Borrowing Base

Borrowing Base. Means, at the time in question, the sum of (a) 75% of Eligible Billed Government Receivables and (b) 75% of Eligible Billed Commercial Receivables as depicted in the Borrowing Base Certificate the Lender has most recently received pursuant to Section 2.1(d) or Section 5.8(j) provided, however, that (i) the Borrowing Base shall be reduced by the Letter of Credit Exposure at such time and (ii) at all times the Borrowing Base shall remain subject to... verification by the Lender. View More

Borrowing Base. Means (without duplication) the aggregate sum of the following: (a) 100% of Available Cash, plus (b) 80% of Eligible Accounts Receivable, plus (c) 75% of Eligible Lumber Inventory, plus (d) 90% of Eligible Home Work-in-Process, plus (e) the lesser of $15,000,000.00 or 50% of Eligible Real Estate Held for Development, plus (f) the lesser of $10,000,000.00 or 50% of Eligible... Investments in Joint Ventures, plus (g) the lesser of or $5,850,000.00 or 90% of the aggregate sum of Eligible Model Homes, plus (h) the lesser of $6,000,000.00 or 90% of Eligible Speculative Homes, plus (i) 70% of Eligible Developed Lots that have been added to the Developed Lots category within 18 months immediately preceding the date of calculation, and 62.5% of Eligible Developed Lots that have been added to the Developed Lots category more than 18 months, but less than 24 months immediately preceding the date of calculation, plus (j) 60% of Eligible Lots Under Development, plus (k) 100% of the Eligible Acquisition Assets, plus (l) the lesser of $4,500,000.00 or 50% of Eligible Fall Foundation Lots. The Administrative Agent shall deduct from any borrowing availability under the Borrowing Base 100% of the amounts of outstanding Excess Permitted Nonrecourse Borrowings (the "Excess Permitted Nonrecourse Borrowings Reserve"). View More

Borrowing Base. Means, as of any day, an amount equal to the sum of (1) eighty percent (80%) of the aggregate face amount of Eligible Accounts Receivable, plus (2) fifty percent (50%) of the net book value (determined at the lower of cost or market) of Eligible Parts and Supplies Inventory, plus (3) eighty percent (80%) of the Orderly Liquidation Value of the Serialized Eligible Rental Equipment, plus (4) fifty-six percent (56%) of the net book value of the Non-Serialized Eligible Rental Equipment, plus (5)... eighty percent (80%) of the Delivered Cost of Eligible Equipment Held For Resale, in each case as set forth in the most recent Borrowing Base Certificate delivered to the Agent and the Lenders in accordance with the terms of Section 7.1(d), plus (6) an amount equal to (a) from October 1, 2002 through October 30, 2002, $25,000,000, (b) from October 31, 2002 through December 30, 2002, $20,000,000, (c) from December 31, 2002 through March 30, 2003, $15,000,000, and (d) thereafter, $-0- (provided, that the foregoing amounts shall be reduced by an amount equal to fifty percent (50%) of the amount by which the Net Cash Proceeds received for any Material Asset Disposition exceed the value included in the calculation of the most recently delivered Borrowing Base associated with the assets being disposed of), minus (7) an amount equal to the accrued and unpaid interest on the Senior Subordinated Notes, minus (8) reserves established by the Agent from time to time in its reasonable discretion. Notwithstanding the foregoing to the contrary, the advance rate on the Non-Serialized Eligible Rental Equipment shall be readjusted periodically based on each new Equipment Appraisal thereof to equal the product (calculated as a percentage) of (x) the ratio of (1) the Orderly Liquidation Value of the Non-Serialized Eligible Rental Equipment to (2) the net book value of the Non-Serialized Eligible Rental Equipment multiplied by (y) eighty percent (80%). For the purposes of this definition, "Material Asset Disposition" means an Asset Disposition the Net Cash Proceeds of which are in excess of $10,000,000. View More

Borrowing Base. An amount equal to: (a) sixty percent (60%) of the face amount (less maximum discounts, credits and allowances which may be taken by or are granted to ACCOUNT DEBTORS in connection therewith) of billed ELIGIBLE ACCOUNTS; minus (b) the aggregate stated amount of all outstanding LETTERS OF CREDIT and unsatisfied reimbursement obligations of the BORROWER arising out of LETTERS OF CREDIT; minus (c) such reserves as the LENDER,... in its sole and absolute discretion, deems appropriate at any time or from time to time, including without limitation, reserves determined by the LENDER to be appropriate with respect to maintaining a certain level of availability, and with respect to GUARANTY INDEBTEDNESS, INTEREST RATE PROTECTION AGREEMENTS, and other obligations of the BORROWER. View More

Borrowing Base. Means, at any time the lesser of: (a) the Maximum Line; or (b) subject to change from time to time in the Lender's sole discretion, the sum of: (i) 80% of Eligible Accounts, plus (ii) 55% of Eligible Inventory, plus (iii) the Overadvance Component, less 2 (iv) the Landlord's Disclaimer Reserve.

Borrowing Base. The value assigned by the Bank from time to time to the Oil and Gas Properties. Until the next determination of the Borrowing Base pursuant to Section 5 hereof, the aggregate Borrowing Base shall be $25,000,000.

Borrowing Base. Shall mean that amount, determined by the Agent from time to time, in its credit judgment, equal to the product of (A) the amount of Eligible Receivables, multiplied by (B) the Applicable Advance Rate corresponding thereto; less the amount of any reserves to the Borrowing Base which the Agent, in its credit judgment, determines to impose from time to time.

Borrowing Base. Is 75% of Eligible Accounts as determined by Bank from Borrower's most recent Borrowing Base Certificate.

Borrowing Base. Is (i) 80% of Eligible Accounts plus (ii) the lesser of 20% 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 Certificate.

Borrowing Base. (i) 90% of the amount of each Credit Party's Eligible Accounts from International Business Machines Corp. ("IBM") or its domestic subsidiaries as account debtor pursuant to agreements between such Credit Party and IBM, in form and substance satisfactory to IBM Credit as of the date of determination as reflected in the Customer's most recent Collateral Management Report; Notwithstanding Section 3.1 (A) of the Agreement, for purposes of this Section (i), Accounts from IBM that allow for payment... to be made within 60 days shall be included for purposes of calculating the Borrowing Base provided that such Accounts from IBM are on standard terms and otherwise satisfy the criteria for eligibility in IBM Credit's sole discretion. (ii) 80% of the amount of each Credit Party's Eligible Accounts from Honeywell Inc. ("Honeywell"), Minnesota Mining & Manufacturing Company ("3M"), and Applied Materials, Inc. ("Applied Materials") as account debtor, provided such account debtors remain investment grade, in IBM Credit's sole discretion, and pursuant to agreements between such Credit Party and such account debtor, in form and substance satisfactory to IBM Credit as of the date of determination as reflected in the Customer's most recent Collateral Management Report; Notwithstanding Section 3.1 (A) of the Agreement, for purposes of this Section (ii), Accounts from Honeywell that allow for payment to be made within 45 days shall be included for purposes of calculating the Borrowing Base provided that such Accounts from Honeywell are on standard terms and otherwise satisfy the criteria for eligibility in IBM Credit's sole discretion; (iii) 80% of the amount of each Credit Party's other Eligible Accounts, other than Concentration Accounts, as of the date of determination as reflected in the Customer's most recent Collateral Management Report provided, however, IBM Credit has a first priority security interest in such Eligible Account; (iv) a percentage, determined from time to time by IBM Credit in its sole discretion, of the amount of Customer's Concentration Accounts for a specific Concentration Account Debtor as of the date of determination as reflected in the Customer's most recent Collateral Management Report; unless otherwise notified by IBM Credit, in writing, the percentage for Concentration Accounts for a specific Concentration Account Debtor shall be the same as the percentage set forth in paragraph (ii) of the Borrowing Base; The following subsections (v), (vi), (vii) and (viii) specify valuation rates for Eligible Finished Goods Inventory, Eligible Parts Inventory and Eligible Inventory (as such terms are defined below) for the following Credit Parties' at the specified locations: Pemstar Inc. = Rochester, MN Pemstar Inc. = San Jose, CA Pemstar Inc. = Taunton, MA Turtle Mountain Corporation = Dunseith, ND (v) Rochester, MN = 95%, San Jose, CA = 0%, Taunton, MA = 0%, Dunseith, ND = 100% of the lower of (x) book value or (y) fair market value of each Credit Party's Eligible Finished Goods Inventory destined for IBM less than 180 days old; (vi) Rochester, MN = 85%, San Jose, CA = 0%, Taunton, MA = 0%, Dunseith, ND = 83% of the lower of (x) book value or (y) fair market value of each Credit Party's Eligible Parts Inventory destined for IBM less than 180 days old; (vii) Rochester, MN = 66%, San Jose, CA = 0%, Taunton, MA = 0%, Dunseith, ND = 80% of the lower of (x) book value or (y) fair market value of each Credit Party's Eligible Inventory destined for Honeywell, 3M, and Applied Materials less than 180 days old; (viii) Rochester, MN (other than Eligible Finished Goods Inventory, Eligible Parts Inventory and Eligible Inventory destined for Celestica) = 54%, Rochester, MN (for Eligible Finished Goods Inventory, Eligible Parts Inventory and Eligible Inventory destined for Celestica) = 49%, San Jose, CA = 46%, Taunton, MA = 60%, Dunseith, ND = 49% of the lower of (x) book value or (y) fair market value of each Credit Party's other Eligible Inventory aged less than 180 days old, provided, however, IBM Credit has a first priority security interest in such Eligible Inventory. Eligible Finished Goods Inventory shall mean finished goods inventory in salable condition less than 180 days old, owned by a Credit Party free and clear of any Liens (other than Liens pursuant to this Agreement), and designated and identified as product to be sold to IBM as evidenced by (i) non-cancellable purchase orders from IBM or (ii) a non-cancellable written agreement that IBM will purchase such inventory, in each case, in form and substance satisfactory to IBM Credit. Eligible Parts Inventory shall mean parts inventory and floor stock raw materials in good condition less than 180 days old, owned by a Credit Party free and clear of any Liens (other than Liens pursuant to this Agreement), and designated and identified as parts to be used to manufacture product (the Eligible Finished Goods Inventory) to be sold to IBM as evidenced by (i) non-cancellable purchase orders from IBM to such Credit Party or (ii) a non-cancellable written agreement that IBM will purchase such inventory, in each case, in form and substance satisfactory to IBM Credit. Eligible Inventory shall mean raw materials, floor stock raw materials and finished goods inventory less than 180 days old and owned by a Credit Party free and clear of any Liens (other than Liens pursuant to this Agreement) designated and identified by the Customer in its periodic collateral report or borrowing request to IBM Credit as inventory applicable to product sold, or to be manufactured and sold, by a Credit Party to an end user pursuant to non-cancellable purchase orders or other written agreements binding such end user to purchase such product, in each case, in form and substance satisfactory to IBM Credit. Notwithstanding the foregoing, IBM Credit may consider Eligible Finished Goods Inventory, Eligible Parts Inventory and/or Eligible Inventory in the Borrowing Base greater than 180 days old provided that (i) a purchase order is in place between the end-user and the Credit Party, in form and substance satisfactory to IBM Credit or (ii) Credit Party provides evidence to IBM Credit, in form and substance satisfactory to IBM Credit, that the end-user is paying all carrying costs associated with such Eligible Finished Goods Inventory, Eligible Parts Inventory and/or Eligible Inventory. Under no circumstances will Eligible Inventory be considered in the Borrowing Base if older than 365 days. IBM Credit will consider Eligible Finished Goods Inventory, Eligible Parts Inventory and/or Eligible Inventory to be ineligible if the end-user customer with respect to such Eligible Finished Goods Inventory, Eligible Parts Inventory and/or Eligible Inventory becomes delinquent in its payments of accounts receivable to the Credit Parties and such accounts receivable owing from such account debtor are not eligible pursuant to the terms of Section 3.1 (C) of the Agreement. Notwithstanding the foregoing, assets of Pemstar Pacific Consultants shall not be included for the purposes of calculating the Borrowing Base. For purposes of calculating the Borrowing Base, Pemstar Pacific Consultants shall not be deemed a Credit Party. View More