{"component": "clause", "props": {"groups": [{"size": 39, "snippet_links": [{"key": "calendar-month", "type": "clause", "offset": [15, 29]}, {"key": "following-the", "type": "definition", "offset": [42, 55]}, {"key": "fiscal-quarter", "type": "definition", "offset": [68, 82]}, {"key": "testing-period", "type": "definition", "offset": [144, 158]}, {"key": "agent-shall", "type": "definition", "offset": [181, 192]}, {"key": "to-value", "type": "definition", "offset": [270, 278]}, {"key": "number-of", "type": "definition", "offset": [284, 293]}, {"key": "unquoted-investments", "type": "definition", "offset": [294, 314]}, {"key": "aggregate-value", "type": "clause", "offset": [380, 395]}, {"key": "equal-to", "type": "definition", "offset": [410, 418]}, {"key": "calculation-amount", "type": "definition", "offset": [423, 441]}, {"key": "agrees-to", "type": "clause", "offset": [468, 477]}, {"key": "the-borrower", "type": "clause", "offset": [485, 497]}, {"key": "valuation-of", "type": "clause", "offset": [699, 711]}, {"key": "the-value", "type": "clause", "offset": [737, 746]}, {"key": "borrowing-base", "type": "definition", "offset": [779, 793]}], "samples": [{"hash": "5zayssgtY6A", "uri": "/contracts/5zayssgtY6A#testing-of-values", "label": "Senior Secured Revolving Credit Agreement (Sixth Street Lending Partners)", "score": 37.3422317505, "published": true}, {"hash": "21MvuE5gAyc", "uri": "/contracts/21MvuE5gAyc#testing-of-values", "label": "Senior Secured Revolving Credit Agreement (Sixth Street Specialty Lending, Inc.)", "score": 37.3394927979, "published": true}, {"hash": "adraXd4akmt", "uri": "/contracts/adraXd4akmt#testing-of-values", "label": "Senior Secured Revolving Credit Agreement (Sixth Street Lending Partners)", "score": 36.8439407349, "published": true}], "snippet": "For the second calendar month immediately following the end of each fiscal quarter (the last such fiscal quarter is referred to herein as, the \u201cTesting Period\u201d), the Administrative Agent shall cause an Approved Third-Party Appraiser selected by the Administrative Agent to value such number of Unquoted Investments (selected by the Administrative Agent) that collectively have an aggregate Value approximately equal to the Calculation Amount. The Administrative Agent agrees to notify the Borrower of the Unquoted Investments selected by the Administrative Agent to be tested in each Testing Period. If there is a difference between the Borrower\u2019s valuation and the Approved Third-Party Appraiser\u2019s valuation of any Unquoted Investment, the Value of such Unquoted Investment for Borrowing Base purposes shall be established as set forth in sub-clause (F) below.", "hash": "21e6a34e1b8ce81d668885e0d02a843a", "id": 1}, {"size": 20, "snippet_links": [{"key": "calendar-month", "type": "clause", "offset": [15, 29]}, {"key": "following-the", "type": "definition", "offset": [42, 55]}, {"key": "fiscal-quarter", "type": "definition", "offset": [68, 82]}, {"key": "testing-quarter", "type": "definition", "offset": [144, 159]}, {"key": "agent-shall", "type": "definition", "offset": [182, 193]}, {"key": "to-value", "type": "definition", "offset": [271, 279]}, {"key": "number-of", "type": "definition", "offset": [285, 294]}, {"key": "unquoted-investments", "type": "definition", "offset": [295, 315]}, {"key": "aggregate-value", "type": "clause", "offset": [381, 396]}, {"key": "equal-to", "type": "definition", "offset": [411, 419]}, {"key": "calculation-amount", "type": "definition", "offset": [424, 442]}, {"key": "the-borrower", "type": "clause", "offset": [477, 489]}, {"key": "valuation-of", "type": "clause", "offset": [543, 555]}, {"key": "the-value", "type": "clause", "offset": [581, 590]}, {"key": "borrowing-base", "type": "definition", "offset": [623, 637]}], "samples": [{"hash": "bKbaITkH1pM", "uri": "/contracts/bKbaITkH1pM#testing-of-values", "label": "Senior Secured Revolving Credit Agreement", "score": 31.3408622742, "published": true}, {"hash": "2Hzj8wck39s", "uri": "/contracts/2Hzj8wck39s#testing-of-values", "label": "Credit Agreement (TCG Bdc, Inc.)", "score": 29.8459949493, "published": true}, {"hash": "9uYdJ5DH34M", "uri": "/contracts/9uYdJ5DH34M#testing-of-values", "label": "Credit Agreement (TCG Bdc, Inc.)", "score": 28.3538665771, "published": true}], "snippet": "For the second calendar month immediately following the end of each fiscal quarter (the last such fiscal quarter is referred to herein as, the \u201cTesting Quarter\u201d), the Administrative Agent shall cause an Approved Third-Party Appraiser selected by the Administrative Agent to value such number of Unquoted Investments (selected by the Administrative Agent) that collectively have an aggregate Value approximately equal to the Calculation Amount. If