Computation of Borrowing Base. (a) As used in this Agreement, the term “Borrowing Base” means at any time, an amount equal to the aggregate of (i) eighty-five percent (85%) of the amount of Eligible Receivables plus (ii) the lesser of (A) fifty-five percent (55%) of the amount of Eligible Inventory or (B) Six Million Dollars ($6,000,000), subject to the adjustments provided in this Section 2.1, plus (iii) (A) sixty-five percent (65%) of the amount of Eligible Fixed Assets through and including the first anniversary date, and (B) fifty-five percent (55%) of the amount of Eligible Fixed Assets, thereafter.
(b) The Borrowing Base shall be computed based on the Loan Base Report most recently delivered to and accepted by the Lender in its sole and absolute discretion. In the event the Borrowers fail to furnish a Loan Base Report required by Section 6.1.2 (Loan Base Report), or in the event the Lender believes that a Loan Base Report is no longer accurate, the Lender may, in its sole and absolute discretion exercised from time to time and without limiting other rights and remedies under this Agreement, suspend the making of or limit advances under the Revolving Loan. The amount of the Borrowing Base shall be subject to reduction by the amount of Reserves applicable from time to time and by the amount of any Receivable or any Inventory that was included in the Borrowing Base but that the Lender determines fails to meet the respective criteria applicable from time to time for Eligible Receivables or Eligible Inventory.
(c) If at any time the aggregate Revolver Usage exceeds the Borrowing Base, a borrowing base deficiency (“Borrowing Base Deficiency”) shall exist. Each time a Borrowing Base Deficiency exists, the Borrowers at the sole and absolute discretion of the Lender exercised from time to time shall pay the Borrowing Base Deficiency ON DEMAND to Lender.
(d) Without implying any limitation on the Lender’s discretion with respect to the Borrowing Base, the criteria for Eligible Receivables and for Eligible Inventory contained in the respective definitions of Eligible Receivables and of Eligible Inventory are in part based upon the business operations of the Borrowers existing on or about the Closing Date and upon information and records furnished to the Lender by the Borrowers. If at any time or from time to time hereafter, the business operations of the Borrowers change or such information and records furnished to the Lender is incorrect or misleading, the Lender in its discretion, may at a...
Computation of Borrowing Base. (a) The Borrowing Base in effect from time to time shall represent the maximum principal amount (subject to the aggregate amount of the Revolving Credit Commitments) of Loans and Letter of Credit Outstandings that the Lenders will allow to remain outstanding during the Commitment Period. The Borrowing Base shall be determined in accordance with this subsection 4.9. The Borrowing Base will be based upon the value of certain Proved Reserves attributable to the Oil and Gas Properties of the Borrower and its Restricted Subsidiaries and other assets of the Borrower and its Restricted Subsidiaries acceptable to the Administrative Agent in its sole discretion, and will be determined by the Administrative Agent in accordance with paragraph (d) of this subsection 4.9, subject to approval by the Supermajority Lenders. Until the Commitments are no longer in effect, all Letters of Credit have terminated and all of the Loans and all other obligations under this Agreement are paid in full, this Agreement shall be subject to the then effective Borrowing Base. During the period from and after the Closing Date until the first Re-determination Date, the amount of the Borrowing Base shall be $50,000,000;
(b) Prior to March 1 and September 1 of each year (commencing March 1, 1998), the Borrower shall furnish to the Administrative Agent and to each Lender Reserve Reports, which Reserve Reports shall be dated as of the immediately preceding December 31 (in the case of Reserve Reports due on March 1) and June 30 (in the case of Reserve Reports due on September 1), and shall set forth, among other things, (i) the Oil and Gas Properties, then owned by the Borrower and its Restricted Subsidiaries, (ii) the Proved Reserves attributable to such Oil and Gas Properties and (iii) a projection of the rate of production and net income of the Proved Reserves as of the date of such Reserve Report, all in accordance with the guidelines published by the Securities and Exchange Commission and such assumptions as the Administrative Agent shall provide. Concurrently with the delivery of the Reserve Reports, the Borrower shall furnish to the Administrative Agent and to each Lender a certificate of a Responsible Officer showing any additions to or deletions from the Oil and Gas Properties listed in the Reserve Report, which additions or deletions were made by the Borrower and its Restricted Subsidiaries since the date of the previous Reserve Report.
