc), Credit Agreement (On Deck Capital Inc)
Borrowing Base Reports. Upon receipt of any Borrowing Base Report and the related Borrowing Base Certificate delivered pursuant to Section 2.1(d)(ii2.1(c)(ii), Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), Paying Agent shall, on the Business Day following receipt of such Borrowing Base Report, to the extent that Paying Agent has access to all information necessary to perform the duties set forth herein:
(i) compare the beginning Eligible Portfolio Outstanding Principal Balance set forth in such Borrowing Base Report with the aggregate Outstanding Principal Balance of the Eligible Receivables listed in the Master Record and identify any discrepancy;
(ii) compare the number of Pledged Receivables listed in the Master Record with the number of Pledged Receivables provided to the Paying Agent by the Custodian Servicer pursuant to Section 4.3 of the Custodial Agreement as the number of Pledged Receivables for which the Custodian holds a Receivables File pursuant to the Custodial Agreement and identify any discrepancy;
(iii) confirm that each Pledged Receivable listed in the Master Record has a unique loan identification number;
(iv) compare the amount set forth in such Borrowing Base Report as the amount on deposit in the Collection Account with the amount shown on deposit in the Collection Account and identify any discrepancy;
(v) in the case of a Borrowing Base Report delivered pursuant to Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), recalculate the amount set forth in such Borrowing Base Report as the amount that will be on deposit in the Collection Account after giving effect to the related repayment of Loans or the related purchase of Eligible Receivables set forth therein and identify any discrepancy;
(vi) confirm that the Accrued Interest Amount and an estimate of accrued fees as of the date of repayment or the Transfer Date, as the case may be, multiplied by 105%, is the amount set forth in such Borrowing Base Request as 105% of the estimated amount of accrued interest and fees and identify any discrepancy;
(vii) recalculate the Class A Revolving Availability and the Class B Revolving Availability Availability, based on the Class A Borrowing Base and the Class B Borrowing Base set forth in such Borrowing Base Report and the Total Utilization of Class A Revolving Commitments and the Total Utilization of Class B Revolving Commitments set forth in the Paying Agent’s records and identify any discrepancies;
(viii) in the case of a Borrowing Base Report delivered pursuant to Section 3.3(a)(i3.2(a)(i), (A) confirm that the Class A Revolving Loans requested in the related Funding Request are not greater than the Class A Revolving Availability and the amount of Class B Revolving Loans requested in the related Funding Request are not greater than the Class B Revolving Availability and (B) confirm that, after giving effect to such Revolving Loans, the Total Utilization of Class A Revolving Loans will not exceeds exceed the Class A Revolving Commitments and the Total Utilization of Class B Revolving Loans will not exceed the Class B Revolving Commitments; and
(ix) notify the Lenders of the results of such review.
Appears in 2 contracts
Samples: Credit Agreement (On Deck Capital, Inc.), Credit Agreement (On Deck Capital Inc)
Borrowing Base Reports. Upon receipt of any Borrowing Base Report and the related Borrowing Base Certificate delivered pursuant to Section 2.1(d)(ii2.1(c)(ii), Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), Paying Agent shall, on the Business Day following receipt of such Borrowing Base Report, to the extent that Paying Agent has access to all information necessary to perform the duties set forth herein:
(i) compare the beginning ending Eligible Portfolio Outstanding Principal Balance set forth in such Borrowing Base Report with the aggregate Outstanding Principal Balance of the Eligible Receivables listed in the Master Record and identify any discrepancy;
(ii) compare the number of Pledged Receivables listed in the Master Record with the number of Pledged Receivables provided to the Paying Agent by the Custodian Servicer pursuant to Section 4.3 4.2 of the Custodial Agreement as the number of Pledged Receivables for which the Custodian holds a Receivables Receivable File pursuant to the Custodial Agreement and identify any discrepancy;
(iii) confirm that each Pledged Receivable listed in the Master Record has a unique loan identification number;
(iv) compare the amount set forth in such Borrowing Base Report as the amount on deposit in the Collection Account with the amount shown on deposit in the Collection Account as of the date of such Borrowing Base Report and identify any discrepancy;
(v) in the case of a Borrowing Base Report delivered pursuant to Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), recalculate the amount set forth in such Borrowing Base Report as the amount that will be on deposit in the Collection Account after giving effect to the related repayment of Revolving Loans or the related purchase of Eligible Receivables set forth therein and identify any discrepancy;
(vi) confirm that the Accrued Interest Amount and an estimate of accrued fees as of the date of repayment or the Transfer Date, as the case may be, multiplied by 105%, is the amount set forth in such Borrowing Base Request Report as 105% of the estimated amount of accrued interest and fees and identify any discrepancy;
(vii) recalculate the Class A Revolving Availability and the Class B Revolving Availability Availability, based on the Class A Borrowing Base and the Class B Borrowing Base set forth in such Borrowing Base Report and the Total Utilization of Class A Revolving Commitments Loans and the Total Utilization of Class B Revolving Commitments set forth in the Paying Agent’s records and identify any discrepancies;
(viii) in the case of a Borrowing Base Report delivered pursuant to Section 3.3(a)(i3.2(a)(i), (A) confirm that the Class A Revolving Loans requested in the related Funding Request Notice are not greater than the Class A Revolving Availability and the amount of Class B Revolving Loans requested in the related Funding Request Notice are not greater than the Class B Revolving Availability and (B) confirm that, after giving effect to such Revolving Loans, the Total Utilization of Class A Revolving Loans will not exceeds exceed the Class A Revolving Commitments Borrowing Base and the Total Utilization of Class B Revolving Loans Commitments will not exceed the Class B Revolving CommitmentsBorrowing Base; and
(ix) no later than two (2) Business Days following receipt of the Borrowing Base Report and the related Borrowing Base Certificate, notify the Administrative Agent and the Lenders of the results of such review in writing.
Appears in 2 contracts
Samples: Credit Agreement (Enova International, Inc.), Credit Agreement (Enova International, Inc.)
Borrowing Base Reports. Upon receipt of any Borrowing Base Report and the related Borrowing Base Certificate delivered pursuant to Section 2.1(d)(ii2.2(d)(ii), Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), Paying Agent shall, on the Business Day following receipt of such Borrowing Base Report, to the extent that Paying Agent has access to all information necessary to perform the duties set forth herein:
(i) compare the beginning Eligible Portfolio Outstanding Principal Balance set forth in such Borrowing Base Report with the aggregate Outstanding Principal Balance of the Eligible Receivables listed in the Master Record and identify any discrepancy;
(ii) compare the number of Pledged Receivables listed in the Master Record with the number of Pledged Receivables provided to the Paying Agent by the Custodian Servicer pursuant to Section 4.3 of the Custodial Agreement as the number of Pledged Receivables for which the Custodian holds a Receivables File pursuant to the Custodial Agreement and identify any discrepancy;
(iii) confirm that each Pledged Receivable listed in the Master Record has a unique loan identification number;
(iv) compare the amount set forth in such Borrowing Base Report as the amount on deposit in the Collection Account with the amount shown on deposit in the Collection Account and identify any discrepancy;
(v) in the case of a Borrowing Base Report delivered pursuant to Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), recalculate the amount set forth in such Borrowing Base Report as the amount that will be on deposit in the Collection Account after giving effect to the related repayment of Loans or the related purchase of Eligible Receivables set forth therein and identify any discrepancy;
(vi) confirm that the Accrued Interest Amount and an estimate of accrued fees as of the date of repayment or the Transfer Date, as the case may be, multiplied by 105%, is the amount set forth in such Borrowing Base Request as 105% of the estimated amount of accrued interest and fees and identify any discrepancy;
(vii) recalculate the Class A Revolving Availability and the Class B Revolving Availability based on the Class A Borrowing Base and the Class B Borrowing Base set forth in such Borrowing Base Report and the Total Utilization of Class A Revolving Commitments and the Total Utilization of Class B Revolving Commitments set forth in the Paying Agent’s records and identify any discrepancies;
(viii) in the case of a Borrowing Base Report delivered pursuant to Section 3.3(a)(i3.2(a)(i), (A) confirm that the Class A Revolving Loans requested in the related Funding Request are not greater than the Class A Revolving Availability and the amount of Class B Revolving Loans requested in the related Funding Request are not greater than the Class B Revolving Availability and (B) confirm that, after giving effect to such Revolving Loans, the Total Utilization of Class A Revolving Loans will not exceeds the Class A Revolving Commitments and the Total Utilization of Class B Revolving Loans will not exceed the Class B Revolving CommitmentsCommitment; and
(ix) notify the Lenders of the results of such review.
