Borrowing Base Percentage means, on the Determination Date, the lower of (i) the Aggregate Outstanding Note Balance as of the end of the related Due Period, divided by the sum of (A) (1) the Aggregate Loan Balance as of the close of business on the day prior to the first day of the related Due Period less (2) without duplication, (a) the Excluded Loan Balance, (b) the aggregate Loan Balance of all Defaulted Timeshare Loans, (c) the aggregate Loan Balance of Timeshare Loans that are determined to be Defective Timeshare Loans as of the close of business on the last day of the related Due Period and (d) the aggregate Loan Balance of all Qualified Substitute Timeshare Loans for which a Custodian’s Certification delivered pursuant to the terms of the Custodial Agreement by the Determination Date for the related Due Period has not been received by the Agent and the Servicer and (B) the Aggregate Loan Balance of Funding Date Timeshare Loans related to all Borrowings that occurred during the related Due Period; (ii) the Borrowing Base Percentage calculated for the immediately prior Determination Date, and (iii) 100% less the percentage credit enhancement required by the Rating Agency to achieve a rating of “BBB” (or the equivalent) with respect to a securitization of timeshare loans similar to the Timeshare Loans in the Trust Estate plus, in the case of clause (iii) only, 2.0%. With respect to clause (iii) of this definition, the percentage credit enhancement shall be determined either by special request to the Rating Agency or by reference to recent securitization transactions of timeshare loans originated by Bluegreen and its Affiliates.
Borrowing Base Percentage means, for the purpose of determining ------------------------- the applicable commitment fee under Section 2.01(c) hereof or the interest rate under Section 2.03 hereof, the Total Outstandings as a percentage of the Borrowing Base then in effect.
Borrowing Base Percentage means (a) with respect to Eligible Receivables, initially 85% and (b) with respect to Eligible Inventory, initially 50%, or, in each case, such other lower percentage as the Administrative Agent shall determine from time to time in its sole discretion.
Examples of Borrowing Base Percentage in a sentence
Borrowing Base Percentage Commitment Fee ------------------------- -------------- Less than or equal to 50% one-fourth of one percent (1/4%) Greater than 50% three-eighths of one percent (3/8%) If the Borrowing Base Percentage during any Quarterly Period should increase above 50% or decrease below 50% (or both), the Commitment Fee shall be prorated as to the number of days during the Quarterly Period that the Borrowing Base Percentage was above or below 50%, as the case may be.
The Borrower shall not permit the Borrowing Base Percentage to be less than or equal to 115% at any time after the Original Closing Date.
With respect to Item 2 of the Schedule to the Loan Agreement, the Inventory Borrowing Base Percentage is hereby reduced from 65% to 63%.
Subject to Section 4.03(c), the Borrowing Base Percentage shall be determined by reference to the most recent Borrowing Base Report prepared by the Collateral Agent, giving effect, however, to all Transactions which have taken place since the Close of Business on the immediately preceding Business Day, in each case to the extent the Collateral Agent has verified each such Transaction pursuant to the relevant Section as at the time of such determination.
The Borrower shall not permit the Borrowing Base Percentage to be less than or equal to 115% at any time after the Closing Date.
More Definitions of Borrowing Base Percentage
Borrowing Base Percentage means (a) with respect to Eligible Receivables, 85%, (b) with respect to Eligible Inventory, (i) during the period from the Amendment No. 5 Effective Date to and including June 30, 2009, 90% of the Net Orderly Liquidation Value Percentage with respect to Eligible Inventory as of the date of determination of the Borrowing Base Percentage, and (ii) from and after July 1, 2009, 85% of the Net Orderly Liquidation Value Percentage with respect to Eligible Inventory as of the date of determination of the Borrowing Base Percentage, and (c) with respect to Eligible Work in Process Inventory, 85% of the Net Orderly Liquidation Value Percentage with respect to Eligible Work in Process Inventory as of the date of determination of the Borrowing Base Percentage. Subject to the provisions of Section 10.02(b), the Borrowing Base Percentage with respect to each category of assets may be increased or decreased by the Co-Collateral Agents at any time and from time to time in the exercise of good faith and based upon the lending practices of the Co-Collateral Agents, consistent with criteria customary in the commercial finance industry generally. The Administrative Agent shall give the Borrower not less than two (2) Business Days prior written notice of its determination to decrease the Borrowing Base Percentage of any category of assets. The Borrower consents to any such increases or decreases and acknowledge that decreasing the Borrowing Base Percentage or increasing or imposing reserves may limit or restrict the Extensions of Credit requested by the Borrower.
Borrowing Base Percentage means, for any Payment Date or any Funding Date, as applicable, the lower of (a) 80.0%; (b) the Borrowing Base Percentage for the immediately prior Payment Date or Funding Date, as applicable, and (c) 100% less the percentage credit enhancement required by the Rating Agency to achieve a rating of “BBB” (or the equivalent) with respect to a securitization of timeshare loans similar to the Timeshare Loans in the Trust Estate plus, in the case of clause (c) only, 2.0%. With respect to clause (c) of this definition, the percentage credit enhancement shall be determined either by special request to the Rating Agency or by reference to recent securitization transactions of timeshare loans originated by Bluegreen and its Affiliates.
Borrowing Base Percentage. A factor, expressed as a percentage, equal to 0.85 multiplied by the Net Retail Liquidation Value.
Borrowing Base Percentage means on any date of determination, the lower of (i) 85% and (ii) 100% less the percentage credit enhancement required by the Rating Agency to achieve a rating of "BBB" (or the equivalent) with respect to a securitization of timeshare loans similar to the Timeshare Loans in the Trust Estate plus, in the case of clause (ii) only, 2.0%. With respect to clause (ii) of this definition, the percentage credit enhancement shall be determined either by special request to the Rating Agency or by reference to recent securitization transactions of timeshare loans originated by Bluegreen and its Affiliates.
Borrowing Base Percentage means, as of each date of determination, an amount (expressed as a percentage) equal to (a) the sum of (i) the Eligible Genius Receivables on such date, (ii) the Eligible Xxxxxxxxx Receivables on such date, which amount shall be deemed to be $0 if the Applicable Advance Rate with respect to Eligible Xxxxxxxxx Receivables is not greater than 0% on such date and (iii) the Eligible Library Value on such date, which amount shall be deemed to be $0 if the Applicable Advance Rate with respect to the Eligible Library Value is not greater than 0% on such date divided by (b) the sum of (i) the aggregate amount of Revolving Loans outstanding on such date and (ii) the aggregate amount of L/C Obligations outstanding on such date.
Borrowing Base Percentage means (i) during any Level 1 Ratings Period, 100%; (ii) during any period of time one Debt Rating of Tampa Electric is BBB- or higher by S&P or Baa3 or higher by Xxxxx’x and the other Debt Rating of Tampa Electric is BB+ by S&P or Ba1 by Xxxxx’x, 100%; and (iii) during any other period of time, the percentage equal to (a) 100% minus the highest Monthly Maximum Principal Amount Decline during the previous twelve (12) months divided by (b) 4.
Borrowing Base Percentage means, for any period, the percentage that the aggregate outstanding principal amount of the Loans represents with respect to Borrowing Base.