Collateral Base Sample Clauses

Collateral Base. Beginning October 1, 2016, if, at any time the amount of Credit Party Debt exceeds the Collateral Base, Debtor shall, on demand, repay the Credit Party Debt in an amount sufficient to reduce the Credit Party Debt by an amount equal to such excess. For purposes of this Section 9, Debtors’ rights and obligations in respect of Key Man life insurance policies shall be excluded from such covenant and Collateral Base calculations. For purposes of this Section 9, the following terms are used with the meanings set forth below:
View SourceView Similar (4)
Collateral Base. The term “Collateral Base” shall have the meaning given to that term in the Fee Letter.
View Source
Collateral Base. The sum of: -------------------------------------------------------------------------------- ------------------ (a) 80% of Eligible Export-Related Accounts Receivable (from line 3) $ -------------------------------------------------------------------------------- ------------------ (b) 60% of Eligible Export-Related Inventory (from line 6) $ -------------------------------------------------------------------------------- ------------------ Total $ -------------------------------------------------------------------------------- ------------------ 8. Maximum Amount $1,500,000 -------------------------------------------------------------------------------- ------------------ 9. Borrowing Base amount (lesser of lines 7 and 8) $ -------------------------------------------------------------------------------- ------------------
View Source
Collateral Base. 11 2.4 Collateral-Base Deficiency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
View Source
Collateral Base. The Collateral Base shall equal the sum of the amounts described in Subsections (a), (b) and (c) below (the "Collateral Base"): (a) For all Presolds (excluding those Residential Units that were previously included in the Collateral Base as Specs), the product of the following: (i) the lesser of the following: 28 (A) eighty percent (80%) of the Appraised Value of the Residential Unit's Base Plan, or (B) the sum of (i) ninety-five percent (95%) of the Agreed Cost of such Residential Unit's Base Plan Budget plus (ii) sixty percent (60%) of the agreed value of the Approved Upgrades, multiplied by (ii) such Residential Unit's Completion Percentage, as calculated by Agent as set forth herein, plus (b) For all Residential Units that are initially Specs, and for all Presolds that become Specs (after the expiration of nine month period applicable to Presolds), the product of the following: (i) the lesser of the following: (A) seventy-five percent (75%) of the Appraised Value of the Residential Unit's Base Plan, or (B) the sum of (i) eighty-five percent (85%) of the Agreed Cost of such Residential Unit's Base Plan Budget plus (ii) sixty percent (60%) of the agreed value of the Approved Upgrades, multiplied by (ii) such Residential Unit's Completion Percentage, as calculated by Agent as set forth herein, plus (c) For all Model Homes, the product of the following: (i) the lesser of the following: (A) eighty percent (80%) of the Appraised Value of the Model Home, including Lot, or (B) ninety percent (90%) of the actual cost of the Model Home, excluding furniture and other furnishings, multiplied by (ii) such Model Home's Completion Percentage, as calculated by Borrower and confirmed from time to time by Agent as set forth herein. (d) The Collateral Base shall be determined monthly based on the Construction Status Report and shall be calculated by Agent on the Collateral Base Certificate. The Collateral Base applicable to the reporting month shall not be revised until receipt by Agent of the next monthly Construction Status Report and inspections of the Residential Units. No Residential 29 Units not then included in the Collateral Base shall be eligible for inclusion in the Collateral Base after the Termination Date. On the Termination Date, the Construction Line shall cease to be a revolving commitment and from and after such date Lenders shall not be obligated to include any new Residential Units within the Construction Line and shall not be obligated to make any Adva...
View Source
Collateral Base. Borrower shall determine the Collateral Base in accordance with this agreement and verify it to Lender as of each Advance Date and otherwise in accordance with SECTION 7.1. Lender may review and adjust any determination of the Collateral Base as so verified by Borrower if, in its good faith based upon information otherwise available to it, Lender deems that determination not to be in accordance with this agreement.
View Source

Related to Collateral Base

  • Annual Collateral Verification Each year, at the time of delivery of annual financial statements with respect to the preceding Fiscal Year pursuant to Section 5.1(c), Company shall deliver to Collateral Agent a certificate of an Authorized Officer either (i) confirming that there has been no change in such information since the date of the Collateral Questionnaire delivered on the Closing Date or the date of the most recent certificate delivered pursuant to this Section 5.1(o) or (ii) identifying such changes;

  • Debt Service Reserve Account Borrower shall fund and maintain a debt service reserve in the Debt Service Reserve Account, in an amount equal to twelve (12) monthly payments of principal and interest on the Term Loan as determined from time to time by the Lender (the “Debt Service Reserve Amount”). Beginning with the first fiscal year end after the Effective Date, and at each fiscal year end thereafter, until such time as the balance in the Debt Service Reserve Account is equal to or greater than the Debt Service Reserve Amount, one hundred percent (100%) of Excess Cash Flow shall be deposited in the Debt Service Reserve Account by Borrower within 120 days of each fiscal year end. The balance held in the Debt Service Reserve Account shall earn interest at the rate determined by the Lender from time to time. If at any time after the Debt Service Reserve Amount has been fully funded by the Borrower the balance in the Debt Service Reserve Account is less than sixty-seven percent (67.0%) of the applicable Debt Service Reserve Amount, the Borrower shall, within sixty (60) days after receipt of notice from the Lender as provided herein, deposit in the Debt Service Reserve Account an amount sufficient to restore the balance in the Debt Service Reserve Account to an amount not less than the Debt Service Reserve Amount; provided, however, Borrower shall not be required to make a deposit in the Debt Service Reserve Account to the extent that such a deposit would exceed one hundred percent (100%) of Excess Cash Flow, calculated based upon unaudited monthly financial statements required by Section 5.01(c)(ii) of this Agreement for the month ending immediately prior to receipt of notice from the Lender. In the event that Borrower is not required to fully restore the balance in the Debt Service Reserve Account pursuant to the foregoing sentence, Borrower shall at the earliest possible date thereafter, to the extent of Excess Cash Flow determined on unaudited monthly financial statements required by Section 5.01(c)(ii) of this Agreement or audited financial statements required by Section 5.01(c)(i) of this Agreement, as applicable, deposit in the Debt Service Reserve Account such additional amounts as will restore the balance in the Debt Service Reserve Account to an amount not less than the Debt Service Reserve Amount. As and when any of the Loan Obligations are past due, after any applicable grace periods have expired, under any Loan Document, Lender, in its sole discretion, may withdraw from the Debt Service Reserve Account the amount of the then past due Loan Obligations and apply such amounts to the payment of the past due Loan Obligations. Notwithstanding the foregoing sentence, if an Event of Default has occurred and is continuing under the Loan Documents, the Lender may, after any applicable grace periods have expired, withdraw amounts in the Debt Service Reserve Account, in its sole discretion, and apply such amounts to the payment of the Loan Obligations in such order and manner as Lender shall determine in its sole discretion. Withdrawals by the Lender of any amounts from the Debt Service Reserve Account to pay any Loan Obligations as provided in this Section 2.14 may be made without the requirement of any consent by or notice to the Borrower, provided that Lender shall provide to Borrower notice that such withdrawal was made within a reasonable time thereafter. Borrower recognizes and acknowledges that its obligation to pay the Loan Obligations are absolute and unconditional and it is not dependent upon sufficient deposits in the Debt Service Reserve Account being available to make payment on any Loan Obligations, and nothing herein shall be construed to negate or modify the Borrower’s absolute and unconditional obligation to pay the Loan Obligations in accordance with the terms and conditions of this Agreement and the Loan Documents. Borrower shall execute and deliver to the Lender any and all deposit account control agreements the Lender may reasonably request in accordance with the terms and conditions of the Loan Documents, and take all actions and deliver all documents the Lender may reasonably request or require to perfect the Lender’s security interest in the Debt Service Reserve Account, in accordance with the terms and conditions of the Loan Documents.

  • Borrowing Base Agent shall have received evidence from Borrowers that the aggregate amount of Eligible Receivables and Eligible Inventory is sufficient in value and amount to support Advances in the amount requested by Borrowers on the Closing Date;

  • 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).

  • Required Reserve Amount So long as this Warrant remains outstanding, the Company shall at all times keep reserved for issuance under this Warrant a number of shares of Common Stock at least equal to 100% of the maximum number of shares of Common Stock as shall be necessary to satisfy the Company’s obligation to issue shares of Common Stock under the Warrants then outstanding (without regard to any limitations on exercise) (the “Required Reserve Amount”); provided that at no time shall the number of shares of Common Stock reserved pursuant to this Section 1(g) be reduced other than in connection with any exercise of Warrants or such other event covered by Section 2(c) below. The Required Reserve Amount (including, without limitation, each increase in the number of shares so reserved) shall be allocated pro rata among the holders of the Warrants based on the number of shares of Common Stock issuable upon exercise of Warrants held by each holder thereof on the Issuance Date (without regard to any limitations on exercise) (the “Authorized Share Allocation”). In the event that a holder shall sell or otherwise transfer any of such holder’s Warrants, each transferee shall be allocated a pro rata portion of such holder’s Authorized Share Allocation. Any shares of Common Stock reserved and allocated to any Person which ceases to hold any Warrants shall be allocated to the remaining holders of Warrants, pro rata based on the number of shares of Common Stock issuable upon exercise of the Warrants then held by such holders thereof (without regard to any limitations on exercise).