Common use of Borrowing Base Determination Clause in Contracts

Borrowing Base Determination. The Borrowing Base shall be determined (i) as of the 15th day of each month and on the last day of each month at all times during which the Aggregate Availability equals or exceeds fifteen percent (15%) of the Total Aggregate Commitments in effect at such time, and (ii) weekly on the last Business Day of each week at all times during which the Aggregate Availability is less than fifteen percent (15%) of the Total Aggregate Commitments in effect at such time, in either case by reference to the Borrowing Base Report delivered by the Borrower to the Administrative Agent pursuant to Section 6.02(g). The Borrowing Base shall be subject to adjustment based upon the results of a field audit pursuant to Section 6.10(b). The Borrowing Base shall be equal to the sum of (A) 95% of Eligible U.S. Government Accounts Receivable; plus (B) 90% of Eligible Accounts Receivable (other than Eligible U.S. Government Accounts Receivable) from Preferred Eligible Account Obligors; plus (C) 85% of Eligible Accounts Receivable (other than Eligible U.S. Government Accounts Receivable) from Eligible Account Obligors other than Preferred Eligible Account Obligors; plus (D) 85% of Eligible Refinery Hydrocarbon Inventory (except for (1) Eligible Refinery Hydrocarbon Inventory at the Borrower's and its Subsidiaries' service stations and cardlocks, and (2) Statoil Commingled Inventories), plus (E) 50% of Eligible Refinery Hydrocarbon Inventory at the Borrower's and the Guarantors' service stations and cardlocks; plus (F) 60% of the Lenders' pro rata share of the Statoil Commingled Inventories; plus (G) 50% of the Eligible Lubricants Inventory; plus (H) 80% of Eligible In-Transit Crude Oil; plus (I) at the option of the Borrower, 100% of Eligible Cash; minus (J) 100% of First Purchase Crude Payables and minus (K) any Outstanding Amount as defined in the L/C Credit Agreement. Beginning July 1, 2009, the percentage contained in subsection (D) above shall reduce from 85% to 80%.

Borrowing Base Determination. The Borrowing Base shall be determined (i) as of the 15th day of each month and on the last day of each month at all times during which the Aggregate Availability equals or exceeds fifteen percent (15%) of the Total Aggregate Commitments in effect at such time, and (ii) weekly on the last Business Day of each week at all times during which the Aggregate Availability is less than fifteen percent (15%) of the Total Aggregate Commitments in effect at such time, in either case by reference to the Borrowing Base Report delivered by the Borrower to the Administrative Agent pursuant to Section 6.02(g). The Borrowing Base shall be subject to adjustment based upon the results of a field audit pursuant to Section 6.10(b). The Borrowing Base shall be equal to the sum of (A) 95% of Eligible U.S. Government Accounts Receivable; plus (B) 90% of Eligible Accounts Receivable (other than Eligible U.S. Government Accounts Receivable) from Preferred Eligible Account Obligors; plus (C) 85% of Eligible Accounts Receivable (other than Eligible U.S. Government Accounts Receivable) from Eligible Account Obligors other than Preferred Eligible Account Obligors; plus (D) 85% of Eligible Refinery Hydrocarbon Inventory (except for (1) Eligible Refinery Hydrocarbon Inventory at the Borrower's and its Subsidiaries' service stations and cardlocks, and (2) Statoil Commingled Inventories), plus (E) 50% of Eligible Refinery Hydrocarbon Inventory at the Borrower's and the Guarantors' service stations and cardlocks; plus (F) 60% of the Lenders' pro rata share of the Statoil Commingled Inventories; plus (G) 50% of the Eligible Lubricants Inventory; plus (H) 80% of Eligible In-Transit Crude Oil; plus (I) at the option of the Borrower, 100% of Eligible Cash; minus (J) 100% of First Purchase Crude Payables and minus (K) any Outstanding Amount the Total Outstandings as defined in the L/C Revolving Credit Agreement. Beginning July 1, 2009, the percentage contained in subsection (D) above shall reduce from 85% to 80%.

Borrowing Base Determination. The Borrowing Base shall be determined (i) as of the 15th day of each month and monthly on the last day Business Day of each every month at all times during which the Aggregate Availability equals or exceeds fifteen percent (15%) of the Total Aggregate Commitments in effect at such time, and (ii) weekly on the last Business Day of each week at all times during which the Aggregate Availability is less than fifteen percent (15%) of the Total Aggregate Commitments in effect at such time, in either case by reference to the Borrowing Base Report delivered by the Borrower to the Administrative Agent pursuant to Section 6.02(g). The Borrowing Base shall be subject to adjustment based upon the results of a field audit pursuant to Section 6.10(b). The Borrowing Base shall be equal to the sum of (A) 95% of Eligible U.S. Government Accounts Receivable; plus (B) 90% of Eligible Accounts Receivable (other than Eligible U.S. Government Accounts Receivable) from Preferred Eligible Account Obligors; plus (C) 85% of Eligible Accounts Receivable (other than Eligible U.S. Government Accounts Receivable) from Eligible Account Obligors other than Preferred Eligible Account Obligors; plus (D) 8580% of Eligible Refinery Hydrocarbon Inventory (except for (1) Eligible Refinery Hydrocarbon Inventory at the Borrower's ’s and its Subsidiaries' ’ service stations and cardlocks, and (2) Statoil Commingled Inventories), plus (E) 50% of Eligible Refinery Hydrocarbon Inventory at the Borrower's ’s and the Guarantors' ’ service stations and cardlocks; plus (F) 60% of the Lenders' ’ pro rata share of the Statoil Commingled Inventories; plus (G) 50% of the Eligible Lubricants Inventory; plus (H) 80% of Eligible In-Transit Crude Oil; plus (I) at the option of the Borrower, 100% of Eligible Cash; minus (J) 100% of First Purchase Crude Payables and minus (K) any Outstanding Amount as defined in Payables; provided, however, that until the L/C Credit Agreement. Beginning July 1, 2009Subordinated Debt Prepayment Date, the percentage contained in subsection (D) above dollar amount of that portion of the Borrowing Base that is attributable at any time to the Giant Companies shall reduce from 85% not exceed an amount equal to 80%the lesser of $100,000,000 or the principal amount outstanding under the Giant Company Note.