Common use of Borrowing Base Determinations Mandatory Prepayments of Loans Clause in Contracts

Borrowing Base Determinations Mandatory Prepayments of Loans. (a) The Borrowing Base shall be determined monthly on the last day of each month until the Termination Date and shall be equal to the sum of (i) eighty percent (80%) of Eligible Refinery Hydrocarbon Inventory (except for Eligible Refinery Hydrocarbon Inventory at the Company's and its Subsidiaries' service stations and travel centers), plus (ii) fifty percent (50%) of Eligible Refinery Hydrocarbon Inventory at the Company's and its Subsidiaries' service stations and travel centers, plus (iii) ninety percent (90%) of Eligible Accounts Receivable from Preferred Account Obligors plus (iv) eighty-five percent (85%) of Eligible Accounts Receivable from Eligible Account Obligors other than Preferred Eligible Account Obligors. (b) If on any date the Effective Amount of all Revolving Loans and the Effective Amount of all L/C Obligations together exceed the Borrowing Base, the Company shall, without notice or demand, prepay the outstanding principal amount of the Revolving Loans by an amount equal to the applicable excess ("Mandatory Prepayment"). Subject to SECTION 4.04, if on any date after giving effect to any Mandatory Prepayment made on such date pursuant to the preceding sentence the Effective Amount of all L/C Obligations together exceed the Borrowing Base, the Company shall immediately Cash Collateralize on such date the outstanding Letters of Credit in an amount equal to the amount by which the Effective Amount of the L/C Obligations exceeds the Borrowing Base.

Borrowing Base Determinations Mandatory Prepayments of Loans. (a) The Borrowing Base shall be determined monthly on the last day of each month until the Facility B Termination Date and shall be equal to the sum of (i) eighty percent (80%) of Eligible Refinery Hydrocarbon Inventory (except for Eligible Refinery Hydrocarbon Inventory Refined Products at the Company's and its Subsidiaries' service stations and travel centers), plus (ii) fifty percent (50%) of Eligible Refinery Hydrocarbon Inventory as Refined Products at the Company's and its Subsidiaries' service stations and travel centers, plus (iii) ninety percent (90%) of Eligible Accounts Receivable from Preferred Account Obligors plus (iv) eighty-five percent (85%) of Eligible Accounts Receivable from Eligible Account Obligors other than Preferred Eligible Account Obligors. (b) If on any date the Effective Amount of all Facility B Revolving Loans and the Effective Amount of all L/C Obligations together exceed the Borrowing Basecombined Facility B Commitments, the Company shall, and without notice or demand, prepay the outstanding principal amount of the Facility B Revolving Loans by an amount equal to the applicable excess ("Mandatory Prepayment"). Subject to SECTION Section 4.04, if on any date after giving effect to any Mandatory Prepayment made on such date pursuant to the preceding sentence the Effective Amount of all Facility B Revolving Loans then outstanding plus the Effective Amount of all L/C Obligations together exceed exceeds the Borrowing Basecombined Facility B Commitments, the Company shall immediately Cash Collateralize on such date the outstanding Letters of Credit in an amount equal to the excess of the maximum amount by which the Effective Amount of that the L/C Obligations exceeds exceed the Borrowing BaseFacility B Commitment.

Borrowing Base Determinations Mandatory Prepayments of Loans. (a) The Borrowing Base shall be determined monthly on monthly, provided, however, that (x) if Usage is more than 50% (but equal to or less than 75%) the last day Borrowing Base shall be determined biweekly and (y) if Usage is more than 75% the Borrowing Base shall be determined weekly, in each case by reference to the Borrowing Base Report delivered by the Company to the Administrative Agent pursuant to Section 7.02(a). The Borrowing Base shall be subject to adjustment based upon the results of each month until the Termination Date a field audit pursuant to Section 7.10(c), and shall be equal to the sum of (i) eighty percent (80%) of Eligible Refinery Hydrocarbon Inventory (except for (A) Eligible Refinery Hydrocarbon Inventory at the Company's and its Subsidiaries' service stations and travel centerscardlocks, and (B) Statoil Commingled Inventories), plus (ii) eighty percent (80%) of Eligible In-Transit Crude Oil, plus (iii) fifty percent (50%) of Eligible Refinery Hydrocarbon Inventory at the Company's and its Subsidiaries' service stations and travel centerscardlocks, plus (iiiiv) sixty percent (60%) of the Lenders' Pro Rata Share of Statoil Commingled Inventories (determined in accordance with the Statoil Intercreditor Agreement), provided, however, that if the Company shall fail to be in compliance with Section 7.03(k) or Section 8.18 of this Credit Agreement, or if Statoil fails to comply with its obligations under the Statoil Intercreditor Agreement in any material respect, then in any such case, 0% of the Statoil Commingled Inventories, plus (v) fifty percent (50%) of Eligible Lubricants Inventory, plus (vi) ninety percent (90%) of Eligible Accounts Receivable from Preferred Eligible Account Obligors Obligors, plus (ivvii) eighty-five percent (85%) of Eligible Accounts Receivable from Eligible Account Obligors other than Preferred Eligible Account Obligors, plus (viii) at the option of the Company, 100% of Eligible Cash, minus 100% of First Purchase Crude Payables. (b) If on any date Notwithstanding the foregoing, the Inventory Component of the Borrowing Base shall not exceed an amount equal to 60% of the Borrowing Base. For purposes of clarity, it is understood that the term "Borrowing Base" as used in the preceding sentence means the Borrowing Base as calculated pursuant to Section 2.07(a), even if the Borrowing Base as so calculated is greater than the aggregate Commitments (provided, that, it is hereby noted that nothing in this Section 7.02(b) is intended to alter Section 2.01, which provides that the Effective Amount of all Revolving outstanding Loans and plus the Effective Amount of all L/C Obligations together may never exceed the current Borrowing Base). As used herein, "Inventory Component of the Borrowing Base, " means the Company shall, without notice or demand, prepay the outstanding principal amount sum of the Revolving Loans by an amount equal to the applicable excess ("Mandatory Prepayment"). Subject to SECTION 4.04, if on any date after giving effect to any Mandatory Prepayment made on such date dollar amounts calculated pursuant to the preceding sentence the Effective Amount clauses (i), (ii), (iii) and (iv) of all L/C Obligations together exceed the Borrowing Base, the Company shall immediately Cash Collateralize on such date the outstanding Letters of Credit in an amount equal to the amount by which the Effective Amount of the L/C Obligations exceeds the Borrowing BaseSection 7.02(a).

