Revolver Borrowing Base. At any time, an amount equal to the lesser of (I) Aggregate Maximum Revolving Credit Commitment Amount and (II) the sum of: (a) up to eighty percent (80%) of the then Eligible Accounts of Selmer, Boston Piano Co. and Steinway, other than Accounts constituting Dealer Notes; (b) up to 50% of the then Eligible Accounts of Conn-Selmer, constituting Dealer Notes; (c) up to the sum of (A) in
... the case of Steinway grand pianos, the sum of (1) eighty-five percent (85%) of the Current Wholesale Value of all finished and near-finished pianos, (2) seventy-five percent (75%) of the Current Wholesale Value of Concert and Artist Bank Pianos, and (3) seventy percent (70%) of the Current Wholesale Value of all Factory Returns; (B) in the case of Steinway upright pianos, the sum of (1) sixty-five percent (65%) of the Current Wholesale Value of all finished and near-finished pianos, and (2) fifty percent (50%) of the Current Wholesale Value of all Factory Returns; (C) in the case of Boston and Essex grand pianos, the sum of (1) sixty-five percent (65%) of the Standard Cost Value of all finished pianos, and (2) fifty percent 3 (50%) of the Standard Cost Value of all Factory Returns; and (D) in the case of Boston and Essex upright pianos, the sum of (1) fifty percent (50%) of Standard Cost Value of all finished pianos, and (2) forty percent (40%) of the Standard Cost Value of all Factory Returns; (d) up to fifty percent (50%) of the cost of the Eligible Inventory of Steinway constituting raw materials; (e) up to sixty-five percent (65%) of the cost of Eligible Inventory of Conn-Selmer constituting finished goods; (f) up to twenty-five percent (25%) of the cost of Eligible Inventory of Conn-Selmer constituting raw materials; and (g) up to the lesser of $7,500,000 and twenty-five percent (25%) of the cost of Eligible Inventory of Conn-Selmer constituting work-in-process.
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