Common use of Borrowing Base Certificates Clause in Contracts

Borrowing Base Certificates. By the 20th day after the end of each fiscal month, the Borrower shall deliver to the Administrative Agent (and the Administrative Agent shall promptly deliver same to the Lenders) a Borrowing Base Certificate prepared as of the close of business on the last Business Day of the previous month (provided that, during an Increased Reporting Period, the Borrower shall deliver to the Administrative Agent weekly Borrowing Base Certificates by Wednesday of every week prepared as of the close of business on Friday of the previous week, which weekly Borrowing Base Certificates shall be in standard form unless otherwise reasonably agreed to by the Administrative Agent; it being understood that (i) Inventory amounts shown in the Borrowing Base Certificates delivered on a weekly basis will be based on the Inventory amount (x) set forth in the most recent weekly report, where possible, and (y) for the most recently ended fiscal month for which such information is available with regard to locations where it is impracticable to report Inventory more frequently, and (ii) the amount of Eligible Accounts shown in such Borrowing Base Certificate will be based on the amount of the gross Accounts set forth in the most recent weekly report, less the amount of ineligible Accounts reported for the most recently ended fiscal month). All calculations of Availability in any Borrowing Base Certificate shall be made by the Borrower and certified by a Responsible Officer, provided that the Administrative Agent may from time to time review and adjust any such calculation in consultation with the Borrower to the extent the calculation is not made in accordance with this Agreement or does not accurately reflect the Reserves.

Borrowing Base Certificates. By the 20th day after the end of each fiscal month, the Lead Borrower shall deliver to the Administrative Agent (and the Administrative Agent shall promptly deliver same to the Lenders) a Borrowing Base Certificate prepared as of the close of business on the last Business Day of the previous month (or more frequently, if the Lead Borrower in its sole discretion shall so elect; provided that if any such election is made by the Lead Borrower, the Lead Borrower shall continue to report on such more frequent basis for a period of at least 3 months; provided that, during an Increased Reporting a Liquidity Period, the Lead Borrower shall deliver to the Administrative Agent weekly Borrowing Base Certificates by Wednesday of every week prepared as of the close of business on Friday of the previous week, which weekly Borrowing Base Certificates shall be in standard form unless otherwise reasonably agreed to by the Administrative Agent; it being understood that (i) Inventory amounts shown in the Borrowing Base Certificates delivered on a weekly basis will be based on the Inventory amount (x) set forth in the most recent weekly report, where possible, and (y) for the most recently ended fiscal month for which such information is available with regard to locations where it is impracticable to report Inventory more frequently, and (ii) the amount of Eligible Accounts Accounts, Eligible Billed Hybrid Account and Eligible Unbilled Account, as applicable, shown in such Borrowing Base Certificate will be based on the amount of the gross Accounts set forth in the most recent weekly report, less the amount of ineligible Accounts reported for the most recently ended fiscal month). All calculations of Availability in any Borrowing Base Certificate shall be made by the Lead Borrower and certified by a Responsible Officer, provided that the Administrative Agent may from time to time review and adjust any such calculation in consultation with the Lead Borrower to the extent the calculation is not made in accordance with this Agreement or does not accurately reflect the Reserves.

