Applicable Advance Rate

Applicable Advance Rate. Shall mean that percentage advance rate set by the Agent from time to time in its credit judgment, not to exceed: (i) seventy percent (70%) of that portion of otherwise Eligible Receivables which are unpaid less than ninety (90) days past invoice date, if and so long as the Borrowing Base is being reported twice per calendar month; provided, however, that Borrower shall have the one time right, exercisable upon giving the Agent at least two (2) weeks advance written notice, provided no Event of... Default then exists, to obtain an increase in the advance rate prescribed hereinabove to seventy-five percent (75%) if and so long as Borrower commences and continues weekly reporting of the Borrowing Base; and (ii) twenty-five percent (25%), regardless of reporting frequency in respect of the Borrowing Base, of that portion of otherwise Eligible Receivables which are unpaid ninety (90) days or more past invoice date, but less than one hundred twenty (120) days past invoice date, provided, however, that such Eligible Receivables are then owing by investment grade Account Debtors (as determined by the Agent). 2 View More

Applicable Advance Rate. Means, at any time, fifty percent (50%) of the lesser of (A) the then fair market value of the Eligible Inventory or the Eligible Catch, as the case may be, and as determined in the sole discretion of the Administrative Agent; (B) the Insured Value thereof multiplied by (1 - the related co-insurance percentage).