Common use of Borrowing Base and Consignment Limitations Clause in Contracts

Borrowing Base and Consignment Limitations. (a) The Banks shall have no obligation to make any Extension of Credit if, at any time the Outstanding Facility Amounts, after giving effect to such Extension of Credit, would exceed the Borrowing Base. The Borrowing Base shall be determined by the Agents by reference to the most recent Borrowing Base Report delivered on a timely basis to the Agents in accordance with ss.11.4(f). (b) The Gold Agent shall not have any obligation to make any Consignments if, at any time, the Fair Market Value of Consigned Precious Metal (after giving effect to all amounts requested) exceeds the Consignment Advance Rate Percentage multiplied by the Fair Market Value of the sum of (i) Consigned Precious Metal plus (ii) Borrower's Precious Metal. The amounts of Consigned Precious Metal and of Borrower's Precious Metal shall be determined by the Agents by reference to the most recent Consigned Precious Metal Report delivered on a timely basis to the Agents in accordance with ss.11.4(f).

Borrowing Base and Consignment Limitations. (a) The Banks shall have no obligation to make any Extension of Credit if, at any time the Outstanding Facility Amounts, after giving effect to such Extension of Credit, would exceed the Borrowing Base. The Borrowing Base shall be determined by the Agents Administrative Agent by reference to the most recent Borrowing Base Report delivered on a timely basis to the Agents Administrative Agent in accordance with ss.11.4(fSection 8.4(f). (b) The Gold Agent Fronting Bank shall not have any obligation to make any Purchase and Consignments if, at any time, the Fair Market Value of Consigned Precious Metal (after giving effect to all amounts requested) exceeds the Consignment Advance Rate Percentage multiplied by the Fair Market Value of the sum of (i) Consigned Precious Metal plus (ii) Borrower's Precious Metal. The amounts of Consigned Precious Metal and of Borrower's Precious Metal shall be determined by the Agents by reference to the most recent Consigned Precious Metal Report delivered on a timely basis to the Agents Administrative Agent in accordance with ss.11.4(fSection 8.4(f).