Borrowing Base Audit Sample Clauses

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.
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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.
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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.
Sample 1
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.
Sample 1
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.
Sample 1
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.
Sample 1
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
Sample 1
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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.
Sample 1
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
Sample 1

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 If, at any time, (A) the Revolver Usage on such date exceeds (B) the lesser of (x) the Borrowing Base reflected in the Borrowing Base Certificate most recently delivered by Borrowers to Agent, or (y) the Maximum Revolver Amount, in all cases as adjusted for Reserves established by Agent in accordance with Section 2.1(c), then Borrowers shall immediately prepay the Obligations in accordance with Section 2.4(f)(i) in an aggregate amount equal to the amount of such excess.

  • 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 products obtained by multiplying (x) the Value of each Eligible Portfolio Investment by (y) the applicable Advance Rate; provided that:

  • Borrowing Base Certificate The Administrative Agent shall have received a Borrowing Base Certificate which calculates the Borrowing Base as of the end of the month immediately preceding the Effective Date.

  • Borrowing Base Properties (a) Except where the failure to comply with any of the following would not have a Material Adverse Effect, each of Parent and Borrower shall, and shall use commercially reasonable efforts to cause each other Loan Party or the applicable tenant, to:

  • Borrowing Base Deficiency If at any time there exists a Borrowing Base Deficiency the Borrower shall cure same in accordance with Section 2.06 hereof.

  • Borrowing Base Certificates Prior to the occurrence of a Reporting Trigger Event (and after a Reporting Trigger Event has not existed for 30 consecutive days), Borrowers shall, by the 12th Business Day of each month, deliver to Agent (and Agent shall promptly deliver same to Lenders) a Borrowing Base Certificate prepared as of the close of business of the previous month, and at such other times as Agent may reasonably request. After the occurrence of a Reporting Trigger Event and until such time as a Reporting Trigger Event has not existed for 30 consecutive days, Borrowers shall, on or before 10:00 p.m. on the second Business Day of each week, deliver to Agent (and Agent shall promptly deliver same to Lenders) a Borrowing Base Certificate prepared as of the close of business of Friday of the immediately preceding week, and at such other times as Agent may reasonably request. All calculations of Availability in any Borrowing Base Certificate shall originally be made by Borrowers and signed by a Senior Officer or the Controller of Borrower Agent or its general partner, provided that Agent may in its Permitted Discretion from time to time review and adjust any such calculation (a) to reflect its reasonable estimate of declines in value of any Collateral, due to collections received in the Dominion Account or otherwise; and (b) to the extent the calculation is not made in accordance with this Agreement or does not accurately reflect the Availability Reserve. Furthermore, Borrower shall, on or before the Inventory Structuring Transaction Commencement Date applicable to each Permitted Inventory Structuring Transaction, deliver to Agent (and Agent shall deliver to Lenders) an updated Borrowing Base Certificate prepared as of the close of business of the month immediately preceding such Inventory Structuring Transaction Commencement Date, adjusted to exclude from the Borrowing Base (i) all Accounts of such Inventory Structuring Subsidiary owed by the applicable Inventory Structuring Counterparty, (ii) all Accounts of such Inventory Structuring Subsidiary which constitute or consist of insurance proceeds of any Hydrocarbon Inventory at any Inventory Structuring Location or any proceeds of such insurance proceeds, (iii) all Inventory of such Inventory Structuring Subsidiary at any Inventory Structuring Location, and (iv) without duplication of the foregoing, any cash or Cash Equivalents pledged to secured the obligations with respect to such Permitted Inventory Structuring Transaction. On or after the Inventory Structuring Transaction Termination Date with respect to any Permitted Inventory Structuring Transaction, Borrower Agent may deliver to Agent (and Agent shall deliver to Lenders) an updated Borrowing Base Certificate prepared as of the close of business of the immediately preceding month, adjusted to include in the Borrowing Base any Collateral previously excluded solely as a result of being subject to such Permitted Inventory Structuring Transaction, together with a certificate certifying that the Inventory Structuring Transaction Termination Date with respect to such Permitted Inventory Structuring Transaction has occurred, and such Collateral shall be eligible for inclusion in the Borrowing Base (subject to the requirements otherwise set forth in this Agreement).

  • Financial Statements; Borrowing Base and Other Information The Borrowers will furnish to the Administrative Agent and each Lender:

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