Borrowing Base Certificates. By the 20th day after the end of each fiscal month, the Borrower Obligors shall deliver to the Administrative Agent (and the Administrative Agent shall promptly deliver same to the Lenders) (i) by the fifteenth (15th) day of each calendar month, and at such other times as Agent may request, a Borrowing Base Certificate prepared setting forth the amounts of Accounts, Inventory, Eligible Accounts, Eligible Inventory, the Accounts Formula Amount, the Inventory Formula Amount, the status of Priority Payables, the Availability Reserve, the Revolver Borrowing Base, the FILO Borrowing Base, the Revolver Exposure, the FILO Exposure and Availability as of the close of business on the last Business Day of the previous month (provided that, during an Increased Reporting Period, the Borrower shall deliver to the Administrative Agent weekly Borrowing Base Certificates by Wednesday of every week prepared as of the close of business on Friday of the previous week, which weekly Borrowing Base Certificates shall be in standard form unless otherwise reasonably agreed to by the Administrative Agent; it being understood that (i) Inventory amounts shown in the Borrowing Base Certificates delivered on a weekly basis will be based on the Inventory amount (x) set forth in the most recent weekly report, where possible, and (y) for the most recently ended fiscal month for which such information is available with regard to locations where it is impracticable to report Inventory more frequentlyFiscal Month, and (ii) at any time Availability falls below the amount Reporting Frequency Increase Trigger Amount, by Wednesday of Eligible Accounts shown in such each week, an updated Borrowing Base Certificate will be based on the amount (which updated Borrowing Base Certificate shall include updated calculations of the gross Accounts set forth in Revolver Borrowing Base, FILO Borrowing Base, Availability and the most recent weekly report, less status of Priority Payables as of the amount end of ineligible Accounts reported for the most recently ended fiscal monthweek based solely upon sales, collections and Loan activity since the last day of the Fiscal Month for which a monthly Borrowing Base Certificate shall have been prepared). All calculations of Availability in any Borrowing Base Certificate shall originally be made by the Borrower Obligors and certified by a Responsible Senior Officer, provided that the Administrative Agent may from time to time review and and, in its Permitted Discretion, adjust any such calculation (a) to reflect its estimate of declines in consultation with the Borrower value of any Collateral, due to collections received or otherwise; or (b) to the extent Agent believes that the calculation is was not made in accordance with this Agreement or does not accurately reflect the ReservesAvailability Reserve.

Borrowing Base Certificates. By the 20th day after the end of each fiscal month, the The Borrower shall deliver to the Administrative Agent (and the Administrative Agent shall promptly deliver same to the Lenders) a monthly Borrowing Base Certificate Certificates by the 15th Business Day of each month prepared as of the close of business on the last Business Day of the previous month (provided that, during an Increased Reporting Periodor if a Liquidity Event shall have occurred and be continuing, the Borrower shall deliver to the Administrative Agent weekly Borrowing Base Certificates by Wednesday the third Business Day of every week prepared as of the close of business on Friday of the previous week, which weekly Borrowing Base Certificates shall be in standard form unless otherwise reasonably agreed to by the Administrative Agent; it being understood that (i) Inventory amounts shown in the Borrowing Base Certificates delivered on a weekly basis will be based on the Inventory amount (x) set forth in the most recent weekly report, where possible, and (y) for the most recently ended fiscal month for which such information is available with regard to locations where it is impracticable to report Inventory more frequently, and (ii) the amount of Eligible Accounts shown in such Borrowing Base Certificate will be based on the amount of the gross Accounts set forth in the most recent weekly report, less the amount of ineligible Accounts reported for the most recently ended fiscal month). All calculations of Availability in any Borrowing Base Certificate shall be made by the Borrower and certified by a Responsible Officer, provided that the Administrative Agent may from time to time review and adjust any such calculation in consultation with the Borrower (i) to the extent the calculation is not made in accordance with this Agreement or does not accurately reflect the ReservesAvailability Reserve or (ii) if any Loan Party disposes of any Mortgaged Property which is included in the Borrowing Base. By the 20th day after the end of each fiscal quarter (commencing with the fiscal quarter ending September 30, 2015), the Borrower shall deliver updates, if any, to Schedule 2(b) to the Collateral Questionnaire to reflect all locations of Inventory at the end of the fiscal quarter then ended.

Borrowing Base Certificates. By the 20th day after the end of each fiscal month, the Lead Borrower shall deliver to the Administrative Agent (and the Administrative Agent shall promptly deliver same to the Lenders) a Borrowing Base Certificate prepared as of the close of business on the last Business Day of the previous month (provided that, during an Increased Reporting Periodif a Liquidity Event shall have occurred and be continuing, the Lead Borrower shall deliver to the Administrative Agent weekly Borrowing Base Certificates by Wednesday of every week prepared as of the close of business on Friday of the previous week, which weekly Borrowing Base Certificates shall be in standard form unless otherwise reasonably agreed to by the Administrative Agent; it being understood that (i) Inventory amounts shown in the Borrowing Base Certificates delivered on a weekly basis will be based on the Inventory amount (xa) set forth in the most recent weekly report, where possible, and (yb) for the most recently ended fiscal month for which such information is available with regard to locations where it is impracticable to report Inventory more frequently, and (ii) the amount of Eligible Accounts shown in such Borrowing Base Certificate will be based on the amount of the gross Accounts set forth in the most recent weekly report, less the amount of ineligible Accounts reported for the most recently ended fiscal month). All calculations of Availability in any Borrowing Base Certificate shall be made by the Lead Borrower and certified by a Responsible Officer, provided that the Administrative Agent may from time to time review and adjust any such calculation in consultation with the Lead Borrower to the extent the calculation is not made in accordance with this Agreement or does not accurately reflect the Reserves.