there is a difference between the Borrower\u2019s valuation and the Approved Third-Party Appraiser\u2019s valuation of any Unquoted Investment, the Value of such Unquoted Investment for Borrowing Base purposes shall be established as set forth in sub-clause (F) below.", "hash": "3200bca25353af22f46214e5f413d46b", "id": 2}, {"size": 16, "snippet_links": [{"key": "calendar-month", "type": "clause", "offset": [19, 33]}, {"key": "following-the", "type": "definition", "offset": [46, 59]}, {"key": "commencing-with-the", "type": "clause", "offset": [88, 107]}, {"key": "fiscal-quarter-ending", "type": "definition", "offset": [108, 129]}, {"key": "testing-quarter", "type": "definition", "offset": [205, 220]}, {"key": "agent-shall", "type": "definition", "offset": [243, 254]}, {"key": "to-value", "type": "definition", "offset": [332, 340]}, {"key": "number-of", "type": "definition", "offset": [346, 355]}, {"key": "unquoted-investments", "type": "definition", "offset": [356, 376]}, {"key": "aggregate-value", "type": "clause", "offset": [442, 457]}, {"key": "equal-to", "type": "definition", "offset": [472, 480]}, {"key": "calculation-amount", "type": "definition", "offset": [485, 503]}, {"key": "the-borrower", "type": "clause", "offset": [538, 550]}, {"key": "valuation-of", "type": "clause", "offset": [604, 616]}, {"key": "the-value", "type": "clause", "offset": [642, 651]}, {"key": "the-third-sentence", "type": "clause", "offset": [764, 782]}, {"key": "for-the-avoidance-of-doubt", "type": "clause", "offset": [811, 837]}, {"key": "the-valuation", "type": "clause", "offset": [839, 852]}, {"key": "at-the-end-of-the", "type": "clause", "offset": [1027, 1044]}, {"key": "borrowing-base-certificate", "type": "definition", "offset": [1129, 1155]}, {"key": "to-the-extent", "type": "clause", "offset": [1157, 1170]}, {"key": "provided-that", "type": "clause", "offset": [1223, 1236]}, {"key": "business-days", "type": "definition", "offset": [1312, 1325]}, {"key": "the-applicable", "type": "clause", "offset": [1363, 1377]}, {"key": "monthly-accounting-period", "type": "definition", "offset": [1378, 1403]}, {"key": "monthly-period", "type": "clause", "offset": [1581, 1595]}, {"key": "third-party-appraiser", "type": "definition", "offset": [1641, 1662]}, {"key": "balance-of-the", "type": "clause", "offset": [1747, 1761]}, {"key": "portfolio-investment", "type": "definition", "offset": [1770, 1790]}, {"key": "for-illustrative-purposes", "type": "clause", "offset": [1793, 1818]}, {"key": "first-quarter", "type": "definition", "offset": [1855, 1868]}, {"key": "on-march", "type": "clause", "offset": [1876, 1884]}, {"key": "the-testing", "type": "definition", "offset": [1944, 1955]}, {"key": "for-purposes-of", "type": "clause", "offset": [2011, 2026]}, {"key": "scope-of-the", "type": "clause", "offset": [2043, 2055]}, {"key": "by-june", "type": "clause", "offset": [2403, 2410]}, {"key": "by-july", "type": "clause", "offset": [2572, 2579]}, {"key": "pursuant-to", "type": "clause", "offset": [2666, 2677]}, {"key": "the-portfolio", "type": "clause", "offset": [2749, 2762]}, {"key": "advance-rates", "type": "definition", "offset": [2772, 2785]}], "samples": [{"hash": "7y5hgZQ9zUV", "uri": "/contracts/7y5hgZQ9zUV#testing-of-values", "label": "Senior Secured Revolving Credit Agreement (Lafayette Square USA, Inc.)", "score": 36.3264884949, "published": true}, {"hash": "cs4pdobbpJE", "uri": "/contracts/cs4pdobbpJE#testing-of-values", "label": "Senior Secured Revolving Credit Agreement (Lafayette Square USA, Inc.)", "score": 35.729637146, "published": true}, {"hash": "cqdA6UVap8n", "uri": "/contracts/cqdA6UVap8n#testing-of-values", "label": "Senior Secured Revolving Credit Agreement (Lafayette Square USA, Inc.)", "score": 35.4804916382, "published": true}], "snippet": "(1) For the second calendar month immediately following the end of each fiscal quarter (commencing with the fiscal quarter ending June 30, 2024) (the last such fiscal quarter is referred to herein as the \u201cTesting Quarter\u201d), the Administrative Agent shall cause an Approved Third-Party Appraiser selected by the Administrative Agent to value such number of Unquoted Investments (selected by the Administrative Agent) that collectively have an aggregate Value approximately equal to the Calculation Amount. If there is a difference between the Borrower\u2019s valuation and the Approved Third-Party Appraiser\u2019s valuation of any Unquoted Investment, the Value of such Unquoted Investment for Portfolio Leverage Borrowing Base purposes shall be established as set forth in the third sentence of subclause (K) below.