Deemed Borrowing Base Period definition

Deemed Borrowing Base Period means the period commencing on the Closing Date and ending on the earlier of (x) date of completion of an appraisal and field examination of the Borrower’s Inventory and Accounts, in each case, reasonably satisfactory to Administrative Agent and (y) the 90th day following the Closing Date (or such later date as the Administrative Agent may agree in its Permitted Discretion). Notwithstanding anything herein to the contrary, if an appraisal and field examination of Borrower’s Inventory and Accounts, in each case, reasonably satisfactory to Administrative Agent has not been completed by the expiration of the Deemed Borrowing Base Period, the advance rates included in the Borrowing Base shall be deemed to be 0% until such time as an appraisal and field examination of such Inventory and Accounts, in each case, reasonably satisfactory to Administrative Agent has been completed.
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Deemed Borrowing Base Period the period commencing on the Closing Date and ending on the earlier of (a) April 15, 2021 (or such later date as may be agreed to by Agent in its reasonable discretion; provided that Agent may not agree to extend such date beyond May 15, 2021) 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.
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Deemed Borrowing Base Period means the period commencing on the Closing Date and ending on Agent’s receipt of due diligence materials with respect to the Borrowing Base and other financial conditions of the Borrowers current as of the last thirty (30) days (or such longer period as the Agent may agree in writing in its sole discretion, which writing may be by email), all in form and substance reasonably acceptable to Agent.
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Examples of Deemed Borrowing Base Period in a sentence

  • Notwithstanding anything contained herein to the contrary, during the Deemed Borrowing Base Period, no Loan Party shall be permitted to make any Restricted Payment pursuant to clauses (b) through (e) above without the prior written consent of the Agent (which may be by email).

  • 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 equal $100,000,000 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)).

  • 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 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.


More Definitions of Deemed Borrowing Base Period

Deemed Borrowing Base Period means the period of time commencing on the Closing Date and ending on the earlier of (i) the date the Initial Field Examination shall have been completed and delivered to Agent and (ii) the 120th day following the Closing Date. “Default” means an event, condition, or default that, with the giving of notice, the passage of time, or both, would be 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 Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies Agent and Administrative Borrower in writing that such failure is the result of such Xxxxxx’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable Default or Event of Default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to Agent, Issuing Bank, or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit) within two Business Days of the date when due, (b) has notified any Borrower, Agent or Issuing Bank in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Xxxxxx’s determination that a condition precedent to funding (which condition precedent, together with any applicable Default or Event of Default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by Agent or Administrative Borrower, to confirm in writing to Agent and Administrative Borrower 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 Agent and Administrative Borrower), or (d) has,
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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 Period has the meaning assigned to such term in the definition of “U.S. Borrowing Base”.
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Related to Deemed Borrowing Base Period

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

  • 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.

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

  • Borrowing Base Amount means:

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

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

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

  • Canadian Borrowing Base means, at any time, an amount in Dollars equal to:

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

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

  • 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.

  • 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.

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

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

  • Accelerated Borrowing Base Delivery Event means either (i) the occurrence and continuance of any Event of Default, or (ii) the failure of the Borrowers to maintain Availability at least equal to the greater of (x) $22,500,000 and (y) fifteen percent (15%) of the Loan Cap. For purposes of this Agreement, the occurrence of an Accelerated Borrowing Base Delivery Event shall be deemed continuing (i) so long as such Event of Default has not been waived, and/or (ii) if the Accelerated Borrowing Base Delivery Event arises as a result of the Borrowers’ failure to achieve Availability as required hereunder, until Availability has exceeded the greater of (x) $22,500,000 and (y) fifteen percent (15%) of the Loan Cap for thirty (30) consecutive calendar days, in which case an Accelerated Borrowing Base Delivery Event shall no longer be deemed to be continuing. The termination of an Accelerated Borrowing Base Delivery Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Accelerated Borrowing Base Delivery Event in the event that the conditions set forth in this definition again arise.

  • Borrowing Availability means as of any date of determination the Maximum Amount less the sum of (i) the Revolving Loan and Swing Line Loan then outstanding and (ii) the Reserves as then in effect.

  • Adjusted Borrowing Value means, on any date of determination, for any Eligible Loan Asset, an amount equal to the lower of (a) the Outstanding Balance of such Eligible Loan Asset at such time and (b) the Assigned Value of such Eligible Loan Asset at such time, multiplied by the Outstanding Balance of such Eligible Loan Asset at such time. Notwithstanding the foregoing, the Adjusted Borrowing Value of any Loan Asset that is no longer an Eligible Loan Asset at such time shall be zero.

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

  • Borrowing Base Utilization Percentage means, as of any day, the fraction expressed as a percentage, the numerator of which is the sum of the Revolving Credit Exposures of the Lenders on such day, and the denominator of which is the Borrowing Base in effect on such day.

  • Borrowing Base Test means as of any date, a determination that (a) the lesser of (i) the Borrowing Base and (ii) the Facility Amount shall be equal to or greater than (b) the Advances Outstanding.

  • Canadian Base Rate means at any time, the greater of (a) the Canadian Prime Rate and (b) except during any period of time during which a notice delivered to Centuri under Section 5.8 shall remain in effect, the annual rate of interest equal to the sum of (i) the CDOR Rate for an Interest Period of one month at such time plus (ii) one percent (1%) per annum; each change in the Canadian Base Rate shall take effect simultaneously with the corresponding change or changes in the Canadian Prime Rate or the CDOR Rate, as applicable.

  • Borrowing Base Report means a report in substantially the form of Exhibit E (or such other form approved by Administrative Agent) certified by a Responsible Officer of Borrower.

  • Canadian Base Rate Loan means a Canadian Loan that bears interest at a rate per annum determined by reference to the Canadian Prime Rate.

  • Borrowing Base Deficit means, at any time of determination, the amount, if any, by which (a) the Aggregate Capital at such time, exceeds (b) the Borrowing Base at such time.

  • Borrowing Base Deficiency means, at any date on which the same is determined, the amount, if any, that (a) the aggregate Covered Debt Amount as of such date exceeds (b) the Borrowing Base as of such date.

  • Revolving Availability Period means the period from and including the Effective Date to but excluding the earlier of the Revolving Maturity Date and the date of termination of the Revolving Commitments.