Revolver Borrowing Base means, the “Borrowing Base” as such term is defined in the Revolver Loan Agreement.
Revolver Borrowing Base on any date of determination, an amount equal to the sum of (a) the Accounts Formula Amount, plus (b) the Inventory Formula Amount, plus (c) the Temporary Overadvance Amount, minus (d) the Availability Reserve established by Agent in its Permitted Discretion, provided, however, that (i) Eligible In-Transit Inventory shall in no event contribute more than $7,000,000 (after giving effect to the Inventory Formula Amount) to the Revolver Borrowing Base at any time and (ii) Eligible Accounts owing to and Eligible Inventory held by the UK Guarantors shall not contribute more than an aggregate of $6,000,000 (after giving effect to the Account Formula Amount and Inventory Formula Amount, respectively) to the Revolver Borrowing Base at any time. If any amount in this definition is stated in a currency other than Dollars on any date, then such amount on such date shall be equal to the Dollar Equivalent of such amount in such other currency.”
Revolver Borrowing Base means, as of any date of determination, the result of:
Examples of Revolver Borrowing Base in a sentence
If, at any time, (A) the Revolver Usage on such date exceeds (B) the Revolver Borrowing Base reflected in the Revolver Borrowing Base Certificate most recently delivered by Borrower to Agent, then Borrower shall immediately prepay the Obligations in accordance with Section 2.4(f) in an aggregate amount equal to the amount of such excess.
All references in the Loan Documents to Loans, Letters of Credit, Obligations, FILO Borrowing Base components, Revolver Borrowing Base components and other amounts shall be denominated in Dollars, unless expressly provided otherwise.
FILO Borrowing Base and Revolver Borrowing Base calculations shall be consistent with historical methods of valuation and calculation, and otherwise satisfactory to Agent (and not necessarily calculated in accordance with GAAP).
As of the Closing Date and each date thereafter upon which the Borrower includes any Inventory as Eligible Inventory in a Revolver Borrowing Base calculation or a Borrowing Base Certificate, such Inventory satisfies all of the criteria necessary to qualify such Inventory as Eligible Inventory.
The foregoing obligations of the Loan Parties shall include Collateral audits and field examinations to audit the Collateral and each Revolver Borrowing Base and Cigarette Buy-In Borrowing Base.
More Definitions of Revolver Borrowing Base
Revolver Borrowing Base means, as of any date of determination by Agent, from time to time, an amount equal to the sum at such time of:
Revolver Borrowing Base. Senior Borrowing Base", "Supermajority Lenders" (vii) extend the date or decrease the amount of any mandatory prepayment of the Borrowings pursuant to Section 2.04, (viii) change the sharing provisions among the Lenders, or (ix) change the several nature of the obligations of the Lenders;
Revolver Borrowing Base. On any day, the sum of the Maximum Advance Amounts for each Asset Backed Security which is an Eligible Security on such day.
Revolver Borrowing Base means on any date of determination, the lesser of (a) the aggregate Revolver Commitments and (b) the result of (i) the sum of (x) the Accounts Formula Amount plus (y) the Inventory Formula Amount minus (ii) the Revolver Availability Reserve.
Revolver Borrowing Base means, as of any date of determination, the result of: (a) 85% of the amount of Eligible Accounts, less the amount, if any, of the Dilution Reserve, plus (b) 85% of the amount of Eligible Credit Card Accounts, plus (c) the lesser of (i) the product of 75% multiplied by the value (calculated at the lower of cost or market on a basis consistent with Borrower’s historical accounting practices) of Eligible Rental Equipment and Eligible Parts and Attachments Inventory at such time, and (ii) the product of 85% multiplied by the Net Recovery Percentage identified in the most recent inventory appraisal ordered and obtained by Agent multiplied by the value of Eligible Rental Equipment and Eligible Parts and Attachments Inventory at such time (such determination may be made as to different categories of Eligible Rental Equipment and Eligible Parts and Attachments Inventory based upon the Net Recovery Percentage applicable to such categories) at such time, plus (d) 65% of the appraised fair market value of Eligible Real Property (as determined on the applicable Election Date by an appraisal in form and substance and conducted by an appraiser satisfactory to Agent); provided, that such amount shall be reduced monthly commencing on the first day of the month following the applicable Election Date and continuing on the first day of each month thereafter in equal monthly reductions determined based on a 180 month amortization schedule, plus (e) 80% of the appraised fair market value of Eligible Rolling Stock/Equipment (as determined on the applicable Election Date by an appraisal in form and substance and conducted by an appraiser satisfactory to Agent); provided, that such amount shall be reduced monthly commencing on the first day of the month following the applicable Election Date and continuing on the first day of each month thereafter in equal monthly reductions determined based on a 84 month amortization schedule, minus (f) the aggregate amount of Receivables Reserves, Bank Product Reserves, Inventory Reserves, Cash Settlement Reserves and other Reserves, if any, established by Agent under Section 2.1(c) of the Agreement with respect to the Revolver Borrowing Base. Notwithstanding the foregoing, in no event shall the amount (i) determined under clause (c) of the Revolver Borrowing Base with respect Eligible Rental Equipment be greater than 25% of the Maximum Credit Amount, (ii) determined by adding the amount under clauses (d) and (e) of the Revolver Borrowing Base...
Revolver Borrowing Base means, as of any date of determination, the result of without duplication:
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: up to eighty percent (80%) of the then Eligible Accounts of Conn-Selmer, Boston Piano Co. and Steinway, other than Accounts constituting Dealer Notes; up to 50% of the then Eligible Accounts of Conn-Selmer and Steinway, constituting Dealer Notes; 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 (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; up to fifty percent (50%) of the cost of the Eligible Inventory of Steinway constituting raw materials; up to sixty-five percent (65%) of the cost of Eligible Inventory of Conn-Selmer constituting finished goods; up to twenty-five percent (25%) of the cost of Eligible Inventory of Conn-Selmer constituting raw materials; and 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. In each instance less such Reserves as the Administrative Agent may reasonably deem proper and necessary in accordance with Section 5.9. The Revolver Borrowing Base in effect at any time shall be the Revolver Borrowing Base as shown on the Borrowing Base Certificate and the reconciliation reports delivered by the Borrower pursuant to Section 8.2(a) of this Agreement; provided, however, that (i) if a Borrower shall fail to deliver a Borrowing Base Certificate when required pursuant to Section 8.2(a), the amounts calculated with respect to the Eligible Inventory of such Borrower shall be zero until such Borrowing Base Certifi...