\n(2) For the avoidance of doubt, the valuation of any Approved Third-Party Appraiser selected by the Administrative Agent would not be as at, or delivered at, the end of any fiscal quarter. Any such valuation would be as at the end of the second month immediately following any fiscal quarter and would be reflected in the Borrowing Base Certificate (to the extent required under subclause (K) below) for such month (provided that such Approved Third-Party Appraiser delivers such valuation at least seven Business Days before the 20th day after the end of the applicable monthly accounting period and, if such valuation is delivered after such time, it shall be included in the Borrowing Base Certificate (to the extent required under subclause (K) below) for the following monthly period (if a more recent valuation from an Approved Third Party Appraiser has not been otherwise provided as at such date) and applied to the then applicable balance of the related Portfolio Investment). For illustrative purposes, if the given fiscal quarter is the first quarter ending on March 31, 2024, then (A) the Administrative Agent would initiate the testing of Values (using the March 31, 2024 Calculation Amount for purposes of determining the scope of the testing under subclause (E)(x)) during the month of May with the anticipation of receiving the valuations from the Approved Third-Party Appraiser(s) on or after May 31, 2024 and (B)(xx) if such valuations were received before the 7th Business Day before June 20, 2024, such valuations would be included in the Borrowing Base Certificate delivered by June 20, 2024 covering the month of May, or (yy) if such valuations were received after such time, they would be included in the Borrowing Base Certificate delivered by July 20, 2024 for the month of June. For the avoidance of doubt, all calculations of value pursuant to this Section 5.12(b)(ii)(G) shall be determined without application of the Portfolio Leverage Advance Rates.", "hash": "7a20cfff27d82c1156507dcdfa9004c7", "id": 3}, {"size": 12, "snippet_links": [{"key": "prior-to-the", "type": "clause", "offset": [23, 35]}, {"key": "fiscal-quarter", "type": "definition", "offset": [48, 62]}, {"key": "testing-quarter", "type": "definition", "offset": [124, 139]}, {"key": "agent-shall", "type": "definition", "offset": [162, 173]}, {"key": "portfolio-investments", "type": "definition", "offset": [225, 246]}, {"key": "borrowing-base", "type": "definition", "offset": [263, 277]}, {"key": "available-to", "type": "definition", "offset": [322, 334]}, {"key": "aggregate-value", "type": "clause", "offset": [445, 460]}, {"key": "equal-to", "type": "definition", "offset": [475, 483]}, {"key": "calculation-amount", "type": "definition", "offset": [488, 506]}, {"key": "for-the-avoidance-of-doubt", "type": "clause", "offset": [508, 534]}, {"key": "advance-rates", "type": "definition", "offset": [649, 662]}, {"key": "the-testing", "type": "definition", "offset": [664, 675]}, {"key": "timing-of", "type": "clause", "offset": [727, 736]}, {"key": "by-the-board-of-directors", "type": "clause", "offset": [762, 787]}, {"key": "of-the-borrower", "type": "clause", "offset": [788, 803]}, {"key": "pursuant-to-section", "type": "definition", "offset": [804, 823]}], "samples": [{"hash": "fT3oIdcq4zj", "uri": "/contracts/fT3oIdcq4zj#testing-of-values", "label": "Senior Secured Revolving Credit Agreement (Goldman Sachs BDC, Inc.)", "score": 29.7118415833, "published": true}, {"hash": "aSmM1DyaTub", "uri": "/contracts/aSmM1DyaTub#testing-of-values", "label": "Senior Secured Revolving Credit Agreement (Goldman Sachs BDC, Inc.)", "score": 29.1423683167, "published": true}, {"hash": "5OkRTP63sWF", "uri": "/contracts/5OkRTP63sWF#testing-of-values", "label": "Senior Secured Revolving Credit Agreement (Goldman Sachs Middle Market Lending Corp.)", "score": 28.7015743256, "published": true}], "snippet": "At least six (6) weeks prior to the end of each fiscal quarter (the last such fiscal quarter is referred to herein as, the \u201cTesting Quarter\u201d), the Administrative Agent shall select (and inform the Borrower of) the particular Portfolio Investments included in the Borrowing Base for which market quotations are not readily available to be valued by an Approved Third-Party Appraiser selected by the Administrative Agent that collectively have an aggregate Value approximately equal to the Calculation Amount. For the avoidance of doubt, all calculations of value pursuant to this Section 5.12(b)(ii)(E) shall be determined without application of the Advance Rates. The Testing Quarter shall not be required to coincide with the timing of any valuations conducted by the Board of Directors of the Borrower pursuant to Section 5.12(b)(ii)(B).", "hash": "b62236c0b740ff6ea6fecd8920711fb8", "id": 4}, {"size": 10, "snippet_links": [{"key": "day-of", "type": "clause", "offset": [15, 21]}, {"key": "fiscal-quarter", "type": "definition", "offset": [27, 