Current Asset Base definition

Current Asset Base shall have the meaning given such term set forth in Subsection 2.4.

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Current Asset Base means (i) up to eighty-five (85%) of the face amount (less maximum discounts, credits and allowances which may be taken by or granted to Account Debtors in connection therewith) then outstanding under existing "Eligible Accounts" (as defined in Subsection 3.2 hereof), less such other reserves as Agent in its sole discretion and in Good Faith elects to establish; plus (ii) the lesser of $500,000 and an amount equal to the sum of (X) up to sixty-five percent (65%) of Deco's existing Eligible Inventory constituting Stock Inventory and (Y) up to thirty percent (30%) of Deco's existing Eligible Inventory constituting Parts Inventory, in each case valued at the lower of cost, determined on a first-in, first-out basis, or market, less obsolescence reserves and such other reserves as Agent in its sole discretion and in Good Faith elects to establish.

Current Asset Base means the following with respect to the Borrower specified:

Examples of Current Asset Base in a sentence

• In addition, subject to Subsection 2.4(B), if the sum of (i) aggregate balance of the unpaid principal amount of the Revolving Loans, plus (ii) the aggregate amount of all Letter of Credit Obligations outstanding at any time, is in excess of the Current Asset Base, such excess shall be immediately due and payable without the necessity of any demand.

• Subject to Subsection 2.4(B), the aggregate unpaid principal amount of the Revolving Loans shall not in the aggregate exceed at any time the lesser of (A) Total Revolving Commitments then in effect, minus the aggregate amount of all Letter of Credit Obligations, or (B) the Current Asset Base (as defined below).

• Agent may, in its discretion, reduce the advance rates set forth above or reduce one or more of the other elements used in computing the Current Asset Base.

• Subject to Section 3 below: 2.1 The following definitions are added to Subsection 1.1 of the Loan Agreement in their alphabetically proper places: "Excess Availability" shall mean, at any time, an amount equal to the amount by which the Current Asset Base exceeds the aggregate balance of the unpaid principal amount of the Revolving Loans.

• Notwithstanding the foregoing, except as expressly provided in subsection 2.2, the aggregate amount of the Revolving Loans outstanding at any time shall not exceed the Current Asset Base minus the aggregate Lender Guaranty Reserve attributable to WQMC and Cusco.

More Definitions of Current Asset Base

Current Asset Base means (i) up to eighty-five percent (85%) of the face amount (less maximum discounts, credits and allowances which may be taken by or granted to Account Debtors in connection therewith) then outstanding under existing "Eligible Accounts" (as defined in Subsection 3.2 hereof), less such other reserves as Agent in its sole discretion and in Good Faith elects to establish; plus

Current Asset Base shall have the meaning ascribed thereto in subsection 2.1.

Current Asset Base means an amount equal to:

Current Asset Base shall have the meaning ascribed thereto in subsection 2.1 hereof.

Current Asset Base means (i) up to eighty-five percent (85%) of the face amount (less maximum discounts, credits and allowances which may be taken by or granted to Account Debtors in connection therewith) then outstanding under existing "Eligible Accounts" (as defined in Subsection 3.2 hereof), less such reserves as Agent in its sole discretion and in Good Faith elects to establish; plus (ii) an amount equal to up to sixty percent (60%) of Borrower's existing "Eligible Inventory" (as defined in Subsection 3.10 hereof), of raw material, work-in-process and finished goods, valued at the lower of cost, determined on an average cost basis, or market, less such reserves as Agent in its sole discretion and in Good Faith elects to establish, minus (iii) the Letter of Credit Obligations. Notwithstanding the foregoing or anything in Subsection 3.10 to the contrary, the aggregate amount of Inventory deemed to be Eligible Inventory shall not at any time exceed an amount equal to (the "Inventory Sublimit") 50% of Borrower's cost of goods sold (excluding costs of goods sold of Borrower's QuikWater Division), on an average cost basis, for the most recent six (6) months for which Lenders have received the financial statements required to be furnished by Borrower pursuant to Subsection 7.1(A) hereof.

Current Asset Base means the amount equal to (i) up to eighty-five percent (85%) (the "A/R%") of the face amount (less maximum discounts, credits and allowances which may be taken by or granted to Account Debtors in connection therewith) then outstanding under existing Eligible Accounts, less such reserves as Lender in its sole discretion exercised in Good Faith elects to establish; plus (ii) the lesser of the Inventory Sublimit and an amount equal to up to sixty percent (60%) (the "Inv %")of Borrower's existing Eligible Inventory valued at the lower of cost, determined on a first-in, first-out basis, or market, less such reserves as Lender in its sole discretion exercised in Good Faith elects to establish; minus

Current Asset Base. Eligible Accounts" or "Eligible Inventory", except as provided by subsections 3.3 and 3.10;