Common use of Borrowing Base Calculations Clause in Contracts

Borrowing Base Calculations. Until this Agreement shall have been terminated in accordance with its terms, ACFS agrees that it will furnish to the Master Collateral Agent and each Facility Representative and each "Lender" party to the Revolving Credit Agreement (as defined therein), as soon as available and in any event on or before each Determination Date, a certificate in the form of Exhibit B (a "Senior Borrowing Base Certificate") setting forth the Senior Borrowing Base and each Senior Facility Notional Amount. ACFS shall also deliver a Senior Borrowing Base Certificate to the Master Collateral Agent and each Facility Representative in connection with each additional Designated Series and each proposed change in a Senior Facility Notional Amount. The Master Collateral Agent shall promptly confirm the accuracy of such calculations, and, if it is unable to confirm such calculations, shall promptly give notice thereof to ACFS and each Facility Representative. In addition, on March 1 and August 1 of each year, commencing March 1, 2003, AFCS agrees to cause a firm of nationally recognized independent accountants to perform (and report the results thereof to the Master Collateral Agent and each Facility Representative) agreed upon procedures acceptable to the Required Facility Representatives which will (1) verify the modeling inputs against the underlying terms of the Designated Term Series, (2) recalculate the cash flows using the methodology outlined in Annex 1 of this Agreement and (3) calculate the total Senior Borrowing Base pursuant to said Annex 1.