Deemed Borrowing Base definition

Deemed Borrowing Base means, as at any date of determination thereof before the occurrence of the Permanent Borrowing Base Trigger, an amount equal to the sum of:
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Deemed Borrowing Base means an amount equal to (a) 75% multiplied by the difference between (A) the Cost of Eligible Inventory and (B) Inventory Reserves, minus (b) the aggregate amount of all Availability Reserves. “Deemed Borrowing Base Termination Date” means the date that the Parent Borrower delivers to the Agent (a) a field examination and appraisal of the Subsidiary Borrowers’ Inventory completed by a reasonably acceptable examiner and a reasonably acceptable appraiser, in each case to the Agent, and (b) a completed Borrowing Base Certificate using the borrowing base formula described in clause (b) of the definition of “Borrowing Base”. “Deemed Borrowing Base” has the meaning assigned to such term in this Agreement prior to giving effect to the Third Amendment. “Default” means any event or condition that constitutes an Event of Default or that upon notice, lapse of time or both would, unless cured or waived, become an Event of Default. “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. “Defaulting Lender” means, any Lender that (a) has failed to (i) fund all or any portion of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder, or (ii) pay to the Agent, any Issuing Lender, any Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swingline Loans) within two (2) Business Days of the date when due, (b) has notified the Parent Borrower, the Agent, any Issuing Lender or any Swingline Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect, (c) has failed, within three (3) Business Days after written request by the Agent or the Parent Borrower, to confirm in writing to the Agent and the Borrowers that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Agent and the Parent Borrower), or (d) has, or has a direct or indirect Lender Parent that has,
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Deemed Borrowing Base means, as of any date of determination, the result of:
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Examples of Deemed Borrowing Base in a sentence

  • If such field examination is not completed by the Post-Closing Field Exam Deadline, then the Deemed Borrowing Base Accounts Component shall be zero until such field examination is completed.

  • If such appraisal is not completed by the Post-Closing Appraisal Deadline, then the Deemed Borrowing Base Inventory Component shall be zero until such appraisal is completed.

  • Notwithstanding anything contained herein to the contrary, during the Deemed Borrowing Base Period, no Loan Party shall be permitted to make any Permitted Dispositions pursuant to clauses (b), (j), (k) or (l) of the definition of “Permitted Dispositions” without the prior written consent of the Agent (which may be by email).

  • Notwithstanding anything contained herein to the contrary, during the Deemed Borrowing Base Period, no Loan Party shall be permitted to make any Permitted Investments pursuant to clauses (m) and (o) of the definition of “Permitted Investments” without the prior written consent of the Agent (which may be by email).

  • Notwithstanding anything to the contrary herein, the Borrowers and their respective Subsidiaries will not make any additional Investments after the Second Amendment Effective Date until the Deemed Borrowing Base Termination Date has occurred, except as permitted by Section 7.10(d) and Section 7.10(j).

  • Notwithstanding the foregoing or anything to the contrary in this Agreement, if the Initial Collateral Examinations are not completed and delivered to Agent prior to the Closing Date (a) the Borrowing Base shall be deemed to be the Deemed Borrowing Base during the Deemed Borrowing Base Period, and (b) unless and until the Initial Collateral Examinations are completed and delivered to Agent, the Borrowing Base shall be deemed to equal $0 after the end of the Deemed Borrowing Base Period.

  • Subject to the provisions hereof expressly permitting the Administrative Agent to adjust Reserves, the Canadian Borrowing Base at any time (including, for the avoidance of doubt, during the Deemed Borrowing Base Period) shall be determined by reference to the most recent Borrowing Base Certificate delivered to the Administrative Agent pursuant to Section 5.01(e) (or, prior to the first such delivery, delivered to the Administrative Agent pursuant to Section 4.01(r)).


