Examples of Modified Borrowing Base in a sentence
Following the occurrence of any Event of Default and during the continuance of any Event of Default, Lender may give Borrower notice that it intends to cease making Advances against the Borrowing Base pursuant to Section 2.01(a) hereof and Lender will thereafter make only Committed Advances for New Inventory, unit specific advances for Eligible Used Inventory, and Advances against Accounts under the Modified Borrowing Base; provided, however, Lender may not agree to make any further Advances.
Each Borrower shall conduct any sales, assignments, conveyances, transfers or other dispositions of Inventory other than in the ordinary course of business in such a manner so as to remain in compliance with the Modified Borrowing Base at all times.
A Letter of Credit shall be issued, amended, renewed or extended only if (and on issuance, amendment, renewal or extension of each Letter of Credit the applicable Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the LC Exposure shall not exceed $200,000,000, and (ii) the aggregate amount of Credit Extensions shall not exceed the lesser of (A) the Available Commitments and (B) the Modified Borrowing Base.
By: ------------------------------ Title: Vice President -26- 27 EXHIBIT B To LOAN AND SECURITY AGREEMENT MODIFIED BORROWING BASE CERTIFICATE Deutsche Financial Services Corporation 5480 Xxxxxxxxx Xxxxx, Xxxxx 000 Xxxx, XX 00000 This Modified Borrowing Base Certificate is made for the month ending _______.