Appears in 2 contracts
Samples: Credit Agreement (On Deck Capital Inc), Credit Agreement (On Deck Capital Inc)
Borrowing Base Reports. Upon receipt of any Borrowing Base Report The Borrower will furnish to the Administrative Agent and the related Borrowing Base Certificate delivered pursuant Collateral Agent (and the Administrative Agent shall thereafter deliver to Section 2.1(d)(ii), Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), Paying Agent shall, on the Business Day following receipt of such Borrowing Base Report, to the extent that Paying Agent has access to all information necessary to perform the duties set forth herein:each Lender):
(i) compare as soon as available and in any event within 20 days (or if such 20th day is not a Business Day, the beginning Eligible Portfolio Outstanding Principal Balance set forth in such next succeeding Business Day) after the last day of each calendar month, a completed Borrowing Base Report with Certificate (accompanied by supporting documentation and supplemental reporting) calculating and certifying the aggregate Outstanding Principal Balance of Aggregate Borrowing Base, the Eligible Receivables listed in the Master Record and identify any discrepancy;
(ii) compare the number of Pledged Receivables listed in the Master Record with the number of Pledged Receivables provided to the Paying Agent by the Custodian pursuant to Section 4.3 of the Custodial Agreement as the number of Pledged Receivables for which the Custodian holds a Receivables File pursuant to the Custodial Agreement and identify any discrepancy;
(iii) confirm that each Pledged Receivable listed in the Master Record has a unique loan identification number;
(iv) compare the amount set forth in such Borrowing Base Report as the amount on deposit in the Collection Account with the amount shown on deposit in the Collection Account and identify any discrepancy;
(v) in the case of a Borrowing Base Report delivered pursuant to Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), recalculate the amount set forth in such Borrowing Base Report as the amount that will be on deposit in the Collection Account after giving effect to the related repayment of Loans or the related purchase of Eligible Receivables set forth therein and identify any discrepancy;
(vi) confirm that the Accrued Interest Amount and an estimate of accrued fees as of the date of repayment or the Transfer Date, as the case may be, multiplied by 105%, is the amount set forth in such Borrowing Base Request as 105% of the estimated amount of accrued interest and fees and identify any discrepancy;
(vii) recalculate the Class A Revolving Availability and the Class B Revolving Availability based on the Class Tranche A Borrowing Base and the Class Tranche B Borrowing Base set forth as of the end of such calendar month, signed on behalf of the Borrower by a Financial Officer and in form and substance satisfactory to the Collateral Agent; provided that such Borrowing Base Report Certificate (accompanied by supporting documentation and supplemental reporting) shall be furnished to the Administrative Agent and the Total Utilization Collateral Agent as soon as available and in any event within two Business Days after the end of Class A Revolving each calendar week (each such weekly period deemed, for purposes hereof, to end on a Friday) during any period beginning on the date on which Average Facility Availability has been less than the greater of (x) 12.5% of the total aggregate Commitments and (y) $250,000,000 for the Total Utilization preceding five (5) consecutive days and ending on the date on which Average Facility Availability has been at least the greater of Class B Revolving (x) 12.5% of the total aggregate Commitments set forth in and (y) $250,000,000 for the Paying Agent’s records preceding thirty (30) consecutive days; provided that if the Borrower is unable through commercially reasonable efforts to provide the reporting required by the foregoing proviso at the frequency specified, other information and identify any discrepancies;reporting mutually acceptable to the Borrower, the Administrative Agent and the Collateral Agent shall be substituted; and
(viiiii) within two Business Days of any request therefor, such other information in such detail concerning the case amount, composition, and manner of a calculation of the Aggregate Borrowing Base, the Tranche A Borrowing Base Report delivered pursuant to Section 3.3(a)(i), (A) confirm that or the Class A Revolving Loans requested in the related Funding Request are not greater than the Class A Revolving Availability and the amount of Class Tranche B Revolving Loans requested in the related Funding Request are not greater than the Class B Revolving Availability and (B) confirm that, after giving effect to such Revolving Loans, the Total Utilization of Class A Revolving Loans will not exceeds the Class A Revolving Commitments and the Total Utilization of Class B Revolving Loans will not exceed the Class B Revolving Commitments; andBorrowing Base as any Lender may reasonably request.
Appears in 2 contracts
Samples: Credit Agreement (United States Steel Corp), Credit Agreement (United States Steel Corp)
Borrowing Base Reports. Upon receipt of any Borrowing Base Report and the related Borrowing Base Certificate delivered pursuant to Section 2.1(d)(ii2.1(c)(ii), Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), Paying Agent shall, on the Business Day following receipt of such Borrowing Base Report, to the extent that Paying Agent has access to all information necessary to perform the duties set forth herein:
(i) compare the beginning ending Eligible Portfolio Outstanding Principal Balance set forth in such Borrowing Base Report with the aggregate Outstanding Principal Balance of the Eligible Receivables listed in the Master Record and identify any discrepancy;
(ii) compare the number of Pledged Receivables listed in the Master Record with the number of Pledged Receivables provided to the Paying Agent by the Custodian Servicer pursuant to Section 4.3 of the Custodial Agreement as the number of Pledged Receivables for which the Custodian holds a Receivables Receivable File pursuant to the Custodial Agreement and identify any discrepancy;
(iii) confirm that each Pledged Receivable listed in the Master Record has a unique loan identification number;
(iv) compare the amount set forth in such Borrowing Base Report as the amount on deposit in the Collection Account with the amount shown on deposit in the Collection Account as of the date of such Borrowing Base Report and identify any discrepancy;
(v) in the case of a Borrowing Base Report delivered pursuant to Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), recalculate the amount set forth in such Borrowing Base Report as the amount that will be on deposit in the Collection Account after giving effect to the related repayment of Revolving Loans or the related purchase of Eligible Receivables set forth therein and identify any discrepancy;
(vi) confirm that the Accrued Interest Amount and an estimate of accrued fees as of the date of repayment or the Transfer Date, as the case may be, multiplied by 105%, is the amount set forth in such Borrowing Base Request Report as 105% of the estimated amount of accrued interest and fees and identify any discrepancy;
(vii) recalculate the Class A Revolving Availability and the Class B Revolving Availability Availability, based on the Class A Borrowing Base and the Class B Borrowing Base set forth in such Borrowing Base Report and the Total Utilization of Class A Revolving Commitments Loans and the Total Utilization of Class B Revolving Commitments set forth in the Paying Agent’s records and identify any discrepancies;
(viii) in the case of a Borrowing Base Report delivered pursuant to Section 3.3(a)(i3.2(a)(i), (A) confirm that the Class A Revolving Loans requested in the related Funding Request Notice are not greater than the Class A Revolving Availability and the amount of Class B Revolving Loans requested in the related Funding Request Notice are not greater than the Class B Revolving Availability and (B) confirm that, after giving effect to such Revolving Loans, the Total Utilization of Class A Revolving Loans will not exceeds exceed the Class A Revolving Commitments Borrowing Base and the Total Utilization of Class B Revolving Loans Commitments will not exceed the Class B Revolving CommitmentsBorrowing Base; and
(ix) no later than two (2) Business Days following receipt of the Borrowing Base Report and the related Borrowing Base Certificate, notify the Administrative Agent and the Lenders of the results of such review in writing.
Appears in 2 contracts
Samples: Credit Agreement (Enova International, Inc.), Credit Agreement (Enova International, Inc.)
Borrowing Base Reports. Upon receipt of any Borrowing Base Report and the related Borrowing Base Certificate delivered pursuant to Section 2.1(d)(ii2.1(c)(ii), Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), Paying Agent shall, on the Business Day following receipt of such Borrowing Base Report, to the extent that Paying Agent has access to all information necessary to perform the duties set forth herein:
(i) compare the beginning ending Eligible Portfolio Outstanding Principal Balance set forth in such Borrowing Base Report with the aggregate Outstanding Principal Balance of the Eligible Receivables listed in the Master Record and identify any discrepancy;
(ii) compare the number of Pledged Receivables listed in the Master Record with the number of Pledged Receivables provided to the Paying Agent by the Custodian Servicer pursuant to Section 4.3 4.2 of the Custodial Agreement as the number of Pledged Receivables for which the Custodian holds a Receivables Receivable File pursuant to the Custodial Agreement and identify any discrepancy;
(iii) confirm that each Pledged Receivable listed in the Master Record has a unique loan identification number;
(iv) compare the amount set forth in such Borrowing Base Report as the amount on deposit in the Collection Account with the amount shown on deposit in the Collection Account as of the date of such Borrowing Base Report and identify any discrepancy;
(v) in the case of a Borrowing Base Report delivered pursuant to Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), recalculate the amount set forth in such Borrowing Base Report as the amount that will be on deposit in the Collection Account after giving effect to the related repayment of Revolving Loans or the related purchase of Eligible Receivables set forth therein and identify any discrepancy;
(vi) confirm that the Accrued Interest Amount and an estimate of accrued fees as of the date of repayment or the Transfer Date, as the case may be, multiplied by 105%, is the amount set forth in such Borrowing Base Request Report as 105% of the estimated amount of accrued interest and fees and identify any discrepancy;
(vii) recalculate the Class A Revolving Availability and the Class B Revolving Availability Availability, based on the Class A Borrowing Base and the Class B Borrowing Base set forth in such Borrowing Base Report and the Total Utilization of Class A Revolving Commitments Loans and the Total Utilization of Class B Revolving Commitments Loans set forth in the Paying Agent’s records and identify any discrepancies;
(viii) in the case of a Borrowing Base Report delivered pursuant to Section 3.3(a)(i3.2(a)(i), (A) confirm that the Class A Revolving Loans requested in the related Funding Request Notice are not greater than the Class A Revolving Availability and the amount of Class B Revolving Loans requested in the related Funding Request Notice are not greater than the Class B Revolving Availability and (B) confirm that, after giving effect to such Revolving Loans, the Total Utilization of Class A Revolving Loans will not exceeds exceed the Class A Revolving Commitments Borrowing Base and the Total Utilization of Class B Revolving Loans will not exceed the Class B Revolving CommitmentsBorrowing Base; and
(ix) no later than two (2) Business Days following receipt of the Borrowing Base Report and the related Borrowing Base Certificate, notify the Administrative Agent and the Lenders of the results of such review in writing.
