Borrowing Base Compliance definition

Borrowing Base Compliance means, at any date of determination, the ratio of the Borrowing Base to Unsecured Indebtedness (less the balance in the 2014 Convertible Notes Escrow Account at such time) is at least 1.20 to 1.00.
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Borrowing Base Compliance means the compliance by Maker with the borrowing base requirements under the terms of the Amended and Restated Credit Agreement, as determined from time to time by the lender thereunder.
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Examples of Borrowing Base Compliance in a sentence

  • If the most recent Borrowing Base Compliance Certificate delivered to the Administrative Agent does not demonstrate a Borrowing Base sufficient for any Committed Borrowing requested by the Borrower, then as a condition to such Committed Borrowing the Borrower shall deliver to the Administrative Agent an updated Borrowing Base Compliance Certificate covering the current pool of Qualified Unencumbered Properties that demonstrates a Borrowing Base sufficient for such requested Committed Borrowing.

  • If the most recent Borrowing Base Compliance Certificate delivered to the Administrative Agent does not demonstrate a Borrowing Base sufficient for any Swing Line Borrowing requested by the Borrower, then as a condition to such Swing Line Borrowing the Borrower shall deliver to the Administrative Agent an updated Borrowing Base Compliance Certificate covering the current pool of Qualified Unencumbered Properties that demonstrates a Borrowing Base sufficient for such requested Swing Line Borrowing.

  • In the event the Company is not in compliance with the Borrowing Base Compliance Formula, it shall be obligated to reduce the principal balance due under the Convertible Debentures to an amount that will bring it into compliance.

  • For purposes of the Borrowing Base Compliance Certificate (including calculation of the amount of the Borrowing Base in effect as of the end of the applicable reporting period) required to be delivered for the fiscal quarter ended June 30, 2020, the reference to “Borrowing Base” therein and in Section 6.01(c)(iv) of the Credit Agreement shall be deemed to refer to the Adjusted Borrowing Base.

  • The Borrowing Base Compliance Formula as set forth below shall at all times be a minimum of Two Hundred Fifty Percent (250%).

  • The Borrower shall be in Borrowing Base Compliance after giving effect to the making of such Loans and the issuance or amendment of such Letters of Credit and shall deliver a certificate with supporting calculations in reasonable detail establishing such compliance.

  • The Borrower will be in Borrowing Base Compliance on the date each Loan is made and each Letter of Credit is issued or increased, after giving effect to the making of such Loan and the issuance or increase of such Letter of Credit.

  • The Original Credit Agreement is amended to replace in the entirety the Borrowing Base Compliance Certificate, attached as EXHIBIT B to the Original Credit Agreement, with the revised Borrowing Base Compliance Certificate attached hereto as EXHIBIT B.

  • The report shall calculate the Borrowing Base Compliance Formula and document any excess capacity.

  • No later than twenty (20) days after the end of each month hereafter, (i) a report (the "RLC Borrowing Base Inventory Report") substantially in the form of Exhibit "B-1" attached hereto, signed by an Authorized Officer and (ii) a certificate (the "RLC Borrowing Base Compliance Certificate") substantially in the form of Exhibit "B-2" attached hereto, signed by an Authorized Officer.

Related to Borrowing Base Compliance

  • Borrowing Base Report means a Borrowing Base Report for the Borrower signed by an Authorized Signatory of the Borrower and in substantially the form of Exhibit D attached hereto.

  • Borrowing Base Test means as of any date, a determination that (a) the lesser of (i) the Borrowing Base and (ii) the Facility Amount shall be equal to or greater than (b) the Advances Outstanding.

  • Borrowing Base Availability means, at the time of any determination, an amount equal to the lesser of the Borrowing Base at such time and the aggregate amount of the Commitments at such time.

  • Borrowing Base Amount means, as of any date, an amount equal to the sum of:

  • Borrowing Base Certificate means a certificate, signed and certified as accurate and complete by a Financial Officer of the Borrower Representative, in substantially the form of Exhibit H or another form which is acceptable to the Administrative Agent in its sole discretion.

  • Borrowing Base means, at any time of calculation, an amount equal to:

  • Borrowing Base Assets means a collective reference to all Borrowing Base Assets in existence at any given time.

  • Borrowing Base Value means, with respect to any Oil and Gas Property of a Credit Party or any Swap Agreement in respect of commodities, the value the Administrative Agent attributed to such asset in connection with the most recent determination of the Borrowing Base as confirmed by Required Lenders.

  • Aggregate Borrowing Base means as of any date of determination, an amount equal to (i) the sum of the SMP Borrowing Base and the SI Borrowing Base; less (ii) any Reserves except to the extent already deducted therefrom.

  • Borrowing Base Properties means the Oil and Gas Properties of the Loan Parties included in the Initial Reserve Report and thereafter in the most recently delivered Reserve Report delivered pursuant to Section 8.12.

  • U.S. Borrowing Base means, as of any date of determination, the result of:

  • Proposed Borrowing Base has the meaning assigned to such term in Section 2.07(c)(i).

  • New Borrowing Base Notice has the meaning assigned such term in Section 2.07(d).

  • Domestic Borrowing Base means, at any time of calculation, an amount equal to:

  • Environmental Compliance Reserve means any reserve which the Agent establishes in its reasonable discretion after prior written notice to the Borrower from time to time for amounts that are reasonably likely to be expended by the Borrower in order for the Borrower and its operations and property (a) to comply with any notice from a Governmental Authority asserting material non-compliance with Environmental Laws, or (b) to correct any such material non-compliance identified in a report delivered to the Agent and the Lenders pursuant to Section 7.7.

  • Borrowing Base Property means any one of the Borrowing Base Properties.

  • Reportable Compliance Event means that any Covered Entity becomes a Sanctioned Person, or is charged by indictment, criminal complaint or similar charging instrument, arraigned, or custodially detained in connection with any Anti-Terrorism Law or any predicate crime to any Anti-Terrorism Law, or has knowledge of facts or circumstances to the effect that it is reasonably likely that any aspect of its operations is in actual or probable violation of any Anti-Terrorism Law.

  • Required Availability means Excess Availability and unrestricted cash and Cash Equivalents in an amount of not less than $5,000,000.

  • Borrowing Availability means as of any date of determination the Maximum Amount less the sum of (i) the Revolving Loan and Swing Line Loan then outstanding and (ii) the Reserves as then in effect.

  • Canadian Borrowing Base means, at any time, an amount in Dollars equal to:

  • Foreign Borrowing Base means, as of any date, an amount equal to:

  • Borrowing Base Utilization Percentage means, as of any day, the fraction expressed as a percentage, the numerator of which is the sum of the Revolving Credit Exposures of the Lenders on such day, and the denominator of which is the Borrowing Base in effect on such day.

  • Proposed Borrowing Base Notice has the meaning assigned to such term in Section 2.07(c)(ii).

  • Statement of Compliance means the statement forming part of a Tender indicating the Bidders compliance with the Specification.

  • Collateral Quality Tests means the Collateral Quality Tests set out in the Investment Management Agreement being each of the following:

  • Borrowing Base Deficiency means, at any date on which the same is determined, the amount, if any, that (a) the aggregate Covered Debt Amount as of such date exceeds (b) the Borrowing Base as of such date.