Determination of Borrowing Base. The Borrowing Base shall be determined by the Agent, as follows:
Determination of Borrowing Base. The Borrowing Base at any time shall be determined by reference to the most recent Borrowing Base Certificate and Monthly Servicing Report delivered to the Administrative Agent.
Determination of Borrowing Base. A. Borrower shall deliver a Borrowing Base Certificate to Administrative Agent sufficiently in advance of the Closing Date to permit Administrative Agent to determine the Borrowing Base to be in effect on the Closing Date and thereafter, shall deliver Borrowing Base Certificates on a monthly basis pursuant to subsection 6.1(xviii); each such Borrowing Base Certificate to be dated as of the last day of the applicable reporting period. Promptly following its receipt of each such Borrowing Base Certificate, Administrative Agent shall determine, or, as the case may be, redetermine the Borrowing Base in accordance with the definition thereof, using the information contained in such Borrowing Base Certificate, and shall notify Borrower of the Borrowing Base so determined or so redetermined. Each such Borrowing Base so determined or redetermined by Administrative Agent shall remain in effect until notice of a redetermined Borrowing Base shall have been given by Administra tive Agent in accordance with the provisions of this subsection 6.11.
B. Each of the Accounts Receivable shown on each Borrowing Base Certificate shall conform to the requirements set forth in the definition of Eligible Receivables.
C. All Inventory shown on each Borrowing Base Certificate shall conform to the requirements of the definition of Eligible Inventory, shall be the Operating Subsidiaries' exclusive property and shall be valued at the lower of cost or market value.
D. Borrower agrees to furnish to Administrative Agent any information which it may reasonably request regarding the determination and calculation of the Borrowing Base including, without limitation, correct and complete copies of any material invoices, underlying agreements, instruments or other documents and the identity of all obligors.
E. The Administrative Agent may, at any time that it in good faith believes that the Total Utilization of the Revolving Loan Commitments exceeds the Borrowing Base reflected in the most recent Borrowing Base Certificate delivered by Borrower, require Borrower to, and Borrower may at any time elect to, submit an updated Borrowing Base Certificate and/or reevaluate the value of any item included in the Borrowing Base in accordance with the definition of such item as set forth in subsection 1.1, including, without limitation, the creditworthiness of any obligor relating to any item included in the Borrowing Base. The Administrative Agent may determine, as a result of any such reevaluation, to ...
Determination of Borrowing Base. (i) The Lenders agree severally and not jointly, subject to the terms and conditions of this Agreement, from time to time, to make loans and advances to the Borrowers hereunder on a revolving basis. The aggregate amount of such loans and advances to the Borrowers (each, a "Revolving Loan"; and collectively, the "Revolving Loans") together with the Letter of Credit Obligations outstanding with respect to the Letters of Credit shall not in the aggregate exceed the lesser of:
(A) the Revolving Credit Committed Amount then in effect; or
(B) the Borrowing Base.
(ii) No Lender shall be obligated at any time to make available to the Borrowers its Applicable Percentage of any requested Revolving Loan if such amount plus its Applicable Percentage of all Revolving Loans and its Applicable Percentage of all Letter of Credit Obligations then outstanding would exceed such Lender's Revolving Credit Commitment at such time. The aggregate balance of Revolving Loans plus the aggregate amount of all Letter of Credit Obligations outstanding shall not at any time exceed the Revolving Credit Committed Amount. No Lender shall be obligated to make available, nor shall the Administrative Agent make available, any Revolving Loans to any of the Borrowers to the extent such Revolving Loan when added to the then outstanding Revolving Loans and all Letter of Credit Obligations would cause the aggregate outstanding Revolving Loans and all Letter of Credit Obligations to exceed the Borrowing Base (except for Overadvances). The Borrowers shall promptly repay to the Administrative Agent for the account of the Lenders from time to time the full amount of the excess, if any of (A) the amount of all Revolving Loans and Letter of Credit Obligations outstanding over (B) the lesser of (1) the Revolving Credit Committed Amount and (2) the Borrowing Base subject to the Administrative Agent's authority, in its sole discretion, to make Overadvances pursuant to the terms of Section 2.1(f). Revolving Loans may be repaid and reborrowed in accordance with the provisions hereof.
