Borrowing Base Account definition

Borrowing Base Account one or more deposit accounts or securities accounts maintained by the Borrower with the Collateral Agent or its designee or such other financial institution reasonably acceptable to the Collateral Agent in which the Collateral Agent has (for the ratable benefit of the Lenders and the Agents) a first priority security interest and Lien, perfected by control pursuant to a Blocked Account Control Agreement, as collateral security for the Obligations.
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Borrowing Base Account means (i) each Deposit Account that is subject to a Control Agreement and maintained by a Secured Guarantor, into which all Borrowing Base Asset Proceeds, all Fee-Related Earnings and all Distributions received by such Secured Guarantor shall (unless otherwise provided pursuant to Section 6.21) be deposited (the “Required Borrowing Base Accounts”), (ii) each Specified Borrowing Base Account and (iii) any other Deposit Account or Securities Account containing Borrowing Base Assets that, in each case, is subject to a Control Agreement.
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Borrowing Base Account means (i) each Deposit Account that is subject to a Control Agreement and maintained by a Secured Guarantor, into which all Borrowing Base Asset Proceeds, all Fee-Related Earnings and all Distributions received by such Secured Guarantor shall (unless otherwise provided pursuant to Section 6.21 ) be deposited (the “ Required Borrowing Base Accounts ”), (ii) each Specified Borrowing Base Account and (iii) any other Deposit Account or Securities Account containing Borrowing Base Assets that, in each case, is subject to a Control Agreement.
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Examples of Borrowing Base Account in a sentence

  • Each such deposit shall be held by the Collateral Agent in the Specified Borrowing Base Account pursuant to Section 9.01, as collateral for the payment and performance of the obligations of the Borrowers under this Agreement.

  • The objective of field testing is to remove as many subjective decisions from the Test Certifier as possible in order to provide clarity to the client on any areas of non-compliance.

  • The Borrowing Base Account is a blocked account, and the Collateral Agent shall not be obligated to honor any withdrawal or transfer instructions pertaining thereto except as provided in Section 10.14 hereof.

  • Other than a direction to pay any such Borrowing Base Asset Proceeds to a different Required Borrowing Base Account, the Secured Guarantors shall not make any change in the foregoing instructions without the consent of the Administrative Agent.

  • Subject to subsection (e) below, the Secured Guarantors shall have the exclusive right to manage and control all funds in the Borrowing Base Accounts (other than any Specified Borrowing Base Account), but, in any event, the Administrative Agent shall not have any fiduciary duty with respect to such funds or the Borrowing Base Accounts.

  • So long as the Initial Borrowing Base, Second Borrowing Base or Secured Borrowing Base includes Secured Borrowing Base Cash, such Secured Borrowing Base Cash will be held by or on behalf of Agent in the Secured Borrowing Base Account subject to the Blocked Account Control Agreement.

  • If a member fails to successfully test at or above the passing fitness level, the member will be given six (6) months to test again at his or her option.

  • In addition, each Secured Guarantor shall have the right to make withdrawals from each Specified Borrowing Base Account if and to the extent that a Borrowing Base Release Transaction would be permitted pursuant to Section 2.15 with respect to amounts on deposit in such Specified Borrowing Base Account.

  • To the extent that a Borrowing Base Account is an interest-bearing account, all accrued interest earned with respect to such Borrowing Base Account shall become part of the balance in such Borrowing Base Account.

  • The Borrower hereby pledges, assigns and grants to the Collateral Agent on behalf of and for the ratable benefit of the Lenders and the Issuing Lender, a security interest in all of the Borrower’s right, title and interest thereto and all funds and amounts from time to time on deposit in the Borrowing Base Account, Interest Reserve Account, Intangible Tax Account, Collateral Proceeds Account and Operating Accounts to secure prompt and complete performance of its Obligations.


More Definitions of Borrowing Base Account

Borrowing Base Account has the meaning given to it in the Acquisitions Loans Credit Agreement.
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Borrowing Base Account means an account maintained by any BORROWER, other than a Non-Material Borrower or a Guarantor, with the Agent or some other Bank selected by such BORROWERS and reasonably acceptable to the Agent into which there shall be deposited only cash deposits to be included in the Borrowing Base and assigned and pledged to the Agent for the benefit of the Banks pursuant to the Security and Assignment Agreement executed by such BORROWER (if such Borrowing Base Account is identified to the Agent as of the Closing Date) or pursuant to a security and assignment agreement (or any amendment to the applicable Security and Assignment Agreement) in form and substance satisfactory to the Agent (if such Borrowing Base Account is later identified).
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Borrowing Base Account means each Borrowing Base Proceeds Account and any other Deposit Account or Securities Account containing Borrowing Base Assets.
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Borrowing Base Account means Account No. maintained by Borrower with Bank.
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Borrowing Base Account has the meaning specified in Section 2.15.
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Related to Borrowing Base Account

  • Borrowing Base Amount means:

  • 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.

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

  • Borrower Account has the meaning specified in Section 2.11(a)(ii).

  • 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.

  • Collateral Accounts means any and all accounts established and maintained by the Pledgee in the name of any Pledgor to which Collateral may be credited.

  • Funding Accounts has the meaning assigned to such term in Section 4.01(h).

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

  • 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.

  • Disbursement Accounts has the meaning ascribed to it in Annex C.

