Current Asset Base shall have the meaning given such term set forth in Subsection 2.4.
Current Asset Base means the following with respect to the Borrower specified:
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.
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.
We also consider the tools needed for re-education, retraining, and rethinking priorities and practices.Identify and gathering data along with its analysis is critical element.
However, Council will continue to work with other providers to ensure that connections from Council owned or managed land to walkways and tracks not owned or managed by Council can occur .
Subject to the provisions of Section 4 below, Lender shall advance to Borrower on a revolving credit basis (the "Revolving Loan"), the lesser of (i) the Maximum Revolving Facility Amount minus the sum of the undrawn face amount of all Letters of Credit outstanding at the time any particular advance is made or (ii) the "Current Asset Base" (as defined below).
Subject to the terms and conditions herein set forth, each Lender agrees severally (and not jointly) to make its Pro Rata Share of advances to the Borrower, on a revolving credit basis (the "Revolving Loan"), in an aggregate amount not in excess of the lesser of (i) the Total Revolving Loan Facility less the Lender Guaranty Reserve, or (ii) the Current Asset Base (such lesser amount, "Borrowing Availability").
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 (ii) the lesser of the "Rail Inventory Sublimit" (as hereinafter defined) and an amount equal to the sum of (X) up to sixty-five percent (65%) of Rail's existing "Eligible Inventory" (as defined in Subsection 3.10 hereof), other than work-in-process and Fixed Overhead Inventory of Rail, 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, plus (Y) the sum of the following for each plant of Rail, the lesser of the "Work-in-Process Inventory Sublimit" (as hereinafter defined) for such plant and up to sixty percent (60%) of Rail's existing Eligible Inventory at such plant consisting of work-in-process (but excluding Fixed Overhead Inventory of Rail), 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, plus (Z) up to sixty percent (60%) of Rail's existing Eligible Inventory consisting of Fixed Overhead Inventory of Rail, valued at the lower of cost, determined on a first-in, first-out 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 with respect to Letters of Credit issued for the account of Rail, minus (iv) the CAPEX Reserve, and plus (v) $10,000,000; and
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 in respect to Borrower at any time an amount equal to (x) the lesser of (i) Ten Million Dollars ($10,000,000) or (ii) the sum of up to eighty percent (80%) (or such lesser percentage as Lender may, at any time and from time to time, determine in the exercise of its reasonable credit judgment) of the value at such time of Eligible Accounts, plus the lesser of Four Million Dollars ($4,000,000) or up to fifty percent (50%) (fifty-five percent (55%) during the months of July and December) (or such lesser percentage as Lender may, at any time and from time to time, determine, in the reasonable exercise of its reasonable credit judgment) of the value at such time of Eligible Inventory minus (subtract from the lesser of (i) or (ii) above) (y) an amount equal to as of such date the sum of (i) the Letter of Credit Accommodations, plus (ii) any amount which Lender reasonably expects it may be obligated to pay in the future for the account of Borrower, plus (iii) the amount of any reserve established by Lender pursuant to the terms hereof against the Current Asset Base.
Current Asset Base means, at any time, the sum of (i) up to eighty-five percent (85%) of the face amount (less maximum discounts, credits and allowances which may be taken by or have been 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) the lesser of (x) $30,000,000, and (y) an amount equal to up to sixty-five percent (65%) 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 at such time, minus (iv) the aggregate outstanding principal amount of the PIDA Loan at such time. 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.