Borrowing Base Verification Sample Clauses

Borrowing Base Verification. Any of the Administrative Agent’s officers, employees or agents (which shall include any Agent-Related Person) shall have the right, not more than two times in any calendar year during normal business hours (or at any time during normal business hours when an Event of Default shall have occurred and be continuing), in the name of the Administrative Agent, any designee of the Administrative Agent or the Borrower, to verify the validity, amount or any other matter relating to Receivables, Eligible Inventory or Eligible Product in Transit by mail, telephone, electronic communication, personal inspection or otherwise. The Borrower shall take reasonable steps necessary to cooperate with the Administrative Agent in an effort to facilitate and promptly conclude any such verification process. Notwithstanding the foregoing, none of the Administrative Agent’s officers, employees or agents (which shall include any Agent-Related Person) shall have the right to contact any third parties without the prior consent of the Borrower (which consent may be granted or withheld in the Borrower’s sole discretion); provided that no such consent shall be required following the occurrence and during the continuance of an Event of Default. For the avoidance of doubt, any rights granted under this Section 6.14 to any of the Administrative Agent’s officers, employees or agents (which shall include any Agent-Related Person), shall be in addition to, and in supplement of, any rights granted pursuant to Section 6.10.
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Borrowing Base Verification. Any of the Administrative Agent’s and Collateral Agent’s officers, employees or agents shall have the right, at any time or times, in the name of the Administrative Agent or Collateral Agent, as applicable, any designee of the Administrative Agent, Collateral Agent or Borrowers, to verify the validity, amount or any other matter relating to Accounts by mail, telephone, electronic communication, personal inspection or otherwise and to conduct field audits and appraisals of the financial affairs and Collateral of the Loan Parties. Borrowers shall cooperate fully with the Administrative Agent and Collateral Agent and their respective agents in an effort to facilitate and promptly conclude all such verifications and field audits and appraisals, all of which shall be at the expense of Borrowers. Until such time as BearingPoint shall have made the Satisfactory Public Filings and Borrowers shall have Satisfactory Collateral Systems, field examiners chosen by the Administrative Agent and Collateral Agent shall be present at Borrowers’ places of business to conduct such verifications and field audits and appraisals as frequently as the Administrative Agent and Collateral Agent shall determine, including, by way of example, as frequently as each business day of Borrower. After BearingPoint shall have made the Satisfactory Public Filings and Borrowers shall have Satisfactory Collateral Systems, no more than 3 field audits and appraisals shall be conducted in any year at Borrowers’ expense; provided, that, following the occurrence and during the continuation of an Event of Default, field audits and appraisals may be conducted more frequently at Borrowers’ expense at Administrative Agent’s and Collateral Agent’s reasonable request.
Sample 1Sample 2
Borrowing Base Verification. Any of the Administrative Agent's officers, employees or agents (which shall include any Agent-Related Person) shall have the right, not more than two times in any calendar year during normal business hours (or at any time during normal business hours when a Default or Event of Default shall have occurred and be continuing), in the name of the Administrative Agent, any designee of the Administrative Agent or the Borrower, to verify the validity, amount or any other matter relating to Receivables, Eligible Inventory or Eligible Product in Transit by mail, telephone, electronic communication, personal inspection or otherwise. The Borrower shall take reasonable steps necessary to cooperate with the Administrative Agent in an effort to facilitate and promptly conclude any such verification process. Notwithstanding the foregoing, none of the Administrative Agent's officers, employees or agents (which shall include any Agent-Related Person) shall have the right to contact any third parties without the prior consent of the Borrower (which consent may be granted or withheld in the Borrower's sole discretion); provided that no such consent shall be required following the occurrence and during the continuance of an Event of Default.
Sample 1
Borrowing Base Verification. Any of Administrative Agent’s officers, employees or agents shall have the right, not more than two (2) times in any calendar year during normal business hours (or at any time during normal business hours when an Event of Default shall have occurred and be continuing), in the name of Administrative Agent, any designee of Administrative Agent or any Borrower, to verify the validity, amount or any other matter relating to Receivables, or Petroleum Inventory by mail, telephone, electronic communication, personal inspection or otherwise. The Company shall take reasonable steps necessary to cooperate with Administrative Agent in an effort to facilitate and promptly conclude any such verification process. For the avoidance of doubt, any rights granted under this Section 8.12 to any of Administrative Agent’s officers, employees or agents, shall be in addition to, and in supplement of, any rights granted pursuant to Section 8.7. HollyFrontier Credit Agreement - Page 100
Sample 1
Borrowing Base Verification. Permit any of the First Lien Administrative Agent's officers, employees or agents, at any time or times, in the name of the First Lien Administrative Agent, any designee of the First Lien Administrative Agent or the Borrower, to verify the validity, amount or any other matter relating to Accounts by mail, telephone, electronic communication, personal inspection or otherwise. The Borrower shall cooperate fully with the First Lien Administrative Agent in an effort to facilitate and promptly conclude any such verification process.
Sample 1
Borrowing Base Verification. Any of the Administrative Agent’s officers, employees or agents shall have the right, at any time or times, upon reasonable prior notice and during normal business hours, in the name of the Administrative Agent, any designee of the Administrative Agent or the Borrower, to verify the validity, amount or any other matter relating to Accounts or Inventory by mail, telephone, electronic communication, personal inspection or otherwise (provided that no Account Debtor may be contacted unless an Event of Default shall have occurred and be continuing) and to conduct field audits of the financial affairs and Collateral of the Credit Parties. The Borrower shall cooperate fully with the Administrative Agent in an effort to facilitate and promptly conclude any such verification process. The Credit Parties shall cooperate fully with the Administrative Agent and its agents during all Collateral field audits, which shall be at the expense of the Borrower and may be conducted semi-annually or, following the occurrence and during the continuation of an Event of Default, more frequently at the Administrative Agent’s reasonable request.
Sample 1

