Acquired Asset Borrowing Base definition

Acquired Asset Borrowing Base the US Acquired Asset Borrowing Base plus the Canadian Acquired Asset Borrowing Base.
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Acquired Asset Borrowing Base has the meaning specified in the definition of Borrowing Base.
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Acquired Asset Borrowing Base means, as of any date of determination prior to the completion of the Acquired Asset Due Diligence, the amount equal to the greater of: (a) the amount equal to the lesser of: (i) 5% of the amount of the Borrowing Base (after giving effect to the inclusion in the Borrowing Base of the Acquired Eligible Accounts and the Acquired Eligible Inventory), and (ii) the amount equal to the sum of (A) the then effective Borrowing Base advance rate for Eligible Accounts multiplied by the amount of such Acquired Eligible Accounts less the amount of any Dilution Reserve for such Acquired Eligible Accounts and (B) the then effective Borrowing Base advance rate for Eligible Inventory in accordance with clause (b)(i) of the definition of the Borrowing Base multiplied by the applicable value of such Acquired Eligible Inventory (and, after giving effect to the inclusion of such Acquired Eligible Inventory, the amount of such Acquired Eligible Inventory shall be subject to the Inventory Loan Amount); and (b) with respect to Accounts and Inventory acquired pursuant to a Permitted Acquisition within the last 120 days after the date of such Permitted Acquisition, the amount equal to the lesser of: (i) 20% of the amount of the Borrowing Base (after giving effect to the inclusion of the Acquired Eligible Accounts and the Acquired Eligible Inventory), and (ii) the amount equal to the sum of (A) 70% of the “net book value” of Acquired Eligible Accounts less the amount of any Dilution Reserve for such Acquired Eligible Accounts and (B) 50% of the “net book value” of the amount of such Acquired Eligible Inventory (and, after giving effect to the inclusion of such Acquired Eligible Inventory, the amount of such Acquired Eligible Inventory shall be subject to the Inventory Loan Amount). For purposes of this definition, “net book value” means the net book value of the Accounts and Inventory acquired from the seller in a Permitted Acquisition as of the closing date of such Permitted Acquisition according to the accounting principles used in preparation of such seller’s audited financial statements (or with respect to Accounts and Inventory generated by the target after the consummation of such Permitted Acquisition, the net book value of such Accounts and Inventory as determined in accordance with GAAP). For the avoidance of doubt, (1) Acquired Eligible Accounts and Acquired Eligible Inventory shall be included in clause (a) of this definition until the date of the completion of the Acqui...
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Examples of Acquired Asset Borrowing Base in a sentence

  • For the avoidance of doubt, prior to the date of closing of any such Permitted Acquisition or permitted Investment, no portion of the Acquired Asset Borrowing Base shall be included in the Borrowing Base for purposes of determining the Line Cap for purposes of a Borrowing.


More Definitions of Acquired Asset Borrowing Base

Acquired Asset Borrowing Base means the amount that would have been generated by assets acquired by any Borrower Party in an acquisition permitted under Section 8.7(d) which would constitute Eligible Domestic Inventory or Eligible Canadian Inventory but would not otherwise be included in the Borrowing Base until the Administrative Agent’s receipt of a satisfactory field audit and/or appraisal with respect thereto based on the book value thereof (as determined by the Borrower and the Administrative Agent based on reasonably available financial information), and applying eligibility and reserve criteria consistent with those applied to the calculation of the Borrowing Base, until the delivery to the Administrative Agent of a satisfactory field audit and/or appraisal with respect thereto; provided, that if the Administrative Agent has not received a satisfactory field audit and/or appraisal in respect of such Acquired Asset Borrowing Base assets (at the Borrowers’ sole cost and expense) within 90 days of the acquisition thereof (or such longer period as the Administrative Agent may agree in its Permitted Discretion), such Acquired Asset Borrowing Base assets will cease to be eligible for inclusion in the Borrowing Base.
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Acquired Asset Borrowing Base means the US Acquired Asset Borrowing Base plus the Canadian Acquired Asset Borrowing Base.
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Acquired Asset Borrowing Base the Tranche A Acquired Asset Borrowing Base and the FILO Acquired Asset Borrowing Base, as applicable.
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Acquired Asset Borrowing Base has the meaning specified in the definition of Borrowing Base. “Acquired Indebtedness” means, with respect to any specified Person, (a) Indebtedness of any other Person existing at the time such other Person is merged, consolidated or amalgamated with or into or became a Restricted Subsidiary of such specified Person, including Indebtedness incurred in connection with, or in contemplation of, such other Person merging, amalgamating or consolidating with or into, or becoming a Restricted Subsidiary of, such specified Person, and (b) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person which Indebtedness exists at the time such asset is acquired. “Additional Lender” means any Person (other than a natural Person (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of a natural Person)) that is not an existing Lender and has agreed to provide Incremental Commitments pursuant to Section 2.14. “Administrative Agent” means Bank of America, N.A., in its capacity as administrative agent and collateral agent under any of the Loan Documents, or any successor administrative agent and collateral agent. “Administrative Agent’s Office” means the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 10.02, or such other address or account as the Administrative Agent may from time to time notify the Administrative Borrower and the Lenders. “Administrative Borrower” means (i) initially, the Initial Borrower, (ii) after the consummation of the Debt Assumption, the Parent Borrower, and (iii) upon notice to the Administrative Agent from the Borrowers, any other Borrower as selected by the Borrowers from time to time to act as the Administrative Borrower. “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent. “Affiliate” means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. For the avoidance of doubt, none of the Arranger, the Agents or their respective lending affiliates or any...
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Acquired Asset Borrowing Base means, at any time of determination, an amount equal to the greater of:
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Related to Acquired Asset Borrowing Base