More Definitions of Deemed Borrowing Base

Deemed Borrowing Base has the meaning set forth in the definition of “Borrowing Base”.
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Deemed Borrowing Base means an amount equal to (a) 75% multiplied by the difference between (A) the Cost of Eligible Inventory and (B) Inventory Reserves, minus (b) the aggregate amount of all Availability Reserves. “Deemed Borrowing Base Termination Date” means the date that the Parent Borrower delivers to the Agent (a) a field examination and appraisal of the Subsidiary Borrowers’ Inventory completed by a reasonably acceptable examiner and a reasonably acceptable appraiser, in each case to the Agent, and (b) a completed Borrowing Base Certificate using the borrowing base formula described in clause (b) of the definition of “Borrowing Base”. “Default” means any event or condition that constitutes an Event of Default or that upon notice, lapse of time or both would, unless cured or waived, become an Event of Default. “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 12
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Deemed Borrowing Base has the meaning assigned to such term in this Agreement prior to giving effect to the Third Amendment.
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Deemed Borrowing Base an amount equal to (a) 100% of the “Borrowing Base” as calculated under the Existing Titan Credit Agreement plus (b) 90% of the “Borrowing Base” as calculated under the Existing Carlstar Credit Agreement but only to the extent attributable to Accounts and Inventory and excluding any portion of such borrowing base attributable to the FILO thereunder. “Deemed Borrowing Base Period”: the period commencing on the Closing Date and ending on the earlier of (a) June 28, 2024 (or such later date as may be agreed to by Required Lenders in their reasonable discretion) and (b) the date on which the Initial Collateral Examinations, together with an updated Borrowing Base Certificate reflecting such Initial Collateral Examinations pursuant to the definition of Borrowing Base, are delivered to Agent. “Deposit Account”: as defined in the UCC and includes any deposit, demand, time, savings, passbook or other accounts with a bank, credit union, trust company or similar financial institution, including, for the avoidance of doubt, any such account maintained in Canada. “Deposit Account Control Agreements”: the Deposit Account control agreements satisfactory to Agent to be executed by each institution maintaining a Deposit Account for an Obligor (other than any Excluded Accounts), in favor of Agent, to perfect Agent’s Lien on such Deposit Accounts. “Designated Jurisdiction”: any country or territory to the extent that such country or territory itself is the subject of any Sanction. “Dilution Percent”: the percent, determined at the end of each Fiscal Quarter for the most recent four Fiscal Quarters, equal to (a) bad debt write-downs or write-offs, discounts, returns, promotions, credits, credit memos and other dilutive items with respect to Accounts, divided by (b) gross sales. At the request of the Borrower Agent (with Agent permission), Dilution Percent may be determined for a twelve-month period on account of the results of the prior trailing twelve months.
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Deemed Borrowing Base means (a) from the Closing Date up to the date which is 120 days from the Closing Date, $15,000,000, and (b) from and after the date which is 120 days from the Closing Date (or such later date as Agent may elect in its sole discretion), $0.
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Related to Deemed Borrowing Base

  • Adjusted Borrowing Base means the Borrowing Base minus the aggregate amount of Cash and Cash Equivalents included in the Borrowing Base.

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

  • Canadian Borrowing Base means at any time an amount equal to the sum of the Dollar Equivalent of, without duplication:

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

  • Proposed Borrowing Base has the meaning assigned to such term in Section 2.07(c)(i).

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

  • Foreign Borrowing Base means, as of any date, an amount equal to:

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

  • 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.

  • 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 Availability means, as of any date of determination, the lesser of (i) the Maximum Amount and (ii) the Borrowing Base, in each case, less the sum of the aggregate Revolving Loan and Swing Line Loan then outstanding.

  • Proposed Borrowing Base Notice has the meaning assigned to such term in Section 2.07(c)(ii).

  • Adjusted Borrowing Value means, on any date of determination, (i) for any Eligible Loan Asset, an amount equal to the Assigned Value of such Eligible Loan Asset at such time, multiplied by the Outstanding Balance of such Eligible Loan Asset at such time and (ii) for any Loan Asset that is not an Eligible Loan Asset, zero.

  • 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.

  • Borrowing Base Amount means:

  • New Borrowing Base Notice has the meaning assigned such term in Section 2.07(d).

  • Revolving Loan Availability means at any time the lesser of (a) the Revolving Loan Commitment or (b) the Borrowing Base Amount.

  • Canadian Borrowing means a borrowing consisting of simultaneous Canadian Loans of the same Type and, in the case of BA Equivalent Loans or LIBO Loans, having the same Interest Period made by each of the Canadian Lenders pursuant to Section 2.3.

  • Revolving Credit Availability means, at any particular time, the amount by which (x) the Aggregate Revolving Loan Commitment at such time exceeds (y) the Dollar Amount of the Revolving Credit Obligations outstanding at such time.

  • Canadian Base Rate Loan means any Revolving Facility Loan bearing interest at a rate determined by reference to the Canadian Base Rate in accordance with the provisions of Article II.

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

  • Canadian Base Rate means the rate determined by the Agent as the higher of (i) the annual rate of interest announced by the Agent (or any of its branches) as being its “prime rate” for determining interest rates on Canadian Dollar-denominated commercial loans made by it in Canada and (ii) the BA Rate (after giving effect to any minimum rate set forth in the definition thereof) for a one month BA Interest Period commencing on such day (or, if such day is not a Business Day, the immediately preceding Business Day) plus 1.00%.

  • Revolving Loan Limit means, at any time, the lesser of (a) the Revolving Loan Commitment and (b) the Borrowing Base.

  • Total Borrowings means, in respect of the Corporation on a consolidated basis, as of a given date, the aggregate of the following, without duplication:

  • Revolving Advances means Advances made other than Letters of Credit.

  • Canadian Borrowers has the meaning specified in the preamble to this Agreement.