Borrowing Base Definitions Sample Clauses

Borrowing Base Definitions. With respect to the Borrowing Base, the following terms shall have the following meanings:
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Borrowing Base Definitions. The term “Borrowing Base” is defined as the sum of the following: (a) 80% of the eligible accounts receivable. This 80% advance rate is subject to a collateral audit and its findings must be satisfactory to Bank. The advance rate can be reduced as result of the collateral audit as it will also review the quality of the accounts receivable and any related dilution based on a field examination of Borrower’s assets. (b) Credit insured foreign receivables will be considered as eligible accounts receivable but advances on qualified foreign receivables cannot exceed $4,000,000.00. Advance on qualified foreign receivables is subject to the satisfactory receipt of the Bank/Lender Policy Beneficiary endorsement, naming Bank as the beneficiary in the Credit Insurance Policy. · All receivables are eligible except for the following: (a) The amount of any unpaid trade invoices more than 90 days from the invoice date. (b) Accounts due from one account debtor representing 25% or more of total receivables. Exceptions may be allowed on accounts pre-approved by lender. (c) Cross aged accounts making up 50% or more. Exceptions may be allowed on accounts pre-approved by lender. (d) Foreign open accounts not insured by the credit insurance. (e) Contra accounts, inter-company accounts, consignment, promotion/demo accounts, affiliate accounts, employee accounts, and credit memo. (f) Government accounts. Contracts with US government will require perfection under the Assignment of Claims Act. (g) Customer deposits, account not arising out of normal course of trade or business. Index: Wall Street Journal Prime Rate (currently at 6.25%). Margin: One-Quarter of One Percentage Point (0.25%). Rate (Index plus Margin): Wall Street Journal Prime Rate (currently at 6.25%) plus One-Quarter of One Percentage Point (0.25%) per annum, floating. Loan Payment Method: By monthly invoice. Payment Date: The 5th day of the following month after the initial advance is made. Maturity Date: August _____, 2007.
Sample 1
Borrowing Base Definitions. 8 2.1. Borrowing Base................................................................ 8 2.2. Available Cash................................................................ 9 2.3. Developed Lots and Fall Foundation Lots....................................... 9 2.4. [Intentionally Omitted.]...................................................... 10 2.5. [Intentionally Omitted.]...................................................... 10 2.6. Eligible Lumber Inventory..................................................... 9 2.7. Eligible Real Estate.......................................................... 9 2.8. Investments in Joint Ventures................................................. 10 2.9. Lots Under Development........................................................ 10 2.10. Model Homes................................................................... 10 2.11. Real Estate Held for Development.............................................. 10 2.12. Home Work-in-Process.......................................................... 10 2.13. Speculative Homes............................................................. 11 2.14. Mutual Exclusivity............................................................ 11
Sample 1
Borrowing Base Definitions. The following terms when used herein have the following meanings: "Borrowing Base" means, as of any time it is to be determined, (a) 80% of the net book value of Eligible Accounts plus (b) 50% of the value of Eligible Inventory consisting of raw materials or finished goods plus (c) 25% of Eligible Inventory consisting of work-in-process, plus (d) the Allowable Over Advance minus (e) the aggregate principal amount outstanding under the Teachers' Note.
Sample 1
Borrowing Base Definitions. The Loan Agreement is amended by adding a new Exhibit A in the form of Exhibit A to this Amendment and the definitions of Borrowing Base, Eligible Domestic Inventory, and Eligible Receivables included in Exhibit A are incorporated into the Loan Agreement.
Sample 1
Borrowing Base Definitions. 56 4.4 Waiver of Requirements; Mark-xx-Market........................................... 72
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Borrowing Base Definitions. As used in this Section 4 and in the other provisions of this Agreement and the other Loan Documents, the following terms shall have the following meanings, PROVIDED that (a) for the purpose of the use of each such term in determining the HomeSide Tranche A Borrowing Base or the HomeSide Tranche B Borrowing Base, (i) each reference to the Borrower therein shall be deemed to refer to HomeSide, (ii) each reference therein to the Borrower Security Agreement shall be deemed to refer to the HomeSide Security Agreement, and (iii) each reference to the Tranche A Borrowing Base or the Tranche B Borrowing Base therein shall refer to the HomeSide Tranche A Borrowing Base or the HomeSide Tranche B Borrowing Base, respectively, and (b) for the purpose of the use of each such term in determining the HonoMo Tranche A Borrowing Base or the HonoMo Tranche B Borrowing Base, (i) each reference to the Borrower therein shall be deemed to refer to HonoMo, (ii) each reference therein to the Borrower Security Agreement shall be deemed to refer to the HonoMo Security Agreement, and (iii) each reference to the Tranche A Borrowing Base or the Tranche B Borrowing Base therein shall refer to the HonoMo Tranche A Borrowing Base or the HonoMo Tranche B Borrowing Base, respectively:
Sample 1
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Borrowing Base Definitions. 9 2.1. Borrowing Base....................................................9 2.2. Available Cash....................................................9 2.3. Developed Lots....................................................9 2.4. Eligible Lumber Inventory........................................10 2.5. Eligible Real Estate.............................................10 2.6.
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Borrowing Base Definitions 
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Related to Borrowing Base Definitions