(c) The Borrowing Base shall be re-determined (i...
Computation of Borrowing Base. (a) The Borrowing Base shall be computed based on the Borrowing Base Report most recently delivered to and accepted by the Lender in its Permitted Discretion. The Borrowing Base shall be calculated separately with respect to the Foreign Borrower based upon Eligible Foreign Receivables and the U.S. Obligors based upon Eligible U.S. Receivables. In the event the Borrowers fail to furnish a Borrowing Base Report required by Section 2.1.4 (Borrowing Base Report), or in the event the Lender believes that a Borrowing Base Report is no longer accurate, the Lender may, in its sole and absolute discretion exercised from time to time and without limiting other rights and remedies under this Agreement, suspend the making of or limit advances under the Revolving Loan. The amount of the Borrowing Base shall be subject to reduction by the amount of Reserves applicable from time to time and by the amount of any Receivable that was included in the Borrowing Base but that the Lender determines fails to meet the respective criteria applicable from time to time for Eligible Receivables.
(b) If at any time the aggregate Revolver Usage exceeds the Borrowing Base for the Foreign Borrower or the U.S. Obligors, a borrowing base deficiency (“Borrowing Base Deficiency”) shall exist. Each time a Borrowing Base Deficiency exists, the Borrowers at the sole and absolute discretion of the Lender exercised from time to time shall pay the Borrowing Base Deficiency ON DEMAND to Lender.
(c) Without implying any limitation on the Lender’s discretion with respect to the Borrowing Base, the criteria for Eligible Receivables contained in the respective definitions of Eligible Receivables are in part based upon the business operations of the Borrowers existing on or about the Closing Date and upon information and records furnished to the Lender by the Borrowers. If at any time or from time to time hereafter, the business operations of the Borrowers change or such information and records furnished to the Lender is incorrect or misleading, the Lender in its sole and absolute discretion, may at any time and from time to time during the duration of this Agreement change such criteria or add new criteria. The Lender shall communicate such changed or additional criteria to the Borrowers from time to time either orally or in writing.
Computation of Borrowing Base. A. Total accounts receivable of Allied as of:_________ $_________ Less the following deductions: Accounts receivable more than 90 days from invoice date ______________ Foreign accounts receivable* ______________ Account debtor (see Agreement) ______________ Cross-aging (more than 50% are more than 90 days past due) ______________ Credit balances ______________ Government accounts receivable ______________ Consignment sales ______________ Other (per Agreement) ______________ *unless insured with a policy satisfactory to the Bank, naming the Bank as loss payee.
Computation of Borrowing Base. I. 80% of Accounts (calculated as per Agreement) $___________
Computation of Borrowing Base. (i) The Borrowing Base in effect from time to time shall represent the maximum principal amount (subject to the aggregate amount of the Revolving Credit Commitments) of Loans and Letter of Credit Outstandings that the Lenders will allow to remain outstanding during the Commitment Period. During the Initial Period, the amount of the Borrowing Base shall be $125,000,000, unless revised upon the occurrence of a Redetermination Event, as set forth in subsection 4.9(e). The Borrowing Base will be based upon the value of certain Proved Reserves attributable to the Oil and Gas Properties of the Borrower and its Subsidiaries and other assets of the Borrower and its Subsidiaries acceptable to the Administrative Agent in its sole discretion, and will be determined by the Administrative Agent in accordance with paragraph (d) of this subsection 4.9, subject to approval by the Supermajority Lenders (or, with respect to the Initial Scheduled Borrowing Base Redetermination, all of the Lenders). Until the Commitments are no longer in effect, all Letters of Credit have terminated and all of the Loans and all other obligations under this Agreement are paid in full, this Agreement shall be subject to the then effective Borrowing Base.
