Common use of Weekly Reporting Clause in Contracts

Weekly Reporting. If Excess Availability is less than (1) twenty percent (20%) of the Borrowing Base for a period of three consecutive Business Days (the third such Business Day being herein referred to as the “Third Consecutive Day”) or (2) fifteen percent (15%) of the Borrowing Base at any time (the first such day being herein referred to as the “First 15% Day”), then the Borrower shall be required to deliver Borrowing Base Reports weekly. The first such Borrowing Base Report required to be delivered pursuant to this clause (B) shall be prepared as of the Friday preceding such Third Consecutive Day or the First 15% Day, as applicable, and shall be delivered not later than the fourth (4th) Business Day following such Third Consecutive Day or the First 15% Day, as applicable, and the next Borrowing Base Report shall be prepared as of the next Friday that occurs thereafter and shall be delivered not later than the fourth (4th) Business Day after such Friday. The Borrower shall continue to deliver weekly Borrowing Base Reports thereafter (each such Borrowing Base Report shall cover a one-week period ending on a Friday and shall be delivered not later than fourth (4th) Business Days thereafter), until Excess Availability is equal to or greater than twenty percent (20%) of the Borrowing Base for 30 consecutive days; provided that if any day on which a Borrowing Base Report is required to be delivered is not a Business Day, then the Borrowing Base Report otherwise required to be delivered on such day shall instead be delivered on the next succeeding Business Day;

Weekly Reporting. If Excess Availability is less than (1i) twenty twenty-five percent (2025%) of the Borrowing Base for a period of three consecutive Business Days (the third such Business Day being herein referred to as the “Third Consecutive Day”) or (2ii) fifteen twenty percent (1520%) of the Borrowing Base at any time (the first such day being herein referred to as the “First 1520% Day”), then the Borrower shall be required to deliver Borrowing Base Reports weekly. The first such Borrowing Base Report required to be delivered pursuant to this clause (B) shall be prepared as of the Friday preceding such Third Consecutive Day or the First 1520% Day, as applicable, and shall be delivered not later than the fourth (4th) Business Day following such Third Consecutive Day or the First 1520% Day, as applicable, and the next Borrowing Base Report shall be prepared as of the next Friday that occurs thereafter and shall be delivered not later than the fourth (4th) Business Day after such Friday. The Borrower shall continue to deliver weekly Borrowing Base Reports thereafter (each such Borrowing Base Report shall cover a one-week period ending on a Friday and shall be delivered not later than fourth (4th) Business Days thereafter), until Excess Availability is equal to or greater than twenty twenty-five percent (2025%) of the Borrowing Base for 30 consecutive days; provided that if any day on which a Borrowing Base Report is required to be delivered is not a Business Day, then the Borrowing Base Report otherwise required to be delivered on such day shall instead be delivered on the next succeeding Business Day;

Weekly Reporting. If Excess Availability is less than (1i) twenty percent (20%) of the Borrowing Base for a period of three consecutive Business Days (the third such Business Day being herein referred to as the “Third Consecutive Day”) or (2ii) fifteen percent (15%) of the Borrowing Base at any time (the first such day being herein referred to as the “First 15% Day”), then the Borrower shall be required to deliver Borrowing Base Reports weekly. The first such Borrowing Base Report required to be delivered pursuant to this clause (B) shall be prepared as of the Friday preceding such Third Consecutive Day or the First 15% Day, as applicable, and shall be delivered not later than the fourth (4th) Business Day following such Third Consecutive Day or the First 15% Day, as applicable, and the next Borrowing Base Report shall be prepared as of the next Friday that occurs thereafter and shall be delivered not later than the fourth (4th) Business Day after such Friday. The Borrower shall continue to deliver weekly Borrowing Base Reports thereafter (each such Borrowing Base Report shall cover a one-week period ending on a Friday and shall be delivered not later than fourth (4th) Business Days thereafter), until Excess Availability is equal to or greater than twenty percent (20%) of the Borrowing Base for 30 consecutive days; provided that if any day on which a Borrowing Base Report is required to be delivered is not a Business Day, then the Borrowing Base Report otherwise required to be delivered on such day shall instead be delivered on the next succeeding Business Day;