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.
Sample 1
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.
Sample 1
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.
Sample 1

Examples of Borrowing Base Formula in a sentence

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

  • 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.

  • DIP Credit Agreement line $250.0 ======= (b) Borrowing Base Formula $252.7 (2) ======= Lesser of (a) or (b) $250.0 Amounts outstanding under DIP Credit Agreement 123.2 (1) -------- Availability under DIP Credit Agreement as of 10/19/96 $126.8 ======= (2) Based upon advance rates under DIP Credit Agreement.

  • More specifically, the Borrowing Base Formula allows the Debtor to borrow funds in an amount equal to the aggregate of 75% of the eligible inventory and 50% of inventory at cost.

  • Borrower agrees to limit credit available under this line of credit to the lesser of the Commitment Amount or the FCS Borrowing Base Formula.

  • Subject to the terms and conditions of this Agreement, Borrower may utilize up to the lesser of (i) $2,000,000.00 or (ii) the Borrowing Base Formula for spot and future foreign exchange contracts (the "Exchange Contracts").

  • 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.

  • Accounts receivable that became ineligible receivables under the Borrowing Base Formula after the secured loans were made did not become collateral for the Debtor’s obligations to those principals.9 The Debtor directs the reader’s attention to Exhibit A to the Statement of Financial Affairs (the “SOFA”) for more information on this secured and unsecured lending.

  • 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.

  • AMERICAN CRYSTAL SUGAR COMPANY, a Minnesota cooperative corporation By Its Exhibit B Borrowing Base Formula The Borrowing Base shall be determined and computed by calculating the sum of: 80% of Eligible Accounts Receivable; plus 75% of Eligible Net Inventory.


More Definitions of Borrowing Base Formula

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.
Sample 1

Related to Borrowing Base Formula

  • Borrowing Base Amount means, as of any date, an amount equal to the sum of:

  • Borrowing Base Test means as of any date, a determination that (a) the lesser of (i) the Borrowing Base and (ii) the Facility Amount shall be equal to or greater than (b) the Advances Outstanding.

  • Borrowing Base Value means, with respect to any Oil and Gas Property of a Credit Party or any Swap Agreement in respect of commodities, the value the Administrative Agent attributed to such asset in connection with the most recent determination of the Borrowing Base as confirmed by Required Lenders.

  • Borrowing Base means, at any time of calculation, an amount equal to:

  • Borrowing Base Availability means, at the time of any determination, an amount equal to the lesser of the Borrowing Base at such time and the aggregate amount of the Commitments at such time.

  • U.S. Borrowing Base means, as of any date of determination, the result of:

  • Borrowing Base Report means a Borrowing Base Report for the Borrower signed by an Authorized Signatory of the Borrower and in substantially the form of Exhibit D attached hereto.

  • Domestic Borrowing Base means, at any time of calculation, an amount equal to:

  • Canadian Borrowing Base means, at any time, an amount in Dollars equal to:

  • Borrowing Base Utilization Percentage means, as of any day, the fraction expressed as a percentage, the numerator of which is the sum of the Revolving Credit Exposures of the Lenders on such day, and the denominator of which is the Borrowing Base in effect on such day.

  • New Borrowing Base Notice has the meaning assigned such term in Section 2.07(d).

  • Adjusted Borrowing Base means the Borrowing Base minus the aggregate amount of Cash and Cash Equivalents included in the Borrowing Base.

  • Borrowing Availability means as of any date of determination the Maximum Amount less the sum of (i) the Revolving Loan and Swing Line Loan then outstanding and (ii) the Reserves as then in effect.

  • Foreign Borrowing Base means, as of any date, an amount equal to:

  • Proposed Borrowing Base has the meaning assigned to such term in Section 2.07(c)(i).

  • Borrowing Base Assets means a collective reference to all Borrowing Base Assets in existence at any given time.

  • Inventory Advance Rate shall have the meaning set forth in Section 2.1(a)(y)(ii) hereof.

  • Tranche A Borrowing Base means, at any time of calculation, an amount equal to:

  • Aggregate Borrowing Base means as of any date of determination, an amount equal to (i) the sum of the SMP Borrowing Base and the SI Borrowing Base; less (ii) any Reserves except to the extent already deducted therefrom.

  • Proposed Borrowing Base Notice has the meaning assigned to such term in Section 2.07(c)(ii).

  • Borrowing Base Certificate means a certificate, signed and certified as accurate and complete by a Financial Officer of the Borrower Representative, in substantially the form of Exhibit H or another form which is acceptable to the Administrative Agent in its sole discretion.

  • Inventory Formula Amount means, with respect to any item of Eligible Inventory and at any time of determination, the lesser of (a) 65% of the lower of cost and market of such Inventory and (b) 85% of the Net Orderly Liquidation Value of such Inventory.

  • Incremental Auction Revenue Rights means the additional Auction Revenue Rights, not previously feasible, created by the addition of Incremental Rights-Eligible Required Transmission Enhancements, Merchant Transmission Facilities, or of one or more Customer- Funded Upgrades.

  • Eligible Inventory means and include Inventory of a Borrower, excluding work in process, valued at the lower of cost or market value, determined on a first-in-first-out basis, which is not, in Administrative Agent’s Permitted Discretion, obsolete, slow moving or unmerchantable and which Administrative Agent, in its Permitted Discretion, shall not deem ineligible Inventory, based on such considerations as Administrative Agent may from time to time deem appropriate including whether the Inventory is subject to a perfected, first priority security interest in favor of Administrative Agent and no other Lien (other than a Permitted Encumbrance). In addition, Inventory shall not be Eligible Inventory if it: (a) does not conform to all standards imposed by any Governmental Body which has regulatory authority over such goods or the use or sale thereof; (b) is Foreign In-Transit Inventory or in-transit within the United States; (c) is located outside the continental United States; (d) constitutes Consigned Inventory; (e) is the subject of an Intellectual Property Claim; (f) is subject to a License Agreement that limits, conditions or restricts the applicable Borrower’s or Administrative Agent’s right to sell or otherwise dispose of such Inventory, unless Administrative Agent is a party to a Licensor/Administrative Agent Agreement with the Licensor under such License Agreement (or Administrative Agent shall agree otherwise in its Permitted Discretion after establishing reserves against the Formula Amount with respect thereto as Administrative Agent shall deem appropriate in its sole discretion); (g) is situated at a location not owned by a Borrower unless the owner or occupier of such location has executed in favor of Administrative Agent a Lien Waiver Agreement (or Administrative Agent shall agree otherwise in its Permitted Discretion after establishing reserves against the Formula Amount with respect thereto as Administrative Agent shall deem appropriate in its Permitted Discretion); or (h) or if the sale of such Inventory would result in an ineligible Receivable.

  • Borrowing Base Deficiency means, at any date on which the same is determined, the amount, if any, that (a) the aggregate Covered Debt Amount as of such date exceeds (b) the Borrowing Base as of such date.

  • Canadian Base Rate means, at any time, the annual rate of interest equal to the greater of (a) the annual rate from time to time publicly announced by Agent (or a bank that is listed on Schedule 1 of the Bank Act (Canada) acceptable to Agent) as its prime rate in effect for determining interest rates on Canadian Dollar denominated commercial loans made in Canada and (b) the annual rate of interest equal to the sum of the 30-day BA Rate at such time plus 1% percent per annum.