Borrowing Base Test Sample Clauses
The Borrowing Base Test is a financial covenant used to determine the maximum amount a borrower can draw under a credit facility, based on the value of certain eligible assets such as accounts receivable or inventory. Typically, the lender periodically assesses the value of these assets and applies specified advance rates to calculate the borrowing base, which then sets the borrowing limit. This clause ensures that the lender’s risk is managed by tying the amount of available credit to the value of the borrower’s collateral, thereby reducing the likelihood of over-lending and potential losses.
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Borrowing Base Test. A test that is satisfied as of any Measurement Date if the Borrowing Base is at least equal to the Outstanding Borrowings. Breakage Costs: Defined in Section 2.11.
Borrowing Base Test. The Borrower shall not at any time permit (i) the aggregate Unsecured Indebtedness of the Trust, the Borrower and their Subsidiaries (including, without limitation, the Outstanding Loans) to exceed (ii) the Borrowing Base Availability.
Borrowing Base Test. The Borrowing Base Test is satisfied on and as of the date of the Third Amendment Effective Date.
Borrowing Base Test. As of any date, a determination that the Borrowing Base shall be equal to or greater than the Advances Outstanding.
Borrowing Base Test. After giving effect to such issuance of Secured Liquidity Notes on such day, the payment of Secured Liquidity Notes maturing or matured on such day, the payment of outstanding Extended Notes on such day, the issuance of the Subordinated Notes on such day, the payment of outstanding Subordinated Notes maturing or matured on such day and the purchase of additional Mortgage Loans on such day, the Borrowing Base Test shall be satisfied.
Borrowing Base Test. The Adjusted PV Borrowing Base Test shall equal the remainder of (i) the quotient of (a) the Present Value of Borrowing Base Reserves that are attributable to the Proved Reserves allocable to the Borrowing Base Assets (provided that at least eighty-two percent (82%) of such Proved Reserves shall consist of Proved Developed Producing Reserves) plus the Gas Subsidiaries' Loan Value divided by (b) 1.35, less (ii) the unpaid principal balance of the Subordinated Indebtedness then outstanding."