Reinstatement of Borrowing Base Requirements; Perfection Sample Clauses

Reinstatement of Borrowing Base Requirements; Perfection. In the event that the Company at any time delivers an Officer’s Certificate reflecting that the Company’s Leverage Ratio as of the last day of the applicable quarterly period was greater than 3.00 to 1.00, or in the event the Noteholders otherwise determines that the Company’s Leverage Ratio as of the last day of the applicable quarterly period was greater than 3.00 to 1.00, or in the event that any Event of Default shall occur (each of the foregoing, a “Borrowing Base Reinstatement Event”), then the provisions of Section 2(a) above shall be null and void (meaning that the requirements of Paragraphs 5A(v), 5C(ii), 5C(iii) and 5O of the Agreement and any other provisions of the Agreement relating to the Borrowing Base shall be immediately reinstated, provided that the Company shall be given 60 days from the Borrowing Base Reinstatement Date to cause the arrangements with the Vehicle Title Service Company contemplated by 5O of the Agreement to be reinstated). Further, upon the occurrence of any Borrowing Base Reinstatement Event, to the extent necessary to substantiate the Borrowing Base, the Administrative Agent may obtain updated appraisals of the Mortgaged Properties in accordance with Paragraph 5C(ii) of the Agreement and such endorsements to existing Title Policies as Noteholders may reasonably require, and the Company will pay all reasonable costs and expenses actually incurred by the Noteholders or the Collateral Agent in connection with such appraisals.
Sample 1
AutoNDA by SimpleDocs
Reinstatement of Borrowing Base Requirements; Perfection. In the event that the Borrower at any time delivers an Officer’s Certificate reflecting that the Borrower’s Leverage Ratio as of the last day of the applicable quarterly period was greater than 3.00 to 1.00, or in the event the Administrative Agent otherwise determines that the Borrower’s Leverage Ratio as of the last day of the applicable quarterly period was greater than 3.00 to 1.00, or in the event that any Matured Default shall occur (each of the foregoing, a “Borrowing Base Reinstatement Event”), then (a) the limitations of the Borrowing Base shall be immediately reinstated, (b) the provisions of Section 4.2 above shall be null and void (meaning that the requirements of Sections 2.11.2, 5.1.5, 5.2.3 and 5.13 of the Credit Agreement and any other provisions of the Credit Agreement relating to the Borrowing Base shall be immediately reinstated, provided that the Borrower shall be given 60 days from the Borrowing Base Reinstatement Date to cause the arrangements with the Vehicle Title Service Company contemplated by Section 5.13 of the Credit Agreement to be reinstated), and (c) if necessary, the Borrower shall make a mandatory prepayment in accordance with Section 2.11.2 of the Credit Agreement. Further, upon the occurrence of any Borrowing Base Reinstatement Event, to the extent necessary to substantiate the Borrowing Base, the Administrative Agent may obtain updated appraisals of the Mortgaged Properties in accordance with Section 5.2.2 of the Credit Agreement and such endorsements to existing Title Policies as the Administrative Agent may reasonably require, and the Borrower will pay all reasonable costs and expenses actually incurred by the Administrative Agent in connection with such appraisals. Notwithstanding any provision of this Section 4.3 to the contrary, the Banks shall not in any event have any obligation to make additional Revolving Loans if any Default or Matured Default has occurred and is continuing.
Sample 1

Related to Reinstatement of Borrowing Base Requirements; Perfection

  • Borrowing Base Assets (a) The Eligible Real Estate and Borrowing Base Loans included in the calculation of the Borrowing Base Availability shall at all times satisfy all of the following conditions:

  • Determination of Borrowing Base The Borrowing Base at any time shall be determined by reference to the most recent Borrowing Base Certificate and Monthly Servicing Report delivered to the Administrative Agent.

  • 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:

  • CONCERNING MARGIN ACCOUNTS, SENIOR SECURITY ACCOUNTS, AND COLLATERAL ACCOUNTS 1. The Custodian shall, from time to time, make such deposits to, or withdrawals from, a Senior Security Account as specified in a Certificate received by the Custodian. Such Certificate shall specify the Series for which such deposit or withdrawal is to be made and the amount of cash and/or the amount and kind of Securities specifically allocated to such Series to be deposited in, or withdrawn from, such Senior Security Account for such Series. In the event that the Fund fails to specify in a Certificate the Series, the name of the issuer, the title and the number of shares or the principal amount of any particular Securities to be deposited by the Custodian into, or withdrawn from, a Senior Securities Account, the Custodian shall be under no obligation to make any such deposit or withdrawal and shall so notify the Fund.

  • 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”);

  • Title to Collateral; Perfection; Permitted Liens (a) Borrower is now, and will at all times in the future be, the sole owner of all the Collateral, except for items of Equipment which are leased to Borrower. The Collateral now is and will remain free and clear of any and all liens, charges, security interests, encumbrances and adverse claims, except for Permitted Liens. Silicon now has, and will continue to have, a first-priority perfected and enforceable security interest in all of the Collateral, subject only to the Permitted Liens, and Borrower will at all times defend Silicon and the Collateral against all claims of others.

  • Financial Condition of Borrowers Any Loan may be made to Borrowers or continued from time to time, without notice to or authorization from any Guarantor regardless of the financial or other condition of Borrowers at the time of any such grant or continuation. Neither Agent nor any Lender shall have any obligation to disclose or discuss with any Guarantor its assessment, or any Guarantor’s assessment, of the financial condition of any Borrower. Each Guarantor has adequate means to obtain information from each Borrower on a continuing basis concerning the financial condition of such Borrower and its ability to perform its obligations under the Loan Documents, and each Guarantor assumes the responsibility for being and keeping informed of the financial condition of Borrowers and of all circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations. Each Guarantor hereby waives and relinquishes any duty on the part of Agent or any Lender to disclose any matter, fact or thing relating to the business, operations or conditions of any Borrower now known or hereafter known by Agent or any Lender.

  • Collateral Requirements The Collateral Requirements in relation to all positions held in the accounts established pursuant to the 40 Act Financing Agreements (the “Positions”) shall be the greatest of:

  • Borrowing Base Report The Agent shall have received from the Borrower the initial Borrowing Base Report dated as of the Closing Date.

  • 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.

Time is Money Join Law Insider Premium to draft better contracts faster.