Determinations of the Borrowing Base Sample Clauses

Determinations of the Borrowing Base. (i) No later than 45 days after June 30 and December 31 of each calendar year, commencing June 30, 1998, the Borrower shall, at its own expense, furnish to the Agent, the Co-Agent and the Lenders a report ("Reserve Report"), in a form and substance reasonably satisfactory to the Agent and the Co-Agent which report shall be dated as of such June 30 or December 31 and shall set forth the Borrower's and its Subsidiary Guarantors' interest (broken down by category) in all Borrowing Base Assets and, in the case of the December 31 report only, a projection of the rate of production and net operating income with respect thereto as of such date. Each June 30 Reserve Report shall be prepared by the Borrower and each December 31 Reserve Report shall be prepared or audited by the Independent Engineer. Each June 30 Reserve Report may be prepared in summary form and shall include a review of any material production variances, if any, from the immediately preceding December 31 Reserve Report. (ii) At any date the Borrower may at its expense furnish additional Reserve Reports to the Agent and the Co-Agent ("Optional Reserve Reports"), which Optional Reserve Reports need not be prepared or audited by an independent petroleum engineer (unless the Agent or the Co-Agent so requests), each dated a date other than June 30 or December 31. (iii) Notwithstanding the provisions of subsection 2.6(b)(i), upon the Borrower's written request, and upon submission of an Optional Reserve Report, the Agent and the Co-Agent shall review the Borrowing Base and make any adjustments thereto they deem appropriate under the circumstances; provided that in no event shall the Agent and the Co-Agent be required to make more than two such unscheduled Borrowing Base determinations during any calendar year. (iv) Within forty-five days after they both receive each Reserve Report or Optional Reserve Report, the Agent and the Co-Agent shall make a determination of the Borrowing Base provided that such determination shall be approved by the Required Lenders, and shall notify the Borrower of the new Borrowing Base, if any. (v) Within forty-five days after the Borrower has notified the Agent and the Co-Agent pursuant to subsection 2.7(c) that it or any Subsidiary Guarantor has determined to sell or otherwise dispose of any of the Borrowing Base Assets (other than sales permitted by subsections 6.6(a), (b), (c), (d) and (e)), the Agent and the Co-Agent shall make a redetermination of the Borrowing Base, and...
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Determinations of the Borrowing Base. The Borrowing Base shall be ------------------------------------ determined in good faith by the Borrower (subject to the reasonable approval of the Administrative Agent) as of the Effective Date and will be redetermined in good faith by the Borrower thereafter (subject to the reasonable approval of the Administrative Agent) promptly after the delivery, or required delivery, of a Borrowing Base Report in accordance with Section 8.1(k), in each case as of the -------------- applicable date (i.e., as of the date of the Notice of Borrowing, if applicable, or as of the last day of the immediately preceding fiscal quarter). In addition, the Borrowing Base shall be determined in good faith by the Borrower (subject to the reasonable approval of the Administrative Agent) prior to and in connection with each new Loan and upon the request of the Administrative Agent will be redetermined in good
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Determinations of the Borrowing Base 
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Determinations of the Borrowing Base 
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Related to Determinations of the Borrowing Base

  • Calculation of Borrowing Base For purposes of this Agreement, the “Borrowing Base” shall be determined, as at any date of determination, as the sum of the Advance Rates of the Value of each Portfolio Investment (excluding any Cash Collateral held by the Administrative Agent pursuant to Section 2.05(k) or the last paragraph of Section 2.09(a)); provided that: (a) the Advance Rate applicable to that portion of the aggregate Value of the Portfolio Investments in a consolidated group of corporations or other entities (collectively, a “Consolidated Group”), in accordance with GAAP, that exceeds 10% of Shareholders’ Equity of the Borrower (which, for purposes of this calculation shall exclude the aggregate amount of investments in, and advances to, Financing Subsidiaries) shall be 50% of the Advance Rate otherwise applicable; provided that, with respect to the Portfolio Investments in a single Consolidated Group designated by the Borrower to the Administrative Agent such 10% figure shall be increased to 12.5%; (b) the Advance Rate applicable to that portion of the aggregate Value of the Portfolio Investments of all issuers in a Consolidated Group exceeding 20% of Shareholders’ Equity of the Borrower (which, for purposes of this calculation shall exclude the aggregate amount of investments in, and advances to, Financing Subsidiaries) shall be 0%; (c) the Advance Rate applicable to that portion of the aggregate Value of the Portfolio Investments in any single Industry Classification Group that exceeds 20% of Shareholders’ Equity of the Borrower (which for purposes of this calculation shall exclude the aggregate amount of investments in, and advances to, Financing Subsidiaries) shall be 0%; provided that, with respect to the Portfolio Investments in a single Industry Classification Group from time to time designated by the Borrower to the Administrative Agent such 20% figure shall be increased to 30% and, accordingly, only to the extent that the Value for such single Industry Classification Group exceeds 30% of the Shareholders’ Equity shall the Advance Rate applicable to such excess Value be 0%; (d) no Portfolio Investment may be included in the Borrowing Base unless the Collateral Agent maintains a first priority, perfected Lien (subject to Permitted Liens) on such Portfolio Investment and such Portfolio Investment has been Delivered (as such term is used in and to the extent required under Section 7.01(a) of the Guarantee and Security Agreement) to the Collateral Agent, and then only for so long as such Portfolio Investment continues to be Delivered as contemplated therein; (e) the portion of the Borrowing Base attributable to Performing Non-Cash Pay High Yield Securities, Performing Non-Cash Pay Mezzanine Investments, Equity Interests and Non-Performing Portfolio Investments shall not exceed 20%; (f) the portion of the Borrowing Base attributable to Equity Interests shall not exceed 10% (it being understood that in no event shall Equity Interests of Financing Subsidiaries be included in the Borrowing Base); (g) the portion of the Borrowing Base attributable to Non-Performing Portfolio Investments shall not exceed 15% and the portion of the Borrowing Base attributable to Portfolio Investments that were Non-Performing Portfolio Investments at the time such Portfolio Investments were acquired shall not exceed 5%; and (h) the portion of the Borrowing Base attributable to Portfolio Investments invested outside the United States, Canada, the United Kingdom, Australia, Germany, France, Belgium, the Netherlands, Luxembourg, Switzerland, Denmark, Finland, Norway and Sweden shall not exceed 5% without the consent of the Administrative Agent. As used herein, the following terms have the following meanings:

  • Borrowing Base Agent shall have received evidence from Borrowers that the aggregate amount of Eligible Receivables and Eligible Inventory is sufficient in value and amount to support Advances in the amount requested by Borrowers on the Closing Date;

  • Initial Borrowing Base For the period from and including the Closing Date to but excluding the first Redetermination Date, the amount of the Borrowing Base shall be $2,250,000,000. Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 2.14(e), (f) and (g).

  • CONDITIONS OF BORROWING Notwithstanding any other provision of this Agreement, the Bank shall not be required to disburse, make or continue all or any portion of the Loans, if any of the following conditions shall have occurred.

  • Certificates for Reimbursement; Repayment of Outstanding Loans; Borrowing of New Loans A certificate of a Lender or the Issuing Lender setting forth the amount or amounts necessary to compensate such Lender or the Issuing Lender or its holding company, as the case may be, as specified in Sections 5.8.1 [Increased Costs Generally] or 5.