Appears in 2 contracts
Samples: Credit Agreement (Enova International, Inc.), Credit Agreement (Enova International, Inc.)
Borrowing Base Reports. Upon receipt As soon as available and in any event by no later than the twenty-fifth (25th) day of any each month, Borrower shall deliver to Agent (and Agent shall promptly deliver same to Lenders) a Borrowing Base Report and as of the related last Business Day of the immediately preceding month, which shall be accompanied by schedules reporting each of the Borrowing Base Certificate delivered pursuant components; provided, that during the continuance of any period commencing on any day that Availability has been less than the Threshold Amount for two (2) consecutive Business Days, and continuing until Availability has equaled or exceeded, at all times during the preceding thirty (30) consecutive days, the Threshold Amount, Borrower shall, by no later than the last Business Day of each calendar week, deliver a Borrowing Base Report prepared as of the close of business of the prior calendar week; provided, further that (i) promptly (and in any event within three (3) Business Days) following Borrower or any Subsidiary Guarantor’s receipt of Disposition Event Net Proceeds equal to or greater than $15,000,000 and (ii) concurrently with any disposition by Borrower and/or any Subsidiary Guarantors in excess of $15,000,000 of Properties or assets that are included in the Borrowing Base under Section 2.1(d)(ii10.2.6(a), Section 2.11(c)(vii)(B10.2.6(c)(ii), Section 10.2.6(g) or Section 2.11(c)(vii)(Cotherwise (other than dispositions to Borrower or any Subsidiary Guarantor), Paying Borrower shall deliver to Agent shall, on (and Agent shall promptly deliver same to Lenders) an updated Borrowing Base Report giving effect to the Business Day following receipt applicable Disposition Event or other disposition. All information (including calculation of such Availability) in a Borrowing Base Report shall be made by Borrower and certified by a Senior Officer; provided that the parties hereto agree that (i) with respect to the NOLV Percentage set forth in any Borrowing Base Report, such percentage is determined as provided in the definition of “NOLV Percentage” and is not determined by Borrower and (ii) Borrower makes no representation or warranty regarding the determination or accuracy of the NOLV Percentage or regarding any other determinations or conclusions of an appraiser set forth in an appraisal performed pursuant to Section 10.1.1(b) that is necessary to be included in any Borrowing Base Report. Agent may from time to time adjust such report to the extent that Paying Agent has access to all any information necessary to perform the duties set forth herein:
(i) compare the beginning Eligible Portfolio Outstanding Principal Balance set forth in such Borrowing Base Report or calculation does not comply with the aggregate Outstanding Principal Balance of the Eligible Receivables listed in the Master Record and identify any discrepancy;
(ii) compare the number of Pledged Receivables listed in the Master Record with the number of Pledged Receivables provided to the Paying Agent by the Custodian pursuant to Section 4.3 of the Custodial Agreement as the number of Pledged Receivables for which the Custodian holds a Receivables File pursuant to the Custodial Agreement and identify any discrepancy;
(iii) confirm that each Pledged Receivable listed in the Master Record has a unique loan identification number;
(iv) compare the amount set forth in such Borrowing Base Report as the amount on deposit in the Collection Account with the amount shown on deposit in the Collection Account and identify any discrepancy;
(v) in the case of a Borrowing Base Report delivered pursuant to Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), recalculate the amount set forth in such Borrowing Base Report as the amount that will be on deposit in the Collection Account after giving effect to the related repayment of Loans or the related purchase of Eligible Receivables set forth therein and identify any discrepancy;
(vi) confirm that the Accrued Interest Amount and an estimate of accrued fees as of the date of repayment or the Transfer Date, as the case may be, multiplied by 105%, is the amount set forth in such Borrowing Base Request as 105% of the estimated amount of accrued interest and fees and identify any discrepancy;
(vii) recalculate the Class A Revolving Availability and the Class B Revolving Availability based on the Class A Borrowing Base and the Class B Borrowing Base set forth in such Borrowing Base Report and the Total Utilization of Class A Revolving Commitments and the Total Utilization of Class B Revolving Commitments set forth in the Paying Agent’s records and identify any discrepancies;
(viii) in the case of a Borrowing Base Report delivered pursuant to Section 3.3(a)(i), (A) confirm that the Class A Revolving Loans requested in the related Funding Request are not greater than the Class A Revolving Availability and the amount of Class B Revolving Loans requested in the related Funding Request are not greater than the Class B Revolving Availability and (B) confirm that, after giving effect to such Revolving Loans, the Total Utilization of Class A Revolving Loans will not exceeds the Class A Revolving Commitments and the Total Utilization of Class B Revolving Loans will not exceed the Class B Revolving Commitments; andthis Agreement.
Appears in 1 contract
Samples: Loan and Security Agreement (Summit Midstream Partners, LP)
Borrowing Base Reports. Upon receipt of any Borrowing Base Report and the related Borrowing Base Certificate delivered pursuant to Section 2.1(d)(ii2.1(c)(ii), Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), Paying Agent shall, on the Business Day following receipt of such Borrowing Base Report, to the extent that Paying Agent has access to all information necessary to perform the duties set forth herein:
(i) compare the beginning Eligible Portfolio Outstanding Principal Balance set forth in such Borrowing Base Report with the aggregate Outstanding Principal Balance of the Eligible Receivables listed in the Master Record and identify any discrepancy;
(ii) compare the number of Pledged Receivables listed in the Master Record with the number of Pledged Receivables provided to the Paying Agent by the Custodian Servicer pursuant to Section 4.3 of the Custodial Agreement as the number of Pledged Receivables for which the Custodian holds a Receivables File pursuant to the Custodial Agreement and identify any discrepancy;
(iii) confirm that each Pledged Receivable listed in the Master Record has a unique loan identification number;
(iv) compare the amount set forth in such Borrowing Base Report as the amount on deposit in the Collection Account with the amount shown on deposit in the Collection Account and identify any discrepancy;
; EAST\142259790.4 63 (v) in the case of a Borrowing Base Report delivered pursuant to Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), recalculate the amount set forth in such Borrowing Base Report as the amount that will be on deposit in the Collection Account after giving effect to the related repayment of Loans or the related purchase of Eligible Receivables set forth therein and identify any discrepancy;
(vi) confirm that the Accrued Interest Amount and an estimate of accrued fees as of the date of repayment or the Transfer Date, as the case may be, multiplied by 105%, is the amount set forth in such Borrowing Base Request as 105% of the estimated amount of accrued interest and fees and identify any discrepancy;
(vii) recalculate the Class A Revolving Availability and the Class B Revolving Availability based on the Class A Borrowing Base and the Class B Borrowing Base set forth in such Borrowing Base Report and the Total Utilization of Class A Revolving Commitments and the Total Utilization of Class B Revolving Commitments set forth in the Paying Agent’s records and identify any discrepancies;
(viii) in the case of a Borrowing Base Report delivered pursuant to Section 3.3(a)(i), (A) confirm that the Class A Revolving Loans requested in the related Funding Request are not greater than the Class A Revolving Availability and the amount of Class B Revolving Loans requested in the related Funding Request are not greater than the Class B Revolving Availability and (B) confirm that, after giving effect to such Revolving Loans, the Total Utilization of Class A Revolving Loans will not exceeds the Class A Revolving Commitments and the Total Utilization of Class B Revolving Loans will not exceed the Class B Revolving Commitments; and
Appears in 1 contract
Borrowing Base Reports. Upon receipt (a) The Borrower shall deliver to each Bank and the Agent, as soon as available but in any event within 45 days after the end of any each calendar month, a Borrowing Base Report with respect to such calendar month that is certified as accurate and complete by the related Borrower's chief financial officer, chief accounting officer, chief credit officer or the current Vice President-Structured Finance and that also contains the following additional information (collectively, the "Supporting Documents"):
(i) a list of all motor vehicles included in the Borrowing Base Certificate delivered pursuant to Section 2.1(d)(ii), Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), Paying Agent shall, on as of the Business Day following receipt of last day covered in such Borrowing Base Report, to the extent that Paying Agent has access to all information necessary to perform the duties set forth herein:;
(iii) compare a list of all Contracts included in the beginning Eligible Portfolio Outstanding Principal Balance set forth Borrowing Base as of the last day covered in such Borrowing Base Report setting forth with respect to each Contract the aggregate Outstanding Principal Balance name and lease number of the Eligible Receivables listed in Obligor, the Master Record start and identify any discrepancy;
(ii) compare end dates and the number of Pledged Receivables listed in the Master Record with the number of Pledged Receivables provided to the Paying Agent by the Custodian pursuant to Section 4.3 of the Custodial Agreement as the number of Pledged Receivables for which the Custodian holds a Receivables File pursuant to the Custodial Agreement monthly rentals and identify any discrepancyequipment cost;
(iii) confirm that each Pledged Receivable listed a list of all Eligible Equipment delivered off-premises for repair or storage included in the Master Record has a unique loan identification number;
(iv) compare the amount set forth in such Borrowing Base Report as the amount on deposit in the Collection Account with the amount shown on deposit in the Collection Account and identify any discrepancy;
(v) in the case of a Borrowing Base Report delivered pursuant to Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), recalculate the amount set forth in such Borrowing Base Report as the amount that will be on deposit in the Collection Account after giving effect to the related repayment of Loans or the related purchase of Eligible Receivables set forth therein and identify any discrepancy;
(vi) confirm that the Accrued Interest Amount and an estimate of accrued fees as of the date of repayment or the Transfer Date, as the case may be, multiplied by 105%, is the amount set forth in such Borrowing Base Request as 105% of the estimated amount of accrued interest and fees and identify any discrepancy;
(vii) recalculate the Class A Revolving Availability and the Class B Revolving Availability based on the Class A Borrowing Base and the Class B Borrowing Base set forth last day covered in such Borrowing Base Report and the Total Utilization of Class A Revolving Commitments and the Total Utilization of Class B Revolving Commitments set forth in the Paying Agent’s records and identify any discrepanciesall related Financing Statements, as applicable;
(viiiiv) aging reports and total delinquencies as of the last day covered in such Borrowing Base Report for all receivables included in the Borrowing Base and for the Borrower as a whole;
(v) a list of all Progress Payments included in the Borrowing Base as of the last day covered in such Borrowing Base Report, including the date on which such item was included in the Borrowing Base; and
(vi) evidence satisfactory to the Banks and the Agent that the provisions of this Agreement have been complied with in respect of such assets, in each case dated the date of delivery, and all such other documents and information required to be delivered in connection therewith.
