Quarterly Borrowing Base Period definition

Quarterly Borrowing Base Period means, at any time that a Borrowing Base Certificate would otherwise be due, that each of the following conditions is true and correct at such time (a) no Loans are outstanding, (b) either (i) the aggregate Letter of Credit Outstanding Amount is less than $75,000,000 or (ii) Excess Availability is greater than 50% of the Total Revolving Commitment and (c) no Specified ABL Event of Default exists.
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Quarterly Borrowing Base Period means each period (a) commencing on any date that Excess Availability is greater than or equal to 75% of Availability as of such date and (b) ending on any date thereafter that Excess Availability is less than 75% of Availability as of such date.
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Quarterly Borrowing Base Period means each period beginning on any day the Administrative Agent receives written notice that the Borrower is electing a Quarterly Borrowing Base Period so long as during the prior 90 consecutive calendar days the aggregate Revolving Extensions of Credit shall not have exceeded 15% of the Line Cap, and ending on the first date thereafter on which the aggregate Revolving Extensions of Credit exceed 15% of the Line Cap.
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Examples of Quarterly Borrowing Base Period in a sentence

  • Borrower shall have the right, by giving notice to WFBW not later than five days prior to the commencement of any Quarterly Borrowing Base Period (or, if a Borrowing Base Notice is due, not later than five days after the effective date of such Borrowing Base Notice), to elect a lesser amount (the "Borrowing Base (Elected)"); provided that, if Borrower fails to make such an election, the Borrowing Base (Elected) shall be deemed to be equal to the Borrowing Base (Determined).

  • The Administrative Agent shall have received a completed Borrowing Base Certificate concurrently with the delivery of any Borrowing Request delivered during a Quarterly Borrowing Base Period unless the Borrower has delivered a Borrowing Base Certificate within the 30 calendar days prior to the date specified in the Borrowing Request as the date on which such extension of credit is to be made.


More Definitions of Quarterly Borrowing Base Period

Quarterly Borrowing Base Period means each period beginning on any day the Administrative Agent receives written notice that the Borrower is electing a Quarterly Borrowing Base Period so long as during the prior 90 consecutive calendar days (a) no Revolving Loans have been outstanding and (b) the aggregate L/C Obligations has been less than $10,000,000 and ending on the next day on which any Revolving Loan is made or any Letter of Credit is issued by the Issuing Lender.
Sample 1
Quarterly Borrowing Base Period means each period beginning on any day the Administrative Agent receives written notice that the Borrower is electing a Quarterly Borrowing Base Period so long as during the prior 90 consecutive calendar days (a) no Revolving Loans (excluding any borrowing of Revolving Loans for the sole purpose of paying interest, fees and administrative expenses related to the Facility) have been outstanding and (b) the aggregate L/C
Sample 1
Quarterly Borrowing Base Period means: (a) the time period from the date of this Agreement through December 31, 2000; (b) thereafter, each three-month time period beginning on January 1, April 1, July 1 or October 1 of each year, and (c) the time period from the January 1, April 1, July 1 or October 1 most nearly preceding the Maturity Date through the Maturity Date.
Sample 1
Quarterly Borrowing Base Period means, at any time that a Borrowing Base Certificate would otherwise be due, that each of the following conditions is true and correct at such time (a) no Loans are outstanding, (b) either (i) the aggregate Letter of Credit Outstanding Amount is less than$75,000,000 or (ii) Excess Availability is greater than 50% of the Total Revolving Commitment and (c) no Specified ABL Event of Default exists.
Sample 1

Related to Quarterly Borrowing Base Period

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

  • 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.

  • 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 Base Amount means:

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

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

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

  • 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:

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

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

  • 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.

  • 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.

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

  • Loan Year means each period of twelve (12) consecutive months commencing on the Closing Date and on each anniversary thereof.

  • Service credit year means an accumulation of months of

  • 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 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 Maximum Amount less the sum of (i) the Revolving Loan and Swing Line Loan then outstanding and (ii) the Reserves as then in effect.

  • 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.

  • 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.

  • Quarterly Average Excess Availability means, at any time, the daily average of the Excess Availability for the immediately preceding fiscal quarter as calculated by Agent in good faith.

  • 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.

  • Average Revolver Usage means, with respect to any period, the sum of the aggregate amount of Revolver Usage for each day in such period (calculated as of the end of each respective day) divided by the number of days in such period.

  • Applicable Measurement Period means the most recently completed four consecutive fiscal quarters of the Issuer immediately preceding the Applicable Calculation Date for which internal financial statements are available.