Examples of Borrowing Base Compliance in a sentence
If the most recent Borrowing Base Compliance Certificate delivered to the Administrative Agent does not demonstrate a Borrowing Base sufficient for any Committed Borrowing requested by the Borrower, then as a condition to such Committed Borrowing the Borrower shall deliver to the Administrative Agent an updated Borrowing Base Compliance Certificate covering the current pool of Qualified Unencumbered Properties that demonstrates a Borrowing Base sufficient for such requested Committed Borrowing.
If the most recent Borrowing Base Compliance Certificate delivered to the Administrative Agent does not demonstrate a Borrowing Base sufficient for any Swing Line Borrowing requested by the Borrower, then as a condition to such Swing Line Borrowing the Borrower shall deliver to the Administrative Agent an updated Borrowing Base Compliance Certificate covering the current pool of Qualified Unencumbered Properties that demonstrates a Borrowing Base sufficient for such requested Swing Line Borrowing.
The Borrower shall be in Borrowing Base Compliance after giving effect to the making of such Loans and the issuance or amendment of such Letters of Credit and shall deliver a certificate with supporting calculations in reasonable detail establishing such compliance.
The Borrower will be in Borrowing Base Compliance on the date each Loan is made and each Letter of Credit is issued or increased, after giving effect to the making of such Loan and the issuance or increase of such Letter of Credit.
In the event the Company is not in compliance with the Borrowing Base Compliance Formula, it shall be obligated to reduce the principal balance due under the Convertible Debentures to an amount that will bring it into compliance.
The Borrowing Base Compliance Formula as set forth below shall at all times be a minimum of Two Hundred Fifty Percent (250%).
If the most recent Borrowing Base Compliance Certificate delivered to the Administrative Agent does not demonstrate a Borrowing Base sufficient for any Committed Borrowing requested by the Borrower, then as a condition to such Committed Borrowing the Borrower shall deliver to the Administrative Agent an updated Borrowing Base Compliance Certificate covering the current pool of Qualified Unecumbered Properties that demonstrates a Borrowing Base sufficient for such requested Committed Borrowing.
Borrowing Base Compliance = The ratio of (c) to (z): [ ]:[ ] IN WITNESS WHEREOF, I have executed this Certificate this day of , 20 .
The “Release Conditions” are the following: Borrowing Base Compliance.
All references in the Original Credit Agreement and the other Loan Documents to the Borrowing Base Compliance Certificate shall be deemed be the Borrowing Base Compliance Certificate as amended and restated on EXHIBIT B attached hereto.