Tranche 1 Borrowing Base definition

Tranche 1 Borrowing Base means, on any date of determination, an amount (calculated based on the most recent Borrowing Base Certificate delivered to the Administrative Agent in accordance with this Agreement) equal to:
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Tranche 1 Borrowing Base set forth in Section 1.01 of the Credit Agreement is hereby amended by inserting the following sentence at the end thereof: “Notwithstanding anything to the contrary herein, with respect to the assets of the Target Subsidiary Guarantors, prior to the completion of a satisfactory customary audit by the Administrative Agent (the date that the Administrative Agent notified the Lead Borrower and the Lenders in writing of the completion of such audit (which audit shall be satisfactory to the Administrative Agent) shall be referred to as the “Target Subsidiary Guarantor Audit Date”) of assets of the Target Subsidiary Guarantors that could constitute Collateral (A) the amounts in clauses (i) and (ii) of this definition of Tranche 1 Borrowing Base shall not include any Eligible Accounts of the Target Subsidiary Guarantors or any Eligible Inventory of the Target Subsidiary Guarantors but (B) from and after the Amendment No. 1 Effective Date to but excluding the Target Subsidiary Guarantor Audit Date, the Tranche 1 Borrowing Base shall be increased by 50% of the book value of the accounts receivable of the Target Subsidiary Guarantors and 25% of the book value of the inventory of the Target Subsidiary Guarantors, in each case in this clause (B) to the extent the book value of such accounts receivable and inventory is set forth on the most recent Borrowing Base Certificate delivered to the Administrative Agent in a form reasonably agreed to by the Lead Borrower and the Administrative Agent.”
Sample 1

Examples of Tranche 1 Borrowing Base in a sentence

  • Section 10.01 of the Credit Agreement permits certain amendments of the Credit Agreement and the Tranche 1 Borrowing Base with the consent of the Tranche 1 Supermajority Lenders, Administrative Agent and the Loan Parties.

Related to Tranche 1 Borrowing Base

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

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

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

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

  • 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.

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

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

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

  • Adjusted Borrowing Base means the Borrowing Base minus the aggregate amount of Cash and Cash Equivalents included in the Borrowing Base.

  • Tranche A Loans means the Loans made pursuant to the Tranche A Commitment.

  • Revolving Loan Outstandings means, at any time of calculation, (a) the then existing aggregate outstanding principal amount of Revolving Loans, and (b) when used with reference to any single Lender, the then existing outstanding principal amount of Revolving Loans advanced by such Lender.

  • Canadian Revolving Commitment means the commitment of a Lender to make or otherwise fund any Canadian Revolving Loan and to acquire participations in Canadian Letters of Credit and Swing Line Loans hereunder and “Canadian Revolving Commitments” means such commitments of all Lenders in the aggregate. The amount of each Lender’s Canadian Revolving Commitment, if any, is set forth on Schedule 1.01(c) or in the applicable Assignment Agreement or Joinder Agreement, as applicable, subject to any adjustment or reduction pursuant to the terms and conditions hereof. The aggregate amount of the Canadian Revolving Commitments as of the Restatement Date is $10,000,000.

  • Tranche B Loans means loans made pursuant to Section 2.1(a)(ii).

  • Incremental Revolving Credit Loans shall have the meaning provided in Section 2.14(b).

  • Revolving Facility Borrowing means a Borrowing comprised of Revolving Facility Loans of the same Class.

  • Revolving Committed Amount shall have the meaning set forth in Section 2.1(a).

  • Canadian Revolving Loans means the Loans extended by the Canadian Revolving Lenders to the Canadian Borrower pursuant to Section 2.01(b).

  • Revolving Loan Commitment Percentage means, as to any Lender, (a) on the Closing Date, the percentage set forth opposite such Lender’s name on the Commitment Annex under the column “Revolving Loan Commitment Percentage” (if such Lender’s name is not so set forth thereon, then, on the Closing Date, such percentage for such Lender shall be deemed to be zero), and (b) on any date following the Closing Date, the percentage equal to the Revolving Loan Commitment Amount of such Lender on such date divided by the Revolving Loan Commitment on such date.

  • Revolving Loan Limit means, at any time, the lesser of (a) the Revolving Loan Commitment and (b) the Borrowing Base.

  • Required Revolving Lenders means, as of any date of determination, Revolving Credit Lenders holding more than 50% of the sum of the (a) Total Revolving Credit Outstandings (with the aggregate amount of each Revolving Credit Lender’s risk participation and funded participation in L/C Obligations and Swing Line Loans being deemed “held” by such Revolving Credit Lender for purposes of this definition) and (b) aggregate unused Revolving Credit Commitments; provided that the unused Revolving Credit Commitment of, and the portion of the Total Revolving Credit Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Revolving Lenders.

  • Revolving Commitment Increase has the meaning set forth in Section 2.14(a).

  • Revolving Loan Availability means, at any time, the Revolving Loan Limit minus the Revolving Loan Outstandings.

  • Incremental Revolving Loans has the meaning assigned to such term in Section 2.22(a).

  • Term Loan Committed Amount shall have the meaning set forth in Section 2.2(a).

  • Revolving Credit Commitment Increase has the meaning specified in Section 2.14(a).

  • Eurocurrency Revolving Facility Borrowing means a Borrowing comprised of Eurocurrency Revolving Loans.