Confirmation by the Administrative Agent Sample Clauses
Confirmation by the Administrative Agent. Within 10 days following receipt by the Administrative Agent of all materials and information required with respect to any proposed Borrowing Base Property as specified in this Section 4.5 the Administrative Agent shall utilize commercially reasonable efforts to review the subject Property and obtain the approval or disapproval of the Required Lenders (as necessary), and shall notify the Borrower as to whether the subject Property may be included in the Borrowing Base Property in accordance with the provisions of this Section 4.5. In the event that the Administrative Agent provides notice that it rejects such Property, such notice shall specify the basis for such rejection, and the Borrower shall be permitted to resubmit such Property with modifications for re-consideration by the Administrative Agent (and the Required Lenders, as necessary).
Confirmation by the Administrative Agent. The Borrower has advised the Sponsors and the Administrative Agent that the Borrower does not expect to comply with the Minimum Fixed Charge Coverage Ratio specified in the Credit Agreement (without giving effect to any amendment of the Credit Agreement after the Closing Date) for the period commencing on August 18, 2000 and ending on December 31, 2000 (the "YEAR 2000 OPERATING PERIOD"). Based upon the Borrower's projections for the Year 2000 Operating Period, the Sponsors expect to make a Cash Equity Contribution to the Borrower in the amount of U.S. $12,000,000 (the "PROJECTED CASH EQUITY CONTRIBUTION") which, when added to the Borrower's EBITDA for the Year 2000 Operating Period, will result in the Borrower being in compliance with the Minimum Fixed Charge Coverage Ratio for the Year 2000 Operating Period. On January 31, 2001, LCI made a Cash Equity Contribution to the Borrower in the amount of U.S. $5,000,000 as a partial funding the Projected Cash Equity Contribution. the Sponsors and the Administrative Agent agree that such $5,000,000 partial funding by LCI will be applied against LCI's obligations under the Keep-Well Agreement and will be deemed to be a payment made by LCI pursuant to the Keep-Well Agreement and not pursuant to the Completion Guaranty.