Borrowing Base (UDC Contracts) definition
Borrowing Base (UDC Contracts) means, with respect to all Eligible Contracts originated by the Originators or any other predecessor Duck Entity at any date, the amount equal to (A) the aggregate Principal Balance thereof multiplied by (B) the least of (i) the Effective Securitization Net Proceeds Percentage, (ii) the Weighted Average Securitization Net Proceeds Percentage as of such date, or (iii) 65%.