Borrowing Base Determination definition
Examples of Borrowing Base Determination in a sentence
The Borrower shall have delivered the Borrowing Base Certificate required to be delivered by Section 6.9(a) (Borrowing Base Determination).
For purposes of calculating the Available Borrowing Base as of such Available Borrowing Base Determination Date, such designated Projects shall not be Eligible Projects hereunder.
On any date on which the Borrower is required to deliver a Borrowing Base Certificate in accordance with Section 6.9(a) (Borrowing Base Determination), the Borrower shall deliver to the Administrative Agent a certificate executed by a Responsible Officer of the Borrower, setting forth the aggregate amount of all Qualified Eligible Obligations and all Last-Out Eligible Obligations, in each case as of the date of such certificate.
For the avoidance of doubt, the designation pursuant to this paragraph shall be made as of each Available Borrowing Base Determination Date and shall remain in effect only until the next succeeding Available Borrowing Base Determination Date.
Borrowing Base Determination Date: __________________ ____, 20___.
Likewise, in the event the Lenders exercise their option for a Special Borrowing Base Determination, the Administrative Agent shall give the Borrower notice of the redetermined Borrowing Base which shall state the effective date of the redetermination.
The Borrowing Base will remain in effect until the next Borrowing Base Determination is made as required or permitted herein.
The Borrowing Base once reduced at Borrower’s election may not be reinstated by Borrower, nor shall Lenders be obligated to determine the Borrowing Base at any subsequent Scheduled Redetermination Date or other Special Borrowing Base Determination at any particular amount, either in relation to the Borrowing Base prior or subsequent to any such optional reduction by Borrower.
For certainty, the Additional Borrowing Base Determinations shall not constitute a Borrowing Base Determination pursuant to Section 3.10(b)(i) of the Credit Agreement.
If, as of any Available Borrowing Base Determination Date, the average FICO® Score of all Customers with respect to all Eligible Projects is less than [***]; the Borrower shall designate Projects that would otherwise constitute Eligible Projects as non-Eligible Projects (with such designation being made with respect to Eligible Projects with Customers having the lowest FICO® Scores) until the average FICO® Score of the Customers of the remaining Eligible Projects is at least [***].