(b) In addition to the monthly Borrowing Base Reports to be delivered pursuant to Section 5.8(a), the Borrower shall deliver to each Bank and the Agent, at the same time it delivers the annual financial statements pursuant to Section 5.1, a Borrowing Base Report delivered pursuant for the last month of the Borrower's fiscal year based on the Borrower's audited financial statements and containing the same information required under Section 5.8(a).
(c) Upon request of the Agent, the Borrower shall deliver to Section 3.3(a)(i), (A) confirm that the Class A Revolving Loans requested in the related Funding Request are not greater than the Class A Revolving Availability each Bank and the amount Agent a copy of Class B Revolving Loans requested in the related Funding Request are not greater than most recent monthly report required to be prepared by the Class B Revolving Availability and Borrower under any Warehousing Loan Agreement.
(Bd) confirm that, after giving effect to such Revolving LoansEach month, the Total Utilization Borrower shall deliver to the Agent a copy of Class A Revolving Loans will not exceeds a summary report of pertinent information that it delivers to trustees in its role as servicer of Securitizations in which it has an interest or, if the Class A Revolving Commitments and Borrower is replaced as servicer in any such Securitization, all monthly servicing reports from the Total Utilization of Class B Revolving Loans will not exceed replacement servicer to the Class B Revolving Commitments; andextent obtainable by Borrower.
Appears in 1 contract
Samples: Loan Agreement (Dvi Inc)
Borrowing Base Reports. Upon receipt of any Borrowing Base Report and the related Borrowing Base Certificate delivered pursuant to Section 2.1(d)(ii2.2(d)(ii), Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), Paying Agent shall, on the Business Day following receipt of such Borrowing Base Report, to the extent that Paying Agent has access to all information necessary to perform the duties set forth herein:
(i) compare the beginning Eligible Portfolio Outstanding Principal Balance set forth in such Borrowing Base Report with the aggregate Outstanding Principal Balance of the Eligible Receivables listed in the Master Record and identify any discrepancy;
(ii) compare the number of Pledged Receivables listed in the Master Record with the number of Pledged Receivables provided to the Paying Agent by the Custodian Servicer pursuant to Section 4.3 of the Custodial Agreement as the number of Pledged Receivables for which the Custodian holds a Receivables File pursuant to the Custodial Agreement and identify any discrepancy;
(iii) confirm that each Pledged Receivable listed in the Master Record has a unique loan identification number;
(iv) compare the amount set forth in such Borrowing Base Report as the amount on deposit in the Collection Account with the amount shown on deposit in the Collection Account and identify any discrepancy;
(v) in the case of a Borrowing Base Report delivered pursuant to Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), recalculate the amount set forth in such Borrowing Base Report as the amount that will be on deposit in the Collection Account after giving effect to the related repayment of Loans or the related purchase of Eligible Receivables set forth therein and identify any discrepancy;
(vi) confirm that the Accrued Interest Amount and an estimate of accrued fees as of the date of repayment or the Transfer Date, as the case may be, multiplied by 105%, is the amount set forth in such Borrowing Base Request as 105% of the estimated amount of accrued interest and fees and identify any discrepancy;
(vii) recalculate the Class A Revolving Availability and the Class B Revolving Availability based on the Class A Borrowing Base and the Class B Borrowing Base set forth in such Borrowing Base Report and the Total Utilization of Class A Revolving Commitments and the Total Utilization of Class B Revolving Commitments Limits set forth in the Paying Agent’s records and identify any discrepancies;
(viii) in the case of a Borrowing Base Report delivered pursuant to Section 3.3(a)(i3.2(a)(i), (A) confirm that the Class A Revolving Loans requested in the related Funding Request are not greater than the Class A Revolving Availability and the amount of Class B Revolving Loans requested in the related Funding Request are not greater than the Class B Revolving Availability and (B) confirm that, after giving effect to such Revolving Loans, the Total Utilization of Class A Revolving Loans will not exceeds the Class A Revolving Commitments and the Total Utilization of Class B Revolving Loans will not exceed the Class B Revolving CommitmentsLimit; and
(ix) notify the Lenders of the results of such review.
Appears in 1 contract
Borrowing Base Reports. Upon receipt of any Borrowing Base Report and the related Borrowing Base Certificate delivered pursuant to Section 2.1(d)(ii2.1(c)(ii), Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), Paying Agent shall, on the Business Day following receipt of such Borrowing Base Report, to the extent that Paying Agent has access to all information necessary to perform the duties set forth herein:
(i) compare the beginning ending Eligible Portfolio Outstanding Principal Balance set forth in such Borrowing Base Report with the aggregate Outstanding Principal Balance of the Eligible Receivables listed in the Master Record and identify any discrepancy;
(ii) compare the number of Pledged Receivables listed in the Master Record with the number of Pledged Receivables provided to the Paying Agent by the Custodian Servicer pursuant to Section 4.3 of the Custodial Agreement as the number of Pledged Receivables for which the Custodian holds a Receivables Receivable File pursuant to the Custodial Agreement and identify any discrepancy;
(iii) confirm that each Pledged Receivable listed in the Master Record has a unique loan identification number;
(iv) compare the amount set forth in such Borrowing Base Report as the amount on deposit in the Collection Account with the amount shown on deposit in the LEGAL_US_E # 152147085.3152147085.12 Collection Account as of the date of such Borrowing Base Report and identify any discrepancy;
(v) in the case of a Borrowing Base Report delivered pursuant to Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), recalculate the amount set forth in such Borrowing Base Report as the amount that will be on deposit in the Collection Account after giving effect to the related repayment of Revolving Loans or the related purchase of Eligible Receivables set forth therein and identify any discrepancy;
(vi) confirm that the Accrued Interest Amount and an estimate of accrued fees as of the date of repayment or the Transfer Date, as the case may be, multiplied by 105%, is the amount set forth in such Borrowing Base Request as 105% of the estimated amount of accrued interest and fees and identify any discrepancy;
(vii) recalculate the Class A Revolving Availability and the Class B Revolving Availability Availability, based on the Class A Borrowing Base and the Class B Borrowing Base set forth in such Borrowing Base Report and the Total Utilization of Class A Revolving Commitments and the Total Utilization of Class B Revolving Commitments set forth in the Paying Agent’s records and identify any discrepancies;
(viii) in the case of a Borrowing Base Report delivered pursuant to Section 3.3(a)(i), (A) confirm that the Class A Revolving Loans requested in the related Funding Request are not greater than the Class A Revolving Availability and the amount of Class B Revolving Loans requested in the related Funding Request are not greater than the Class B Revolving Availability and (B) confirm that, after giving effect to such Revolving Loans, the Total Utilization of Class A Revolving Loans will not exceeds exceed the Class A Revolving Commitments and the Total Utilization of Class B Revolving Loans will not exceed the Class B Revolving Commitments; and
(ix) notify the Administrative Agent and the Lenders of the results of such review.
Appears in 1 contract
Samples: Fourth Amended and Restated Credit Agreement (Enova International, Inc.)
