Borrowing Base Requirement definition
Examples of Borrowing Base Requirement in a sentence
On a weekly basis, or less frequently if approved by Lender from time to time, Borrower Agent shall prepare and deliver to Lender a Borrowing Base Certificate with respect to satisfaction of the Borrowing Base Requirement as of the date of report submission, the statements in which, in each instance, shall be certified as to truth and accuracy by a duly authorized officer of Borrower.
On a weekly basis, as soon as practicable after, but not later than the second Business Day after, the end of each calendar week, or less frequently if approved by Lender from time to time, Borrower shall prepare and deliver to Lender a Borrowing Base Certificate with respect to satisfaction of the Borrowing Base Requirement as of the date of report submission, the statements in which, in each instance, shall be certified as to truth and accuracy by a duly authorized officer of Borrower.
The Company and each Designated Subsidiary Borrower shall at all times cause its respective Borrowing Base to equal or exceed the Borrowing Base Requirement attributable to such Borrower at such time.
Once Lender has entered into any Risk Participation Arrangement with respect to a Letter of Credit, then: pending its expiry, the amount available for drawing under each Letter of Credit shall be deemed an outstanding Advance for purposes of determining Borrower's ongoing compliance with the Borrowing Base Requirement; i.
All payments of principal of and accrued interest on the Special Advance shall be charged as Advances, as and when the same become due and payable, whether or not the Borrowing Base Requirement is violated as a result thereof, and Lender shall pay itself from the proceeds of such Advance.
On the Closing Date, and for thirty (30) days thereafter or until Lender completes its initial audit, whichever is sooner (the "Initial Excess Availability Period"), Borrower shall have excess borrowing availability, as determined by Lender from review of outstanding Borrowings and the Borrowing Base Requirement in place at the Closing Date equal to not less than ten percent (10%) of outstanding Borrowings at the Closing Date, excluding the amount of the Equipment Draw.
An amount equal to the lesser of (a) $90,000,000 (as such amount shall be reduced on a dollar-for-dollar basis for all prepayments of the Loans) and (b) the Borrowing Base Requirement.
Borrowing Base Requirement .................................................................
On a weekly basis, or more (or less) frequently if required (or approved) by Lender from time to time, Borrower shall prepare and deliver to Lender a Borrowing Base Certificate with respect to satisfaction of the Borrowing Base Requirement as of the date of report submission, the statements in which, in each instance, shall be certified as to truth and accuracy by a duly authorized officer of Borrower Agent.
Once Lender has entered into any Risk Participation Arrangement with respect to a Letter of Credit, then: (i) pending its expiry, the amount available for drawing under each Letter of Credit shall be added to all outstanding Advances plus the amount available for drawing under all other outstanding Letters of Credit plus all outstanding Reimbursement Obligations for purposes of determining Borrower's ongoing compliance with the Borrowing Base Requirement; i.