OfficeMax 2013 Annual Report Download - page 174

“Borrowing Base Supplemental Documentation” means the items described on Schedule 5.01(g).
“Borrowing Request” means a request by the Borrower Representative for a Borrowing of Revolving Loans in accordance with Section 2.03.
“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or
required by law to remain closed; provided that, (a) when used in connection with a Eurocurrency Loan, the term “Business Day” shall also exclude any day
on which banks are not open for dealings in deposits in the applicable currency in which interest on such Eurocurrency Loan is calculated in the London
interbank market, (b) when used in connection with a European Swingline Loan denominated in Euros or a Eurocurrency Loan denominated in Euros, the
term “Business Day” shall also exclude any day which is not a TARGET Day (as determined by the Administrative Agent) and (c) when used in connection
with any European Loan or European Letter of Credit, the term “Business Day” shall also exclude any day in which commercial banks in the country where
the applicable European Borrower is organized are authorized or required by law to remain closed.
“Canadian Borrowing Base” means, at any time, with respect to the Canadian Loan Parties, the sum of:
(a) the sum of (i) the product of (A) 85%  (B) the Canadian Loan Parties’ Eligible Accounts (other than Eligible Credit Card
Receivables) at such time,  the Dilution Reserve related to the Canadian Loan Parties,  any other Reserve related to Accounts of the Canadian Loan
Parties, (ii) the product of (A) 90%  (B) the Canadian Loan Parties’ Eligible Credit Card Receivables at such time  the Dilution Reserve
related to the Canadian Loan Parties,  any other Reserve related to Accounts of the Canadian Loan Parties, and (iii) the product of (A) 75% 
 (B) the Eligible Uninvoiced Accounts Receivable of the Canadian Loan Parties at such time  the Dilution Reserve related to the Canadian Loan
Parties, 
(b) the lesser of (i) the product of (x) 75%  (y) the Canadian Loan Parties’ Eligible Inventory, valued at the lower of cost (determined
on a first-in-first-out basis or average cost basis) or market value, at such time,  any Reserves related to the Eligible Inventory of the Canadian Loan
Parties and (ii) the product of 85%  the High Season or Low Season, if applicable, Net Orderly Liquidation Value percentage (as applicable,
based on the borrowing base delivery date as required under Section 5.01(f)) identified in the most recent inventory appraisal ordered by the Administrative
Agent  the Canadian Loan Parties’ Eligible Inventory, valued at the lower of cost (determined on a first-in-first-out basis or average cost basis) or
market value, at such time  any Reserves related to the Eligible Inventory of the Canadian Loan Parties, 
(c) the lesser of (i) the product of (x) 75% (y) the Canadian Loan Parties’ Eligible LC Inventory, valued at the lower of cost
(determined on a first-in-first-out basis or average cost basis) or market value, at such time, , without duplication of any Reserves accounted for in
clause (b) above, Reserves relating to the Eligible LC Inventory of the Canadian Loan Parties and (ii) the product of 85%  the High Season or
Low Season, if applicable, Net Orderly Liquidation Value percentage (as applicable, based on the borrowing base delivery date as required under Section
5.01(f)) identified in the most recent inventory appraisal ordered by the Administrative Agent  the Canadian Loan Parties’ Eligible LC Inventory,
valued at the lower of cost (determined on a first-in-first-out basis or average cost basis) or market value, at such time , without duplication of any
Reserves accounted for in clause (b) above, Reserves related to the Eligible LC Inventory of the Canadian Loan Parties.
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