Borrowing Base Reports. Upon receipt of any Borrowing Base Report and the related Borrowing Base Certificate delivered pursuant to Section 2.1(d)(ii2.1(c)(ii), Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), Paying Agent shall, on the Business Day following receipt of such Borrowing Base Report, to the extent that Paying Agent has access to all information necessary to perform the duties set forth herein:
(i) compare the beginning ending Eligible Portfolio Outstanding Principal Balance set forth in such Borrowing Base Report with the aggregate Outstanding Principal Balance of the Eligible Receivables listed in the Master Record and identify any discrepancy;
(ii) compare the number of Pledged Receivables listed in the Master Record with the number of Pledged Receivables provided to the Paying Agent by the Custodian Servicer pursuant to Section 4.3 of the Custodial Agreement as the number of Pledged Receivables for which the Custodian holds a Receivables File pursuant to the Custodial Agreement and identify any discrepancy;
(iii) confirm that each Pledged Receivable listed in the Master Record has a unique loan identification number;
(iv) compare the amount set forth in such Borrowing Base Report as the amount on deposit in the Collection Account with the amount shown on deposit in the Collection Account as of the date of such Borrowing Base Report and identify any discrepancy;
(v) in the case of a Borrowing Base Report delivered pursuant to Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), recalculate the amount set forth in such Borrowing Base Report as the amount that will be on deposit in the Collection Account after giving effect to the related repayment of Loans or the related purchase of Eligible Receivables set forth therein and identify any discrepancy;
(vi) confirm that the Accrued Interest Amount and an estimate of accrued fees as of the date of repayment or the Transfer Date, as the case may be, multiplied by 105%, is the amount set forth in such Borrowing Base Request as 105% of the estimated amount of accrued interest and fees and identify any discrepancy;; EAST\142645020. 561
(vii) recalculate the Class A Revolving Availability and the Class B Revolving Availability Availability, based on the Class A Borrowing Base and the Class B Borrowing Base set forth in such Borrowing Base Report and the Total Utilization of Class A Revolving Commitments and the Total Utilization of Class B Revolving Commitments set forth in the Paying Agent’s records and identify any discrepancies;
(viii) in the case of a Borrowing Base Report delivered pursuant to Section 3.3(a)(i3.2(a)(i), (A) confirm that the Class A Revolving Loans requested in the related Funding Request are not greater than the Class A Revolving Availability and the amount of Class B Revolving Loans requested in the related Funding Request are not greater than the Class B Revolving Availability and (B) confirm that, after giving effect to such Revolving Loans, the Total Utilization of Class A Revolving Loans will not exceeds exceed the Class A Revolving Commitments and the Total Utilization of Class B Revolving Loans will not exceed the Class B Revolving Commitments; and
(ix) notify the Administrative Agent and the Lenders of the results of such review.
Appears in 1 contract
Borrowing Base Reports. Upon receipt of any Borrowing Base Report and the related Borrowing Base Certificate delivered pursuant to Section 2.1(d)(ii), Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), Paying Agent shall, on the Business Day following receipt of such Borrowing Base Report, to the extent that Paying Agent has access to all information necessary to perform the duties set forth herein:
(i) compare the beginning Eligible Portfolio Outstanding Principal Balance set forth in such Borrowing Base Report with the aggregate Outstanding Principal Balance of the Eligible Receivables listed in the Master Record and identify any discrepancy;
(ii) compare the number of Pledged Receivables listed in the Master Record with the number of Pledged Receivables provided to the Paying Agent by the Custodian pursuant to Section 4.3 of the Custodial Agreement as the number of Pledged Receivables for which the Custodian holds a Receivables File pursuant to the Custodial Agreement and identify any discrepancy;
(iii) confirm that each Pledged Receivable listed in the Master Record has a unique loan identification number;
(iv) compare the amount set forth in such Borrowing Base Report as the amount on deposit in the Collection Account with the amount shown on deposit in the Collection Account as of the date of such Borrowing Base Report and identify any discrepancy;
(v) in the case of a Borrowing Base Report delivered pursuant to Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), recalculate the amount set forth in such Borrowing Base Report as the amount that will be on deposit in the Collection Account after giving effect to the related repayment of Loans or the related purchase of Eligible Receivables set forth therein and identify any discrepancy;
(vi) confirm that the Accrued Interest Amount and an estimate of accrued fees as of the date of repayment or the Transfer Date, as the case may be, multiplied by 105100%, is the amount set forth in such Borrowing Base Request as 105100% of the estimated amount of accrued interest and fees and identify any discrepancy;
(vii) recalculate the Class A Revolving Availability and the Class B Revolving Availability based on the Class A Borrowing Base and the Class B Borrowing Base set forth in such Borrowing Base Report and the Total Utilization of Class A Revolving Commitments and the Total Utilization of Class B Revolving Commitments set forth in the Paying Agent’s records and identify any discrepancies;
(viii) in the case of a Borrowing Base Report delivered pursuant to Section 3.3(a)(i), (A) confirm that the Class A Revolving Loans requested in the related Funding Request are not greater than the Class A Revolving Availability and the amount of Class B Revolving Loans requested in the related Funding Request are not greater than the Class B Revolving Availability and (B) confirm that, after giving effect to such Revolving Loans, the Total Utilization of Class A Revolving Loans will not exceeds the Class A Revolving Commitments and the Total Utilization of Class B Revolving Loans will not exceed the Class B Revolving Commitments; and
(ix) notify the Administrative Agent and the Class B Agent of the results of such review.
Appears in 1 contract
Borrowing Base Reports. Upon receipt of any Borrowing Base Report and the related Borrowing Base Certificate delivered pursuant to Section 2.1(d)(ii2.1(c)(ii), Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), Paying Agent shall, on the Business Day following receipt of such Borrowing Base Report, to the extent that Paying Agent has access to all information necessary to perform the duties set forth herein:
(i) compare the beginning ending Eligible Portfolio Outstanding Principal Balance set forth in such Borrowing Base Report with the aggregate Outstanding Principal Balance of the Eligible Receivables listed in the Master Record and identify any discrepancy;
(ii) compare the number of Pledged Receivables listed in the Master Record with the number of Pledged Receivables provided to the Paying Agent by the Custodian Servicer pursuant to Section 4.3 of the Custodial Agreement as the number of Pledged Receivables for which the Custodian holds a Receivables Receivable File pursuant to the Custodial Agreement and identify any discrepancy;
(iii) confirm that each Pledged Receivable listed in the Master Record has a unique loan identification number;
(iv) compare the amount set forth in such Borrowing Base Report as the amount on deposit in the Collection Account with the amount shown on deposit in the Collection Account as of the date of such Borrowing Base Report and identify any discrepancy;
(v) in the case of a Borrowing Base Report delivered pursuant to Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), recalculate the amount set forth in such Borrowing Base Report as the amount that will be on deposit in the Collection Account after giving effect to the related repayment of Revolving Loans or the related purchase of Eligible Receivables set forth therein and identify any discrepancy;
(vi) confirm that the Accrued Interest Amount and an estimate of accrued fees as of the date of repayment or the Transfer Date, as the case may be, multiplied by 105%, is the amount set forth in such Borrowing Base Request as 105% of the estimated amount of accrued interest and fees and identify any discrepancy;
(vii) recalculate the Class A Revolving Availability and the Class B Revolving Availability Availability, based on the Class A Borrowing Base and the Class B Borrowing Base set forth in such Borrowing Base Report and the Total Utilization of Class A Revolving Commitments and the Total Utilization of Class B Revolving Commitments set forth in the Paying Agent’s records and identify any discrepancies;
(viii) in the case of a Borrowing Base Report delivered pursuant to Section 3.3(a)(i), (A) confirm that the Class A Revolving Loans requested in the related Funding Request are not greater than the Class A Revolving Availability and the amount of Class B Revolving Loans requested in the related Funding Request are not greater than the Class B Revolving Availability and (B) confirm that, after giving effect to such Revolving Loans, the Total Utilization of Class A Revolving Loans will not exceeds exceed the Class A Revolving Commitments and the Total Utilization of Class B Revolving Loans will not exceed the Class B Revolving Commitments; and
(ix) notify the Administrative Agent and the Lenders of the results of such review.
Appears in 1 contract
Borrowing Base Reports. Upon receipt of any Borrowing Base Report and the related Borrowing Base Certificate delivered pursuant to Section 2.1(d)(ii2.1(c)(ii), Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), Paying Agent shall, on the Business Day following receipt of such Borrowing Base Report, to the extent that Paying Agent has access to all information necessary to perform the duties set forth herein:
(i) compare the beginning ending Eligible Portfolio Outstanding Principal Balance set forth in such Borrowing Base Report with the aggregate Outstanding Principal Balance of the Eligible Receivables listed in the Master Record and identify any discrepancy;
(ii) compare the number of Pledged Receivables listed in the Master Record with the number of Pledged Receivables provided to the Paying Agent by the Custodian Servicer pursuant to Section 4.3 of the Custodial Agreement as the number of Pledged Receivables for which the Custodian holds a Receivables File pursuant to the Custodial Agreement and identify any discrepancy;
(iii) confirm that each Pledged Receivable listed in the Master Record has a unique loan identification number;
(iv) compare the amount set forth in such Borrowing Base Report as the amount on deposit in the Collection Account with the amount shown on deposit in the Collection Account as of the date of such Borrowing Base Report and identify any discrepancy;
(v) in the case of a Borrowing Base Report delivered pursuant to Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), recalculate the amount set forth in such Borrowing Base Report as the amount that will be on deposit in the Collection Account after giving effect to the related repayment of Loans or the related purchase of Eligible Receivables set forth therein and identify any discrepancy;
(vi) confirm that the Accrued Interest Amount and an estimate of accrued fees as of the date of repayment or the Transfer Date, as the case may be, multiplied by 105%, is the amount set forth in such Borrowing Base Request as 105% of the estimated amount of accrued interest and fees and identify any discrepancy;
(vii) recalculate the Class A Revolving Availability and the Class B Revolving Availability based on the Class A Borrowing Base and the Class B Borrowing Base set forth in such Borrowing Base Report and the Total Utilization of Class A Revolving Commitments and the Total Utilization of Class B Revolving Commitments set forth in the Paying Agent’s records and identify any discrepancies;
(viii) in the case of a Borrowing Base Report delivered pursuant to Section 3.3(a)(i3.2(a)(i), (A) confirm that the Class A Revolving Loans requested in the related Funding Request are not greater than the Class A Revolving Availability and the amount of Class B Revolving Loans requested in the related Funding Request are not greater than the Class B Revolving Availability and (B) confirm that, after giving effect to such Revolving Loans, the Total Utilization of Class A Revolving Loans will not exceeds the Class A Revolving Commitments and the Total Utilization of Class B Revolving Loans will not exceed the Class B Revolving Commitments; and
(ix) notify the Administrative Agent and the Lenders of the results of such review.
