Determination of Borrowing Base Value Sample Clauses

Determination of Borrowing Base Value. (1) The Lender shall determine the Borrowing Base Value, taking into account all Units then comprising the Borrowing Base Collateral (except the Excluded Units and except any Lots or Units excluded as a result of the occurrence of the applicable Project Maturity Date with respect to such Lots or Units), the status of construction, increases in the value of the Borrowing Base Collateral as reflected in the most recently generated WIP Report, decreases in the value of the Borrowing Base Collateral as a result of the release of Borrowing Base Collateral as a result of sales or otherwise, and adjustments to the value of the Borrowing Base Collateral based upon the reports the Lender receives from the Inspector and/or the Appraiser. For purposes of determining the Borrowing Base Value, the Borrower agrees that no value shall be assigned to any Excluded Units or to any Lots or Units which the Lender has excluded as a result of the occurrence of the applicable Project Maturity Date with respect to such Lots or Units. In addition, the Lender, in its sole discretion, may elect to exclude Lots or Units related to a Project in connection with the calculation of the Borrowing Base Value if the Lender determines that a Change in the Budget applicable to such Project has occurred as specified in Section 6.15(a) or Section 6.15(b) and the Borrower has not submitted to the Lender a revised Budget for such Project which has been approved by the Lender in its sole discretion. Amended and Restated Loan Agreement – Xxxxxxx Xxxx Homes, Inc.
Sample 1
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Related to Determination of Borrowing Base Value

  • Determination of Borrowing Base The Borrowing Base at any time shall be determined by reference to the most recent Borrowing Base Certificate and Monthly Servicing Report delivered to the Administrative Agent.

  • Calculation of Borrowing Base For purposes of this Agreement, the “Borrowing Base” shall be determined, as at any date of determination, as the sum of the products obtained by multiplying (x) the Value of each Eligible Portfolio Investment by (y) the applicable Advance Rate; provided that:

  • 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.

  • Borrowing Base Determination Until the Revolving Credit Termination Date:

  • 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.

  • Initial Borrowing Base For the period from and including the Closing Date to but excluding the first Redetermination Date, the amount of the Borrowing Base shall be $2,250,000,000. Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 2.14(e), (f) and (g).

  • 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:

  • Effectiveness of a Redetermined Borrowing Base After a redetermined Borrowing Base is approved or is deemed to have been approved by all of the Lenders or the Required Lenders, as applicable, pursuant to Section 2.07(c)(iii), the Administrative Agent shall notify the Borrower and the Lenders of the amount of the redetermined Borrowing Base (the “New Borrowing Base Notice”), and such amount shall become the new Borrowing Base, effective and applicable to the Borrower, the Administrative Agent, the Issuing Bank and the Lenders:

  • Number and Amount of LIBOR Loans; Determination of Rate Each Borrowing of LIBOR Loans when made shall be in a minimum amount of $1,000,000, plus any increment of $500,000 in excess thereof. No more than ten (10) Borrowings of LIBOR Loans may be outstanding at any time, and all LIBOR Loans having the same length and beginning date of their Interest Periods shall be aggregated together and considered one Borrowing for this purpose. Upon determining LIBOR for any Interest Period requested by Borrowers, Agent shall promptly notify Borrowers thereof by telephone or electronically and, if requested by Borrowers, shall confirm any telephonic notice in writing.

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

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