ADVANCE FORMULA. Debtor warrants and agrees that Debtor's indebtedness to Bank for the Formula Loans shall never exceed the sum of:
ADVANCE FORMULA. For and in consideration of Bank making the Formula Loans available to Debtor, Debtor warrants and agrees that the aggregate unpaid principal balance of Debtor's indebtedness to Bank outstanding under the Formula Loans shall not at any time exceed the Advance Formula. The "Advance Formula" shall mean the lesser of (i) the face amount of the Note, or (ii) the sum of the following:
ADVANCE FORMULA. All Advances to Borrower under the Line of Credit Note shall be made under the following Loan Advance Formula: A. 70% of Borrower's Eligible Accounts, plus
ADVANCE FORMULA. The aggregate principal amount of the Obligations does not exceed the sum of (a) the product of the face amount of the Financed Receivables multiplied by the applicable Advance Rate plus (b) the Overadvance Sublimit.
ADVANCE FORMULA. The definition of the term "Advance Formula for Acquisition/Refinacing Advance" shall be amended to permit, on a one-time basis, an Advance for the acquisition of the Bluegreen Property equal to an aggregate amount not to exceed $6,660,000 (which is 90% of the Buildings Purchase Price and Land Purchase Price (as those terms are defined in the Sale Agreement).
ADVANCE FORMULA. The total of outstanding advances to the Borrower under the Line of Credit shall at no time exceed Seventy Percent (70%) of the Borrower's Eligible Accounts ("Advance Formula") and any amount outstanding in excess of the Advance Formula shall be immediately payable without notice or demand.
ADVANCE FORMULA. Borrower warrants and agrees that Borrower's the Facility Usage (as defined in the Credit Agreement) shall never exceed the lesser of $5,000,000 or the sum of:
ADVANCE FORMULA. Provided there exists no event of default hereunder, Bank shall make advances under the Revolving Line of Credit which shall not exceed in aggregate the face amount of the promissory note representing the Line.
ADVANCE FORMULA. Borrower warrants and agrees that Borrower's Indebtedness to Bank for the Formula Loans shall never exceed the percentage of the Eligible Accounts (as hereinafter defined) of the Debtor as set forth below during the corresponding period set forth below: PERIOD PERCENTAGE OF ELIGIBLE ACCOUNTS ------ ------------------------------- From March 26, 2002 through May 31, 2002 85% From June 1, 2002 through June 30, 2002 80% From July 1, 2002 through the Termination Date 75%
ADVANCE FORMULA. The Loan Agreement and Rider are amended to provide a Percentage Advance Rate of 80% of Eligible Receivables and 50% of non-obsolete finished goods inventory plus 35% of in-transit inventory with a sub limit of $500,000.00, and an overall inventory cap of $2,500,000.00.
