Initial Field Exam definition

Initial Field Exam means a field examination of the Borrowers completed by Hilco Valuation Services.

Initial Field Exam means a field exam prepared by one or more third parties that are reasonably satisfactory to the Administrative Agent (it being understood and agreed that Hilco Valuation Services is acceptable to the Administrative Agent).

Initial Field Exam has the meaning specified in Section 6.19(b).

Examples of Initial Field Exam in a sentence

• The Borrowing Base will be subject to adjustment based upon the results of the Initial Field Exam as required under Section 9.12 below.

• Following the Initial Field Exam and after each subsequent field examination or audit Lender shall review the Dilution Reserve and adjust the Dilution Reserve based on the results of such examination or audit as Lender deems appropriate in Lender’s sole discretion.

• In addition to the Initial Field Exam in Section 9.12 above, The Borrowers shall allow the Lender, at the Borrowers’ sole expense (no more than once a year so long as no Event of Default has occurred and is continuing), to conduct an annual field examination of the assets and records of the Borrowers, the results of which must be satisfactory to the Lender in the Lender’s sole and absolute discretion.

• The Borrowing Base determined on the Closing Date shall be adjusted in connection with the results of the Initial Field Exam required under this Section 9.12.

• The Administrative Agent and the Lenders shall have received results satisfactory to them with respect to (i) judgment, tax, bankruptcy and lien searches against the Company and each of the Encumbered Guarantors, and (ii) to the extent completed through the Closing Date, the Initial Field Exam.

More Definitions of Initial Field Exam

Initial Field Exam means the first full field examination of Borrowers’ Receivables and Inventory completed by Agent (or on behalf of Agent), whether occurring or completed prior to or after the Closing Date. “Insolvency Event” shall mean, with respect to any Person, including without limitation any Lender, such Person or such Person’s direct or indirect Parent (a) becomes the subject of a bankruptcy or insolvency proceeding (including any proceeding under any Insolvency Law), or regulatory restrictions, (b) has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it or has called a meeting of its creditors, (c) admits in writing its inability, or is generally unable, to pay its debts as they become due or ceases operations of its present business, (d) with respect to a Lender, such Xxxxxx is unable to perform hereunder due to the application of Applicable Law, or (e) in the good faith determination of Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment of a type described in clauses (a) or (b), provided that an Insolvency Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person or such Person’s direct or indirect Parent by a Governmental Body or instrumentality thereof if, and only if, such ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Body or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person. “Insolvency Laws” shall mean any of Title 11 of the United States Code, the Bankruptcy and Insolvency Act (Canada), the Companies’ Creditors Arrangement Act (Canada), the Winding-Up and Restructuring Act (Canada), each as now and hereafter in effect, any successors to such statutes and any other applicable insolvency, bankruptcy, liquidation, reorganization, moratorium, arrangement or relief of debtor or other similar law of any jurisdiction affecting creditors’ rights, including the Canada Business Corporations Act (Canada) or other provincial or territorial corporate laws, where such statute is used by a Person to propose a...

Initial Field Exam means the initial Field Exam engaged by the Agent; provided that the Initial Field Exam shall be completed within one hundred twenty (120) days of the Closing Date 36 (which date may be extended (x) automatically by sixty (60) days if it is not commercially feasible to conduct a Field Exam within one hundred twenty (120) days of the Closing Date as a result of the COVID-19 pandemic or related events or (y) by the Agent in its sole discretion); provided further, that, the Initial Field Exam shall outline the Inventory Reserves.

Initial Field Exam means the initial Field Examination with respect to Loan Parties performed for Agent by Hilco prior to the Closing Date.

Initial Field Exam means the first full field examination of Borrowers’ Receivables and Inventory completed by Agent (or on behalf of Agent), whether occurring or completed prior to or after the Closing Date. ​ ​

Initial Field Exam means the field examination of the Collateral Grantor Subsidiaries' Accounts Receivable being conducted by the Administrative Agent contemporaneously with the Effective Date, although not to be completed until after the Effective Date.

Initial Field Exam means the initial Field Exam engaged by the Agent; provided that the Initial Field Exam shall be completed within one hundred twenty (120) days of the Closing Date

Initial Field Exam means the first full field examination of Borrowers’ Receivables and Inventory completed by Agent (or on behalf of Agent), whether occurring or completed prior to or after the Closing Date.