Borrowing Base Obligor definition
Examples of Borrowing Base Obligor in a sentence
Notwithstanding anything in this Agreement to the contrary, funds received from or held by (a) any Canadian Borrowing Base Obligor or any other Excluded Subsidiary shall be applied only to the payment of the Canadian Obligations or the German Obligations and (b) a German Borrower shall only be applied to the repayment of German Obligations of such German Borrower and, in each case, shall not be applied to the payment of the U.S. Obligations.
Each Borrowing Base Obligor shall keep accurate and complete records of its Inventory, including costs and daily withdrawals and additions, and shall submit to Agent inventory and reconciliation reports in form satisfactory to Agent, on such periodic basis as Agent may request.
There is no action, suit or proceeding at law or in equity or by or before any governmental instrumentality or other agency now pending, or, to the knowledge of the Borrower threatened against or affecting Borrower or any Borrowing Base Obligor, or any properties or rights of Borrower or any Borrowing Base Obligor, which, if adversely determined, would materially and adversely affect the financial condition of Borrower and the Borrowing Base Obligors (taken as a whole).
No Borrowing Base Obligor shall acquire or accept any Inventory on consignment or approval, and shall take all steps to assure that all Inventory is produced in accordance with Applicable Law, including the FLSA.
No Borrowing Base Obligor shall sell any Inventory on consignment or approval or any other basis under which the customer may return or require a Borrowing Base Obligor to repurchase such Inventory.
Whether or not a Default or Event of Default exists, Agent shall have the right at any time, in the name of Agent, any designee of Agent or any Borrowing Base Obligor, to verify the validity, amount or any other matter relating to any Accounts of Borrowing Base Obligors by mail, telephone or otherwise.
Each Borrowing Base Obligor shall conduct a physical inventory at least once per calendar year (and on a more frequent basis if requested by Agent when an Event of Default exists) and periodic cycle counts consistent with historical practices, and shall provide to Agent a report based on each such inventory and count promptly upon completion thereof, together with such supporting information as Agent may request.
Neither Borrower nor any Borrowing Base Obligor is a party to any agreement or instrument or subject to any charter or other corporate restrictions adversely affecting its business, properties or assets, operations or financial condition.
Notwithstanding anything to the contrary contained herein, proceeds of Collateral consisting of assets of, or payments by, (a) a Canadian Borrowing Base Obligor or any other Excluded Subsidiary shall only be applied to the repayment of Canadian Obligations or German Obligations and (b) a German Borrower shall only be applied to the repayment of German Obligations of such German Borrower.
If Accounts in an aggregate face amount of $5,000,000 or more cease to be Eligible Accounts, Borrowing Base Obligors shall notify Agent of such occurrence promptly (and in any event within one Business Day) after any Borrowing Base Obligor has knowledge thereof.