Frequency of Computation of Borrowing Base Sample Clauses

Frequency of Computation of Borrowing Base. Upon the receipt by Administrative Agent of a new or updated Appraisal, in connection with the addition or removal of a Qualified Property in accordance with Sections 2.19 and 4.3 and a Qualified Property becoming a Disqualified Property in accordance with Section 4.2, Borrower shall, within two (2) Business Days of (i) notice, which may be given by electronic transmission, of Administrative Agent’s receipt of a new or updated Appraisal, (ii) the addition or removal of a Qualified Property, or (iii) a Qualified Property becoming a Disqualified Property, compute the Borrowing Base based on the above formula and deliver to Administrative Agent a Borrowing Base Report and Collateral Certificate acceptable to Administrative Agent, in Administrative Agent’s sole but reasonable business judgment discretion. If such Borrowing Base computation, and such Borrowing Base Report and Collateral Certificate, are not received by Administrative Agent within such time period, then Administrative Agent shall have the right to compute the Borrowing Base based on the formula above, in Administrative Agent’s sole but reasonable business judgment. Any Remargining Payment due as a result of any such computation of the Borrowing Base shall be subject to Section 2.20.
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Frequency of Computation of Borrowing Base. Administrative Agent may, as of the end of each calendar quarter, compute the Borrowing Base based on the above formula, regardless of whether Borrower timely delivers to Administrative Agent a Borrowing Base Report and Collateral Certificate as and when required pursuant to this Agreement (and any adjustment to the Borrowing Base resulting from such computation shall be effective as of the date of determination after the end of the applicable calendar quarter and any Remargining Payment shall be due in accordance with Section 2.19 above). Additionally, Administrative Agent may compute the Borrowing Base based on the above formula upon the occurrence of any of the following (but not at any other time), and any adjustment to the Borrowing Base resulting from such computation shall be immediately effective as of the date of determination:
Sample 1
Frequency of Computation of Borrowing Base. Regardless of whether Borrower timely delivers a Borrowing Base Report and Collateral Certificate as and when required pursuant to this Agreement, Administrative Agent may, from time to time, compute the Borrowing Base based on the above formula in Administrative Agent’s sole but reasonable business judgment discretion, and such determination by Administrative Agent shall be conclusive and immediately effective, absent manifest error.
Sample 1
Frequency of Computation of Borrowing Base. Regardless of whether Borrower timely delivers a Borrowing Base Report and Collateral Certificate as and when required pursuant to this Agreement, Lender may, from time to time, compute the Borrowing Base based on the above formula in Lender’s sole but reasonable discretion and such determination by Lender shall be conclusive and immediately effective, absent manifest error.
Sample 1

Related to Frequency of Computation of Borrowing Base

  • 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:

  • 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.

  • 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 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 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).

  • Notification of Advances, Interest Rates, Prepayments and Commitment Reductions Promptly after receipt thereof, the Agent will notify each Lender of the contents of each Aggregate Commitment reduction notice, Borrowing Notice, Conversion/Continuation Notice, and repayment notice received by it hereunder. The Agent will notify each Lender of the interest rate applicable to each Eurodollar Advance promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Alternate Base Rate.

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

  • Borrowing Mechanics for Revolving Loans (i) Except pursuant to Section 2.4(d), Revolving Loans that are Base Rate Loans shall be made in an aggregate minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess of that amount, Revolving Loans that are Eurodollar Rate Loans shall be in an aggregate minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess of that amount.

  • 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 Mechanics for Loans Borrower shall deliver to Administrative Agent a fully executed Funding Notice no later than one Business Day prior to the Closing Date or such shorter period of time acceptable to Administrative Agent. Promptly upon receipt by Administrative Agent of such Funding Notice, Administrative Agent shall notify each Lender of the proposed borrowing.

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