Computation of Borrowing Base. CDS Business Services, Inc. (“Borrower”):
Computation of Borrowing Base. For the purpose of computing the Borrowing Base and its components and for the purpose of establishing the location and value of Collateral, the Borrower shall promptly upon request of the Lender furnish to the Lender information reasonably adequate to identify the Inventory, the Borrower’s Accounts and the other Collateral at such times and in such form and substance as may be reasonably requested by the Lender, including, but not limited to, copies of sales orders and raw material purchase documents. Any documents, schedules, invoices or other paper delivered to the Lender by the Borrower may be destroyed or otherwise disposed of by the Lender six (6) months after they are delivered to or received by the Lender. The Lender may make permanent records of all such documents, schedules, invoices and other papers, and the Lender shall be under no obligation to destroy or to return such documents, schedules, invoices and other papers to the Borrower.
Computation of Borrowing Base. CDS Business Services, Inc. (“Borrower”): 1 Gross First Mortgage Loans 2 less: Over 365 Days from Funding 3 less: First Mortgage Loans Otherwise Not Meeting Eligibility Criteria 4 Total 90% Rate Ineligible (2 + 3 ) 5 Net 90% Rate Eligible First Mortgage Loans (1 – 4) 6 Approved Advance Percentage 90 % 7 Net Amount Available for Advance at 90% Rate Against Eligible First Mortgage Loans (5 x 6) 8 less: Total Principal Amount Excess of Eligible First Mortgage Loans 10 Borrowing Base for Eligible First Mortgage Loans (7 - 8) 9 Gross Second Mortgage Loans 10 less: Over 90 Days from Funding 11 less: Second Mortgage Loans Otherwise Not Meeting Eligibility Criteria 12 Total Ineligible Second Mortgage Loans (11 + 12) 13 Net Amount Available for Advance at 90% Rate Against Eligible Second Mortgage Loans (9 - 12) 14 Approved Advance Percentage 90 % 15 Net Amount Available for Advance at 90% Rate Against Eligible Second Mortgage Loans (13 x 14) 16 less: Total Principal Amount Excess of Second Mortgage Loans 17 Borrowing Base for Eligible Second Mortgage Loans (15 – 16) 18 Combined Preliminary First Mortgage Loan + Second Mortgage Loan Borrowing Base (10 + 17) 19 less: Total Appraised Value Cap 20 Preliminary Borrowing Base (18 - 19) 21 plus: Additional Imputed Loan Amount 22 plus: Additional Cash Collateral Pledged by Parent 23 sum of 21 + 22 24 Total Borrowing Base before Outstanding Loans (20 + 23) 25 Maximum Facility Amount $ 35,000,000 26 Outstanding Loans 27 Maximum Facility Amount less Outstanding Loans (25 – 26) 28 Borrowing Base: lesser of (x) line 25 and (y) line 27 Actual Required Test Met? Leverage Ratio: 7.00 : 1.00 Y / N Tangible Net Worth: 1 Y / N Eligible Mortgage Loan Ratio: 1.00 : 1.00 Y / N Guarantor Leverage Ratio: 1.00 : 1.00 Y / N Net Loss: 2 Y / N 1 $2,250,000 as of the Closing Date; and $4,750,000 at all times after the aggregate original principal amount of all Loans under the Loan Agreement equals or exceeds $7,000,000 (whether or not, at any time thereafter, said aggregate principal amount is reduced below $7,000,000 pursuant to repayments of Loans). 2 Loss in excess of: (i) as of the end of the first three fiscal quarters of each fiscal year for the then –elapsed portion of such fiscal year, $50,000; and (ii) an after-tax loss of $0 as of the end of each fiscal year. Pursuant to the Loan Agreement, Agent has agreed to make the Loans on the conditions set forth in the Loan Agreement including, without limitation, that the undersigned execute ...
Computation of Borrowing Base. (a) As used in this Agreement, the term "Borrowing Base" means at any time, an amount equal to the aggregate of eighty percent (80%) of the amount of Eligible Receivables (subject to the adjustments provided in Section 2.1.3(b) less Premium Related Liabilities).
