Common use of Monthly Borrowing Base Certificate Clause in Contracts

Monthly Borrowing Base Certificate. As soon as available, but in any event no later than the earlier of (x) the date that is fifteen (15) Business Days after the end of each calendar month (as such date may be extended by the Borrower for up to an additional ten (10) days for the months ending October 31, 2008, November 30, 2008 and December 31, 2008) (each such monthly date, a “Borrowing Base Reporting Date”) or (y) the date upon which the Original U.S. Borrower delivers the U.S. Borrowing Base Certificate to the U.S. Administrative Agent for such calendar month, commencing with the calendar month ending November 30, 2008: (i) a completed Borrowing Base Certificate as at the end of such calendar month, duly certified by a Responsible Officer of the Borrower (prior to the Conversion Date, such report shall include a calculation of the amount set forth in clause (c) of the Borrowing Limit as of the last day of such calendar month); (ii) a detailed schedule and aging of the Accounts (A) including all obligors, aged by due date (and, to the extent requested by the Administrative Agent, with an explanation of the terms offered) and commencing with the month ending March 31, 2009, aged by invoice date with respect to invoices generated by the Abiserve system and (B) reconciled to the Borrowing Base Certificate delivered as of such date prepared in a manner reasonably acceptable to the Administrative Agent, together with (1) a summary specifying the name and balance due for each account debtor and (2) a summary specifying such Accounts by the country in which each account debtor is located; (iii) a schedule detailing the Borrower’s and its Subsidiaries’ Inventory, in form and substance reasonably satisfactory to the Administrative Agent, (A) by location (showing any Inventory located with a third party under any consignment, bailee arrangement, or warehouse agreement), by class (raw material, mill store inventory, work-in-process and finished goods), and in the case of Inventory located with a third party, by volume on hand, which Inventory shall be valued at Value of such Inventory and adjusted for Reserves as the Administrative Agent has previously indicated to the Borrower are deemed by the Administrative Agent to be appropriate and (B) reconciled to the Borrowing Base Certificate delivered as of such date; (iv) a report in form and substance reasonably satisfactory to the Administrative Agent evidencing claims under the Credit Insurance Policy or such other information with respect to the Credit Insurance Policy as the Administrative Agent may reasonably request in its credit judgment; (v) a reconciliation of the Accounts and Inventory between the amounts shown in the Borrower’s general ledgers and the reports delivered pursuant to clauses (ii) and (iii) above; (vi) if readily available, a schedule and aging of the accounts payable of the Borrower and its Subsidiaries in the form historically generated by the Borrower or such other information with respect to such accounts payable as the Administrative Agent may reasonably request in its credit judgment; and (vii) concurrently with the delivery of the Borrowing Base Certificate, the U.S. Borrowing Base Certificate; provided, that with respect to any calendar month end that is also a fiscal quarter end, the Borrower shall have satisfied the foregoing clauses if it provides a draft of the applicable documentation required pursuant to such clauses on or prior to the applicable Borrowing Base Reporting Date and a final version of the applicable documentation (in each case with a reconciliation to the applicable previously delivered draft documentation) by no later than the earlier of (A) the date upon which financial statements are delivered for such fiscal quarter pursuant to Section 7.1(a) or (B) the forty-fifth (45th) day after such fiscal quarter end.

Monthly Borrowing Base Certificate. As soon as available, but in any event no later than the earlier of (x) the date that is fifteen (15) Business Days after the end of each calendar month (as such date may be extended by the Borrower for up to an additional ten (10) days for the months ending October 31, 2008, November 30, 2008 and December 31, 2008) (each such monthly date, a “"Borrowing Base Reporting Date”") or (y) the date upon which the Original U.S. Borrower delivers the U.S. Borrowing Base Certificate to the U.S. Administrative Agent for such calendar month, commencing with the calendar month ending November 30, 2008:: - (i) a completed Borrowing Base Certificate as at the end of such calendar month, duly certified by a Responsible Officer of the Borrower (prior to the Conversion Date, such report shall include a calculation of the amount set forth in clause (c) of the Borrowing Limit as of the last day of such the preceding calendar month); (ii) a detailed schedule and aging of the Accounts (A) including all obligors, aged by due date (and, to the extent requested by the Administrative Agent, with an explanation of the terms offered) and commencing with the month ending March 31, 2009, aged by invoice date with respect to invoices generated by the Abiserve system and (B) reconciled to the Borrowing Base Certificate delivered as of such date prepared in a manner reasonably acceptable to the Administrative Agent, together with (1) a summary specifying the name and balance due for each account debtor and (2) a summary specifying such Accounts by the country in which each account debtor is located; (iii) a schedule detailing the Borrower’s 's and its Subsidiaries’ ' Inventory, in form and substance reasonably satisfactory to the Administrative Agent, (A) by location (showing any Inventory located with a third party under any consignment, bailee arrangement, or warehouse agreement), by class (raw material, mill store inventory, work-in-process and finished goods), and in the case of Inventory located with a third party, by volume on hand, which Inventory shall be valued at Value of such Inventory and adjusted for Reserves as the Administrative Agent has previously indicated to the Borrower are deemed by the Administrative Agent to be appropriate and (B) reconciled to the Borrowing Base Certificate delivered as of such date; (iv) a report in form and substance reasonably satisfactory to the Administrative Agent evidencing claims under the Credit Insurance Policy or such other information with respect to the Credit Insurance Policy as the Administrative Agent may reasonably request in its credit judgment; (v) a reconciliation of the Accounts and Inventory between the amounts shown in the Borrower’s 's general ledgers and the reports delivered pursuant to clauses (ii) and (iii) above; (vi) if readily available, a schedule and aging of the accounts payable of the Borrower and its Subsidiaries in the form historically generated by the Borrower or such other information with respect to such accounts payable as the Administrative Agent may reasonably request in its credit judgment; and (vii) concurrently with the delivery of the Borrowing Base Certificate, the U.S. Borrowing Base Certificate; provided, that with respect to any calendar month end that is also a fiscal quarter end, the Borrower shall have satisfied the foregoing clauses if it provides a draft of the applicable documentation required pursuant to such clauses on or prior to the applicable Borrowing Base Reporting Date and a final version of the applicable documentation (in each case with a reconciliation to the applicable previously delivered draft documentation) by no later than the - earlier of (A) the date upon which financial statements are delivered for such fiscal quarter pursuant to Section 7.1(a) or (B) the forty-fifth (45th) day after such fiscal quarter end.

Monthly Borrowing Base Certificate. As soon as available, but in any event no later than the earlier of (x) the date that is fifteen (15) Business Days after the end of each calendar month (as such date may be extended by the Borrower for up to an additional ten (10) days for the months ending October 31, 2008, November 30, 2008 and December 31, 2008) (each such monthly date, a “Borrowing Base Reporting Date”) or (y) the date upon which the Original U.S. Borrower delivers the U.S. Borrowing Base Certificate to the U.S. Administrative Agent for such calendar month, commencing with the calendar month ending November 30, 2008:: - (i) a completed Borrowing Base Certificate as at the end of such calendar month, duly certified by a Responsible Officer of the Borrower (prior to the Conversion Date, such report shall include a calculation of the amount set forth in clause (c) of the Borrowing Limit as of the last day of such the preceding calendar month); (ii) a detailed schedule and aging of the Accounts (A) including all obligors, aged by due date (and, to the extent requested by the Administrative Agent, with an explanation of the terms offered) and commencing with the month ending March 31, 2009, aged by invoice date with respect to invoices generated by the Abiserve system and (B) reconciled to the Borrowing Base Certificate delivered as of such date prepared in a manner reasonably acceptable to the Administrative Agent, together with (1) a summary specifying the name and balance due for each account debtor and (2) a summary specifying such Accounts by the country in which each account debtor is located; (iii) a schedule detailing the Borrower’s and its Subsidiaries’ Inventory, in form and substance reasonably satisfactory to the Administrative Agent, (A) by location (showing any Inventory located with a third party under any consignment, bailee arrangement, or warehouse agreement), by class (raw material, mill store inventory, work-in-process and finished goods), and in the case of Inventory located with a third party, by volume on hand, which Inventory shall be valued at Value of such Inventory and adjusted for Reserves as the Administrative Agent has previously indicated to the Borrower are deemed by the Administrative Agent to be appropriate and (B) reconciled to the Borrowing Base Certificate delivered as of such date; (iv) a report in form and substance reasonably satisfactory to the Administrative Agent evidencing claims under the Credit Insurance Policy or such other information with respect to the Credit Insurance Policy as the Administrative Agent may reasonably request in its credit judgment; (v) a reconciliation of the Accounts and Inventory between the amounts shown in the Borrower’s general ledgers and the reports delivered pursuant to clauses (ii) and (iii) above; (vi) if readily available, a schedule and aging of the accounts payable of the Borrower and its Subsidiaries in the form historically generated by the Borrower or such other information with respect to such accounts payable as the Administrative Agent may reasonably request in its credit judgment; and (vii) concurrently with the delivery of the Borrowing Base Certificate, the U.S. Borrowing Base Certificate; provided, that with respect to any calendar month end that is also a fiscal quarter end, the Borrower shall have satisfied the foregoing clauses if it provides a draft of the applicable documentation required pursuant to such clauses on or prior to the applicable Borrowing Base Reporting Date and a final version of the applicable documentation (in each case with a reconciliation to the applicable previously delivered draft documentation) by no later than the - earlier of (A) the date upon which financial statements are delivered for such fiscal quarter pursuant to Section 7.1(a) or (B) the forty-fifth (45th) day after such fiscal quarter end.