  • Borrowing Base If, at any time, (A) the Revolver Usage on such date exceeds (B) the lesser of (x) the Borrowing Base reflected in the Borrowing Base Certificate most recently delivered by Borrowers to Agent, or (y) the Maximum Revolver Amount, in all cases as adjusted for Reserves established by Agent in accordance with Section 2.1(c), then Borrowers shall immediately prepay the Obligations in accordance with Section 2.4(f)(i) in an aggregate amount equal to the amount of such excess.

  • Borrowing Base Deficiency If at any time there exists a Borrowing Base Deficiency the Borrower shall cure same in accordance with Section 2.06 hereof.

  • Calculation of Borrowing Base For purposes of this Agreement, the “Borrowing Base” shall be determined, as at any date of determination, as the sum of the products obtained by multiplying (x) the Value of each Eligible Portfolio Investment by (y) the applicable Advance Rate; provided that:

  • Credit Agreement Definitions Unless otherwise defined herein or the context otherwise requires, terms used in this Security Agreement, including its preamble and recitals, have the meanings provided in the Credit Agreement.

  • Definitions and Usage Except as otherwise specified herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are defined in Appendix A hereto, which also contains rules as to usage that shall be applicable herein.

  • Initial Borrowing Base For the period from and including the Closing Date to but excluding the first Redetermination Date, the amount of the Borrowing Base shall be $2,250,000,000. Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 2.14(e), (f) and (g).

  • Applicable Margin On any date the Applicable Margin for LIBOR Rate Loans and Base Rate Loans shall be as set forth below based on the ratio of the Consolidated Total Indebtedness of REIT and its respective Subsidiaries to the Gross Asset Value of REIT and its respective Subsidiaries: Pricing Level Ratio LIBOR Rate Loans Base Rate Loans Pricing Level 1 Less than or equal to 35% 2.50 % 1.25 % Pricing Level 2 Greater than 35% but less than or equal to 40% 2.75 % 1.50 % Pricing Level 3 Greater than 40% but less than or equal to 45% 3.00 % 1.75 % Pricing Level 4 Greater than 45% but less than or equal to 55% 3.25 % 2.00 % Pricing Level Ratio LIBOR Rate Loans Base Rate Loans Pricing Level 5 Greater than 55% 3.50 % 2.25 % The initial Applicable Margin shall be at Pricing Level 4. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by Borrower to the Agent of the Compliance Certificate after the end of a calendar quarter. In the event that Borrower shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders, in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate. In the event that the Agent and the Borrower determine that any financial statements previously delivered were incorrect or inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (i) the Borrower shall as soon as practicable deliver to the Agent the corrected financial statements for such Applicable Period, (ii) the Applicable Margin shall be determined as if the Pricing Level for such higher Applicable Margin were applicable for such Applicable Period, and (iii) the Borrower shall within three (3) Business Days of demand thereof by the Agent pay to the Agent the accrued additional amount owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Agent in accordance with this Agreement.

  • Line of Credit Amount (a) During the availability period described below, the Bank will provide a line of credit to the Borrowers. The amount of the line of credit (the “Facility No. 1 Commitment”) is Twenty Million and 00/100 Dollars ($20,000,000.00).

  • Deleted Definitions Subject to Section 2.01 hereof, the Indenture is hereby amended by deleting any definitions from the Indenture with respect to which references would be eliminated as a result of the amendment of the Indenture pursuant to Section 1.01 hereof.

  • Amended Definitions The following definitions in Section 1.01 of the Credit Agreement shall be and they hereby are amended and restated in their respective entireties to read as follows:

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