41]}, {"key": "valuation-testing-date", "type": "definition", "offset": [48, 70]}, {"key": "testing-period", "type": "definition", "offset": [137, 151]}, {"key": "agent-shall", "type": "definition", "offset": [174, 185]}, {"key": "to-value", "type": "definition", "offset": [263, 271]}, {"key": "number-of", "type": "definition", "offset": [277, 286]}, {"key": "unquoted-investments", "type": "definition", "offset": [287, 307]}, {"key": "aggregate-value", "type": "clause", "offset": [373, 388]}, {"key": "equal-to", "type": "definition", "offset": [403, 411]}, {"key": "calculation-amount", "type": "definition", "offset": [416, 434]}, {"key": "an-event-of-default", "type": "definition", "offset": [459, 478]}, {"key": "borrowing-base", "type": "definition", "offset": [620, 634]}, {"key": "with-respect-to", "type": "clause", "offset": [636, 651]}, {"key": "pursuant-to-a", "type": "definition", "offset": [793, 806]}, {"key": "similar-to", "type": "definition", "offset": [825, 835]}, {"key": "revolving-credit-facility", "type": "clause", "offset": [871, 896]}, {"key": "borrower-a", "type": "definition", "offset": [920, 930]}, {"key": "valuation-of", "type": "clause", "offset": [931, 943]}, {"key": "period-from", "type": "definition", "offset": [977, 988]}, {"key": "by-the-agent", "type": "clause", "offset": [1033, 1045]}, {"key": "the-lenders", "type": "clause", "offset": [1050, 1061]}, {"key": "in-lieu-of", "type": "clause", "offset": [1184, 1194]}, {"key": "reasonable-discretion", "type": "definition", "offset": [1291, 1312]}, {"key": "acting-in-good-faith", "type": "clause", "offset": [1317, 1337]}, {"key": "the-interests", "type": "clause", "offset": [1398, 1411]}, {"key": "provided-that", "type": "clause", "offset": [1428, 1441]}, {"key": "for-the-avoidance-of-doubt", "type": "clause", "offset": [1443, 1469]}, {"key": "for-any-reason", "type": "clause", "offset": [1682, 1696]}, {"key": "pursuant-to-the", "type": "definition", "offset": [1784, 1799]}, {"key": "agrees-to", "type": "clause", "offset": [1889, 1898]}, {"key": "notify-the", "type": "clause", "offset": [1899, 1909]}, {"key": "in-writing", "type": "clause", "offset": [1919, 1929]}, {"key": "the-valuation", "type": "clause", "offset": [2064, 2077]}, {"key": "agreed-to", "type": "definition", "offset": [2114, 2123]}, {"key": "the-administrative-agent-and-the-borrower", "type": "clause", "offset": [2132, 2173]}, {"key": "the-value", "type": "clause", "offset": [2313, 2322]}], "samples": [{"hash": "9TAw9YODt2J", "uri": "/contracts/9TAw9YODt2J#testing-of-values", "label": "Senior Secured Revolving Credit Agreement (Bain Capital Private Credit)", "score": 35.9760437012, "published": true}, {"hash": "iYTIvtRRZ10", "uri": "/contracts/iYTIvtRRZ10#testing-of-values", "label": "Revolving Credit Agreement (Bain Capital Private Credit)", "score": 35.0068435669, "published": true}], "snippet": "As of the last day of each fiscal quarter (the \u201cValuation Testing Date\u201d, and the last such fiscal quarter is referred to herein as, the \u201cTesting Period\u201d), the Administrative Agent shall cause an Approved Third-Party Appraiser selected by the Administrative Agent to value such number of Unquoted Investments (selected by the Administrative Agent) that collectively have an aggregate Value approximately equal to the Calculation Amount; provided, that, unless an Event of Default has occurred and is continuing, such Unquoted Investments selected by the Administrative Agent shall be Investments that are included in the Borrowing Base. With respect to any Unquoted Investment selected for testing by the Administrative Agent, if the Administrative Agent or any Affiliate thereof has received, pursuant to a testing provision similar to this Section 5.12(b)(ii)(E) in any revolving credit facility of an Affiliate of the Borrower a valuation of such investment for such Testing Period from any Approved Third-Party Appraiser selected by the agent for the lenders under such revolving credit facility (a \u201cSeparate Valuation\u201d), the Administrative Agent shall use such Separate Valuation in lieu of causing an Approved Third-Party Appraiser to value such investment, unless it determines in its reasonable discretion and acting in good faith that the use of such Separate Valuation would be adverse to the interests of the Lenders; provided that, for the avoidance of doubt, the Administrative Agent shall not be required to use such Separate Valuation in lieu of causing an Approved Third-Party Appraiser to value such investment if the Administrative Agent has not actually received, for any reason, such Separate Valuation. Any such Separate Valuation used by the Administrative Agent pursuant to the preceding sentence shall be included in