Updated Borrowing Base Certificate Clause Samples
The Updated Borrowing Base Certificate clause requires the borrower to periodically provide an updated statement detailing the value of assets that secure a loan, such as accounts receivable or inventory. This certificate is typically submitted on a regular schedule or upon certain events, and it allows the lender to assess whether the collateral remains sufficient to support the outstanding loan balance. By mandating these updates, the clause ensures ongoing transparency and helps the lender manage risk by monitoring the adequacy of the collateral over time.
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Updated Borrowing Base Certificate. Within three (3) Business Days of the written request of Required Revolving Lenders (i) after the occurrence and during the continuance of an Event of Default or (ii) any time, the Revolver Usage on such date exceeds the lesser of (i) Revolver Commitment and (ii) the Borrowing Base, an updated executed Borrowing Base Certificate reflecting changes in the Eligible Accounts availability since the last Borrowing Base Certificate.
Updated Borrowing Base Certificate. Within 3 Business Days of the written request of Required Lenders (which may be requested no more than once a month if no Default or Event of Default exists or at any time if a Default or Event of Default exists), Borrower shall deliver an updated executed Borrowing Base Certificate reflecting changes in the Eligible Accounts availability since the last Borrowing Base Certificate.
Updated Borrowing Base Certificate. Within three (3) Business Days of the written request of Required Lenders, Borrower Representative shall deliver an updated executed Borrowing Base Certificate reflecting changes in the Eligible Accounts availability since the last Borrowing Base Certificate.
Updated Borrowing Base Certificate. To the extent the applicable Receivables Re-Sale would cause the Borrowing Base limitations described in Section 5.02(a) of the Credit Agreement to be exceeded or would cause Excess Availability to be less than $50,000,000, in either case on the applicable Receivables Re-Sale date after giving effect thereto, Administrative Agent shall have received on such applicable Receivables Re-Sale date, an updated Borrowing Base Certificate reflecting the removal of all applicable Repurchased Receivables therefrom and the concurrent repayment of all Revolving Loans required pursuant to Section 5.02.
Updated Borrowing Base Certificate. The Borrower shall have delivered to the Administrative Agent an updated Borrowing Base Certificate taking into account the requested Credit Extension and any other matters changed since the most recent delivery of a Borrowing Base Certificate. Each Request for Credit Extension (other than a Loan Notice requesting only a conversion of Loans to the other Type or a continuation of Eurodollar Rate Loans) submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 5.02(a), (b), (c) and (d) have been satisfied on and as of the date of the applicable Credit Extension.
Updated Borrowing Base Certificate. Borrowers shall provide twenty (20) days prior to closing of the Merger transaction a proposed Borrowing Base Certificate taking into account the transaction contemplated by the Merger Letter Agreement.
Updated Borrowing Base Certificate. Within 2 Business Days of receipt of a Borrowing Base from Agent following a disposition of any Eligible Equipment, Borrower shall deliver to Agent an updated executed Borrowing Base Certificate reflecting such disposition. Within 3 Business Days of the written request of Required Lenders (which may be requested no more than once a month if no Default or Event of Default exists or at any time if a Default or Event of Default exists), Borrower shall deliver an updated executed Borrowing Base Certificate reflecting changes in the Eligible Accounts availability since the last Borrowing Base Certificate.
(k) Section 6 of the Credit Agreement is hereby amended to add the following new Section 6.14 after the end of Section 6.13 as follows:
Updated Borrowing Base Certificate. Within 2 Business Days of receipt of a Borrowing Base from Agent following a disposition of any Eligible Equipment, Borrower shall deliver to Agent an updated executed Borrowing Base Certificate reflecting such disposition. Within 3 Business Days of the written request of Required Lenders (which may be requested no more than one time per week if no Default or Event of Default exists or at any time if a Default or Event of Default exists), Borrower shall deliver an updated executed Borrowing Base Certificate reflecting changes in the Eligible Accounts availability since the last Borrowing Base Certificate.
Updated Borrowing Base Certificate. No later than 12:00 noon (New York time) on Thursday of each calendar week, a Borrowing Base Certificate, current as of the close of business on Friday of the immediately preceding week, supported by schedules showing the derivation thereof and containing such detail and other information as Agent may reasonably request from time to time, provided that (I) the Aggregate Borrowing Base set forth in the Borrowing Base Certificate shall be effective from and including the date such Borrowing Base Certificate is duly received by Agent but not including the date on which a subsequent Borrowing Base Certificate is received by Agent, unless Agent disputes the eligibility of any property included in the calculation of the Aggregate Borrowing Base or the valuation thereof by notice of such dispute to Borrower Representative, (II) in the event of any dispute about the eligibility of any property included in the calculation of the Aggregate Borrowing Base or the valuation thereof, Agent’s Permitted Discretion shall control until such dispute is resolved and (III) the Inventory component and eligibility of Accounts may be updated on a monthly basis.