Borrowing Base Testing Period definition

Borrowing Base Testing Period means the period commencing as of the date of a Borrowing Base Trigger Event and continuing thereafter until the date that all Commitments have terminated and the Obligations have been paid in full.
Sample 1Sample 2
Borrowing Base Testing Period means any time (i) when an Event of Default exists and is continuing, or (ii) when the Revolving Facility Usage exceeds, or after giving effect to the making of a Revolving Credit Loan or Swing Loan or issuance of a Letter of Credit would exceed, the Revolving Loan Threshold.
Sample 1

Examples of Borrowing Base Testing Period in a sentence

  • Each Borrower covenants and agrees that, until the termination of all of the Commitments and the payment in full of the Obligations, Borrowers will at all times (a) prior to the commencement of the Borrowing Base Testing Period, maintain Liquidity of at least $55,000,000 (of which at least $40,000,000 shall be attributable to Qualified Cash), and (b) during the Borrowing Base Testing Period, maintain Availability of at least $10,000,000.

  • Typically the program is structured as a one day training program with you and your team.

  • If the Borrowing Base Testing Period is in effect, no later than 60 days after the Borrowing Base Trigger Event related thereto, and monthly thereafter (no later than the 30th day of each month), (k) a reconciliation of Accounts, accounts payable, and Inventory of Borrowers' general ledger to its monthly financial statements, including any book reserves related to each category.

Related to Borrowing Base Testing Period

  • Borrowing Base Test means a test that will be satisfied on any date of determination if the following is true: Where: AR =57%.

  • Borrowing Base Amount means:

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

  • Collateral Quality Test means a test that is satisfied if, as of any date of determination, in the aggregate, the Collateral Loans owned (or in relation to a proposed acquisition of a Collateral Loan, both owned and proposed to be owned) by the Borrower satisfy each of the tests set forth below, calculated in each case in accordance with Section 1.3:

  • 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 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.

  • Testing Period means a single period consisting of the four consecutive fiscal quarters of the Borrower then last ended (whether or not such quarters are all within the same fiscal year), except that if a particular provision of this Agreement indicates that a Testing Period shall be of a different specified duration, such Testing Period shall consist of the particular fiscal quarter or quarters then last ended that are so indicated in such provision.

  • Maximum Annual Debt Service Requirement means, at any given time of determination, the greatest amount of principal, interest and Amortization Installments coming due in any current or future Bond Year with regard to the Series of Bonds for which such calculation is made; provided, the amount of interest coming due in any Bond Year shall be reduced to the extent moneys derived from the proceeds of Bonds are used to pay interest in such Bond Year.

  • Borrowing Base Report means a report in substantially the form of Exhibit E (or such other form approved by Administrative Agent) certified by a Responsible Officer of Borrower.

  • Start-Up Testing means the completion of applicable required factory and start-up tests as set forth in Exhibit C.

  • 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.

  • Testing Date means 31 December of each year.

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

  • Relevant Test Period With respect to any Loan, the relevant test period for the calculation of Net Senior Leverage Ratio, Interest Coverage Ratio, Total Net Leverage Ratio or EBITDA as applicable, for such Loan in accordance with the related Underlying Instruments or, if no such period is provided for therein, (i) for Obligors delivering monthly financial statements, each period of the last twelve (12) consecutive reported calendar months, and (ii) for Obligors delivering quarterly financial statements, each period of the last four (4) consecutive reported fiscal quarters of the principal Obligor on such Loan; provided that with respect to any Loan for which the relevant test period is not provided for in the related Underlying Instruments, if an Obligor is a newly-formed entity as to which twelve (12) consecutive calendar months have not yet elapsed, “Relevant Test Period” shall initially include the period from the date of formation of such Obligor to the end of the twelfth (12th) calendar month or fourth (4th) fiscal quarter (as the case may be) from the date of formation, and shall subsequently include each period of the last twelve (12) consecutive reported calendar months or four (4) consecutive reported fiscal quarters (as the case may be) of such Obligor.

  • Covenant Testing Period means a period (a) commencing on the last day of the fiscal quarter of Borrower most recently ended prior to a Covenant Trigger Event for which Borrower is required to deliver to Administrative Agent quarterly or annual financial statements pursuant to Section 5.2 of this Agreement, and (b) continuing through and including the first day after such Covenant Trigger Event that Availability has equaled or exceeded the greater of (i) 10% of the Borrowing Limit, and (ii) $15,000,000 for 60 consecutive calendar days.

  • Baseline Period means the 12-month period immediately preceding October 30, 2016.

  • Required Reserve Factor Floor means, for any month, the sum (expressed as a percentage) of (i) 19.55% plus (ii) the product of the Adjusted Dilution Ratio and the Dilution Horizon Ratio, in each case, as of the immediately preceding Cut-Off Date.

  • Class C Coverage Tests means the Class C Interest Coverage Test and the Class C Par Value Test.

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