Library Credit

Library Credit. "Library Credit" shall mean $22,662,262, as of July 1, 2002, which amount represents the value of Completed but unsold Product and which amount shall be (i) decreased as a result of (a) the sale of such Completed but unsold Product by the amount previously included in the value of Completed but unsold Product and (b) the reduction resulting from any adjustment in ultimates used in determining the value of Completed... but unsold Product so that the ultimates are reflective of management's then current assessment of the value of such ultimates and so that such ultimates are consistent with ultimates used for financial reporting purposes and/or (ii) increased as a result of the acquisition or production of additional Completed but unsold Product by the respective actual acquisition or production cost, marketing and distribution costs and fees attributable to such item of Product based upon Borrower's ultimates relating to such item of Product; the value of the Completed but unsold Product may be redetermined once every twelve (12) months, at the request of the Administrative Agent, by an independent consultant selected by the Administrative Agent in its reasonable discretion to an amount equal to the net present value of unsold rights without double-counting for any item of value otherwise included in the Borrowing Base and will be subject to periodic downward adjustments by the Borrower to reflect a decrease in market value indicated by subsequent sales. View More