Net Recovery Rate means, with respect to Inventory at any time, the quotient (expressed as a percentage) of (i) the Net Orderly Liquidation Value of all Inventory owned by the Borrower and the Guarantors divided by (ii) the gross inventory cost of such Inventory, determined on the basis of the then most recently conducted third party inventory appraisal in form and substance, and performed by an independent appraisal firm, reasonably satisfactory to the Administrative Agent.
Net Recovery Rate means the appraised orderly liquidation value (on an “as is, where is” basis) of each Loan Party’s Eligible Inventory, net of costs and expenses estimated to be incurred in connection with such liquidation, which value is expressed as a percentage of the Inventory Value of Eligible Inventory and shall be determined by the Co-Collateral Agents from time to time based on the most recent appraisal provided by an independent third party appraiser retained by the Co-Collateral Agents in consultation with the Borrowers.
Net Recovery Rate means, with respect to (a) Inventory at any time, the quotient (expressed as a percentage) of (i) the Net Orderly Liquidation Value of all Inventory owned by the Credit Parties divided by (ii) the gross inventory cost of such Inventory, determined on the basis of the then most recently conducted third party inventory appraisal in form and substance, and performed by an independent appraisal firm, reasonably satisfactory to the Administrative Agent, and (b) Equipment at any time, the quotient (expressed as a percentage) of (i) the Net Orderly Liquidation Value of all Equipment owned by the Credit Parties divided by (ii) the gross cost of such Equipment, determined on the basis of the then most recently conducted third party appraisal in form and substance, and performed by an independent appraisal firm, reasonably satisfactory to the Administrative Agent.
Examples of Net Recovery Rate in a sentence
FEI will purchase the biomethane from Surrey at two different prices which are referred to as a Net Sale Rate and A Net Recovery Rate.
More Definitions of Net Recovery Rate
Net Recovery Rate means, at any time:
Net Recovery Rate means the “net recovery value percentage” or “net recovery rate” under an orderly liquidation scenario for the Inventory or Equipment, as applicable, of the applicable Credit Parties, as specifically set forth and described in the most recent “net orderly liquidation value” appraisal of such Inventory or Equipment, as applicable, received by and acceptable to the Administrative Agent in all respects. Notes shall mean the US Revolving Credit Notes, the Canadian Revolving Credit Notes and the Swingline Note. Note shall mean any one of such promissory notes. Obligations shall mean, without duplication, all obligations, liabilities and Indebtedness of the Borrowers and the Guarantors with respect to (a) the Security Documents and all other Loan Documents, including without limitation, (i) the principal of and interest on the Loans and (ii) the payment or performance of all other obligations, liabilities and Indebtedness of the Borrowers or the Guarantors to the Applicable Agent and the applicable Lenders hereunder, under the Notes, under the Letters of Credit, under the Applications or under any one or more of the other Loan Documents, including all fees, costs, expenses and indemnity obligations hereunder and thereunder, (b) all Hedging Obligations at any time entered into by the applicable Borrower or any of its Subsidiaries with JPMorgan, JPMorgan Canada, any other Lender or any of their respective Affiliates, and (c) all Cash Management Obligations. The Obligations include interest (including post-petition interest, whether or not such interest would be an allowable claim under any applicable bankruptcy or other similar proceeding) and other obligations accruing or arising after (a) commencement of any case under any bankruptcy or similar laws by or against any Borrower or any Guarantor or (b) the personal liability of any Borrower or any Guarantor for the Obligations shall be discharged or otherwise cease to exist by operation of law or for any other reason.
Net Recovery Rate means the quotient of (x) the estimated net income, payments and proceeds from the sale, exchange, collection or other disposition of each Loan Party's Inventory (as determined on a Net Orderly Liquidation Value basis), based on an appraisal provided by an appraiser retained or approved by the Administrative Agents in consultation with the Borrowers and (y) the cost of the Eligible Inventory as of the effective date of the estimate provided pursuant to clause (x) of this definition.
Net Recovery Rate means (a) the estimated amount that would be realized upon a net orderly liquidation of all Inventory of the Borrower at locations selected by the Administrative Agent (as such amount shall have been determined by the most recent analysis conducted by outside inventory appraisers retained or approved by the Administrative Agent) divided by (b) the Inventory Value of all Inventory at such locations. "PP&E Component" means, at the time of any determination, an amount equal to 50% of the net orderly liquidation value of machinery and equipment owned by the Borrower, all as determined in the Administrative Agent's sole discretion from time to time. "Raw Materials" means materials used or consumed in the manufacture of goods to be sold by the Borrower in the ordinary course of business.
Net Recovery Rate and "Value" are each added to Section 1 of the Loan Agreement in their appropriate respective alphabetical order, as follows:
Net Recovery Rate means the fraction, expressed as a percentage, (a) the numerator of which is the amount equal to the amount of the recovery in respect of the Eligible Inventory at such time on a "net orderly liquidation value" basis as set forth in the most recent acceptable appraisal of Inventory received by Agent in accordance with Section 7.3, net of liquidation expenses and commissions, and (b) the denominator of which is the applicable cost of the aggregate amount of the Eligible Inventory subject to such appraisal.
Net Recovery Rate means, with respect to an Inventory Category, the fraction, expressed as a percentage, (a) the numerator of which is the amount equal to the amount of the recovery in respect of the Eligible Inventory of such Inventory Category at such time on a "net orderly liquidation value" basis as set forth in the most recent acceptable appraisal of such Eligible Inventory received by Agent in accordance with Section 7.3, net of liquidation expenses and commissions, and (b) the denominator of which is the applicable Cost of the aggregate amount of the Eligible Inventory of such Inventory Category subject to such appraisal. The Net Recovery Rate with respect to an Inventory Category will vary depending on the selling season.