Determination of Borrowing Base. (i) The Lenders agree, subject to the terms and conditions of this Credit Agreement, from time to time, to make loans and advances to the Borrowers hereunder on a revolving basis. Such loans and advances to the Borrowers (each, a "Revolving Loan"; and collectively, the "Revolving Loans"), together with the Letter of Credit Obligations outstanding, shall not in the aggregate exceed the lesser of:
(A) the Revolving Credit Committed Amount then in effect; or
(B) the following amount (the "Borrowing Base") calculated as follows:
(1) an amount equal to up to 85% of the then Eligible Accounts Receivable; plus
(2) an amount equal to the sum of (a) up to 45% of the Eligible Inventory consisting of Mom and Pops country hams, plus (b) up to 55% of the Eligible Inventory consisting of Pierre Foods/Claremont location raw materials, plus (c) up to 65% of the Eligible Inventory consisting of Pierre Foods/Cincinnati location raw materials, plus (d) up to 55% of the Eligible Inventory consisting of Smokehouse finished goods, plus (e) up to 50% of the Eligible Inventory consisting of Pierre Foods/Claremont location bakery finished goods, plus (f) up to 65% of the Eligible Inventory consisting of Pierre Foods/Cincinnati location finished goods; plus
(3) an amount equal to up to 70% of the Eligible Equipment and Eligible Real Property determined as of its initial inclusion into the Borrowing Base; provided, however, that on the last day of each calendar quarter such initial amount shall be reduced by an amount equal to 1/28th of such initial amount; and provided, further, that no more than $2,500,000 shall be included in the Borrowing Base with respect to Approved Restaurants during each of the first two years following the Closing Date; minus
(4) reserves established by the Agent from time to time in its reasonable discretion, including, without limitation, reserves against the Unsecured Letters of Credit. Subject to the relevant terms and provisions set forth herein, the Agent at all times shall be entitled to reduce or increase the advance rates (but not in excess of the advance rates set forth in clauses (1) through (3) immediately above) and standards of eligibility under this Credit Agreement, in each case in its reasonable discretion.
(ii) No Lender shall be obligated at any time to make available to the Borrowers its Revolving Credit Commitment Percentage of any requested Revolving Loan if such amount plus its Revolving Credit Commitment Percentage of all Revolving L...
Determination of Borrowing Base. (A) Subject to Subsection 2.5(B): (i) the aggregate unpaid principal amount of the Revolving Loans made to a Borrower shall not in the aggregate exceed at any time the least of (A) the Total Revolving Commitments then in effect minus the aggregate amount of all Letter of Credit Obligations with respect to all Borrowers and minus the aggregate unpaid principal amount of all Revolving Loans made to all other Borrowers, (B) the "Current Asset Base" (as defined below) of such Borrower or (C) such Borrower's Sublimit, if any, minus the aggregate amount of Letter of Credit Obligations with respect to Letters of Credit issued for the account of such Borrower; and (ii) the aggregate unpaid principal amount of all Revolving Loans shall not in the aggregate exceed at any time the least of (A) the Total Revolving Commitments then in effect minus the aggregate amount of all Letter of Credit Obligations with respect to all Borrowers, (B) the sum of the "Current Asset Base" (as defined below) of all Borrowers or (C) if there is a Sublimit for each Borrower, the sum of each Borrower's Sublimit minus the aggregate amount of all Letter of Credit Obligations with respect to all Borrowers.
(B) As used herein, "Current Asset Base" shall mean the following with respect to the Borrower specified:
Determination of Borrowing Base. Subject to the limitations and adjustments set forth in this Article 3, the “Borrowing Base” shall equal the sum of the Borrowing Base Value allocated to each of the Qualified Properties comprising Eligible Collateral. As used herein, “Borrowing Base Value” means, with respect to each Qualified Property comprising Eligible Collateral, the lesser of (i) the Value Advance, or (ii) the Cost Advance; provided, however, in no event shall the Borrowing Base Value allocated to any one (1) Qualified Property comprising Eligible Collateral exceed twenty percent (20%) of the greater of (a) the Borrowing Base, or (b) the Aggregate Commitment.
Determination of Borrowing Base. The amount of the Borrowing Base shall be the amount specified on the most recently delivered Borrowing Base Certificate, absent manifest error. Notwithstanding anything to the contrary contained herein, if a Borrowing Base Certificate is not delivered at the time specified in Subsection 6.1.7 (Borrowing Base Certificate), the Borrower shall not be entitled to request RC Loans until such time as the Borrowing Base Certificate is so delivered.
Determination of Borrowing Base. (a) Subject to Section 2.2(b) ------------------------------- and Section
Determination of Borrowing Base. Within 15 days after the Administrative Agent’s receipt of each Borrowing Base Report and other items to be delivered pursuant to Section 5.1.5 (but without being bound by the calculations set forth therein), or as promptly thereafter as is practical, the Administrative Agent shall determine the amount of the Borrowing Base. The Administrative Agent may at any other time, and shall at any time upon the request of the Majority Banks, redetermine the amount of the Borrowing Base in the event of changes in the items comprising the Borrowing Base, including (i) changes in the Appraised Value of any Mortgaged Properties, the Net Orderly Liquidation Value of Rolling Stock or the depreciated book value of Rolling Stock acquired subsequent to the most recent desktop appraisal of the Borrower’s Rolling Stock pursuant to Section 5.2.4, (ii) Transfers of Rolling Stock, and (iii) changes in the accounts constituting Eligible Accounts. Upon each determination of the Borrowing Base, the Administrative Agent shall give notice to the Borrower and each of the Banks of the redetermined amount of the Borrowing Base and the Available Borrowing Base then in effect.