the Calculation Amount. The Administrative Agent agrees to notify the Borrower in writing of the Unquoted Investments selected by the Administrative Agent to be tested in each Testing Period, not later than 15 days prior to the Valuation Testing Date (or such later date as agreed to between the Administrative Agent and the Borrower). If there is a difference between the Borrower\u2019s valuation and the Approved Third-Party Appraiser\u2019s valuation of any Unquoted Investment, the Value of such Unquoted Investment for Borrowing Base purposes shall be established as set forth in sub-clause (F) below.", "hash": "d8f8324378c6f2bf56118f9898ad999f", "id": 5}, {"size": 5, "snippet_links": [{"key": "prior-to-the", "type": "clause", "offset": [23, 35]}, {"key": "commencing-with-the", "type": "clause", "offset": [64, 83]}, {"key": "fiscal-quarter-ending", "type": "definition", "offset": [84, 105]}, {"key": "testing-period", "type": "definition", "offset": [185, 199]}, {"key": "the-administrative-agent", "type": "definition", "offset": [203, 227]}, {"key": "reasonable-discretion", "type": "definition", "offset": [235, 256]}, {"key": "unquoted-investments", "type": "definition", "offset": [314, 334]}, {"key": "borrowing-base", "type": "definition", "offset": [351, 365]}, {"key": "aggregate-value", "type": "clause", "offset": [479, 494]}, {"key": "equal-to", "type": "definition", "offset": [509, 517]}, {"key": "calculation-amount", "type": "definition", "offset": [522, 540]}, {"key": "for-the-avoidance-of-doubt", "type": "clause", "offset": [542, 568]}, {"key": "advance-rates", "type": "definition", "offset": [683, 696]}, {"key": "the-testing", "type": "definition", "offset": [698, 709]}, {"key": "timing-of", "type": "clause", "offset": [760, 769]}, {"key": "by-the-board-of-directors", "type": "clause", "offset": [795, 820]}, {"key": "of-the-borrower", "type": "clause", "offset": [821, 836]}, {"key": "pursuant-to-section", "type": "definition", "offset": [837, 856]}, {"key": "costs-of", "type": "definition", "offset": [917, 925]}], "samples": [{"hash": "jgrDGAsAkSD", "uri": "/contracts/jgrDGAsAkSD#testing-of-values", "label": "Senior Secured Revolving Credit Agreement (North Haven Private Income Fund a LLC)", "score": 34.6646118164, "published": true}, {"hash": "63oGsvnMTyA", "uri": "/contracts/63oGsvnMTyA#testing-of-values", "label": "Senior Secured Revolving Credit Agreement (North Haven Private Income Fund a LLC)", "score": 33.6146469116, "published": true}], "snippet": "At least six (6) weeks prior to the end of each fiscal quarter, commencing with the fiscal quarter ending December 31, 2023 (the last such fiscal quarter is referred to herein as, the \u201cTesting Period\u201d), the Administrative Agent in its reasonable discretion shall select (and inform the Borrower of) the particular Unquoted Investments included in the Borrowing Base to be valued by an Approved Third-Party Appraiser selected by the Administrative Agent that collectively have an aggregate Value approximately equal to the Calculation Amount. For the avoidance of doubt, all calculations of value pursuant to this Section 5.12(b)(ii)(E) shall be determined without application of the Advance Rates. The Testing Period shall not be required to coincide with the timing of any valuations conducted by the Board of Directors of the Borrower pursuant to Section 5.12(b)(ii)(B). The reasonable and documented out-of-pocket costs of any such valuation shall be at the expense of the Borrower.", "hash": "80720aaaef9959705ef7f104309590bf", "id": 6}, {"size": 4, "snippet_links": [{"key": "calendar-month", "type": "clause", "offset": [14, 28]}, {"key": "following-the", "type": "definition", "offset": [41, 54]}, {"key": "fiscal-quarter", "type": "definition", "offset": [67, 81]}, {"key": "testing-period", "type": "definition", "offset": [143, 157]}, {"key": "agent-shall", "type": "definition", "offset": [180, 191]}, {"key": "an-agent", "type": "clause", "offset": [198, 206]}, {"key": "to-value", "type": "definition", "offset": [238, 246]}, {"key": "number-of", "type": "definition", "offset": [252, 261]}, {"key": "unquoted-investments", "type": "definition", "offset": [262, 282]}, {"key": "aggregate-value", "type": "clause", "offset": [348, 363]}, {"key": "equal-to", "type": "definition", "offset": [378, 386]}, {"key": "calculation-amount", "type": "definition", "offset": [391, 409]}, {"key": "an-event-of-default", "type": "definition", "offset": [434, 453]}, {"key": "borrowing-base", "type": "definition", "offset": [595, 609]}, {"key": "agrees-to", "type": "clause", "offset": [636, 645]}, {"key": "the-borrower", "type": "clause", "offset": [653, 665]}, {"key": "the-agent", "type": "clause", "offset": [830, 839]}, {"key": "valuation-of", "type": "clause", "offset": [873, 