INVENTORY ADVANCE RATE Sample Clauses

INVENTORY ADVANCE RATE. Section 3.1(a)(iii) of the Loan Agreement is hereby deleted in its entirety and the following substituted therefor:
Sample 1
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INVENTORY ADVANCE RATE. The term "Inventory Advance Rate" as used herein shall mean forty percent (40%) of Eligible Inventory which constitutes raw materials and forty percent (40%) of Eligible Inventory which constitutes finished goods up to the $1,000,000.00 cap provided that we may, in our sole discretion, unilaterally decrease the Inventory Advance Rate in the event of any breach of the representations and warranties set forth in Paragraph 2.5 below or any other Default under this Agreement.
Sample 1
INVENTORY ADVANCE RATE. Section 2.1(a)(ii) of the Loan Agreement shall be and is hereby amended by (a) deleting both references to "fifty (50%) percent" therein and inserting "forty- five (45%) percent" in their stead, and (b) inserting the following provision immediately after clause (B) thereof and before the words "provided, however": "or (C) eighty (80%) percent of the amount equal to the product of the cost of Eligible Inventory multiplied by the percentage of the net orderly liquidation value to the cost of the various types of such Eligible Inventory as set forth in the most recent appraisal received by Lender pursuant to Section 7.3(d) of this Agreement,".
Sample 1
INVENTORY ADVANCE RATE. The term “Inventory Advance Rate” shall have the meaning set forth in Section 2.2(a)(ii) of Schedule A attached hereto.
Sample 1
INVENTORY ADVANCE RATE. Section 2.1(b)(iii) of the Loan Agreement is hereby amended by deleting therefrom the reference to "eighty-two (82%) percent" and substituting the following therefor: "eighty-five (85%) percent".
Sample 1
INVENTORY ADVANCE RATE. The definition of "Applicable Inventory Advance Rate" set forth in Section 1 of the Loan Agreement is hereby deleted in its entirety.
Sample 1

Related to INVENTORY ADVANCE RATE

  • 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.

  • Eligible Inventory As to each item of Inventory that is identified by any Borrower as Eligible Inventory in a Borrowing Base Certificate submitted to Agent, such Inventory is (a) of good and merchantable quality, free from known defects, and (b) not excluded as ineligible by virtue of one or more of the excluding criteria (other than Agent-discretionary criteria) set forth in the definition of Eligible Inventory.

  • Letter of Credit Fees, Interest Rate The Letter of Credit Fees and the rate of interest for each Loan otherwise applicable pursuant to Section 2.9.2 [Letter of Credit Fees] or Section 4.1 [Interest Rate Options], respectively, shall be increased by 2.0% per annum;

  • 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:

  • Accounts Receivable; Inventory (a) For each Account with respect to which Advances are requested, on the date each Advance is requested and made, such Account shall be an Eligible Account.

  • Availability Reserves All Revolving Loans otherwise available to Borrower pursuant to the lending formulas and subject to the Maximum Credit and other applicable limits hereunder shall be subject to Lender's continuing right to establish and revise Availability Reserves.

  • Unused Revolving Line Facility Fee A fee (the “Unused Revolving Line Facility Fee”), payable quarterly, in arrears, on a calendar year basis, in an amount equal to one quarter of one percent (0.25%) per annum of the average unused portion of the Revolving Line, as determined by Bank. Borrower shall not be entitled to any credit, rebate or repayment of any Unused Revolving Line Facility Fee previously earned by Bank pursuant to this Section notwithstanding any termination of the Agreement or the suspension or termination of Bank’s obligation to make loans and advances hereunder; and

  • Revolving Advances Subject to the terms and conditions set forth in this Agreement, each Lender, severally and not jointly, will make Revolving Advances to Borrower in aggregate amounts outstanding at any time equal to such Lender's Commitment Percentage of the lesser of (x) the Maximum Revolving Advance Amount less the aggregate amount of outstanding Letters of Credit or (y) an amount equal to the sum of:

  • Interest Rates and Letter of Credit Fee Rates Payments and Calculations Interest Rates. (I) Except as provided in Section 2.6(c), all Obligations (except for undrawn Letters of Credit and Term Obligations) that have been charged to the Loan Account pursuant to the terms hereof shall bear interest on the Daily Balance thereof (from the date of incurrence through but excluding the date of repayment or prepayment (whether by acceleration or otherwise)) as follows: if the relevant Obligation is a LIBOR Rate Loan denominated in Dollars, at a per annum rate equal to the LIBOR Rate plus the Applicable Margin for LIBOR Rate Loans, if the relevant Obligation is a LIBOR Rate Loan denominated in Euros, at a per annum rate equal to the LIBOR Rate plus the Applicable Margin for LIBOR Rate Loans, if the relevant Obligation is a Swingline Loan, a per annum rate equal to the overnight LIBO Rate plus its Applicable Margin for Overnight LIBO Loans, and otherwise in respect of Revolver Obligations, at a per annum rate equal to the Base Rate plus the Applicable Margin for Base Rate Loans.

  • 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).

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