Initial Borrowing Base Period definition

Initial Borrowing Base Period means if the U.S. Borrowers or the Canadian Borrower, as applicable do not deliver to the Agent and the Co-Collateral Agent both a completed inventory appraisal and a field examination, each in form and substance satisfactory to the Agent and the Co-Collateral Agent, prior to the Effective Date, the period commencing on the Effective Date and ending on the earlier of (a) the ninetieth day after the Effective Date and (b) such earlier date as the Borrowers may elect after delivery to the Agent and the Co-Collateral Agent of both an inventory appraisal and a field examination in each case in form and substance satisfactory to the Agent and the Co-Collateral Agent; provided that notwithstanding the delivery of an acceptable inventory appraisal and field examination, the Borrowers may elect to keep the Initial Borrowing Base in effect until the ninetieth day after the Effective Date.
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Initial Borrowing Base Period means if the U.S. Borrowers or the Canadian Borrower, as applicable do not deliver to the Agent both a completed inventory appraisal and a field examination, each in form and substance satisfactory to the Agent, prior to the Effective Date, the period commencing on the Effective Date and ending on the earlier of (a) the ninetieth day after the Effective Date and (b) such earlier date as the Borrowers may elect after delivery to the Agent of both an inventory appraisal and a field examination in each case in form and substance satisfactory to the Agent; provided that notwithstanding the delivery of an acceptable inventory appraisal and field examination, the Borrowers may elect to keep the Initial Borrowing Base in effect until the ninetieth day after the Effective Date.
Sample 1
Initial Borrowing Base Period means if the U.S. Borrowers or the Canadian Borrower, as applicable, do not deliver to the Agent (x) a field examination, in form and substance satisfactory to the Agent, prior to the Closing Date or (y) a Borrowing Base Certificate (other than the Closing Date Borrowing Base Certificate) prior to the Closing Date, the period commencing on the Closing Date and ending on the earlier of (a) the 120th day after the Closing Date and (b) the date on which the Company has delivered to the Agent (x) a field examination in form and substance satisfactory to the Agent and (y) a Borrowing Base Certificate (other than the Closing Date Borrowing Base Certificate); provided that notwithstanding the delivery of a field examination, the Borrowers may elect to keep the Initial Borrowing Base in effect until the 120th day after the Closing Date.
Sample 1

Examples of Initial Borrowing Base Period in a sentence

  • During the Initial Borrowing Base Period, the Borrowing Base shall be $27,000,000; provided, however, that in no event shall the Borrowing Base ever exceed the Total Commitment.


More Definitions of Initial Borrowing Base Period

Initial Borrowing Base Period shall have the meaning assigned to such term in Section 2.01 hereof.
Sample 1

Related to Initial Borrowing Base Period

  • 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.

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

  • Borrowing Base Amount means:

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

  • 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).

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

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

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

  • 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.

  • Initial Borrowing Date means the date occurring on or after the Effective Date on which the initial Borrowing of Loans occurs.

  • Canadian Borrowing Base means, at any time, an amount in Dollars 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.

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

  • 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.

  • Borrowing Base Test means a test that will be satisfied on any date of determination if the following is true: Where: AR =57%.

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

  • Borrowing Base Assets means any Loan Party’s Inventory and Receivables and other assets directly related thereto, including documents, instruments, general intangibles, deposit accounts and the proceeds of all of the same.

  • Borrowing Base Properties means the Oil and Gas Properties of the Loan Parties included in the Initial Reserve Report and thereafter in the most recently delivered Reserve Report delivered pursuant to Section 8.12.

  • Borrowing Base Property means Eligible Property and/or Commercial Land that the Administrative Agent has agreed to include in calculations of the Borrowing Base pursuant to Section 4.1. A Property shall be excluded from the determination of the Borrowing Base if at any time such Property shall cease to be an Eligible Property.

  • 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.

  • 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.

  • Initial Borrowing means the first Borrowing made pursuant to this Agreement.

  • 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 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.

  • 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.