Bank Product Reserves. The amount of any Availability Reserve established by the Administrative Agent shall (x) have a reasonable relationship to the event, condition or other matter which is the basis for such reserve as determined by the Administrative Agent in good faith and (y) not be duplicative of any other factor then in existence pursuant to the criteria contained in Eligible Billed Accounts, Eligible Unbilled Accounts, Eligible Inventory or Eligible Frac Iron.
Bank Product Reserves. (f) reserves for accrued, unpaid interest on the Obligations; (g) reserves for warehousemen’s, bailees’, shippers’ or carriers’ charges or for landlord’s charges (other than rent); (h) reserves for customs charges and shipping charges related to any Eligible In Transit Inventory; (i) Rent Reserves; and (j) a reserve equal to (A) the aggregate Customer Deposits, less (B) 50% of Qualified Receivables, provided that in no event shall such reserve be less than $0. For purposes of this definition of Reserves, “Customer Deposits” shall mean the sum of (i) for any customer deposit for layaway, special order and similar items, the amount of such customer deposit and (ii) for any customer deposits with respect to inventory that has been sold but not yet delivered to customers, the lesser of (A) such customer deposit and (B) the greater of (1) the cost of inventory associated with such customer deposit, or if the cost of such inventory is estimated, the most recent monthly cost-of-goods-sold margin multiplied by such customer deposit, and (2) 50% of such customer deposit.
Bank Product Reserves. (iv) Taxes and other governmental charges, including, ad valorem, personal property, and other taxes which reasonably could be expected to have priority over the Collateral Interests of the Lender in the Collateral.
Bank Product Reserves. (i) reserves for accrued, unpaid interest on the Obligations; (j) reserves for warehousemen's, bailees', shippers' or carriers' charges; (k) reserves for royalty payments on License Agreements; and (l) reserves for any other matter that has a negative impact on the value of the Collateral;
Bank Product Reserves. (c) In the event there is a Defaulting Lender as of the date of any request for the issuance of a Letter of Credit, the Issuing Bank shall not be required to issue or arrange for such Letter of Credit to the extent (i) the Defaulting Lender’s Letter of Credit Exposure with respect to such Letter of Credit may not be reallocated pursuant to Section 2.3(g)(ii), or (ii) the Issuing Bank has not otherwise entered into arrangements reasonably satisfactory to it and Borrowers to eliminate the Issuing Bank’s risk with respect to the participation in such Letter of Credit of the Defaulting Lender, which arrangements may include Borrowers cash collateralizing such Defaulting Lender’s Letter of Credit Exposure in accordance with Section 2.3(g)(ii). Additionally, Issuing Bank shall have no obligation to issue a Letter of Credit if (A) any order, judgment, or decree of any Governmental Authority or arbitrator shall, by its terms, purport to enjoin or restrain Issuing Bank from issuing such Letter of Credit, or any law applicable to Issuing Bank or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over Issuing Bank shall prohibit or request that Issuing Bank refrain from the issuance of letters of credit generally or such Letter of Credit in particular, (B) the issuance of such Letter of Credit would violate one or more policies of Issuing Bank applicable to letters of credit generally, or (C) if amounts demanded to be paid under any Letter of Credit will or may not be in United States Dollars.
Bank Product Reserves. (c) reserves for warehousemen’s, bailees’, shippers’ or carriers’ charges; (d) reserves for any other matter that has a negative impact on the value of the Collateral; (e) the Dilution Reserve; (f) the Rent Reserve; (g) with respect to Eligible In-Transit Inventory and Eligible L/C Inventory, reserves for duties, customs brokers, insurance and other incidental charges pertaining thereto; (h) with respect to Eligible Inventory, reserves for any required royalty or similar licensing payments; and (i) if the Senior Notes have not been redeemed and paid in full in cash on or before January 15, 2015, a reserve in the full amount required to redeem the Senior Notes.
Bank Product Reserves. (v) Permanent Availability Block at all times in the amount of $500,000.00.
Bank Product Reserves. (f) the Dilution Reserve; (g) reserves equal to the copays or deductibles, if and as applicable, in respect of Credit Insured Accounts; (h)
Bank Product Reserves. (g) reserves for accrued, unpaid interest on the Obligations; (h) reserves for landlord’s, warehousemen’s, bailees’, shippers’, brokers’ or carriers’ charges; (i) with respect to Eligible Inventory, reserves for any required royalty or similar licensing payments, (j) Rent Reserves; (k) reserves for liabilities arising as a result of the occurrence of an ERISA Event and (l) reserves for any other matter that has a negative impact on the value of the Collateral.
Bank Product Reserves. (Note: Although the Borrowing Base is limited as set forth above, Bank's security interest covers and includes all of the Borrower's assets, both now owned and hereafter acquired, as more particularly described in the Security Agreement.) EXHIBIT "B" TO LOAN AGREEMENT Additional Permitted Encumbrances NONE EXHIBIT "C" TO LOAN AGREEMENT (Form of Promissory Note) See Form of Promissory Note attached hereto. Revolving Credit NOTE $35,000,000.00 February ____, 2021 ON OR BEFORE February ____, 2023 (the "Termination Date"), the undersigned, STANDARD PREMIUM FINANCE MANAGEMENT CORPORATION, a Florida corporation ("Maker"), promises to pay to the order of FIRST HORIZON BANK, a Tennessee banking corporation having its principal place of business in Memphis, Tennessee ("Bank"), the principal sum of THIRTY-FIVE MILLION DOLLARS ($35,000,000.00), value received, together with interest from date until maturity, upon disbursed and unpaid principal balances, at the rate hereinafter specified, said interest being payable monthly, on the first (1st) day of each month hereafter, commencing on the first (1st) day of March, 2021, with the final installment of interest being due and payable concurrently on the same date that the principal balance is due hereunder. The "Termination Date" may be extended one or more times pursuant to the provisions of that certain Revolving Loan Agreement, dated of even date, among the Maker, the Bank and certain guarantors therein mentioned and described, as said agreement may be amended or modified (the "Loan Agreement"); and, if so extended, such extended date shall thereupon constitute the Termination Date. Capitalized terms not otherwise defined herein shall have the meaning ascribed to such terms in the Loan Agreement. The interest rate on this Note is subject to change from time to time based on changes in an independent index (the "Index") which is the LIBOR Rate (as hereinafter defined) adjusted and determined, without notice to Maker, as of the date of this Note and on the 1st day of each calendar month hereafter (the "Interest Rate Change Date"); provided that if the Index is less
