Borrowing Base Audit Clause Samples

Borrowing Base Audit. The Agent and the Arrangers shall have received, and shall be reasonably satisfied with the scope and results of, an audit of the Accounts and Inventory included in the Borrowing Base. Such audit shall be conducted by auditors reasonably satisfactory to the Agent and the Arrangers and shall include (i) a field examination of the accounts receivable and books and records related thereto and (ii) an assessment of accounting systems, accounting and other policies, accounts payable and other related procedures employed by the Business that relate to the computation of the Borrowing Base.
View SourceView Similar (3)
Borrowing Base Audit. As of dates to be designated by the Administrative Agent in its discretion, but at the cost of the Borrowers, reports of a collateral field examiner approved by the Administrative Agent in writing and reasonably acceptable to the Borrowers (which may be the Administrative Agent or an affiliate thereof) with respect to the components of the US Borrowing Base and the Canadian Borrowing Base and such other matters regarding the Credit Parties or the Collateral as the Administrative Agent or the Canadian Administrative Agent shall reasonably require; provided, that, in the absence of a Default or Event of Default (1) not more than one (1) field examination shall be required in any period of twelve (12) months if Excess Availability has not been less than $75,000,000 during such period, and (2) not more than two (2) field examinations will be required in any period of twelve (12) months in all other circumstances.
View SourceView Similar (2)
Borrowing Base Audit. Two times during any Fiscal Year, as of a date to be designated by the Administrative Agent, but at the cost of the Borrowers, a report of a collateral field examiner approved by the Administrative Agent in writing and reasonably acceptable to the Borrowers (which may be the Administrative Agent or an affiliate thereof) with respect to the Eligible Accounts, Eligible Included-In-Transit Inventory, Eligible Bailee Inventory and Eligible Inventory components for each of the Borrowers included in the US Borrowing Base and the Canadian Borrowing Base and such other matters regarding the Credit Parties or the Collateral as the Administrative Agent or the Canadian Administrative Agent shall reasonably require, and after the occurrence and during the continuance of a Default or if Excess Availability shall fall below $15,000,000, the Administrative Agent shall have the option to receive at the cost of the Borrowers such additional reports as the Administrative Agent or the Required Lenders shall reasonably request.
View SourceView Similar (2)
Borrowing Base Audit. Upon the date eight months after the Closing Date, the Company shall commence the process of promptly thereafter providing the Agent with a report (with sufficient copies for each of the Banks) detailing the conclusions of a thorough review of the Company's system for the identification, collection, control and administration of its Accounts Receivable (the "Borrowing Base Audit"). The report shall be prepared by an auditor selected by the Agent on behalf of the Banks (or such other Person as the Agent on behalf of the Banks may specify, including, without limitation, any Affiliate of the Agent or the Banks). The Company shall assist the author(s) of the report in all ways (including with respect to access to premises, documents, personnel and information). The report shall set out in reasonable detail all supporting evidence for its conclusions. The Agent and each Bank shall be entitled to review the information used to support the report and to question the author(s) of the report and anyone interviewed or otherwise assisting in the preparation of such report (and for such purposes shall be permitted access to the premises, employees and records of the Company in accordance with Section 7.10
View Source
Borrowing Base Audit. The Agent shall have received the results of an audit of the inventory and accounts receivable of the Canadian 121 Borrower, and such report shall be in form and substance satisfactory to the Agent.
View Source
Borrowing Base Audit. At such times as Administrative Agent deems advisable, the Co-Borrowers will allow Administrative Agent or an entity satisfactory to Administrative Agent to conduct a thorough examination of the Collateral used to calculate the Borrowing Base Cap, and the Co-Borrowers will fully cooperate in such examination. The Co-Borrowers shall pay the reasonable costs and expenses related to the examinations.
View Source
Borrowing Base Audit. At the cost of the Company, a report or reports of an independent collateral field examiner approved (i) by the Company, whose approval shall not be unreasonably withheld and (ii) by the Administrative Agent (and which collateral field examiner may be the Administrative Agent or an affiliate thereof) with respect to the Eligible Accounts and Eligible Inventory components included in the Borrowing Base. The Administrative Agent may (and, at the direction of the Required Lenders, shall) request such reports or additional reports as it (or the Required Lenders) shall reasonably deem necessary; provided, however, that so long as no Default has occurred and is continuing, the Company shall not be required to reimburse the cost of more than one such report per Fiscal Year.
View Source
Borrowing Base Audit. A review by an independent collateral field examiner with respect to the Eligible Accounts and Eligible Inventory components of the Borrowing Base satisfactory to the Agent.
View Source
Borrowing Base Audit. At the request of Lender, an annual report containing the results of an audit of the Accounts Receivable of Borrower, performed by a Person reasonably satisfactory to the Lender, the expense of such audit to be borne by Borrower; and
View Source

Related to Borrowing Base Audit

  • Borrowing Base Reports Within thirty (30) days after the last day of each month, aged listings of accounts receivable and accounts payable (by invoice date) (the “Borrowing Base Reports”);

  • 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;

  • Borrowing Base Report The Agent shall have received from the Borrower the initial Borrowing Base Report dated as of 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).

  • 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: