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 means the initial Field Examination with respect to Loan Parties performed for Agent by Xxxxx prior to the Closing Date. “Initial Inventory Appraisal” shall mean shall mean the initial Field Examination with respect to Loan Parties performed for Agent by Xxxxx prior to 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 company (a) becomes the subject of an Insolvency Proceeding (including any proceeding under the Bankruptcy Code), 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 be 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 company 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 Law” shall mean as applicable, (a) the Bankruptcy Code and (b) any other federal, state, provincial or foreign Law regarding insolvency or bankruptcy or for the relief or reorganization or administration or receivership or liquidation of debtors and/or their assets or liabilities or affecting creditors’ rights generally. “Insolvency Proceeding” shall mean (a) any voluntary or involuntary case, receivership, administration, liquidation, or other similar case or proceedings under any Insolvency Law (whether or not o...
Examples of Initial Field Exam in a sentence
For the three and six months ended June 30, 2022, the Company recognized less than $0.1 million in realized gains and losses.
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.
The Borrowing Base will be subject to adjustment based upon the results of the Initial Field Exam as required under Section 9.12 below.
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.
Unless a Plan specifies otherwise, a Use‐By Date of one year applies to all Prepaid Plans.
More Definitions of Initial Field Exam
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 (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 has the meaning specified in Section 6.19(b).
Initial Field Exam means the initial Field Examination with respect to Loan Parties performed for Agent by Hilco prior to the Closing Date. “Initial Inventory Appraisal” shall mean shall mean the initial Field Examination with respect to Loan Parties performed for Agent by Hilco prior to the
Initial Field Exam means, the field examination of the Company and its Subsidiaries commenced prior to the Closing Date by representatives of the Agent, which field examination shall include, but not be limited to, reviews of accounts receivable, inventory, accounts payable, taxes and insurance.
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 has the meaning specified therefor in Section 5.03.