WIP Report definition
Examples of WIP Report in a sentence
However, if inspections by Lender reveal that the WIP Report overstates the actual work in progress in the aggregate, the Borrowing Base for that and subsequent WIP Reports will be reduced by the amount of overstatement until another inspection has been performed by Lender.
If inspection by Lender reveals that more than one WIP Report by Borrower overstates the actual work in progress, Lender may restrict the Borrowing Base to that amount determined by the last inspection by Lender or discontinue Borrowing Base Disbursements, as contemplated under subparagraph (ii) below.
At any given time, the Borrowing Base will be determined by the most recent Borrowing Base Summary based on the most recent WIP Report, as received and accepted by Lender.
The Borrowing Base Summary, as approved by Lender, shall establish the current Borrowing Base availability (subject to reduction for Lots and Residences released or required to be released from Mortgages after the date of such WIP Report), and shall be certified on behalf of Borrower by Borrower’s Agent (as identified in Paragraph 6 of the Specific Loan Terms) as true and correct.
The Inspector shall take such actions as the Lender and Inspector deem necessary to verify the status of the Borrowing Base Collateral as set forth in such WIP Report, including random inspections of the Projects to confirm the accuracy of the WIP Report.
Until such time as the Lender has received and approved, in accordance with SUBSECTION (b) below, an updated WIP Report, the Lender shall utilize the most recently approved WIP Report in determining the Borrowing Base Amount.
If at any time during the quarter Maxtor and Agere agree to disposition any or all of the Committed Stock, Agere shall replenish such Committed Stock to the pre-determined level within the then available lead-time, with the goal to achieve the current lead-time as published on the weekly "Maxtor WIP Report".
Borrower hereby represents to Lender, understanding that Lender is relying on such representation in making the Advance requested herein, that the Borrowing Base shown in the WIP Report (or borrowing base report) dated ____________ is true and correct.
Once a week during the term of this Attachment, IBM will provide weekly work-in-progress report ("WIP Report") to IMI in a form determined by IBM.
The Lender shall utilize the WIP Report in determining the Borrowing Base Value, the Borrowing Base Outstanding Amount, the Borrowing Base Allowable Disbursement Amount and other information related to the Units included in the ABF Program.