Appears in 1 contract
Borrowing Base Reports. Upon receipt of any Borrowing Base Report and the related Borrowing Base Certificate delivered pursuant to Section 2.1(d)(ii2.1(c)(ii), Section 2.11(c)(vii)(B2.10(c)(vii)(B) or Section 2.11(c)(vii)(C2.10(c)(vii)(C), Paying Agent shall, on the Business Day following receipt of such Borrowing Base Report, to the extent that Paying Agent has access to all information necessary to perform the duties set forth herein:
(i) compare the beginning ending Eligible Portfolio Outstanding Principal Balance set forth in such Borrowing Base Report with the aggregate Outstanding Principal Balance of the Eligible Receivables listed in the Master Record and identify any discrepancy;
(ii) compare the number of Pledged Receivables listed in the Master Record with the number of Pledged Receivables provided to the Paying Agent by the Custodian Servicer pursuant to Section 4.3 4.2 of the Custodial Agreement as the number of Pledged Receivables for which the Custodian holds a Receivables File pursuant to the Custodial Agreement and identify any discrepancy;
(iii) confirm that each Pledged Receivable listed in the Master Record has a unique loan identification number;
(iv) compare the amount set forth in such Borrowing Base Report as the amount on deposit in the Collection Account with the amount shown on deposit in the Collection Account as of the date of such Borrowing Base Report and identify any discrepancy;
(v) in the case of a Borrowing Base Report delivered pursuant to Section 2.11(c)(vii)(B2.10(c)(vii)(B) or Section 2.11(c)(vii)(C2.10(c)(vii)(C), recalculate the amount set forth in such Borrowing Base Report as the amount that will be on deposit in the Collection Account after giving effect to the related repayment of Loans or the related purchase of Eligible Receivables set forth therein and identify any discrepancy;
(vi) confirm that the Accrued Interest Amount and an estimate of accrued fees as of the date of repayment or the Transfer Date, as the case may be, multiplied by 105%, is the amount set forth in such Borrowing Base Request as 105% of the estimated amount of accrued interest and fees and identify any discrepancy;
(vii) recalculate the Class A Revolving Availability and the Class B Revolving Availability Availability, based on the Class A Borrowing Base and the Class B Borrowing Base set forth in such Borrowing Base Report and the Total Utilization of Class A Revolving Commitments and the Total Utilization of Class B Revolving Commitments set forth in the Paying Agent’s records and identify any discrepancies;
(viii) in the case of a Borrowing Base Report delivered pursuant to Section 3.3(a)(i3.2(a)(i), (A) confirm that the Class A Revolving Loans requested in the related Funding Request are not greater than the Class A Revolving Availability and the amount of Class B Revolving Loans requested in the related Funding Request are not greater than the Class B Revolving Availability and (B) confirm that, after giving effect to such Revolving Loans, the Total Utilization of Class A Revolving Loans will not exceeds exceed the Class A Revolving Commitments and the Total Utilization of Class B Revolving Loans will not exceed the Class B Revolving Commitments; and
(ix) notify the Administrative Agent and the Lenders of the results of such review.
Appears in 1 contract
Borrowing Base Reports. Upon receipt of any Borrowing Base Report The Borrower will furnish to the Administrative Agent and the related Borrowing Base Certificate delivered pursuant Collateral Agent (and the Administrative Agent shall thereafter deliver to Section 2.1(d)(ii), Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), Paying Agent shall, on the Business Day following receipt of such Borrowing Base Report, to the extent that Paying Agent has access to all information necessary to perform the duties set forth herein:each Lender):
(i) compare as soon as available and in any event within 20 days (or if such 20th day is not a Business Day, the beginning Eligible Portfolio Outstanding Principal Balance set forth in such next succeeding Business Day) after the last day of each calendar month, a completed Borrowing Base Report with Certificate (accompanied by supporting documentation and supplemental reporting) calculating and certifying the aggregate Outstanding Principal Balance of Aggregate Borrowing Base, the Eligible Receivables listed in the Master Record and identify any discrepancy;
(ii) compare the number of Pledged Receivables listed in the Master Record with the number of Pledged Receivables provided to the Paying Agent by the Custodian pursuant to Section 4.3 of the Custodial Agreement as the number of Pledged Receivables for which the Custodian holds a Receivables File pursuant to the Custodial Agreement and identify any discrepancy;
(iii) confirm that each Pledged Receivable listed in the Master Record has a unique loan identification number;
(iv) compare the amount set forth in such Borrowing Base Report as the amount on deposit in the Collection Account with the amount shown on deposit in the Collection Account and identify any discrepancy;
(v) in the case of a Borrowing Base Report delivered pursuant to Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), recalculate the amount set forth in such Borrowing Base Report as the amount that will be on deposit in the Collection Account after giving effect to the related repayment of Loans or the related purchase of Eligible Receivables set forth therein and identify any discrepancy;
(vi) confirm that the Accrued Interest Amount and an estimate of accrued fees as of the date of repayment or the Transfer Date, as the case may be, multiplied by 105%, is the amount set forth in such Borrowing Base Request as 105% of the estimated amount of accrued interest and fees and identify any discrepancy;
(vii) recalculate the Class A Revolving Availability and the Class B Revolving Availability based on the Class Tranche A Borrowing Base and the Class Tranche B Borrowing Base set forth as of the end of such calendar month, signed on behalf of the Borrower by a Financial Officer and in form and substance satisfactory to the Collateral Agent; provided that such Borrowing Base Report Certificate (accompanied by supporting documentation and supplemental reporting) shall be furnished to the Administrative Agent and the Total Utilization Collateral Agent as soon as available and in any event within two Business Days after the end of Class A Revolving Commitments and each calendar week (each such weekly period deemed, for purposes hereof, to end on a Friday) during any period beginning on the Total Utilization of Class B Revolving Commitments set forth in the Paying Agent’s records and identify any discrepancies;
(viii) in the case of a Borrowing Base Report delivered pursuant to Section 3.3(a)(i), (A) confirm that the Class A Revolving Loans requested in the related Funding Request are not greater date on which Average Facility Availability has been less than the Class A Revolving Availability and greater of (x) 12.5% of the amount of Class B Revolving Loans requested in the related Funding Request are not greater than the Class B Revolving Maximum Facility Availability and (By) confirm that$175,000,000 for the preceding five (5) consecutive days and ending on the date on which Average Facility Availability has been at least the greater of (x) 12.5% of the Maximum Facility Availability and (y) $175,000,000 for the preceding thirty (30) consecutive days; provided that if the Borrower is unable through commercially reasonable efforts to provide the reporting required by the foregoing proviso at the frequency specified, after giving effect other information and reporting mutually acceptable to such Revolving Loansthe Borrower, the Total Utilization of Class A Revolving Loans will not exceeds the Class A Revolving Commitments Administrative Agent and the Total Utilization of Class B Revolving Loans will not exceed the Class B Revolving CommitmentsCollateral Agent shall be substituted; and
(ii) within two Business Days of any request therefor, such other information in such detail concerning the amount, composition, and manner of calculation of the Aggregate Borrowing Base, the Tranche A Borrowing Base or the Tranche B Borrowing Base as any Lender may reasonably request.
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Borrowing Base Reports. Upon receipt (a) Furnish to the Administrative Agent (and the Administrative Agent shall thereafter deliver to each Lender) not later than Thursday of each calendar week (or if any Thursday is not a Business Day, the next following Business Day) a completed Borrowing Base Report Certificate calculating and certifying the related estimated Borrowing Base as of the preceding Friday, signed on behalf of the Borrowers by a Principal Financial Officer; provided, that the Borrowers shall include an updated estimated computation of Available Inventory only in the immediate subsequent Borrowing Base Certificate delivered four (4) days or more after the fifteenth (15th) and last day of each calendar month (and each Borrowing Base Certificate shall clearly indicate the date as of which Available Inventory has been computed) and the Available Inventory for each week for which Available Inventory is not required to be calculated shall be the Available Inventory as calculated in the Borrowing Base Certificate delivered the prior week. The Borrowing Base Certificates delivered pursuant to this Section 2.1(d)(ii)5.22(a) shall be used solely for the purpose of determining the Borrowing Base.
(b) Furnish to the Administrative Agent (and the Administrative Agent shall thereafter deliver to each Lender) within sixteen (16) days of the end of any calendar month, Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), Paying Agent shall, on the Business Day following receipt of such a completed Borrowing Base Report, to Certificate calculating and certifying the extent that Paying Agent has access to all information necessary to perform the duties set forth herein:
(i) compare the beginning Eligible Portfolio Outstanding Principal Balance set forth in such Borrowing Base Report with the aggregate Outstanding Principal Balance as of the Eligible Receivables listed in last calendar day of the Master Record and identify any discrepancy;
(ii) compare preceding month, signed on behalf of the number of Pledged Receivables listed in the Master Record with the number of Pledged Receivables provided to the Paying Agent Borrowers by the Custodian a Principal Financial Officer. The Borrowing Base Certificates delivered pursuant to this Section 4.3 5.22(b) shall be used solely for the purpose of the Custodial Agreement as the number of Pledged Receivables for which the Custodian holds a Receivables File determining ratios and reserves pursuant to the Custodial Agreement and identify any discrepancy;terms of this Agreement.