Related to Borrowing Base Verification

  • Borrowing Base Compliance After giving effect to the release of the Borrowing Base Property, the Total Outstandings will be less than or equal to the Maximum Loan Amount.

  • Annual Collateral Verification Each year, at the time of delivery of annual financial statements with respect to the preceding Fiscal Year pursuant to Section 5.1(c), Company shall deliver to Collateral Agent a certificate of an Authorized Officer either (i) confirming that there has been no change in such information since the date of the Collateral Questionnaire delivered on the Closing Date or the date of the most recent certificate delivered pursuant to this Section 5.1(o) or (ii) identifying such changes;

  • Borrowing Base Reports Within thirty (30) days after the last day of each month, aged listings of accounts receivable and accounts payable (by invoice date) (the “Borrowing Base Reports”);

  • Borrowing Base Report The Agent shall have received from the Borrower the initial Borrowing Base Report dated as of the Closing Date.

  • Borrowing Base Assets (a) The Eligible Real Estate and Borrowing Base Loans included in the calculation of the Borrowing Base Availability shall at all times satisfy all of the following conditions:

  • Borrowing Base If, at any time, (A) the Revolver Usage on such date exceeds (B) the lesser of (x) the Borrowing Base reflected in the Borrowing Base Certificate most recently delivered by Borrowers to Agent, or (y) the Maximum Revolver Amount, in all cases as adjusted for Reserves established by Agent in accordance with Section 2.1(c), then Borrowers shall immediately prepay the Obligations in accordance with Section 2.4(f)(i) in an aggregate amount equal to the amount of such excess.

  • Borrowing Base Certificate The Administrative Agent shall have received a Borrowing Base Certificate which calculates the Borrowing Base as of the end of the month immediately preceding the Effective Date.

  • Borrowing Base Determination Until the Revolving Credit Termination Date:

  • Borrowing Base Redetermination Pursuant to Section 2.07, the Administrative Agent and the Lenders agree that for the period from and including the First Amendment Effective Date to but excluding the next Redetermination Date, the amount of the Borrowing Base shall be equal to $450,000,000. Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 2.07(e), Section 2.07(f) or Section 8.12(c). For the avoidance of doubt, the redetermination herein shall constitute the April 1, 2017 Scheduled Redetermination and the next Scheduled Redetermination shall be the October 1, 2017 Scheduled Redetermination.

  • Initial Borrowing Base Certificate Duly executed originals of an initial Borrowing Base Certificate from Borrower, dated the Closing Date, reflecting information concerning Eligible Accounts and Eligible Inventory of Borrower as of a date not more than seven (7) days prior to the Closing Date.

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