  • Eligible Unbilled Accounts means Accounts of the Obligors that does not qualify as an Eligible Account solely because (a) the goods giving rise to such Account have not been shipped and billed to the Account Debtor, or (b) the services giving rise to such Account have not been performed and billed to the Account Debtor and, in either case, so long as such Accounts have not been unbilled for more than thirty (30) days. For the avoidance of doubt, at such time as an Account is billed to the Account Debtor it shall no longer be an “Eligible Unbilled Account”.

  • Collateral Proceeds Account a non-interest bearing cash collateral account established and maintained by the relevant Grantor at an office of the Collateral Account Bank in the name, and in the sole dominion and control of, the Collateral Agent for the benefit of the Secured Parties.

  • Eligible Account Any of (i) an account or accounts maintained with a federal or state chartered depository institution or trust company the short-term unsecured debt obligations of which (or, in the case of a depository institution or trust company that is the principal subsidiary of a holding company, the debt obligations of such holding company) have the highest short-term ratings of each Rating Agency at the time any amounts are held on deposit therein, or (ii) an account or accounts in a depository institution or trust company in which such accounts are insured by the FDIC or the SAIF (to the limits established by the FDIC or the SAIF, as applicable) and the uninsured deposits in which accounts are otherwise secured such that, as evidenced by an Opinion of Counsel delivered to the Trustee and to each Rating Agency, the Certificateholders have a claim with respect to the funds in such account or a perfected first priority security interest against any collateral (which shall be limited to Permitted Investments) securing such funds that is superior to claims of any other depositors or creditors of the depository institution or trust company in which such account is maintained, or (iii) a trust account or accounts maintained with (a) the trust department of a federal or state chartered depository institution or (b) a trust company, acting in its fiduciary capacity or (iv) any other account acceptable to each Rating Agency. Eligible Accounts may bear interest, and may include, if otherwise qualified under this definition, accounts maintained with the Trustee.

  • Disbursement Account means any Deposit Account maintained by Borrower with a financial institution for the purpose of receiving and disbursing the proceeds of Loans made pursuant hereto.

  • Applicable Account means, with respect to any payment to be made to the Administrative Agent hereunder, the account specified by the Administrative Agent from time to time for the purpose of receiving payments of such type.

  • Concentration Accounts has the meaning ascribed to it in Annex C.

  • Funds Account means an account held by you or any third parties maintained with any Participant.

  • Qualified Account means an Account of Borrower generated in the ordinary course of Borrower's business from the rendition of Healthcare Services pursuant to a Customer Contract which Lender, in its sole credit judgment, deems to be a Qualified Account. Without limiting the generality of the foregoing, no Account shall be a Qualified Account if: (a) the Account or any portion of the Account is payable by an individual beneficiary, recipient or subscriber individually and not directly to Borrower by an Account Debtor acceptable to Lender in its sole discretion; (b) the Account remains unpaid more than one hundred and twenty (120) calendar days past the claim or invoice date (but in no event more than one hundred and thirty five (135) calendar days after the applicable Healthcare Services have been rendered); (c) the Account is subject to any defense, set-off, counterclaim, deduction, discount, credit, chargeback, freight claim, allowance, or adjustment of any kind; (d) any part of any goods the sale of which has given rise to the Account has been returned, rejected, lost, or damaged; (e) if the Account arises from the sale of goods by Borrower, the sale was not an absolute sale, or the sale was made on consignment or on approval or on a sale-or-return basis, or the sale was made subject to any other repurchase or return agreement, or the goods have not been shipped to the Account Debtor or its designee; (f) if the Account arises from the performance of Healthcare Services, where the Healthcare Services have not been actually been performed or the Healthcare Services were undertaken in violation of any law; (g) the Account is subject to a lien other than a Permitted Lien; (h) Borrower knows or should have known of the bankruptcy, receivership, reorganization, or insolvency of the Account Debtor; (i) the Account is evidenced by chattel paper or an instrument of any kind, or has been reduced to judgment; (j) the Account is an Account of an Account Debtor having its principal place of business or executive office outside the United States; (k) the Account Debtor is an Affiliate or Subsidiary of Borrower; (l) more than twenty percent (20%) of the aggregate balance of all Accounts owing from the Account Debtor obligated on the Account are outstanding more than one hundred and twenty (120) calendar days past their invoice date; (m) fifty percent (50%) or more of the aggregate unpaid Accounts from any single Account Debtor are not deemed Qualified Accounts under this Agreement; (n) the total unpaid Accounts of any single Account Debtor exceed twenty percent (20%) of the net amount of all Qualified Accounts; (o) any covenant, representation or warranty contained in the Loan Documents with respect to such Account has been breached; (p) any Account which is based on a contract which is invoiced and/or paid based on a percentage of completion basis; (q) any Account which is based on a contract in which Borrower is paid for services and which services have not yet been fully provided by Borrower; (r) any license fee (other than fees which are paid on a month-to-month basis and are otherwise eligible hereunder); or (s) the Account fails to meet such other specifications and requirements which may from time to time be established

  • Facility LC Collateral Account is defined in Section 2.19.11.

  • Borrower’s Account shall have the meaning set forth in Section 2.8.

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

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

  • Facility Account means the account of Seller at Bank One, Account ---------------- No. 10-36987.

  • Approved Deposit Account means a Deposit Account maintained by any Loan Party that is the subject of an effective Deposit Account Control Agreement. “Approved Deposit Account” includes all monies on deposit in a Deposit Account and all certificates and instruments, if any, representing or evidencing such Deposit Account.

  • Credit Account is modified to read “Grant Account”.

  • Surplus Account has the meaning assigned to it in Section 3.02(a).