Calculation of the Borrowing Base Sample Clauses

Calculation of the Borrowing Base. Eligible Project Back-Log (appraised fair market value) (see Attachment 1 hereto) $_____________

Calculation of the Borrowing Base. The Borrowing Base shall be calculated by reference to the most recent Borrowing Report delivered by the Company under Section 6.1.(c) hereof. The Company shall calculate the Borrowing Base on a quarterly basis and the Company shall immediately notify the Agents when the Outstanding Amount exceeds the available Borrowing Base and shall pay any excess in accordance with Section 2.1.15. hereof. The Company may request that it receive a Revolving Loan in excess of the amount which would be available under the most recent Borrowing Report delivered by the Company; provided, however, that the Company shall provide the Agents with evidence set forth in a new Borrowing Report to be delivered with such request that, on a pro forma basis, the inclusion of the value of new or reappraised Facilities will be sufficient to increase the Borrowing Base so as to permit the requested borrowing. The acceptance or rejection of any such request or any calculation of the Borrowing Base shall be within the reasonable discretion of the Majority Banks.

Calculation of the Borrowing Base. The Borrower shall deliver to the Administrative Agent and each of the Lenders on or before each March 1, beginning March 1, 2015, an Independent Engineering Report dated effective as of the immediately preceding December 31, and such other information as may be reasonably requested by any Lender with respect to the Borrowing Base Properties included or to be included in the Borrowing Base. Upon receipt of such information, the Administrative Agent shall, in the normal course of business (but in any event within 30 days after receipt of such information), propose to the Lenders a new Borrowing Base (for purposes of this subsection, the “Proposed Borrowing Base”). After having received notice of such proposal, the Lenders shall have 15 days to agree or disagree with the Proposed Borrowing Base. If at the end of the 15 days, any Lender has not communicated its approval or disapproval to the Administrative Agent, such silence shall be deemed to be an approval of the Proposed Borrowing Base. If at the end of such 15 days, the Required Lenders (or all of the Lenders if the Borrowing Base is to be increased) have approved or have been deemed to have approved the Proposed Borrowing Base, then the Proposed Borrowing Base shall become the new Borrowing Base, effective on the date specified in Section 2.02(b)(iii). To the extent that within such 15 day period the Administrative Agent has not received the requisite number of approvals from the Lenders, the Borrowing Base shall be redetermined at the highest amount approved by the requisite Lenders. The Borrower shall deliver to the Administrative Agent and each Lender on or before (A) May 30, 2014, an Internal Engineering Report dated effective as of a date mutually agreed by the Borrower and the Administrative Agent and (B) each September 1, beginning September 1, 2014, an Internal Engineering Report dated effective as of the immediately preceding June 30, and such other information as may be reasonably requested by the Administrative Agent with respect to the Borrowing Base Properties included or to be included in the Borrowing Base. Upon receipt of such information, the Administrative Agent shall, in the normal course of business (but in any event within 30 days after receipt of such information), propose to the Lenders a new Borrowing Base (for purposes of this subsection, the “Proposed Borrowing Base”). After having received notice of such proposal, the Lenders shall have 15 days to agree or disagree with the Pr...

Calculation of the Borrowing Base. The Borrowing Base shall be calculated as the aggregate (calculated in USD) of: (a) 70 per cent. of the Face Value of Freight in Transit Receivables (being Eligible Receivables); (b) 90 per cent. of the Face Value of Freight Receivables (being Eligible Receivables); and (c) 50 per cent. of the Face Value of Demurrage Receivables (being Eligible Receivables), (with each resulting amount calculated as outlined in clauses 19.2(a) to 19.2(c) above in relation to each Receivable, the Borrowing Base Amount of Receivable) (the Borrowing Base).

Calculation of the Borrowing Base. The Borrowing Base shall be calculated by reference to the most recent Borrowing Report delivered by the Company under Section 7.1.(c) hereof. The Company shall calculate the Borrowing Base on a quarterly basis and the Company shall immediately notify the Bank when the Outstanding Amount exceeds the available Borrowing Base and shall pay any excess in accordance with Section 2.1.11. hereof. The Company may request that it receive a Revolving Loan in excess of the amount which would be available under the most recent Borrowing Report delivered by the Company; provided, however, that the Company shall provide the Bank with evidence set forth in a new Borrowing Report to be delivered with such request that, on a pro forma basis, the inclusion of the value of new or reappraised Facilities will be sufficient to increase the Borrowing Base so as to permit the requested borrowing. The acceptance or rejection of any such request or any calculation of the Borrowing Base shall be within the reasonable discretion of the Bank.

