Inventory Advance Amount means (a) the lesser of (y) seventy percent (70%) of Eligible Inventory (valued at the lower of net book value or market value), and (z) eighty-five percent (85%) of the appraised net orderly liquidation value of Eligible Inventory, and (b) during a Seasonal Advance Period, the Seasonal Advance Amount.
Inventory Advance Amount means the lesser of (a) with respect to Eligible Inventory, (i) for monofilament line and Xxxxxxx Inventory, 60.0% of the lower of cost or market value, determined on a first-in-first-out basis, (ii) for Rawlings Inventory and fishing tackle not included in clause (i) preceding, 65.0% of the lower of cost or market value, determined on a first-in-first-out basis, and (iii) for all other Inventory, 55.0% of the lower of cost or market value, determined on a first-in-first-out basis, or (b) 80.0% of the Net Orderly Liquidation Value of Appraised Inventory; provided that, during the period from December 1 of each calendar year through and including March 31 of the following calendar year, the advance rate percentages expressed in clause (a)(i), clause (a)(ii), and clause (a)(iii) preceding shall be increased to 70.0%, 75.0%, and 65.0%, respectively, and the advance rate percentage expressed in clause (b) preceding shall be increased to 90.0%.
Examples of Inventory Advance Amount in a sentence
If at any time the outstanding Inventory Advances exceed the Maximum Inventory Advance Amount, Borrower shall immediately pay to Bank in cash such excess.
Borrower will repay the Inventory Advances on the earlier of: (i) the date on which the outstanding principal amount of the aggregate Inventory Advances exceeds the Maximum Inventory Advance Amount, to the extent of such excess, (ii) the date on which there is a breach of any warranty or representation set forth in Section 5.11, (iii) when required to be repaid under Section 2.1.1(i), or (iv) the Maturity Date (including any early termination).
Subsection (c)(iii) of Section 2.1 of the Loan Agreement is hereby amended by deleting "$35,000,000" in the last line thereof and inserting "the Maximum Inventory Advance Amount" in its place and stead.
Bank may, in its good faith business discretion, finance such Eligible Inventory on an aggregate basis by extending credit to Borrower (each an “Inventory Advance”) in an amount not to exceed the lesser of (a) the Inventory Advance Rate multiplied by the value of Borrower’s Eligible Inventory (valued at the lower of cost or wholesale fair market value), or (b) the Inventory Sublimit (the “Maximum Inventory Advance Amount ”).
Subsection (d)(iii) of Section 2.1 of the Loan Agreement is hereby amended by deleting "$35,000,000" in the last line thereof and inserting "the Maximum Inventory Advance Amount" in its place and stead.
More Definitions of Inventory Advance Amount
Inventory Advance Amount means an amount equal to the least of (a) the sum of (i) 90% of the cost of Co-Borrowers' Eligible Inventory purchased from the Manufacturers with whom Textron has an acceptable repurchase agreement plus (ii) 40% of the cost of Co-Borrowers' Eligible Inventory which is not included in clause (i) preceding, (b) $4,000,000, or (c) 30% of the Account Advance Amount.
Inventory Advance Amount means the lesser of (a) SIXTY-FIVE PERCENT (65.00%) of the cost of Eligible Inventory, and (b) NINETY PERCENT (90.00%) of the NOLV of Eligible Inventory; provided, however, that prior to the Lender’s receipt of a satisfactory appraisal (as of June 30, 2020) being SIXTH AMENDMENT TO LOAN AGREEMENT – PAGE 1 TEXAS CAPITAL BANK, NATIONAL ASSOCIATION – VINTAGE STOCK, INC. conducted as of the September 2020 Amendment Date, the Inventory Advance Amount shall not exceed SIXTY PERCENT (60.00%) of the cost of Eligible Inventory.
Inventory Advance Amount means the lesser of (a) with respect to Eligible Inventory, (i) for monofilament line, fishing tackle, and Xxxxxxx Inventory, 60.0% of the lower of cost or market value, determined on a first-in-first-out basis, (ii) for Rawlings Inventory, 65.0% of the lower of cost or market value, determined on a first-in-first-out basis, and (iii) for all other Inventory, 55.0% of the lower of cost or market value, determined on a first-in-first-out basis, or (b) 80.0% of the Net Orderly Liquidation Value of Appraised Inventory; provided that, during the period from December 1 of each calendar year through and including March 31 of the following calendar year, to the extent the Borrowing Base Calculation does not increase by more than $10,000,000 on the date of determination after giving effect to the increases in advance rates described in this proviso, the advance rate percentages expressed in clause (a)(i), clause (a)(ii), and clause (a)(iii) preceding shall be increased to 70.0%, 75.0%, and 65.0%, respectively, and the advance rate percentage expressed in clause (b) preceding shall be increased to 90.0%.
Inventory Advance Amount means at any time an amount equal to the product of (a) all Eligible Inventory of Revolving Credit Borrower located at the facilities of Revolving Credit Borrower and in warehouse locations for which Lender has received a satisfactory warehouseman's agreement and which are otherwise acceptable to Lender, times (b) a percentage, which shall initially be forty-five percent (45%); provided, however, that the Inventory Advance Amount shall not at any time exceed Five Million and no/100 Dollars ($5,000,000.00). Lender shall have the right at any time, and from time to time, in its sole discretion, to revise the above-described percentage.
Inventory Advance Amount means, at any time other than set forth below, an amount equal to the lesser of (i) $20,000,000, or (ii) the lesser of (x) sixty percent (60%) of the Net Value of Eligible Inventory owned by the Borrowers, or (y) eighty-five percent (85%) of the Net Orderly Liquidation Value of Eligible Inventory owned by the Borrowers; provided, however, that following the written request to the Lender and payment of a fully-earned, non-refundable fee of $35,000, during July through October of 2007 only, an amount equal to the lesser of (A) $20,000,000, or (B) the lesser of (i) eighty-five percent (85%) of the Net Orderly Liquidation Value of Eligible Inventory owned by the Borrowers, plus $1,500,000, or (ii) ninety percent (90%) of the Net Orderly Liquidation Value of Eligible Inventory owned by the Borrowers.
Inventory Advance Amount means the sum of (a) the lesser of (i) 75% of the net book value of Eligible Inventory consisting of steel raw material Inventory, except that with respect to any such Eligible Inventory consisting of In-Transit Inventory, such Inventory shall be valued at the net book value, net of all duty, freight, taxes, costs, insurance and other charges and expenses which may pertain to such In- Transit Inventory and (ii) 85% of the Net Liquidation Value of Eligible Inventory consisting of steel raw material Inventory, plus (b) 50% of the net book value of Eligible Inventory consisting of fuel (provided, that at no time shall the Inventory Advance Amount in respect of Eligible Inventory consisting of fuel exceed $10,000,000).
Inventory Advance Amount means the lesser of (a) 50% of the lower of cost or market value, determined on a weighted average basis, of Eligible Inventory except that (i) with respect to any Eligible Inventory consisting of In-Transit Inventory, such Inventory shall be valued at the lower of cost or market and net of all duty, freight, taxes, costs, insurance and other charges and expenses which may pertain to such In-Transit Inventory, and (ii) with respect to any Eligible Inventory consisting of fuel, the maximum amount of Loans outstanding against such Eligible Inventory shall not exceed $5,000,000 at any one time outstanding, and (b) 85% of the Net Liquidation Value of Inventory.