(iiic) confirm that Furnish to the Administrative Agent (and the Administrative Agent shall thereafter deliver to each Pledged Receivable listed Lender) promptly after any request therefor, such other information in such detail concerning the Master Record has a unique loan identification number;amount, composition and manner of calculation of the Borrowing Base as the Administrative Agent may (on it own initiative or at the request of any Lender) reasonably request.
(ivd) compare Furnish to the amount set forth Administrative Agent (and the Administrative Agent shall thereafter deliver to each Lender) as soon as practicable and in such any event within five (5) Business Days after any disposition outside the ordinary course of business (including by way of casualty or condemnation) of ABL Collateral having a book value exceeding $5,000,000, an updated Borrowing Base Report as the amount Certificate calculating (on deposit in the Collection Account with the amount shown on deposit in the Collection Account and identify any discrepancy;
(v) in the case of a Borrowing Base Report delivered pursuant to Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), recalculate the amount set forth in such Borrowing Base Report as the amount that will be on deposit in the Collection Account after giving effect to the related repayment of Loans or the related purchase of Eligible Receivables set forth therein and identify any discrepancy;
(vi) confirm that the Accrued Interest Amount and an estimate of accrued fees as of the date of repayment or the Transfer Date, as the case may be, multiplied by 105%, is the amount set forth in such Borrowing Base Request as 105% of the estimated amount of accrued interest and fees and identify any discrepancy;
(vii) recalculate the Class A Revolving Availability and the Class B Revolving Availability based on the Class A Borrowing Base and the Class B Borrowing Base set forth in such Borrowing Base Report and the Total Utilization of Class A Revolving Commitments and the Total Utilization of Class B Revolving Commitments set forth in the Paying Agent’s records and identify any discrepancies;
(viii) in the case of a Borrowing Base Report delivered pursuant to Section 3.3(a)(i), (A) confirm that the Class A Revolving Loans requested in the related Funding Request are not greater than the Class A Revolving Availability and the amount of Class B Revolving Loans requested in the related Funding Request are not greater than the Class B Revolving Availability and (B) confirm thatpro forma basis, after giving effect to such Revolving Loansdisposition and reflecting only the changes to the affected component(s) from such disposition of the Borrowing Base) and certifying such pro forma Borrowing Base as of the end of the most recent calendar week for which a Borrowing Base Certificate was delivered pursuant to paragraph (a) above. The Borrowing Base set forth in each Borrowing Base Certificate delivered with respect to each calendar week occurring after the calendar week covered by the updated Borrowing Base Certificate described in the preceding sentence and ending prior to any such disposition shall be calculated on a pro forma basis, after giving effect to such disposition.
(e) Permit any representative of an insurance risk management firm selected by the Administrative Agent in its sole discretion (any such representative, an “Insurance Monitor”) to conduct a review following the Effective Date of the existence and adequacy of the property and liability insurance maintained by such Loan Party in respect of the assets forming part of the Borrowing Base and of business interruption insurance maintained by such Loan Party. The Insurance Monitor will issue a report (the “Insurance Report”) to the Administrative Agent upon conclusion of its review. Each Loan Party agrees (i) to permit any Insurance Monitor to inspect any of its records relating to the assets forming part of the Borrowing Base and any of its insurance documentation, including but not limited to policies, exposure schedules, renewal proposals, exposure questionnaires and other underwriting information, in each case as shall be reasonably specified by such Insurance Monitor to enable such review and to respond promptly to any questions of the Insurance Monitor regarding such records and documentation and (ii) to pay all fees and reasonable out-of-pocket expenses incurred by the Insurance Monitor in connection with the review and Insurance Report.
(f) At their option, no more frequently than quarterly, the Total Utilization of Class A Revolving Loans will not exceeds the Class A Revolving Commitments Borrowers may obtain a new Appraisal Report, and the Total Utilization of Class B Revolving Loans will not exceed Borrowers shall submit to the Class B Revolving Commitments; andAdministrative Agent such Appraisal Report, together with a Borrowing Base Certificate based on such Appraisal Report and otherwise complying with paragraph (a) above.
Appears in 1 contract
Samples: Debtor in Possession Credit Agreement (Equistar Chemicals Lp)
Borrowing Base Reports. Upon receipt of any Borrowing Base Report and the related Borrowing Base Certificate delivered pursuant to Section 2.1(d)(ii2.1(c)(ii), Section 2.11(c)(vii)(B2.10(c)(vii)(B) or Section 2.11(c)(vii)(C2.10(c)(vii)(C), Paying Agent shall, on the Business Day following receipt of such Borrowing Base Report, to the extent that Paying Agent has access to all information necessary to perform the duties set forth herein:
(i) compare the beginning ending Eligible Portfolio Outstanding Principal Balance set forth in such Borrowing Base Report with the aggregate Outstanding Principal Balance of the Eligible Receivables listed in the Master Record and identify any discrepancy;
(ii) compare the number of Pledged Receivables listed in the Master Record with the number of Pledged Receivables provided to the Paying Agent by the Custodian pursuant to Section 4.3 of the Custodial Agreement as the number of Pledged Receivables for which the Custodian holds a Receivables File pursuant to the Custodial Agreement and identify any discrepancy;
(iii) confirm that each Pledged Receivable listed in the Master Record has a unique loan identification number;
(iv) compare the amount set forth in such Borrowing Base Report as the amount on deposit in the Collection Account with the amount shown on deposit in the Collection Account as of the date of such Borrowing Base Report and identify any discrepancy;
(v) in the case of a Borrowing Base Report delivered pursuant to Section 2.11(c)(vii)(B2.10(c)(vii)(B) or Section 2.11(c)(vii)(C2.10(c)(vii)(C), recalculate the amount set forth in such Borrowing Base Report as the amount that will be on deposit in the Collection Account after giving effect to the related repayment of Loans or the related purchase of Eligible Receivables set forth therein and identify any discrepancy;
(vi) confirm that the Accrued Interest Amount and an estimate of accrued fees as of the date of repayment or the Transfer Date, as the case may be, multiplied by 105%, is the amount set forth in such Borrowing Base Request Report as 105% of the estimated amount of accrued interest and fees and identify any discrepancy;
(vii) recalculate the Class A Revolving Availability and the Class B Revolving Availability Availability, based on the Class A Borrowing Base and the Class B Borrowing Base set forth in such Borrowing Base Report and the Total Utilization of Class A Revolving Commitments and the Total Utilization of Class B Revolving Commitments set forth in the Paying Agent’s records and identify any discrepancies;
(viii) in the case of a Borrowing Base Report delivered pursuant to Section 3.3(a)(i3.2(a)(i), (A) confirm that the Class A Revolving Loans requested in the related Funding Request Notice are not greater than the Class A Revolving Availability and the amount of Class B Revolving Loans requested in the related Funding Request are not greater than the Class B Revolving Availability and (B) confirm that, after giving effect to such Revolving Loans, the Total Utilization of Class A Revolving Loans Commitments will not exceeds exceed the Class A Revolving Commitments and the Total Utilization of Class B Revolving Loans Commitments will not exceed the Class B Revolving Commitments; and
(ix) notify the Administrative Agent and the Lenders of the results of such review. Notwithstanding the foregoing, the Paying Agent shall pull any necessary data points from the Borrowing Base Report to verify the information set forth on such Borrowing Base Report as set forth above.
