IP Advance Rate definition
IP Advance Rate means, initially, 70%; provided that, on the first calendar day of each month (commencing on December 1, 2025), the IP Advance Rate then in effect shall be permanently reduced by 117 basis points (e.g., from 70.00% to 68.83% on December 1, 2025, from 68.83% to 67.66% on January 1, 2026, and so forth).
IP Advance Rate means fifty percent (50.00%).
IP Advance Rate means, 35%; provided, that commencing on July 23, of each year and continuing until and including November 1 of the same year, such percentage shall be increased to 75%.
Examples of IP Advance Rate in a sentence
Borrowers have requested that Agent and Lenders agree to defer any calculation and/or implementation of the IP Advance Rate Reduction Amount, if any, until Borrowers’ delivery to Agent of the monthly financial statements required under Section 10.1.2(c) for the September 2019 Fiscal Month (rather than upon Borrowers’ monthly financial statements for the September 2018 Fiscal Month period).
More Definitions of IP Advance Rate
IP Advance Rate means fifty percent (50.00%50%) (as adjusted from time to time pursuant to the terms of this definition). In the case of any repayment or prepayment of Term Loans pursuant to the provisions hereof, the IP Advance Rate shall be reduced, with every $1,000,000 in aggregate principal amount of Term Loans so repaid or prepaid by the Borrower (from the First Amendment Effective Date) equating to a 75 basis point reduction in the IP Advance Rate (e.g., if the amount of any repayment or prepayment was $1,000,000 and the IP Advance Rate prior to such prepayment was 50%, such IP advance rate will be reduced to 49.25%). If any repayment or prepayment is of a greater or lesser amount than $1,000,000, the IP Advance Rate shall be reduced proportionally based on the formula set forth above, rounded to the second decimal place. Any such reduction in the IP Advance Rate shall be implemented by the Administrative Agent and shall become effective on the date of any applicable repayment or prepayment (regardless of amount).
IP Advance Rate means 65%; provided, however, from and after March 31, 2023, such advance rate shall automatically reduce by an amount equal to 1.25% on the last day of each calendar quarter until such advance rate equals 55%. “IRC” means the Internal Revenue Code of 1986, as in effect from time to time. “Joinder” means a joinder agreement substantially in the form of Exhibit J-1 to this Agreement. “Landlord Reserve” means, as to each location at which a Borrower has Inventory or books and records located and as to which a Collateral Access Agreement has not been received by Agent, a reserve in an amount equal to three (3) months’ rent, storage charges, fees or other amounts under the lease or other applicable agreement relative to such location or, if greater and Agent so elects, the number of months’ rent, storage charges, fess or other amounts for which the landlord, bailee, warehouseman or other property owner will have, under applicable law, a Lien in the Inventory of such Borrower to secure the payment of such amounts under the lease or other applicable agreement relative to such location. “Lender” has the meaning set forth in the preamble to this Agreement, shall include any other Person made a party to this Agreement pursuant to the provisions of Section 13.1 of this Agreement and “Lenders” means each of the Lenders or any one or more of them. “Lender Group” means each of the Lenders and Agent, or any one or more of them. “Lender Group Expenses” means all (a) reasonable and documented costs or expenses (including taxes and insurance premiums) required to be paid by any Loan Party or its Subsidiaries under any of the
IP Advance Rate is hereby amended and restated by deleting the text thereof in its entirety and substituting in its place the following:
IP Advance Rate means fifty-five percent (55%); provided, that effective as of the earlier of (i) the due date for the delivery of the Borrowing Base Certificate for September 2020 (as determined by Section 8.1 hereof), and (ii) the date of delivery of the Borrowing Base Certificate due for September 2020, and continuing monthly thereafter, the IP Advance Rate shall be reduced by one percent (1.0%) per month from the rate then in effective for the immediately preceding month.”
IP Advance Rate means sixty percent (60%), provided, that the IP Advance Rate shall be reduced (a) by one and one-quarter percent (1.25%) for each $218,0750 in Term Loan principal reduction repayments (whether such repayment made is (i) mandatory or (ii) voluntary) received by the Lenders, and (b) by the IP Advance Rate Reduction Amount, where applicable