Definition of Term Facility Borrowing Base


Term Facility Borrowing Base means the "Borrowing Base" (as defined in the Term Loan Agreement and as reflected on the Borrowing Base Certificates delivered by the Borrowers' Representative to the Administrative Agent from time to time as required in this Agreement; provided that if the Borrower's Representative shall fail to deliver such Borrowing Base Certificate when required hereunder, the Term Agent may deliver the most recent Borrowing Base Certificate it has received from the Borrowers under the Term Loan Agreement or, in good faith, calculate the Term Facility Borrowing Base and certify to the Administrative Agent in writing of its determination of the Term Loan Reserve, if any. The Administrative Agent shall be entitled to conclusively rely on any such Borrowing Base Certificate delivered by the Term Agent or certification by the Term Agent and establish a Term Loan Reserve in the amount so certified, without further inquiry and without any independent investigation, and shall have no liability to any of the Loan Parties with respect thereto).
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Examples of Term Facility Borrowing Base in a sentence

If at any time, from time to time, the unpaid principal amount outstanding and owing by a Borrower under the Term Facility exceeds the Term Facility Borrowing Base applicable to such Borrower then, within thirty (30) days following written request or demand by Lender, such Borrower shall make an immediate payment of principal in reduction of its loan under the Term Facility in an amount not less than the amount necessary to eliminate such excess as of the time of such payment.