BORROWING BASE FORMULA Sample Clauses

BORROWING BASE FORMULA. The Borrowing Base Formula is equal to eighty percent (80%) of “Eligible Accounts Receivable”, plus fifty percent (50%) of “Eligible Inventory” and plus $300,000.00. “Eligible Accounts Receivable” shall mean accounts owned by Borrower subject to a first security interest in favor of Xxxxxxx that are acceptable and approved by Xxxxxxx from time to time as accounts receivable
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BORROWING BASE FORMULA. The Loans shall be extended and maintained upon the Borrowing Base formula. The total outstandings under this Agreement, including any requested borrowings, must either be equal to or less than the amount determined each month and before each borrowing to be the Borrower's Borrowing Base formula up to a limit of $4,000,000.00. The borrowings are contingent upon the Bank's receipt of the most current monthly aging of accounts receivable, the most current monthly inventory report and Borrowing Base Certificate of the
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BORROWING BASE FORMULA. 2.1 Advances under the Note shall be limited to 70% of eligible valid and true accounts receivable of Borrower due for less than 90 days from the date of the invoice.
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BORROWING BASE FORMULA. Advances on the Receivables Financing Note will be limited to a Borrowing Base Formula of 75% of the adjusted contract balances derived from accepted Eligible Contract balances (the "Borrowing Base"). To calculate such Borrowing Base, the principal balance(s) of any accepted contracts which allow a per lot pro rata release will first be reduced/adjusted as provided in subparagraph 2, below. Subject to all other requirements, conditions, and limits in this Exhibit and the Agreement, and provided no Event of Default by the Borrower under the Agreement has occurred, the Borrower may request advances on the Receivables Financing Note up to the Borrowing Base. For example, if the aggregate adjusted contract balance is $1,000,000, the Borrower could, at that date, have a maximum aggregate of $750,000 advanced on the Receivables Financing Note.
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BORROWING BASE FORMULA. Funds shall be advanced under the Line of Credit according to a borrowing base formula, as determined by Lender, on a monthly basis, defined as follows: the lesser of (a) $5,000,000.00 or up to (b) Eighty percent (80%) of eligible accounts receivable, subject to satisfactory accounts receivable audit to be performed by Lender minus the sum of (i) the face amount of outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit) and (ii) the outstanding under the Foreign Exchange Sublimit. Eligible accounts receivable shall include, but not be limited to, those accounts outstanding less than 90 days from the date of invoice, excluding foreign, government, contra, and intercompany accounts; and exclude accounts wherein 50% or more of the account is outstanding more than 90 days from the date of invoice. Except for specific projects pre-approved by Lender with an increased concentration limit, any account which alone exceeds 25% of total accounts will be ineligible to the extent said account exceeds 25% of total accounts. Also exclude any credit balances which are aged past 90 days. Also ineligible are any accounts which Lender in its sole judgment excludes for valid credit reasons. Notwithstanding the foregoing, upon Borrower's election to advance under the Line of Credit, Borrower acknowledges and agrees that Lender shall transfer the loan to its Commercial Finance Division. Any such advance request shall be made approximately 45 days to borrowing to allow for an audit of Borrower's accounts receivable. Borrower's deposit account will be debited for the audit expense and a notification will be mailed to Borrower.
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BORROWING BASE FORMULA. On the tenth day of each calendar month during the term of the Facility (or the next Business Day, if such day falls on other than a Business Day), GAC shall complete and submit to Bank and GECC a Borrowing Base Certificate in the form of Exhibit B1 hereto indicating, among other things, the aggregate average "Black Book" wholesale value of its Eligible Inventory and the number of units comprising such inventory. Subject at all times to the unused portion of Limit, GAC may request Revolving Loans under the Facility according to a borrowing base advance formula that limits any requested Revolving Loan to a maximum amount equal to fifty percent (50%) of the aggregate average "Black Book" wholesale value of such Eligible Inventory plus $400 per unit for reconditioning expense.
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BORROWING BASE FORMULA. The term "Borrowing Base" shall mean, as of any date on which the amount thereof shall be determined (the "Determination Date"), the aggregate of:
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BORROWING BASE FORMULA 
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Related to BORROWING BASE FORMULA

  • 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 Report The Agent shall have received from the Borrower the initial Borrowing Base Report dated as of the Closing Date.

  • Borrowing Base Reports Within thirty (30) days after the last day of each month, aged listings of accounts receivable and accounts payable (by invoice date) (the “Borrowing Base Reports”);

  • 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:

  • 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).

  • Borrowing Base Redetermination Pursuant to Section 2.07 of the Credit Agreement, the Administrative Agent and the Lenders agree that for the period from and including the Third Amendment Effective Date to but excluding the next Redetermination Date, the amount of the Borrowing Base shall be equal to $1,700,000,000. Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 2.7(e), Section 8.13(c) or Section 9.12(d). For the avoidance of doubt, the redetermination herein shall constitute the April 1, 2015 Scheduled Redetermination and the next Scheduled Redetermination shall be the October 1, 2015

  • Determination of Borrowing Base The Borrowing Base at any time shall be determined by reference to the most recent Borrowing Base Certificate and Monthly Servicing Report delivered to the Administrative Agent.

  • Borrowing Base Compliance After giving effect to the release of the Borrowing Base Property, the Total Outstandings will be less than or equal to the Maximum Loan Amount.

  • Borrowing Base Certificate The Administrative Agent shall have received a Borrowing Base Certificate which calculates the Borrowing Base as of the end of the month immediately preceding the Effective Date.

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