Borrowing Base Determinations Mandatory Prepayments of Loans. (a) The Borrowing Base shall be determined monthly on the last day of each month until the Termination Date and shall be equal to the sum of (i) eighty percent (80%) of Eligible Refinery Hydrocarbon Inventory (except for Eligible Refinery Hydrocarbon Inventory at the Company's and its Subsidiaries' service stations and travel centers), plus (ii) fifty percent (50%) of Eligible Refinery Hydrocarbon Inventory at the Company's and its Subsidiaries' service stations and travel centers, plus (iii) ninety percent (90%) of Eligible Accounts Receivable from Preferred Account Obligors plus (iv) eighty-five percent (85%) of Eligible Accounts Receivable from Eligible Account Obligors other than Preferred Eligible Account Obligors. (b) If on any date the Effective Amount of all Revolving Loans and the Effective Amount of all L/C Obligations together exceed the Borrowing Base, the Company shall, without notice or demand, prepay the outstanding principal amount of the Revolving Loans by an amount equal to the applicable excess ("Mandatory PrepaymentMANDATORY PREPAYMENT"). Subject to SECTION 4.04, if on any date after giving effect to any Mandatory Prepayment made on such date pursuant to the preceding sentence the Effective Amount of all L/C Obligations together exceed the Borrowing Base, the Company shall immediately Cash Collateralize on such date the outstanding Letters of Credit in an amount equal to the amount by which the Effective Amount of the L/C Obligations exceeds the Borrowing Base.

Borrowing Base Determinations Mandatory Prepayments of Loans. (a) The Borrowing Base shall be determined monthly (x) biweekly on the last day Business Day of every other week at all times during which the sum of the Effective Amount of Revolving Loans and the Effective Amount of Letter of Credit Obligations is less than fifty percent (50%) of the aggregate Commitments, and (y) weekly on the last Business Day of each month until week at all times during which the Termination Date sum of the Effective Amount of Revolving Loans and the Effective Amount of Letter of Credit Obligations is equal to or greater than 50% of the aggregate Commitments, in either case by reference to the Borrowing Base Report delivered by the Company to the Administrative Agent pursuant to Section 7.02(a). The Borrowing Base shall be subject to adjustment based upon the results of a field audit pursuant to Section 7.10(c), and shall be equal to the sum of (i) eighty percent (80%) of Eligible Refinery Hydrocarbon Inventory (except for (A) Eligible Refinery Hydrocarbon Inventory at the Company's and its Subsidiaries' service stations and travel centerscardlocks, and (B) Statoil Commingled Inventories), plus (ii) fifty percent (50%) of Eligible Refinery Hydrocarbon Inventory at the Company's and its Subsidiaries' service stations and travel centerscardlocks, plus (iii) sixty percent (60%) of the Lenders' Pro Rata Share of Statoil Commingled Inventories (determined in accordance with the Statoil Intercreditor Agreement), provided, however, that if the Company shall fail to be in compliance with Section 7.03(k) or Section 8.18 of this Credit Agreement, or if Statoil fails to comply with its obligations under the Statoil Intercreditor Agreement in any material respect, then in any such case, 0% of the Statoil Commingled Inventories, plus (iv) fifty percent (50%) of Eligible Lubricants Inventory (the Eligible Refinery Hydrocarbon Inventory and the Eligible Lubricants Inventory hereafter referred to collectively as the "Inventory Component of the Borrowing Base"), plus (v) ninety percent (90%) of Eligible Accounts Receivable from Preferred Eligible Account Obligors Obligors, plus (ivvi) eighty-five percent (85%) of Eligible Accounts Receivable from Eligible Account Obligors other than Preferred Eligible Account Obligors, plus (vii) at the option of the Company, 100% of Eligible Cash, minus 100% of First Purchase Crude Payables. (b) Notwithstanding the foregoing, the dollar amount of the Inventory Component of the Borrowing Base shall not exceed 60% of the Borrowing Base. (c) If on any date the Effective Amount of all Revolving Loans and the Effective Amount of all L/C Obligations together exceed the Borrowing Base, the Company shall, without notice or demand, prepay the outstanding principal amount of the Revolving Loans by an amount equal to the applicable excess ("Mandatory Prepayment")) and the provisions of Section 4.05 shall be applicable. Subject to SECTION 4.04, if If on any date after giving effect to any Mandatory Prepayment made on such date pursuant to the preceding sentence the Effective Amount of all L/C Obligations together exceed the Borrowing Base, the Company shall immediately Cash Collateralize on such date the outstanding Letters of Credit in an amount equal to the amount by which the Effective Amount of the L/C Obligations exceeds the Borrowing Base. (d) The Company shall prepay the Loans as required by Sections 7.06(d) and (e) governing proceeds of insurance and condemnation.