Examples of Increased Reporting Period in a sentence
Monthly, not later than the twentieth (20th) day of each month, all information required to calculated the Collateral to Debt Ratio; provided that, during any Increased Reporting Period, the Borrower Agent shall deliver such information weekly, on the second Business Day of each calendar week.
The definition of “Increased Reporting Period” is hereby deleted in its entirety and the following is substituted therefore: Increased Reporting Period: at any time after (i) a Default or Event of Default occurs, (ii) average Availability during any month (as reflected in the Loan Account) is less than 12.5% of the Borrowing Base, or (iii) Availability (as reflected in the Loan Account) is at any time less than 10% of the Borrowing Base.
So long as no Increased Reporting Period is in effect, such reduction in the amount of outstanding Advances shall not be accompanied by an equal reduction in the amount of outstanding Accounts.
If an Increased Reporting Period is in effect, each such reduction in the amount of outstanding Advances upon receipt of a payment on Accounts shall automatically be accompanied by an equal reduction in the amount of outstanding Accounts.
One such field examination in any twelve-month period shall be performed by the Administrative Agent and shall be at the sole expense of the Loan Parties; provided that (a) up to two such field examinations in any twelve-month period may be conducted during any Increased Reporting Period and (b) the number and frequency of such field examinations shall be in the Administrative Agent’s Permitted Discretion if any Event of Default shall have occurred and be continuing.