Definition of Borrowing Base Sample Clauses

Definition of Borrowing Base. Section 5(c). The definition of Borrowing Base in Section 5(c) of the Loan Agreement is hereby amended and restated in its entirety, as follows:
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Definition of Borrowing Base. The definition of Borrowing Base set forth in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:
Definition of Borrowing Base. The definition ofBorrowing Baseis amended to read as follows:
Definition of Borrowing Base. The definition ofBorrowing Base” set forth in Section 1.1j. of the Loan Agreement is hereby deleted in its entirety.
Definition of Borrowing Base. The definition of “Borrowing Base” set forth in Section 13.1 of the Loan Agreement is hereby deleted in its entirety and replaced with the following: Borrowing Base” is (a) 85% of Eligible Accounts plus (b) the lesser of 50% of the value of Borrower’s Eligible Inventory (valued at the lower of cost or wholesale fair market value) or $5,000,000, as determined by Bank from Borrower’s most recent Borrowing Base Report (and as may subsequently be updated by Bank based upon information received by Bank including, without limitation, Accounts that are paid and/or billed following the date of the Borrowing Base Report; provided, however, that Bank has the right to decrease the foregoing amounts and percentages in its good faith business judgment to mitigate the impact of events, conditions, contingencies, or risks which may adversely affect the Collateral or its value. Advances made pursuant to subclause (a) above are hereinafter referred to as the “Revolving Advances” and Advances made pursuant to subclause (b) above are hereinafter referred to as the “Inventory Advances.” ​
Definition of Borrowing Base. The definition of Borrowing Base shall be deleted in its entirety and replaced with the following:
Definition of Borrowing Base. Clauses (d), (g) and (h) of the definition ofBorrowing Base” in Section 1.01 of the Credit Agreement (Definitions) shall be amended in their entirety to read as follows:
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Definition of Borrowing Base. The definition of Borrowing Base in Section 1.1 of the Loan Agreement is hereby amended by modifying subsection (ii) (A) of such definition to read as follows: "Eight Million Dollars ($8,000,000) or"
Definition of Borrowing Base. Effective as of the date of execution of this Amendment, the definition ofBorrowing Base” set forth in Section 1 of the Financing Agreement is amended and restated to read in its entirety as follows: “Borrowing Base shall mean the sum of (a) eighty percent (80%) of the Company’s aggregate outstanding Eligible Accounts Receivable, provided, however, that if the then Dilution Percentage is greater than five percent (5%), then the rate of advance herein shall be reduced by the amount of such excess Dilution Percentage, plus (b) the lesser of (i) fifty percent (50%) of the aggregate value of the Company’s Eligible Inventory, valued at the lower of cost or market value, on a first in, first out basis, (ii) eighty-five percent (85%) of the aggregate value of the Company’s Eligible Inventory, valued at the appraised net orderly liquidation value, on a first in, first out basis, or (iii) the Inventory Loan Cap, less (c) any applicable Availability Reserves; provided, however, the Eligible Inventory portion of the Borrowing Base in clause (b) above shall not be effective until such time as a Qualified Inventory Appraisal has been conducted”.
Definition of Borrowing Base. The definition of "BORROWING BASE" contained in SECTION 1.1 is hereby amended in full to read as follows:
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