Borrowing Bases. If, at any time, (A) the U.S. Usage on such date exceeds the U.S. Loan Cap, or (B) the Canadian Usage exceeds the Canadian Loan Cap, each Borrower shall promptly, but in any event within one (1) Business Day, prepay the applicable Finance Obligations owed by it in an aggregate amount equal to such excess. For purposes of this Section 2.3(e)(i), the relevant Borrowing Bases will be determined as of each day by the Administrative Agent in connection with the calculation of the U.S. Usage and the Canadian Usage, as applicable, based upon the most recent Borrowing Base Certificate delivered by the Borrower Representative, subject to adjustment by the Administrative Agent in its Permitted Discretion in accordance with this Agreement. Without in any way limiting the foregoing provisions, the Administrative Agent shall, monthly or more frequently in the sole discretion of the Administrative Agent, make any necessary Exchange Rate calculations to determine whether any excess described in this clause (i) exists on such date and advise the Borrowers if such excess exists.
Borrowing Bases. From and after the effective date of the Second Amendment to this Agreement (May 9, 2010), the Borrowing Base has been set by Administrative Agent and the Lenders and acknowledged by Borrower as Forty-Five Million Dollars ($45,000,000.00), and such increased Borrowing Base shall remain in effect until the next redetermination made pursuant to this Section 2.02. The Borrowing Base shall be determined in accordance with the standards set forth in Section 2.02(d) and are subject to periodic redetermination pursuant to Sections 2.02(b) and 2.02(c).
Borrowing Bases. The initial Borrowing Base in effect as of the date of this Agreement has been set by the Administrative Agent and the Lenders and acknowledged by the Borrower as $20,000,000. Such initial Borrowing Base shall remain in effect until the next redetermination made pursuant to this Section 2.02. The Borrowing Base shall be determined in accordance with the standards set forth in Section 2.02(d) and are subject to periodic redetermination pursuant to Sections 2.02(b) and 2.02(c).
Borrowing Bases. 17 Section 2.03.
Borrowing Bases. (a) The Revolving A Borrowing Base as of the date of this Agreement has been set by the Majority Banks and acknowledged by the Borrower as $3,000,000.00.
Borrowing Bases. The sum of the Aggregate Outstanding Warehouse Balance plus the Aggregate Outstanding Excess Balance shall not exceed the Warehouse Borrowing Base.
Borrowing Bases. 36 --------------- Section 2.06. Fees; Reduction of Commitments........................................................39 ------------------------------ Section 2.07. Repayment of Obligations..............................................................40 ------------------------ Section 2.08. Interest; Drawing Fees................................................................41 ---------------------- Section 2.09. Additional Interest on Eurodollar Rate Advances.......................................42 ----------------------------------------------- Section 2.10. Interest Rate Determination...........................................................42 --------------------------- Section 2.11.
Borrowing Bases. Permit the Outstanding Advances --------------- with respect to each Acquisition to exceed at any time the Borrowing Base with respect to such Acquisition. For purposes of this Section 7.14 only, the Approved Offering Expenses and Upfront Fees used to calculate the Borrowing Bases with respect to all Acquisitions shall be reduced on a pro rata basis as --- ---- and when any reductions in the total Outstanding Advances shall occur (whether by repayment, prepayment or otherwise). In the event this Section 7.14 is breached for any reason, without limiting any of the rights of the Agent or any Bank hereunder with respect thereto, the Borrower will take all action necessary or as required by the Majority Banks promptly to effect a cure of such breach.
Borrowing Bases. The Borrowing Base in effect as of the Amendment No. 1 Effective Date has been set by the Administrative Agent and the Lenders and acknowledged by the Borrower as $48,000,000; the Conforming Borrowing Base in effect as of the date of the Amendment No. 1 Effective Date has been set by the Administrative Agent and the Lenders and acknowledged by the Borrower as $48,000,000; the Monthly Borrowing Base Reduction Amount in effect as of the Amendment No. 1 Effective Date has been set by the Administrative Agent and the Lenders and acknowledged by the Borrower as $4,330,000. Such Borrowing Base and Conforming Borrowing Base shall remain in effect until each is reduced pursuant to Section 2.02(e).
Borrowing Bases. The amounts outstanding under each of the First Term Loan and the Second Term Loan will be limited to the lesser of the following amounts: (a) the Borrowing Base in effect for each of those Loans; or (b) the face amount of the Note governing that particular Loan. Each of such Loans shall have its own, individual Borrowing Base. The initial Borrowing Base for the First Term Loan is hereby established in the amount of Five Hundred and Fifty Thousand and No/100 Dollars ($550,000.00), and the Borrowing Base for the Second Term Loan is hereby established in the amount of Four Hundred and Fifty Thousand and No/100 Dollars ($450,000.00). The Bank shall redetermine the Borrowing Base for each Loan at such time as the Bank, acting in its sole discretion, so elects. If any redetermination results in a change in either Borrowing Base, the Bank shall promptly notify the Borrower of the change. If a redetermination results in no change in a Borrowing Base, then no notification shall be necessary. Should the Bank determine that one of the Borrowing Bases is less than the principal amount then outstanding, the Borrower shall, within thirty (30) days after receipt of written notice from the Bank, take either of the following steps that may be required by the Bank: (i) by instruments satisfactory in form and substance to the Bank, provide the Bank with additional collateral with value in amounts satisfactory to the Bank in order to increase the Borrowing Base by an amount at least equal to such excess; or (ii) prepay the principal of the applicable Note (together with accrued interest on the principal amount so prepaid) in an amount at least equal to such excess.
