Removal of Borrowing Base Assets Sample Clauses

Removal of Borrowing Base Assets. (a) So long as no Default or Event of Default exists or would result therefrom, the Borrowers may from time to time elect to have a Property no longer considered to be a Borrowing Base Asset. In such event, the Borrowers shall provide to the Agent written notice thereof (each a “Removal Request”) no later than 10:00 a.m. on the Business Day that is at least ten (10) Business Days prior to the date on which the Borrowers wish to have such Property no longer considered to be a Borrowing Base Asset, such Removal Request to (i) identify the Property to be no longer considered a Borrowing Base Asset, (ii) set forth the calculation of the amount of Availability attributable to such Borrowing Base Asset and the amount, if any, of any payment required by Section 2.7(b), and (iii) have attached thereto a pro forma Borrowing Base Certificate. Subject to receipt by the Agent of any prepayment required by Section 2.7(b), and provided that no Default or Event of Default exists or would result therefrom, such Borrowing Base Asset shall cease to be a Borrowing Base Asset hereunder and the Agent shall provide prompt written notice of such removal to each Lender. In no event shall a Property no longer be considered a Borrowing Base Asset unless such Property is also no longer considered (or will simultaneously with such Property ceasing to be considered a Borrowing Base Asset hereunder will cease to be considered) a Borrowing Base Asset (as defined in the Revolving Credit Agreement).
Sample 1
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Removal of Borrowing Base Assets. (a) So long as no Default or Event of Default exists or would result therefrom, the Borrowers may from time to time elect to have a Property no longer considered to be a Borrowing Base Asset. In such event, the Borrowers shall provide to the Agent written notice thereof (each a “Removal Request”) on the Business Day on which the Borrowers wish to have such Property no longer considered to be a Borrowing Base Asset, such Removal Request to (i) identify the Property to be no longer considered a Borrowing Base Asset, (ii) set forth the calculation of the amount of Net Operating Income and Value attributable to such Borrowing Base Asset, and (iii) have attached thereto a pro forma Borrowing Base Certificate. Provided that no Default or Event of Default exists or would result therefrom, such Borrowing Base Asset shall cease to be a Borrowing Base Asset hereunder and the Agent shall provide prompt written notice of such removal to each Lender.
Sample 1Sample 2
Removal of Borrowing Base Assets. (a) So long as no Default or Event of Default exists or would result therefrom, the Borrowers may from time to time elect to have a Property no longer considered to be a Borrowing Base Asset. In such event, the Borrowers shall provide to the Agent written notice thereof (each a “Removal Request”) no later than 10:00 a.m. on the Business Day that is at least five (5) Business Days (or such fewer number of days as the Agent may agree) prior to the date on which the Borrowers wish to have such Property no longer considered to be a Borrowing Base Asset, such Removal Request to (i) identify the Property to be no longer considered a Borrowing Base Asset, (ii) set forth the calculation of the amount of Net Operating Income and Value attributable to such Borrowing Base Asset, and (iii) have attached thereto a pro forma Borrowing Base Certificate. Provided that no Default or Event of Default exists or would result therefrom, such Borrowing Base Asset shall cease to be a Borrowing Base Asset hereunder and the Agent shall provide prompt written notice of such removal to each Lender.
Sample 1Sample 2
Removal of Borrowing Base Assets. Provided no Default or Event of Default shall have occurred hereunder and be continuing (or would exist immediately after giving effect to the transactions contemplated by this §5.4), subject to the consent of the Agent and the Required Lenders in their reasonable discretion, Borrower shall be permitted to remove a Borrowing Base Asset from the Borrowing Base upon the request of the Borrower and subject to and upon the following terms and conditions:
Sample 1
Removal of Borrowing Base Assets. (a) So long as there is no Default pending, the Borrowers may from time to time have Properties removed from the Borrowing Base Assets Pool. In such event, the Borrowers shall provide to the Agent written notice thereof (each a “Removal Request”) no later than 10:00 a.m. (New York, New York time) on the Business Day that is at least ten (10) Business Days prior to the date on which the Borrowers wish to have such asset removed from the Borrowing Base Assets Pool, such Removal Request to (i) identify the Property proposed to be removed from the Borrowing Base Assets Pool, (ii) set forth the calculation of the Borrowing Base Availability attributable to such proposed asset to be removed from the Borrowing Base Certificate in order to determine the amount of any payment required by Section 2.7(b), and (iii) have attached thereto a pro forma Borrowing Base Certificate. Upon receipt by the Agent of any prepayment required by Section 2.7(b), and provided no Default is then pending, the subject asset shall cease to be a Borrowing Base Asset hereunder and the Agent shall provide prompt written notice of such removal to each Lender.
Sample 1
Removal of Borrowing Base Assets. (a) So long as there is no Default pending, upon confirmation of compliance with this Section 7.16(a) by the Agent the Borrowers may from time to time have Properties removed from the Borrowing Base Assets Pool. In such event, the Borrowers shall provide to the Agent written notice thereof (each a “Removal Request”) no later than 10:00 a.m. (New York, New York time) on the Business Day that is at least ten (10) Business Days prior to the date on which the Borrowers wish to have such asset removed from the Borrowing Base Assets Pool, such Removal Request to (i) identify the Property proposed to be removed from the Borrowing Base Assets Pool, (ii) set forth the calculation of the Borrowing Base Availability attributable to such proposed asset to be removed from the Borrowing Base Certificate, and (iii) have attached thereto a proforma Borrowing Base Certificate.
Sample 1

Related to Removal of Borrowing Base Assets

  • 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:

  • Borrowing Base Properties (a) Except where the failure to comply with any of the following would not have a Material Adverse Effect, each of Parent and Borrower shall, and shall use commercially reasonable efforts to cause each other Loan Party or the applicable tenant, to:

  • 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).

  • 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.

  • 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 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”);

  • Collateral Examination Agent shall have completed Collateral examinations and received appraisals, the results of which shall be satisfactory in form and substance to Lenders, of the Receivables, Inventory, General Intangibles, and Equipment of each Borrower and all books and records in connection therewith;

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

  • Condition of Tangible Assets All buildings, structures, facilities, equipment and other material items of tangible property and assets included in the Assets are in good operating condition and repair, subject to normal wear and maintenance, are usable in the regular and ordinary course of business and conform to all applicable laws, ordinances, codes, rules and regulations relating to their construction, use and operation.

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