PACA Reserve definition

PACA Reserve means all amounts owed from time to time by the Borrower or any Subsidiary Guarantor to any Person on account of the purchase price or other amounts owed in respect of agricultural products or any services related to the foregoing and subject to PACA, to the extent that (i) such amounts are secured (by way of a grower’s lien, seller’s lien, statutory trust or similar security interest or priority arrangement) by the applicable agricultural products (such lien, a “PACA Super Priority Lien”) in accordance with PACA and (ii) such PACA Super Priority Lien would have priority over the Administrative Agent’s Lien in such agricultural products to the extent constituting Current Asset Collateral consisting of Inventory.

PACA Reserve means all amounts owed from time to time by the Borrower or any Subsidiary Guarantor to any Person on account of the purchase price or other amounts owed in respect of agricultural products or any services related to the foregoing and subject to PACA, to the extent that (i) such amounts are secured (by way of a grower’s lien, seller’s lien, statutory trust or similar security interest or priority arrangement) by the applicable agricultural products (such lien, a “PACA Super Priority Lien”) in accordance with PACA and (ii) the Administrative Agent determines in its Permitted Discretion that such PACA Super Priority Lien would have priority over the Administrative Agent’s Lien in such agricultural products to the extent constituting Current Asset Collateral.

PACA Reserve means any Reserve which Agent establishes in its reasonable good faith credit judgment for potential trust fund liability under PACA. Such reserve shall be adjusted no less often than weekly based on amounts owed for the purchase of produce as shown in the Borrowing Base Certificate most recently delivered to Agent, and credit shall be given for any PACA surety bond then outstanding, which is supported by a standby letter of credit, in each case, acceptable to Agent.

Examples of PACA Reserve in a sentence

• Reserves, if any, established by the ABL Administrative Agent (including, without limitation a PACA Reserve, Dilution Reserve, Rent Reserve and Inbound Freight Reserve).Eligibility criteria and reserves will be established and adjusted from time to time by the ABL Administrative Agent based on its reasonable credit judgment in a manner consistent with the Documentation Principles.

• If the student is reading below the fourth-grade level, the student shall be required to attend summer school to receive reading instruction.

• The Group’s operations were affected by delays in project execution, supply chain interruptions, and manpower disruptions.

• GAW is a global atmospheric observation network with the main aim to monitor long-term trends in the chemical composition and selected physical parameters of the atmosphere (GAWSIS; Brunke et al., 2004).

• Each Person who executes this PACA Reserve Report on behalf of the Borrowers hereby certifies that (a) he/she is an officer of the Borrowers and in that capacity, such Person is authorized to execute this PACA Reserve Report on behalf of the Borrowers, and (b) the following information is accurate, complete and correct as of , 200 (the “Calculation Date”).

More Definitions of PACA Reserve

PACA Reserve means a Reserve which shall be determined and reported in the PACA Reserve Report and which shall equal the highest actual liability of the Borrowers at any point during the applicable period to vendors of agricultural commodities to the Borrowers to the extent the claims of such vendors are subject to PACA.

PACA Reserve means a reserve established by Agent from time to time against the Borrowing Base availability under subsection 2.1(A) in an amount equal to the aggregate dollar amount of all of Borrower's accounts payable to farmers and growers arising out of Borrower's Inventory purchases from such farmers or growers, as the case may be, as reflected on the most recent Inventory Report delivered by Borrower to Agent in accordance with the terms of subsection 5.1(F); provided, however, that in the event Borrower shall have provided evidence satisfactory in all respects to Agent that the applicable farmxx xx grower, as the case may be, has unconditionally waived in writing its PACA lien rights with respect to Borrower's Inventory (a "PACA Lien Waiver"), and such written waiver shall be enforceable under applicable law as determined by Agent based upon documentation provided by Borrower to Agent, including, without limitation, a legal opinion of Borrower's counsel, then the PACA Reserve shall be reduced by the amount, as determined by Agent, to which the applicable PACA Lien Waiver relates; provided, further, that in

PACA Reserve means a reserve in such amount as Bank shall determine from time to time is necessary to cover the Borrowers’ aggregate liability for PACA Payables.

PACA Reserve. (an Availability Reserve): An amount equal to any liabilities owed at any time to any Person entitled to the benefits of PACA or any similar statute or regulation as reflected from time to time on the Borrowers' books and records.

PACA Reserve means the Borrowing Base reserve established by Agent from time to time based upon the aggregate amount of unpaid trade payables for Inventory of each Borrower subject to PACA, producers’ liens or similar laws.

PACA Reserve means, as calculated from time to time, the gross amount of PACA Liabilities; minus the face amount of Letters of Credit issued hereunder by their terms to be applied to the same; minus the lesser of (x) $150,000 or (y) the amount of produce subject to PACA included in Inventory; as determined by the Agent in its sole discretion.

PACA Reserve means any reserve which the Agent establishes in its reasonable discretion for potential trust fund liability under the Perishable Agricultural Commodities Act, 1930, 7 U.S.C. ss. 499 et seq., as amended.