Borrowing Base Formula definition

Borrowing Base Formula means seventy-five percent (75%) of the eligible accounts receivable balance plus sixty percent (60%) of the finished goods inventory of packaged crumb rubber. Eligible account receivables shall exclude any receivables not paid within ninety (90) days of invoice and any Affiliate, contra (offset) or employee account receivables.
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Borrowing Base Formula means the lesser of the note amount of $7,500,000 or the formula used to calculate the amount of available credit for Borrower under the Loan. The available credit under the Borrowing Base Formula shall be calculated as follows: 85% of Eligible Accounts Receivable plus 50% of Unbilled Accounts Receivable up to $1,500,000, plus 40% of Eligible Inventory, less Borrower’s obligations under outstanding Letters of Credit. The collateral and credit used to calculate the Borrowing Base Formula are described in the Borrowing Base & Compliance Certificate which attached as Exhibit 1.
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Borrowing Base Formula means Eighty percent (80%) of the advance rate of the Receivables under One Hundred Twenty (120) days, Forty percent (40%) of the advance rate of the Contracts in Progress and Fifty-Five percent (55%) of the advance rate of the Selected Contracts in Progress.
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Examples of Borrowing Base Formula in a sentence

  • The paragraph entitled "Borrowing Base Formula" is hereby deleted in its entirety.

  • 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.

  • If the Note is not fully advanced and the Borrowing Base calculations reflect that additional advances under the Borrowing Base Formula can be made, the Borrower may request, and the Bank will, within 3 business days of such request, advance the requested amount supported by the Borrowing Base Formula.

  • The Loan is a revolving line of credit loan that ▇▇▇▇▇▇▇ will fund in principal amounts equal to the Borrowing Base Formula as provided in Section A(2) below, provided that in no event shall the total outstanding principal amount exceed $2,000,000.00 at any time during the term of the Loan.

  • 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").

  • Subject to the terms and conditions of this Agreement, Lender agrees to issue or cause to be issued Letters of Credit for the account of Borrower in an aggregate face amount not to exceed (i) the lesser of $500,000.00 or the Borrowing Base Formula minus (ii) the then outstanding principal balance of the Note; provided that the face amount of outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit) shall not in any case exceed Five Hundred Thousand and 00/100 Dollars ($500,000.00).

  • During the Forbearance Period, the amount by which Code-Alarm exceeds the Borrowing Base Formula set forth in the Loan Agreement shall not be greater than $5,300,000 (the "Out-of-Formula Cap") minus the aggregate of all Out-of-Formula Paydowns (as defined immediately below).

  • Immediately after the advance, all outstanding balances under the Revolving Line of Credit Note shall not exceed the amount authorized under the Borrowing Base Formula, and in any event, the outstanding balance shall not be greater than the note amount.

  • As noted in the Recitals, based on Code-Alarm's Borrowing Base Certificate for the month ended March 31, 1997, certified by the Chief Financial Officer of Code-Alarm and delivered to NBD, Code-Alarm acknowledged it has exceeded the Borrowing Base Formula set forth in the Loan Agreement by $1,847,000.

  • In order for an Eligible Contract to be accepted by the Bank and included in the Borrowing Base Formula, such contract must be assigned and pledged to the Bank and such pledge or assignment perfected, at Borrower's expense.


More Definitions of Borrowing Base Formula

Borrowing Base Formula means seventy-five percent (75%) of the eligible accounts receivable balance. Eligible account receivables shall exclude any receivable not paid within ninety (90) days of invoice and any Affiliate or employee account receivables.
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