  • U.S. Borrowing Base means, as of any date of determination, the result of:

  • Borrowing Base means, at any time of calculation, an amount equal to:

  • Domestic Borrowing Base means, at any time of calculation, an amount equal to:

  • Borrowing Base Value means, with respect to any Oil and Gas Property of a Credit Party or any Swap Agreement in respect of commodities, the value the Administrative Agent attributed to such asset in connection with the most recent determination of the Borrowing Base as confirmed by Required Lenders.

  • Canadian Borrowing Base means, at any time, an amount in Dollars equal to:

  • Foreign Borrowing Base means, as of any date, an amount equal to:

  • Proposed Borrowing Base has the meaning assigned to such term in Section 2.07(c)(i).

  • Aggregate Borrowing Base means the aggregate amount of the U.S. Borrowing Base and the Canadian Borrowing Base; provided that the maximum amount of the Canadian Borrowing Base which may be included in the Aggregate Borrowing Base is the Canadian Sublimit.

  • Borrowing Base Assets means a collective reference to all Borrowing Base Assets in existence at any given time.

  • Tranche A Borrowing Base means, at any time of calculation, an amount equal to:

  • Adjusted Borrowing Base means the Borrowing Base minus the aggregate amount of Cash and Cash Equivalents included in the Borrowing Base.

  • Borrowing Base Properties means the Oil and Gas Properties of the Credit Parties included in the Initial Reserve Report and thereafter in the most recently delivered Reserve Report delivered pursuant to Section 9.14.

  • Borrowing Base Amount means:

  • Borrowing Base Property means any one of the Borrowing Base Properties.

  • New Borrowing Base Notice has the meaning assigned such term in Section 2.07(d).

  • Borrowing Availability means as of any date of determination the Maximum Amount less the sum of (i) the Revolving Loan and Swing Line Loan then outstanding and (ii) the Reserves as then in effect.

  • Borrowing Base Availability means, at the time of any determination, an amount equal to the lesser of the Borrowing Base at such time and the aggregate amount of the Commitments at such time.

  • Borrowing Base Test means as of any date, a determination that (a) the lesser of (i) the Borrowing Base and (ii) the Facility Amount shall be equal to or greater than (b) the Advances Outstanding.

  • Borrowing Base Report means a report in substantially the form of Exhibit E (or such other form approved by Administrative Agent) certified by a Responsible Officer of Borrower.

  • Proposed Borrowing Base Notice has the meaning assigned to such term in Section 2.07(c)(ii).

  • Inventory Advance Rate shall have the meaning set forth in Section 2.1(a)(y)(ii) hereof.

  • Total Borrowings means, in respect of the Corporation on a consolidated basis, as of a given date, the aggregate of the following, without duplication:

  • Consolidated Total Borrowings means in relation to the Group, an amount (expressed in Singapore dollars) for the time being, calculated on a consolidated basis, in accordance with generally accepted accounting principles in Singapore, equal to the aggregate of:

  • Borrowing Base Utilization Percentage means, as of any day, the fraction expressed as a percentage, the numerator of which is the sum of the Revolving Credit Exposures of the Lenders on such day, and the denominator of which is the Borrowing Base in effect on such day.

  • Working Capital Borrowings means borrowings incurred pursuant to a credit facility, commercial paper facility or similar financing arrangement that are used solely for working capital purposes or to pay distributions to the Partners; provided that when such borrowings are incurred it is the intent of the borrower to repay such borrowings within 12 months from the date of such borrowings other than from additional Working Capital Borrowings.

  • Accelerated Borrowing Base Delivery Event means either (i) the occurrence and continuance of any Event of Default, or (ii) the failure of the Borrowers to maintain Availability at least equal to the greater of (x) $22,500,000 and (y) fifteen percent (15%) of the Loan Cap. For purposes of this Agreement, the occurrence of an Accelerated Borrowing Base Delivery Event shall be deemed continuing (i) so long as such Event of Default has not been waived, and/or (ii) if the Accelerated Borrowing Base Delivery Event arises as a result of the Borrowers’ failure to achieve Availability as required hereunder, until Availability has exceeded the greater of (x) $22,500,000 and (y) fifteen percent (15%) of the Loan Cap for thirty (30) consecutive calendar days, in which case an Accelerated Borrowing Base Delivery Event shall no longer be deemed to be continuing. The termination of an Accelerated Borrowing Base Delivery Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Accelerated Borrowing Base Delivery Event in the event that the conditions set forth in this definition again arise.