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Borrowing Base Reports. Upon receipt (a) Furnish to the Co-Collateral Agents (and the Co-Collateral Agents shall thereafter deliver to each Lender), as soon as available and in any event (i) within twenty-five (25) days after the last day of each of the first three calendar months after the Effective Date and (ii) within seventeen (17) days after the last day of each calendar month thereafter, a completed Borrowing Base Certificate calculating and certifying the Borrowing Base as of the end of such calendar month, signed on behalf of the Borrowers by a Principal Financial Officer;
(b) During any Enhanced Reporting Period, furnish to the Co-Collateral Agents (and the Co-Collateral Agents shall thereafter deliver to each Lender) not later than Thursday of each calendar week (or if any Thursday is not a Business Day, the next following Business Day) a completed Borrowing Base Certificate calculating and certifying the estimated Borrowing Base as of the preceding Friday, signed on behalf of the Borrowers by a Principal Financial Officer; provided, that the Borrowers shall include an updated estimated computation of Available Inventory only in the immediate subsequent Borrowing Base Certificate delivered four (4) days or more after the fifteenth (15th) and last day of each calendar month (and each Borrowing Base Certificate shall clearly indicate the date as of which Available Inventory has been computed) and the Available Inventory for each week for which Available Inventory is not required to be calculated shall be the Available Inventory as calculated in the Borrowing Base Certificate delivered the prior week;
(c) Furnish to the Co-Collateral Agents (and the Co-Collateral Agents shall thereafter deliver to each Lender) promptly after any request therefor, such other information in such detail concerning the amount, composition and manner of calculation of the Borrowing Base as the Co-Collateral Agents may (on its own initiative or at the request of any Lender) reasonably request;
(d) Furnish to the Co-Collateral Agents (and the Co-Collateral Agents shall thereafter deliver to each Lender) as soon as practicable and in any event within five (5) Business Days after any disposition outside the ordinary course of business (including by way of casualty or condemnation) of ABL Facility Collateral having a book value exceeding $25,000,000, an updated Borrowing Base Report Certificate calculating (on a pro forma basis, after giving effect to such disposition and reflecting only the related changes to the affected component of Eligible Inventory) and certifying such pro forma Borrowing Base as of the end of the most recent calendar month for which a Borrowing Base Certificate was delivered pursuant to clause (a) above; provided that to the extent required to be determined for the period from and after the Funding Date until the initial delivery of a Borrowing Base Certificate pursuant to Section 6.17(a) or Section 6.17(b), Excess Availability shall be determined on a pro forma basis based on the Borrowing Base Certificate delivered pursuant to Section 2.1(d)(ii4.02(n), Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), Paying Agent shall, on the Business Day following receipt of such Borrowing Base Report, to the extent that Paying Agent has access to all information necessary to perform the duties set forth herein:
(i) compare the beginning Eligible Portfolio Outstanding Principal Balance set forth in such Borrowing Base Report with the aggregate Outstanding Principal Balance of the Eligible Receivables listed in the Master Record and identify any discrepancy;
(ii) compare the number of Pledged Receivables listed in the Master Record with the number of Pledged Receivables provided to the Paying Agent by the Custodian pursuant to Section 4.3 of the Custodial Agreement as the number of Pledged Receivables for which the Custodian holds a Receivables File pursuant to the Custodial Agreement and identify any discrepancy;
(iii) confirm that each Pledged Receivable listed in the Master Record has a unique loan identification number;
(iv) compare the amount set forth in such Borrowing Base Report as the amount on deposit in the Collection Account with the amount shown on deposit in the Collection Account and identify any discrepancy;
(v) in the case of a Borrowing Base Report delivered pursuant to Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), recalculate the amount set forth in such Borrowing Base Report as the amount that will be on deposit in the Collection Account after giving effect to the related repayment of Loans or the related purchase of Eligible Receivables set forth therein and identify any discrepancy;
(vi) confirm that the Accrued Interest Amount and an estimate of accrued fees as of the date of repayment or the Transfer Date, as the case may be, multiplied by 105%, is the amount set forth in such Borrowing Base Request as 105% of the estimated amount of accrued interest and fees and identify any discrepancy;
(vii) recalculate the Class A Revolving Availability and the Class B Revolving Availability based on the Class A Borrowing Base and the Class B . The Borrowing Base set forth in such each Borrowing Base Report and Certificate delivered with respect to each calendar month occurring after the Total Utilization of Class A Revolving Commitments and calendar month covered by the Total Utilization of Class B Revolving Commitments set forth updated Borrowing Base Certificate described in the Paying Agent’s records preceding sentence and identify ending prior to any discrepancies;
(viii) in the case of such disposition shall be calculated on a Borrowing Base Report delivered pursuant to Section 3.3(a)(i), (A) confirm that the Class A Revolving Loans requested in the related Funding Request are not greater than the Class A Revolving Availability and the amount of Class B Revolving Loans requested in the related Funding Request are not greater than the Class B Revolving Availability and (B) confirm thatpro forma basis, after giving effect to such Revolving Loansdisposition;
(e) At the Borrowers’ option, no more frequently than quarterly, the Total Utilization of Class A Revolving Loans will not exceeds the Class A Revolving Commitments Borrowers may obtain a new Appraisal Report, and the Total Utilization of Class B Revolving Loans will not exceed Borrowers shall submit to the Class B Revolving CommitmentsCo-Collateral Agents such Appraisal Report, together with a Borrowing Base Certificate based on such Appraisal Report and otherwise complying with paragraph (a) above; and
(f) Furnish to the Administrative Agent promptly after the end of each calendar month, a report setting forth the computation of the average daily unrestricted cash of the Borrowers and their Subsidiaries (as determined by Lyondell from treasury records on a non-GAAP basis) for such calendar month.
Appears in 1 contract
Samples: Senior Secured Asset Based Credit Agreement (LyondellBasell Industries N.V.)
Borrowing Base Reports. Upon receipt of any Borrowing Base Report and the related Borrowing Base Certificate delivered pursuant to Section 2.1(d)(ii2.1(c)(ii), Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), Paying Agent shall, on the Business Day following receipt of such Borrowing Base Report, to the extent that Paying Agent has access to all information necessary to perform the duties set forth herein:
(i) compare the beginning ending Eligible Portfolio Outstanding Principal Balance set forth in such Borrowing Base Report with the aggregate Outstanding Principal Balance of the Eligible Receivables listed in the Master Record and identify any discrepancy;
(ii) compare the number of Pledged Receivables listed in the Master Record with the number of Pledged Receivables provided to the Paying Agent by the Custodian Servicer pursuant to Section 4.3 of the Custodial Agreement as the number of Pledged Receivables for which the Custodian holds a Receivables File pursuant to the Custodial Agreement and identify any discrepancy;
(iii) confirm that each Pledged Receivable listed in the Master Record has a unique loan identification number;
(iv) compare the amount set forth in such Borrowing Base Report as the amount on deposit in the Collection Account with the amount shown on deposit in the Collection Account as of the date of such Borrowing Base Report and identify any discrepancy;
(v) in the case of a Borrowing Base Report delivered pursuant to Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), recalculate the amount set forth in such Borrowing Base Report as the amount that will be on deposit in the Collection Account after giving effect to the related repayment of Loans or the related purchase of Eligible Receivables set forth therein and identify any discrepancy;
(vi) confirm that the Accrued Interest Amount and an estimate of accrued fees as of the date of repayment or the Transfer Date, as the case may be, multiplied by 105%, is the amount set forth in such Borrowing Base Request as 105% of the estimated amount of accrued interest and fees and identify any discrepancy;
(vii) recalculate the Class A Revolving Availability and the Class B Revolving Availability Availability, based on the Class A Borrowing Base and the Class B Borrowing Base set forth in such Borrowing Base Report and the Total Utilization of Class A Revolving Commitments and the Total Utilization of Class B Revolving Commitments set forth in the Paying Agent’s records and identify any discrepancies;
(viii) in the case of a Borrowing Base Report delivered pursuant to Section 3.3(a)(i3.2(a)(i), (A) confirm that the Class A Revolving Loans requested in the related Funding Request are not greater than the Class A Revolving Availability and the amount of Class B Revolving Loans requested in the related Funding Request are not greater than the Class B Revolving Availability and (B) confirm that, after giving effect to such Revolving Loans, the Total Utilization of Class A Revolving Loans EAST\148781874.9 will not exceeds exceed the Class A Revolving Commitments and the Total Utilization of Class B Revolving Loans will not exceed the Class B Revolving Commitments; and
(ix) notify the Administrative Agent and the Lenders of the results of such review.
Appears in 1 contract
Borrowing Base Reports. Upon receipt of any Borrowing Base Report and the related Borrowing Base Certificate delivered pursuant to Section 2.1(d)(ii2.1(c)(ii), Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), Paying Agent shall, on the Business Day following receipt of such Borrowing Base Report, to the extent that Paying Agent has access to all information necessary to perform the duties set forth herein:
(i) compare the beginning ending Eligible Portfolio Outstanding Principal Balance set forth in such Borrowing Base Report with the aggregate Outstanding Principal Balance of the Eligible Receivables listed in the Master Record and identify any discrepancy;
(ii) compare the number of Pledged Receivables listed in the Master Record with the number of Pledged Receivables provided to the Paying Agent by the Custodian Servicer pursuant to Section 4.3 of the Custodial Agreement as the number of Pledged Receivables for which the Custodian holds a Receivables File pursuant to the Custodial Agreement and identify any discrepancy;
(iii) confirm that each Pledged Receivable listed in the Master Record has a unique loan identification number;
(iv) compare the amount set forth in such Borrowing Base Report as the amount on deposit in the Collection Account with the amount shown on deposit in the Collection Account as of the date of such Borrowing Base Report and identify any discrepancy;
(v) in the case of a Borrowing Base Report delivered pursuant to Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), recalculate the amount set forth in such Borrowing Base Report as the amount that will be on deposit in the Collection Account after giving effect to the related repayment of Loans or the related purchase of Eligible Receivables set forth therein and identify any discrepancy;
(vi) confirm that the Accrued Interest Amount and an estimate of accrued fees as of the date of repayment or the Transfer Date, as the case may be, multiplied by 105%, is the amount set forth in such Borrowing Base Request as 105% of the estimated amount of accrued interest and fees and identify any discrepancy;
(vii) recalculate the Class A Revolving Availability and the Class B Revolving Availability Availability, based on the Class A Borrowing Base and the Class B Borrowing Base set forth in such Borrowing Base Report and the Total Utilization of Class A Revolving Commitments and the Total Utilization of Class B Revolving Commitments set forth in the Paying Agent’s records and identify any discrepancies;
(viii) in the case of a Borrowing Base Report delivered pursuant to Section 3.3(a)(i3.2(a)(i), (A) confirm that the Class A Revolving Loans requested in the related Funding Request are not greater than the Class A Revolving Availability and the amount of Class B Revolving Loans requested in the related Funding Request are not greater than the Class B Revolving Availability and (B) confirm that, after giving effect to such Revolving Loans, the Total Utilization of Class A Revolving Loans will not exceeds exceed the Class A Revolving Commitments and the Total Utilization of Class B Revolving Loans will not exceed the Class B Revolving Commitments; and
(ix) notify the Lenders of the results of such review.
Appears in 1 contract
