Amendment to Section 7 (Borrowing Base Reporting; Financial and Other Information Sample Clauses


Amendment to Section 7 (Borrowing Base Reporting; Financial and Other Information. Section 7 of the Addendum is hereby amended by deleting such section in its entirety and by substituting the following in lieu thereof:Section 7. Borrowing Base Reporting; Financial and Other Information. Until Payment in Full of the Obligations, Borrowers shall deliver a fully completed and executed Borrowing Base Certificate prepared or approved by the Consultant (as defined in the Eighth Amendment) to Administrative Agent no later than the 25th day of each Fiscal Month, prepared as of the end of the immediately preceding Fiscal Month. Borrowers shall attach the following to each Borrowing Base Certificate, each of which shall be in form and substance satisfactory to Administrative Agent and certified by a Responsible Officer of Borrower Agent to be complete and accurate and in compliance with the terms of this Addendum and the other Loan Documents:(a) Accounts Receivable Reports. If requested by Administrative Agent, a report (in form and substance satisfactory to Administrative Agent) listing (A) all of Borrowers’ Accounts, Eligible Credit Card Receivables and Eligible Pharmacy Receivables as of the last Business Day of the applicable reporting period; (B) the amount, age, invoice date and due date of each Account on an original invoice and due date aging basis and showing all discounts, allowances, credits, authorized returns, and disputes; (C) the name and mailing address of each Account Debtor; (D) if requested by Administrative Agent from time to time, copies of all or a portion of the documents underlying or relating to Borrowers’ Accounts; and (E) such other information regarding Borrowers’ Accounts which Administrative Agent may request from time to time (each, an “Accounts Receivable Report”);(b) Inventory Reports. If requested by Administrative Agent, a report (in form and substance satisfactory to Administrative Agent) listing (A) all of Borrowers’ Inventory and all Eligible Inventory as of the last Business Day of the applicable reporting period; (B) the type, cost, and location of all such Inventory; (C) all of such Inventory which constitutes returned or repossessed Goods; (D) all Inventory which has not been timely sold in the Ordinary Course of Business; (E) all Inventory which is not located at Property owned or leased by a Borrower or that is in possession of any Person other than a Borrower and a description of the reason why such Inventory is so located or in the possession of such other Person; and (F) such other information ...


Amendment to Section 7 (Borrowing Base Reporting; Financial and Other Information. Section 7 of the Addendum is hereby amended by deleting the introductory sentence only of such section in its entirety and substituting the following in lieu thereof:Until Payment in Full of the Obligations, Borrowers shall deliver a fully completed and executed Borrowing Base Certificate to Administrative Agent no later than the 20th day of each Fiscal Month, prepared as of the end of the immediately preceding Fiscal Month; provided that, if Excess Availability is less than the greater of (x) fifteen percent (15%) of the Commitments and (y) $40,500,000 or an Event of Default exists, Administrative Agent shall be entitled to require Borrowers to deliver fully completed and executed Borrowing Base Certificates to Administrative Agent at greater frequency and as of the end of such periods as Administrative Agent may require from time to time. Borrowers shall attach the following to each Borrowing Base Certificate (if Borrowing Base Certificates are then required to be delivered on a monthly basis) or each Borrowing Base Certificate specified from time to time by Administrative Agent (if Borrowing Base Certificates are then required to be delivered on a basis more frequently than monthly), each of which shall be in form and substance satisfactory to Administrative Agent and certified by a Responsible Officer of Borrower Agent to be complete and accurate and in compliance with the terms of this Addendum and the other Loan Documents: