Common use of Borrowing Bases Clause in Contracts

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.