Borrowing Base Certificates. By the 20th day after the end 12th Business Day of each fiscal month, the Borrower Borrowers shall deliver to the Administrative Agent (and the Administrative Agent shall promptly deliver same to the Lenders) a Borrowing Base Certificate prepared as of the close of business on the last Business Day of the previous month (provided that, during an Increased Reporting Periodif a Liquidity Event shall have occurred and be continuing, the Borrower Borrowers shall deliver to the Administrative Agent weekly Borrowing Base Certificates by Wednesday the 3rd Business Day of every week prepared as of the close of business on Friday of the previous weekweek (or less frequently as required by the Administrative Agent), which weekly Borrowing Base Certificates shall be in standard form unless otherwise reasonably agreed to by the Administrative Agent; it being understood that (i) Inventory amounts shown in the Borrowing Base Certificates delivered on a weekly basis will be based on the Inventory amount (xa) set forth in the most recent weekly report, where possible, and (yb) for the most recently ended fiscal month for which such information is available with regard to locations where it is impracticable to report Inventory more frequently, and (ii) the amount of Eligible Accounts shown in such Borrowing Base Certificate will be based on the amount of the gross Accounts set forth in the most recent weekly report, less the amount of ineligible Accounts reported for the most recently ended fiscal month). All calculations of Availability in any Borrowing Base Certificate shall be made by the Borrower Borrowers and certified by a Responsible Officer, provided that the Administrative Agent may from time to time review and adjust any such calculation in consultation with the Borrower to the extent the calculation is not made in accordance with this Agreement or does not accurately reflect the Reserves.

Borrowing Base Certificates. By the 20th day after the end of each fiscal month, the Borrower Obligors shall deliver to the Administrative Agent (and the Administrative Agent shall promptly deliver same to the Lenders) (i) by the fifteenth (15th) day of each calendar month, and at such other times as Agent may request, a Borrowing Base Certificate prepared setting forth the amounts of Accounts, Inventory, Eligible Accounts, Eligible Inventory, the Accounts Formula Amount, the Inventory Formula Amount, the Availability Reserve, the Revolver Borrowing Base, the FILO Borrowing Base, the Revolver Exposure, the FILO Exposure and Availability as of the close of business on the last Business Day of the previous month (provided that, during an Increased Reporting Period, the Borrower shall deliver to the Administrative Agent weekly Borrowing Base Certificates by Wednesday of every week prepared as of the close of business on Friday of the previous week, which weekly Borrowing Base Certificates shall be in standard form unless otherwise reasonably agreed to by the Administrative Agent; it being understood that (i) Inventory amounts shown in the Borrowing Base Certificates delivered on a weekly basis will be based on the Inventory amount (x) set forth in the most recent weekly report, where possible, and (y) for the most recently ended fiscal month for which such information is available with regard to locations where it is impracticable to report Inventory more frequentlyFiscal Month, and (ii) at any time Availability falls below the amount Reporting Frequency Increase Trigger, by Wednesday of Eligible Accounts shown in such each week, an updated Borrowing Base Certificate will be based on the amount (which updated Borrowing Base Certificate shall include updated calculations of the gross Accounts set forth in Revolver Borrowing Base, FILO Borrowing Base and Availability as of the most recent weekly report, less the amount end of ineligible Accounts reported for the most recently ended fiscal monthweek based solely upon sales, collections and Loan activity since the last day of the Fiscal Month for which a monthly Borrowing Base Certificate shall have been prepared). All calculations of Availability in any Borrowing Base Certificate shall originally be made by the Borrower Obligors and certified by a Responsible Senior Officer, provided that the Administrative Agent may from time to time review and and, in its Permitted Discretion, adjust any such calculation (a) to reflect its estimate of declines in consultation with the Borrower value of any Collateral, due to collections received or otherwise; or (b) to the extent Agent believes that the calculation is was not made in accordance with this Agreement or does not accurately reflect the ReservesAvailability Reserve.