Borrowing Bases. If, at any time, (A) the U.S. Usage on such date exceeds the U.S. Loan Cap, or (B) the Canadian Usage exceeds the Canadian Loan Cap, each Borrower shall promptly, but in any event within one (1) Business Day, prepay the applicable Finance Obligations owed by it in an aggregate amount equal to such excess. For purposes of this Section 2.3(e)(i), the relevant Borrowing Bases will be determined as of each day by the Administrative Agent in connection with the calculation of the U.S. Usage and the Canadian Usage, as applicable, based upon the most recent Borrowing Base Certificate delivered by the Borrower Representative, subject to adjustment by the Administrative Agent in its Permitted Discretion in accordance with this Agreement. Without in any way limiting the foregoing provisions, the Administrative Agent shall, monthly or more frequently in the sole discretion of the Administrative Agent, make any necessary Exchange Rate calculations to determine whether any excess described in this clause (i) exists on such date and advise the Borrowers if such excess exists.
Borrowing Bases. From and after the effective date of the Second Amendment to this Agreement (May 9, 2010), the Borrowing Base has been set by Administrative Agent and the Lenders and acknowledged by Borrower as Forty-Five Million Dollars ($45,000,000.00), and such increased Borrowing Base shall remain in effect until the next redetermination made pursuant to this Section 2.02. The Borrowing Base shall be determined in accordance with the standards set forth in Section 2.02(d) and are subject to periodic redetermination pursuant to Sections 2.02(b) and 2.02(c).
Borrowing Bases. The initial Borrowing Base in effect as of the date of this Agreement has been set by the Administrative Agent and the Lenders and acknowledged by the Borrower as $20,000,000. Such initial Borrowing Base shall remain in effect until the next redetermination made pursuant to this Section 2.02. The Borrowing Base shall be determined in accordance with the standards set forth in Section 2.02(d) and are subject to periodic redetermination pursuant to Sections 2.02(b) and 2.02(c).
Borrowing Bases. The Borrowing Base in effect as of the Amendment No. 1 Effective Date has been set by the Administrative Agent and the Lenders and acknowledged by the Borrower as $48,000,000; the Conforming Borrowing Base in effect as of the date of the Amendment No. 1 Effective Date has been set by the Administrative Agent and the Lenders and acknowledged by the Borrower as $48,000,000; the Monthly Borrowing Base Reduction Amount in effect as of the Amendment No. 1 Effective Date has been set by the Administrative Agent and the Lenders and acknowledged by the Borrower as $4,330,000. Such Borrowing Base and Conforming Borrowing Base shall remain in effect until each is reduced pursuant to Section 2.02(e).
Borrowing Bases. Permit the Outstanding Advances --------------- with respect to each Acquisition to exceed at any time the Borrowing Base with respect to such Acquisition. For purposes of this Section 7.14 only, the Approved Offering Expenses and Upfront Fees used to calculate the Borrowing Bases with respect to all Acquisitions shall be reduced on a pro rata basis as --- ---- and when any reductions in the total Outstanding Advances shall occur (whether by repayment, prepayment or otherwise). In the event this Section 7.14 is breached for any reason, without limiting any of the rights of the Agent or any Bank hereunder with respect thereto, the Borrower will take all action necessary or as required by the Majority Banks promptly to effect a cure of such breach.
Borrowing Bases. Revolving Loans and Letters of Credit shall be provided to Borrowers subject to the terms and conditions of the Loan Documents (which will be consistent with the terms of this Commitment Letter) and availability under the ABL Revolving Facility will be calculated as follows (the “Borrowing Base”): (a) 90% of the face amount of eligible credit card receivables of Borrowers; plus (b) 85% of the net amount of eligible pharmacy receivables of Borrowers; plus (c) 90% of the Net Recovery Percentage of eligible merchandise inventory (other than pharmacy inventory) of Borrowers multiplied by the value of such eligible inventory; plus (d) 90% of the Net Recovery Percentage of eligible pharmacy inventory of Borrowers multiplied by the value of such eligible inventory; plus (e) Pharmacy Scripts Availability; minus (f) the ABL FILO Push Down Reserve; minus (g) the ABL IP Push Down Reserve; minus (h) the Term Loan Push Down Reserve; minus (i) applicable reserves established by Agent in its Permitted Discretion. The amount of the “Net Recovery Percentage” means the fraction, expressed as a percentage (a) the numerator of which is the amount equal to the recovery on the aggregate amount of the applicable category of eligible inventory at such time on a “going out of business” basis (or, in the case of any Acquired Store (through the period during which the Transition Services Agreement is in effect), on a “store closing sale” basis) as set forth in the most recent acceptable inventory appraisal received by Agent in accordance with the requirements of the Loan Documents, net of operating expenses, liquidation expenses and commissions reasonably anticipated in the disposition of such assets and (b) the denominator of which is the original cost (or as to certain categories of inventory as specified by Agent, the retail value) of the aggregate amount of the eligible inventory subject to such appraisal.
Borrowing Bases. 36 --------------- Section 2.06. Fees; Reduction of Commitments........................................................39 ------------------------------ Section 2.07. Repayment of Obligations..............................................................40 ------------------------ Section 2.
Borrowing Bases. 17 Section 2.03.
Borrowing Bases. (a) The Revolving A Borrowing Base as of the date of this Agreement has been set by the Majority Banks and acknowledged by the Borrower as $3,000,000.00.
(b) The Revolving B Borrowing Base as of the date of this Agreement has been set by the Majority Banks and acknowledged by the Borrower as $2,000,000.00.
(i) From the date hereof through the Maturity Date, so long as the Majority Banks have allocated any value to the Revolving B Borrowing Base, and subject to the further provisions of this Section 2.02, the Borrowing Bases shall be subject to a quarterly redetermination by the Majority Banks within 30 days after the receipt of each Oil and Gas Reserve Report scheduled to be provided to the Agent pursuant to Sections 5.06(c)(i) and (c)(ii)(A) on the basis of information, including such Oil and Gas Reserve Reports, supplied by Borrower
(ii) If the Majority Banks have not allocated any value to the Revolving B Borrowing Base, the Revolving A Borrowing Base shall be subject to a semi-annual redetermination by the Majority Banks within 30 days after the receipt of each Oil and Gas Reserve Report scheduled to be provided to the Agent pursuant to Sections 5.06(c)(i) and (c)(ii)(B) on the basis of information, including such Oil and Gas Reserve Reports, supplied by Borrower in compliance with the provisions of this Agreement, including such additional data concerning pricing, quantities of production, purchasers of production, and other information and engineering and geological data with respect thereto as the Agent or any Bank may reasonably request, together with all other information then available to the Agent and the Banks.
(iii) Notwithstanding the foregoing, the Majority Banks may, in the exercise of their good faith discretion, make redeterminations of the Borrowing Bases from time to time on the basis of information then available to the Agent and the Banks regarding the Borrower's Oil and Gas Properties, but only one such redetermination may be made during any fiscal year.
(d) The Borrower may request the Majority Banks to redetermine the Borrowing Bases by providing a written request to the Agent, but only one such request may be made during any fiscal year of the Borrower. In connection with any such request, the Borrower shall provide the Agent and the Banks with an interim reserve report prepared by the Borrower together with such other information, including additional data concerning pricing, quantities of production, purchasers of production, an...
Borrowing Bases. The sum of the Aggregate Outstanding Warehouse Balance plus the Aggregate Outstanding Excess Balance shall not exceed the Warehouse Borrowing Base.
