Borrowing Base Limitation. At any time at which the Borrower does not have an Investment Grade Rating from at least two of the Rating Agencies, permit the aggregate outstanding amount of the sum of all Borrowing Base Debt to exceed the Borrowing Base at such time (the “Borrowing Base Limitation”).
Borrowing Base Limitation. The maximum aggregate amount outstanding at any time under the Revolving Credit Loans shall not exceed the Revolving Credit Borrowing Base then in effect.
Borrowing Base Limitation. At any time at which the Facilities do not have a rating of BBB- or higher from S&P or Baa3 or higher from Xxxxx’x, permit the aggregate outstanding amount of the sum of all Borrowing Base Debt to exceed the Borrowing Base at such time (the “Borrowing Base Limitation”).
Borrowing Base Limitation. At any time, permit the aggregate outstanding amount of the sum of (i) all outstanding Obligations plus (ii) all other senior unsecured debt of the Borrower to exceed the Borrowing Base at such time (the "Borrowing Base Limitation"); PROVIDED, HOWEVER, that the Borrower shall not be required to comply with the Borrowing Base Limitation if, but only so long as, the Borrower's senior unsecured long-term debt has a Rating of BBB- or higher from S&P OR Baa3 or higher from Xxxxx'x.
Borrowing Base Limitation. The Borrowing Base shall be redetermined as of September 1, 1998, and as of each March 1 and September 1 thereafter. During each six month period between scheduled redeterminations, an unscheduled redetermination can be required once by Required Lenders and once by Borrower. Only those Oil and Gas Properties in which the Agent has a first priority Lien shall be considered in determining the Borrowing Base. The Lenders shall determine in their sole discretion the amount of the Borrowing Base using such methodology, assumptions and discount rates as the Lenders customarily use in assigning collateral value to oil and gas properties at the time in question and based upon such other credit factors as the Lenders customarily consider in evaluating oil and gas credits. It is expressly understood that the Lenders have no obligation to designate the Borrowing Base at any particular amount, except in the exercise of their sole discretion, whether in relation to the Maximum Line Amount or otherwise. After each such redetermination, the Agent shall promptly notify the Borrower in writing of the new Borrowing Base. If an Unscheduled Redetermination is made by the Lenders, the Agent shall notify Borrower of the new Borrowing Base, and such new Borrowing Base shall continue until the next redetermination of the Borrowing Base. Borrower shall furnish to the Lenders as soon as possible but in any event no later than February 1 of each year, beginning February 1, 1999, an engineering report in form and substance satisfactory to Required Lenders, prepared by a firm of petroleum engineers acceptable to the Required Lenders, valuing the Mortgaged Properties utilizing economic and pricing parameters designated by Required Lenders. Borrower shall furnish to the Lenders by each August 1 and February 1 of each year such other information concerning the value of the Mortgaged Properties as the Required Lenders may reasonably deem necessary to determine the Borrowing Base. The engineering reports furnished February 1 pursuant to this SECTION 5 shall be prepared as of the preceding December 31. If the Borrower does not furnish all such information, reports and data by the date specified in this SECTION 5(b), the Lenders may nonetheless designate the Borrowing Base at any amount which the Lenders determine in their discretion in accordance with this SECTION 5(b) and may redesignate the Borrowing Base from time to time thereafter until the Lenders receive all such information, reports...
Borrowing Base Limitation. At any time, permit the aggregate outstanding amount of the sum of all Borrowing Base Debt to exceed the Borrowing Base at such time (the "Borrowing Base Limitation"), provided, however, that, after the Bridge Loan is paid in full from the proceeds of unsecured debt or equity Securities or the Exchange Notes issued by the Company, the Borrower shall not be required to comply with the Borrowing Base Limitation if, but only so long as, the Facilities have a rating of BBB- or higher from S&P or Baa3 or higher from Moody's.
Borrowing Base Limitation. At no time shall the aggregate amount of Advances under the Credit Facility (excluding Letters of Credit) exceed the then current Borrowing Base, as reflected in the then most recent Borrowing Base Certificate delivered to the Agent. If, at any time, the aggregate amount of Advances outstanding under the Credit Facility exceeds the Borrowing Base (as reflected in the then most recent Borrowing Base Certificate delivered to the Agent) for any reason, the Borrower shall forthwith repay to the Agent such amount as is necessary to reduce the aggregate amount of Advances outstanding under the Credit Facility to an amount that does not exceed the Borrowing Base. If the Borrower is unable to immediately pay that amount because Banker’s Acceptances have not matured, the Borrower shall forthwith cause to be deposited with the Agent Collateral in the amount of the excess, which shall be held by the Agent until the amount of the excess is paid in full.
Borrowing Base Limitation. “Borrowing Base Limitation” means at the time in question the total of (x) 80% of Eligible Accounts Receivable, plus (y) the lesser of 50% of the value of Finished Goods or $250,000.00.
Borrowing Base Limitation. The Borrowing Base shall be redetermined semi-annually in accordance with this Section 6 as of each Scheduled Redetermination Date commencing on November 1, 2011. In addition, the Borrower may, by notifying the Agent thereof, and the Agent may, at the direction of the Required Revolving Lenders, by notifying the Borrower thereof, one time during any 12-month period, each elect to cause the Borrowing Base to be redetermined between Scheduled Redeterminations; provided, however, that the Agent may cause the Borrowing Base to be redetermined within 90 days of the Closing Date, which redetermination shall not count towards the limitation set forth above (an “Unscheduled Redetermination”). After each such redetermination, the Agent shall promptly notify the Borrower in writing of the new Borrowing Base. If an Unscheduled Redetermination is made, the Agent shall notify the Borrower of the new Borrowing Base, and such new Borrowing Base shall continue until the next redetermination of the Borrowing Base.
Borrowing Base Limitation. Notwithstanding the amount of the Credit Limit set forth above, the amount of principal at any time outstanding under the Loan shall not exceed the Borrowing Base. The "BORROWING BASE" shall mean at any time an amount equivalent to Eighty (80%) Percent of Borrowers' aggregate Eligible Receivables, Fifty (50%) Percent of the net value (after deduction of reasonable reserves and allowances) of Borrowers' aggregate Eligible Inventory, and Twenty-Five (25%) Percent of the fair market value of the shares of stock of IMNET Systems, Inc. owned by SoftNet as determined from time to time by Bank based upon published price quotations. "ELIGIBLE RECEIVABLES" shall mean Borrowers' aggregate Receivables which meet the following criteria:
