Failure to Determine Values. If the Borrower shall fail to determine the value of any Eligible Portfolio Investment as at any date pursuant to the requirements (but subject to the exclusions) of the foregoing sub-clauses (A), (B), (C), (D) or (E), then the “Value” of such Eligible Portfolio Investment as at such date, solely for purposes of determining the Borrowing Base, shall be deemed to be zero. If the Administrative Agent shall fail to determine the value of any Eligible Portfolio Investment as at any date pursuant to clause (B)(x), then the “Value” of such Eligible Portfolio Investment as at such date shall be the lower of (x) the Internal Value and (y) the par or face value of such Unquoted Investment; provided, however, that if a Borrower External Unquoted Value has been obtained with respect to such asset for the quarterly period immediately preceding the current quarterly testing period, then the “Value” of such Eligible Portfolio Investment will be determined as provided in clause (E) above.
Appears in 3 contracts
Samples: Senior Secured (First Eagle Alternative Capital BDC, Inc.), Pledge and Security Agreement (THL Credit, Inc.), Senior Secured (THL Credit, Inc.)
Failure to Determine Values. If the Borrower shall fail to determine the value of any Eligible Portfolio Investment as at any date pursuant to the requirements (but subject to the exclusions) of the foregoing sub-clauses (A), (B), (C), (D) or (E), then the “Value” of such Eligible Portfolio Investment as at such date, solely for purposes of determining the Borrowing Base, date shall be deemed to be zero. If the Revolving Administrative Agent (or, after the Revolving IVP Termination Date, the Administrative Agent) shall fail to determine the value of any Eligible Portfolio Investment as at any date pursuant to clause Section 5.12(b)(ii) of the Revolving Credit Facility (B)(xor, after the Revolving IVP Termination Date, Section 5.12(b)(ii) of this Agreement), then the “Value” of such Eligible Portfolio Investment as at such date shall be the lower of (x) the Internal Value and (y) the par or face value of such Unquoted Investment; provided, however, that if a Borrower External Unquoted Value has been obtained with respect to such asset for the quarterly period immediately preceding the current quarterly testing period, then the “Value” of such Eligible Portfolio Investment will be determined as provided in clause (E) above.
Appears in 3 contracts
Samples: Senior Secured (THL Credit, Inc.), Senior Secured Term Loan Credit Agreement (Medley Capital Corp), Secured Term Loan Credit Agreement (THL Credit, Inc.)
Failure to Determine Values. If the Borrower shall fail to determine the value of any Eligible Portfolio Investment as at any date pursuant to the requirements (but subject to the exclusions) of the foregoing sub-clauses (A), (B), (C), (D) or (E), then the “Value” of such Eligible Portfolio Investment as at such date, solely for purposes of determining the Borrowing Base, shall be deemed to be zero. If the Administrative Agent shall fail to determine the value of any Eligible Portfolio Investment as at any date pursuant to clause (B)(x), then 103 the “Value” of such Eligible Portfolio Investment as at such date shall be the lower of (x) the Internal Value and (y) the par or face value of such Unquoted Investment; provided, however, that if a Borrower External Unquoted Value has been obtained with respect to such asset for the quarterly period immediately preceding the current quarterly testing period, then the “Value” of such Eligible Portfolio Investment will be determined as provided in clause (E) above.
Appears in 1 contract
Samples: Secured Revolving Credit Agreement (THL Credit, Inc.)
Failure to Determine Values. If the Borrower shall fail to determine the value of any Eligible Portfolio Investment as at any date pursuant to the requirements (but subject to the exclusions) of the foregoing sub-clauses (A), (B), (C), (D) or (E), then the “Value” of such Eligible Portfolio Investment as at such date, solely for purposes of determining the Borrowing Base, date shall be deemed to be zero. If the Administrative Agent shall fail to determine the value of any Eligible Portfolio Investment as at any date pursuant to clause (B)(x), then the “Value” of such Eligible Portfolio Investment as at such date (subject to clause (H) below) shall be the lower of (x) the Internal Value and (y) the par or face value of such Unquoted Investment.; provided, however, that if a Borrower External Unquoted Value has been obtained with respect to such asset for the quarterly period immediately preceding the current quarterly testing period, then the “Value” of such Eligible Portfolio Investment will be determined as provided in clause (E) above.
Appears in 1 contract
Samples: Senior Secured Revolving Credit Agreement (Medley Capital Corp)