885]}, {"key": "the-value", "type": "clause", "offset": [911, 920]}], "samples": [{"hash": "iVPF71UaSUK", "uri": "/contracts/iVPF71UaSUK#testing-of-values", "label": "Senior Secured Credit Agreement (AB Private Lending Fund)", "score": 35.4668045044, "published": true}, {"hash": "5bm9xkpU57F", "uri": "/contracts/5bm9xkpU57F#testing-of-values", "label": "Senior Secured Revolving Credit Agreement (Barings Private Credit Corp)", "score": 34.9630393982, "published": true}], "snippet": "In the second calendar month immediately following the end of each fiscal quarter (the last such fiscal quarter is referred to herein as, the \u201cTesting Period\u201d), the Administrative Agent shall cause an Agent-Selected Third-Party Appraiser to value such number of Unquoted Investments (selected by the Administrative Agent) that collectively have an aggregate Value approximately equal to the Calculation Amount; provided, that, unless an Event of Default has occurred and is continuing, such Unquoted Investments selected by the Administrative Agent shall be Investments that are included in the Borrowing Base. The Administrative Agent agrees to notify the Borrower of the Unquoted Investments selected by the Administrative Agent to be tested in each Testing Period. If there is a difference between the Borrower\u2019s valuation and the Agent-Selected Third-Party Appraiser\u2019s valuation of any Unquoted Investment, the Value of such Unquoted Investment for Borrowing Base purposes shall be established as set forth in subclause (G) of this Section 5.12(b)(ii).", "hash": "78d0a982cb3cdc6cf2073e807fa0b2bd", "id": 7}, {"size": 4, "snippet_links": [{"key": "calendar-month", "type": "clause", "offset": [14, 28]}, {"key": "following-the", "type": "definition", "offset": [41, 54]}, {"key": "fiscal-quarter", "type": "definition", "offset": [67, 81]}, {"key": "day-of", "type": "clause", "offset": [92, 98]}, {"key": "valuation-testing-date", "type": "definition", "offset": [125, 147]}, {"key": "testing-period", "type": "definition", "offset": [189, 203]}, {"key": "agent-shall", "type": "definition", "offset": [226, 237]}, {"key": "right-to", "type": "clause", "offset": [247, 255]}, {"key": "an-agent", "type": "clause", "offset": [262, 270]}, {"key": "to-value", "type": "definition", "offset": [302, 310]}, {"key": "number-of", "type": "definition", "offset": [316, 325]}, {"key": "unquoted-investments", "type": "definition", "offset": [326, 346]}, {"key": "aggregate-value", "type": "clause", "offset": [412, 427]}, {"key": "equal-to", "type": "definition", "offset": [442, 450]}, {"key": "calculation-amount", "type": "definition", "offset": [455, 473]}, {"key": "an-event-of-default", "type": "definition", "offset": [498, 517]}, {"key": "borrowing-base", "type": "definition", "offset": [663, 677]}, {"key": "agrees-to", "type": "clause", "offset": [704, 713]}, {"key": "notify-the", "type": "clause", "offset": [714, 724]}, {"key": "in-writing", "type": "clause", "offset": [734, 744]}, {"key": "the-valuation", "type": "clause", "offset": [879, 892]}, {"key": "agreed-to", "type": "definition", "offset": [929, 938]}, {"key": "the-administrative-agent-and-the-borrower", "type": "clause", "offset": [947, 988]}, {"key": "valuation-of", "type": "clause", "offset": [1090, 1102]}, {"key": "the-value", "type": "clause", "offset": [1128, 1137]}], "samples": [{"hash": "1aN86k9P7C9", "uri": "/contracts/1aN86k9P7C9#testing-of-values", "label": "Senior Secured Credit Agreement (AGL Private Credit Income Fund)", "score": 36.0143737793, "published": true}], "snippet": "In the second calendar month immediately following the end of each fiscal quarter (the last day of such calendar month, the \u201cValuation Testing Date\u201d, and the last such fiscal quarter, the \u201cTesting Period\u201d), the Administrative Agent shall have the right to cause an Agent-Selected Third-Party Appraiser to value such number of Unquoted Investments (selected by the Administrative Agent) that collectively have an aggregate Value approximately equal to the Calculation Amount; provided, that, unless an Event of Default has occurred and is continuing, any such Unquoted Investments selected by the Administrative Agent shall be Investments that are included in the Borrowing Base. The Administrative Agent agrees to notify the Borrower in writing of the Unquoted Investments selected by the Administrative Agent to be tested in each Testing Period, not later than 15 days prior to the Valuation Testing Date (or such later date as agreed to between the Administrative Agent and the Borrower). If there is a difference between the Borrower\u2019s valuation and the Approved Third-Party Appraiser\u2019s valuation of any Unquoted Investment, the Value of such Unquoted Investment for Borrowing Base purposes shall be established as set forth in sub-clause (F) below.", "hash": "3b1f46341ceba6046940eef6a6ffca87", "id": 8}, {"size": 3, "snippet_links": [{"key": "calendar-month", "type": "clause", "offset": [15, 29]}, {"key": "following-the", "type": "definition", "offset": [42, 55]}, {"key": "fiscal-quarter", "type": "definition", "offset": [68, 82]}, {"key": "testing-period", "type": "definition", "offset": [144, 158]}, {"key": "the-administrative-agent", "type": "definition", "offset": [162, 186]}, {"key": "reasonable-discretion", "type": "definition", "offset": [194, 215]}, {"key": "unquoted-investments", "type": "definition", "offset": [273, 293]}, {"key": "borrowing-base", "type": "definition", "offset": [314, 328]}, {"key": "at-any-time", "type": "clause", "offset": [370, 381]}, {"key": "each-case", "type": "definition", "offset": [481, 490]}, {"key": "collateral-pool", "type": "definition", "offset": [544, 559]}, {"key": "pursuant-to-a", "type": "definition", "offset": [560, 573]}, {"key": "aggregate-value", "type": "clause", "offset": [682, 697]}, {"key": "equal-to", "type": "definition", "offset": [712, 720]}, {"key": "calculation-amount", "type": "definition", "offset": [725, 743]}, {"key": "the-testing", "type": "definition", "offset": [796, 807]}, {"key": "timing-of", "type": "clause", "offset": [858, 867]}, {"key": "by-the-board-of-directors", "type": "clause", "offset": [893, 918]}, {"key": "of-the-borrower", "type": "clause", "offset": [919, 934]}, {"key": "pursuant-to-section", "type": "definition", "offset": [935, 954]}, {"key": "agrees-to", "type": "clause", "offset": [996, 1005]}, {"key": "notify-the", "type": "clause", "offset": [1006, 1016]}, {"key": "for-the-avoidance-of-doubt", "type": "clause", "offset": [1128, 1154]}, {"key": "advance-rates", "type": "definition", "offset": [1269, 1282]}], "samples": [{"hash": "aTQKooxsAor", "uri": "/contracts/aTQKooxsAor#testing-of-values", "label": "Senior Secured Revolving Credit Agreement (Goldman Sachs BDC, Inc.)", "score": 37.3449707031, "published": true}, {"hash": "hwYCGDWN6Dx", "uri": "/contracts/hwYCGDWN6Dx#testing-of-values", "label": "Senior Secured Revolving Credit Agreement (Goldman Sachs BDC, Inc.)", "score": 36.48254776, "published": true}, {"hash": "7ECpJs5J2Cz", "uri": "/contracts/7ECpJs5J2Cz#testing-of-values", "label": "Senior Secured Revolving Credit Agreement (Goldman Sachs BDC, Inc.)", "score": 35.5023956299, "published": true}], "snippet": "For the second calendar month immediately following the end of each fiscal quarter (the last such fiscal quarter is referred to herein as, the \u201cTesting Period\u201d), the Administrative Agent in its reasonable discretion shall select (and inform the Borrower of) the particular Unquoted Investments (x) included in the Borrowing Base as of the end of such Testing Period, or at any time between the end of such Testing Period and the end of the immediately preceding Testing Period, in each case, unless such Unquoted Investment is no longer in the Collateral Pool pursuant to a transaction permitted hereunder, (y) selected by the Administrative Agent and (z) that collectively have an aggregate Value approximately equal to the Calculation Amount, to be valued by an Approved Third-Party Appraiser. The Testing Period shall not be required to coincide with the timing of any valuations conducted by the board of directors of the Borrower pursuant to Section 5.12(b)(ii)(B). The Administrative Agent agrees to notify the Borrower of the Unquoted Investments selected by the Administrative Agent to be tested in each Testing Period. For the avoidance of doubt, all calculations of value pursuant to this Section 5.12(b)(ii)(E) shall be determined without application of the Advance Rates.", "hash": "5c5074095768587e882cb57b8fde6070", "id": 9}, {"size": 2, "snippet_links": [{"key": "calendar-month", "type": "clause", "offset": [14, 28]}, {"key": "following-the", "type": "definition", "offset": [41, 54]}, {"key": "fiscal-quarter", "type": "definition", "offset": [67, 81]}, {"key": "valuation-testing-date", "type": "definition", "offset": [88, 110]}, {"key": "testing-period", "type": "definition", "offset": [177, 191]}, {"key": "agent-shall", "type": "definition", "offset": [214, 225]}, {"key": "an-agent", "type": "clause", "offset": [232, 240]}, {"key": "to-value", "type": "definition", "offset": [272, 280]}, {"key": "number-of", "type": "definition", "offset": [286, 295]}, {"key": "unquoted-investments", "type": "definition", "offset": [296, 316]}, {"key": "aggregate-value", "type": "clause", "offset": [382, 397]}, {"key": "equal-to", "type": "definition", "offset": [412, 420]}, {"key": "calculation-amount", "type": "definition", "offset": [425, 443]}, {"key": "an-event-of-default", "type": "definition", "offset": [468, 487]}, {"key": "borrowing-base", "type": "definition", "offset": [629, 643]}, {"key": "agrees-to", "type": "clause", "offset": [670, 679]}, {"key": "notify-the", "type": "clause", "offset": [680, 690]}, {"key": "in-writing", "type": "clause", "offset": [700, 710]}, {"key": "the-valuation", "type": "clause", "offset": [855, 868]}, {"key": "agreed-to", "type": "definition", "offset": [905, 914]}, {"key": "the-administrative-agent-and-the-borrower", "type": "clause", "offset": [923, 964]}, {"key": "the-agent", "type": "clause", "offset": [1029, 1038]}, {"key": "valuation-of", "type": "clause", "offset": [1072, 1084]}, {"key": "the-value", "type": "clause", "offset": [1110, 1119]}], "samples": [{"hash": "lxZ1pqFvYFo", "uri": "/contracts/lxZ1pqFvYFo#testing-of-values", "label": "Senior Secured Credit Agreement (AB Private Credit Investors Corp)", "score": 37.1505813599, "published": true}, {"hash": "iFqtBN8Z4nP", "uri": "/contracts/iFqtBN8Z4nP#testing-of-values", "label": "Senior Secured Credit Agreement (AB Private Credit Investors Corp)", "score": 36.8658447266, "published": true}], "snippet": "In the second calendar month immediately following the end of each fiscal quarter (the \u201cValuation Testing Date\u201d, and the last such fiscal quarter is referred to herein as, the \u201cTesting Period\u201d), the Administrative Agent shall cause an Agent-Selected Third-Party Appraiser to value such number of Unquoted Investments (selected by the Administrative Agent) that collectively have an aggregate Value approximately equal to the Calculation Amount; provided, that, unless an Event of Default has occurred and is continuing, such Unquoted Investments selected by the Administrative Agent shall be Investments that are included in the Borrowing Base. The Administrative Agent agrees to notify the Borrower in writing of the Unquoted Investments selected by the Administrative Agent to be tested in each Testing Period, not later than fifteen (15) days prior to the Valuation Testing Date (or such later date as agreed to between the Administrative Agent and the Borrower). If there is a difference between the Borrower\u2019s valuation and the Agent-Selected Third-Party Appraiser\u2019s valuation of any Unquoted Investment, the Value of such Unquoted Investment for Borrowing Base purposes shall be established as set forth in subclause (G) of this Section 5.12(b)(ii).", "hash": "42171d090b7bf2e5866f8112b6217b52", "id": 10}], "next_curs": "CloSVGoVc35sYXdpbnNpZGVyY29udHJhY3RzcjYLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2Ihp0ZXN0aW5nLW9mLXZhbHVlcyMwMDAwMDAwYQyiAQJlbhgAIAA=", "clause": {"size": 128, "children": [["value-dispute-resolution", "Value Dispute Resolution"], ["supplemental-testing-of-values", "Supplemental Testing of Values"], ["failure-of-administrative-agent-to-determine-values", "Failure of Administrative Agent to Determine Values"]], "title": "Testing of Values", "parents": [["portfolio-valuation-etc", "Portfolio Valuation Etc"], ["determination-of-values", "Determination of Values"], ["portfolio-valuation-and-diversification-etc", "Portfolio Valuation and Diversification Etc"], ["affirmative-covenants", "AFFIRMATIVE COVENANTS"], ["miscellaneous", "Miscellaneous"]], "id": "testing-of-values", "related": [["payment-for-goods-and-services", "PAYMENT FOR GOODS AND SERVICES", "PAYMENT FOR GOODS AND SERVICES"], ["eligible-goods-and-related-services", "Eligible Goods and Related Services", "Eligible Goods and Related Services"], ["payment-for-labor-and-materials", "Payment for Labor and Materials", "Payment for Labor and Materials"], ["contractor-sales-reporting-vendor-management-fee-contractor-reports", "Contractor Sales Reporting Vendor Management Fee Contractor Reports", "Contractor Sales Reporting Vendor Management Fee Contractor Reports"], ["payment-for-tips-sales", "Payment for TIPS Sales", "Payment for TIPS Sales"]], "related_snippets": [], "updated": "2026-05-15T04:24:17+00:00", "also_ask": [], "drafting_tip": null, "explanation": "The \"Testing of Values\" clause establishes the procedures and rights related to verifying the accuracy of quantities, measurements, or other values stated in a contract. Typically, this clause allows one or both parties to request tests or inspections to confirm that materials, work, or deliverables meet specified standards or quantities. For example, it may permit a buyer to have goods independently tested to ensure compliance with agreed specifications. The core function of this clause is to provide a clear mechanism for resolving disputes over values or measurements, thereby ensuring transparency and protecting both parties from errors or misrepresentations."}, "json": true, "cursor": ""}}