Calculation of the Borrowing Base. The Borrowing Base (the "Borrowing Base") shall be calculated as the aggregate of: (a) 100% of the credit balances on accounts opened by any Borrower with a Lender which are subject to the Security Documents and not subject to any Security for any Financial Indebtedness other than Financial Indebtedness owed under the Finance Documents; (b) the lesser of 80% of the invoiced amount of Open Account Eligible Receivables (other than SunOpta Open Account Eligible Receivables) and EUR 3,500,000; (c) the lesser of 80% of the invoiced amount of SunOpta Open Account Eligible Receivables and USD 2,500,000; (d) 90% of the invoiced amount of each Credit Insured Eligible Receivable provided that if the insured percentage as defined in the relevant policy of credit insurance is less than 90% the Security Agent may reduce the first mentioned percentage to the insured percentage; (e) 90% of the invoiced amount of each L/C Covered Eligible Receivable; (f) the lesser of: (i) EUR 4,500,000; and (ii) 65% of (X minus Y) where "X" means the aggregate of: (A) the face amount of each opened letter of credit with an expiry date of up to 7 months from the date on which such letter of credit was opened in respect of any Commodity in respect of which no binding contract for sale has been entered into by the Borrower and of which the price has not been hedged; and (B) the purchase price payable by the Borrower of Eligible Unsold Inventory which is either: (1) stored in a Designated Warehouse for not more than 180 days; or (2) afloat for not more than 60 days after the date specified in the relevant xxxx of lading as the date such Eligible Unsold Inventory was loaded on the relevant vessel provided that the Borrower (or its forwarding agent) has under its control a full set of xxxx(s) of lading in respect thereof; and

Calculation of the Borrowing Base. 1. Agree the aggregate Borrowing Base Asset Value of Borrowing Base Eligible Assets and the aggregate Borrowing Base Adjusted Asset Value of Borrowing Base Eligible Assets to the Calculations worksheet. Additionally, agree Cash to the Borrower’s supporting documentation. 2. Agree all Borrowing Base Excess Concentrations the total of Sections [___] of the Investor Reports. 3. Recalculate the Borrowing Base.

Calculation of the Borrowing Base. 1. Agree the aggregate Asset Value of Borrowing Base Eligible Assets and the aggregate Adjusted Asset Value of Borrowing Base Eligible Assets to the Calculations worksheet. Additionally, agree Cash to the Borrower's supporting documentation.

Calculation of the Borrowing Base. (a) Subject to clause 20.2(b) below, the Borrowing Base shall be calculated as the aggregate (calculated in USD) of: (i) 70 per cent of the Face Value of Accrued Income(being Eligible Receivables); (ii) 90 per cent of the Face Value of Freight Income (being Eligible Receivables); and (iii) 50 per cent of the Face Value of Demurrage Income (being Eligible Receivables), (a) 20.2(c) above in relation to each Receivable, the Borrowing Base Amount of Receivable) (the Borrowing Base). (b) Unless otherwise agreed by the Lender, the calculation of the Borrowing Base shall be subject to the following: (i) the Borrowing Base Amount of Receivables from members of a Single Group shall not account for more than 30 per cent of the total value of the Facility Amount; (ii) the Face Value of Demurrage Income (being Eligible Receivables) from members of a Single Group shall not account for more than 25 per cent of USD50,000,000; and (iii) 50 per cent of the Face Value of Demurrage Income (being Eligible Receivables) shall not account for more than USD50,000,000 of the Borrowing Base. (c) For the purposes of clause 20.2(b) above, Single Group means the ultimate holding company and its Subsidiaries from time to time of a charterer as referred to in a Pool Agreement or Contract.

Calculation of the Borrowing Base on a quarterly basis and the Company shall immediately notify the Bank when the Outstanding Amount exceeds the available Borrowing Base and shall pay any excess in accordance with Section 2.1.12. hereof. The Company may request that it receive a Revolving Loan in excess of the amount which would be available under the most recent Borrowing Report delivered by the Company; provided, however, that the Company shall provide the Bank with evidence set forth in a new Borrowing Report to be delivered with such request that, on a pro forma basis, the inclusion of the value of new or reappraised Facilities will be sufficient to increase the Borrowing Base so as to permit the requested borrowing. The acceptance or rejection of any such request or any calculation of the Borrowing Base shall be within the reasonable discretion of the Bank.