Borrowing Base

Borrowing Base. Has the meaning set forth in the Borrower Agreement.

Borrowing Base. Means an amount equal to the sum of: (a) 70% of the Eligible Accounts Receivable; plus (b) 33% of the Value of Eligible Inventory up to a maximum of $10,000,000. As of any date, the Borrowing Base shall be determined on the basis of the information contained in the most recent Borrowing Base Certificate.

Borrowing Base. Shall mean the sum of: (1) Eighty percent (80.000%) of the net amount of Eligible Accounts after deducting therefrom all payments, adjustments and credits applicable thereto; and (2) the amount, if any, of the advances against Inventory agreed to be made pursuant to any Inventory Rider, or other rider, amendment or modification to this Agreement, that may now or hereafter be entered into by Bank and Borrower. Anything contained in the foregoing to the contrary notwithstanding, Bank may adjust... the Borrowing Base percentage(s) and the definition of Eligible Accounts and Eligible Inventory, in each case as provided for under subsection 6.7 hereof. View More

Borrowing Base. Means an amount equal to 85% of (a) the total outstanding principal balance of all of Accounts (as updated per (b) below), adjusted for ineligible Accounts as described in Section 3.3 and certified in the Borrowing Base Certificate most recently furnished to Lender as required in Section 3.1, and (b) as such total amount of Accounts in (a) will be adjusted daily pursuant to (i) the reporting provided under Section 3.1 and (ii) collections received by CDF on Accounts.

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 discretion, the sum of: (i) the lesser of (A) 85% of Eligible Accounts, which percentage shall be reduced on the last Banking Day of each week by 1% per week commencing on September 8, 2000 or (B) $10,500,000; plus (iii) (ii) the lesser of (A) 4.0% of Eligible Inventory, which shall continue to be reduced (1) on... August 1, 2000, by 1%, (2) on 15, 2000, by HEARTLAND TECHNOLOGY, INC. JUNE 30, 2000 2.5% and on September 1, 2000 to 0%, or (B) 600,000, which amount shall continue to be reduced on August 15, 2000, by $100,000. View More

Borrowing Base. Means, with respect to any Borrower at any time, and subject to change from time to time in the Lender's sole discretion, which discretion shall be exercised in a commercially reasonable manner, the lesser of: (a) the Maximum Line, minus the L/C Amount, minus the aggregate principal amount of outstanding Advances made to the other Borrowers; or (b) the sum of: (i) ... up to eighty-five percent (85%) of such Borrower's Eligible Accounts, plus ---- (ii) the lesser of: (A) up to fifty-seven percent (57%) of the lower of the cost or fair market value, as determined in accordance with GAAP, of such Borrower's Eligible Inventory, but in no event to exceed $8,500,000.00, minus the aggregate ----- principal amount of outstanding Advances made to the other Borrowers pursuant to this clause (ii), and (B) up to ninety-five percent (95%) of the liquidation value of such Borrower's Eligible Inventory, net of liquidation and other related expenses, as determined by the Lender in its sole discretion, which discretion shall be exercised in a commercially reasonable manner, but in no event to exceed $8,500,000.00, minus the aggregate ----- principal amount of outstanding Advances made to the other Borrowers pursuant to this clause (ii), plus ---- (iii) up to the amount of the Structural Sublimit then in effect, minus the aggregate principal ----- amount of outstanding Advances made to the other Borrowers pursuant to this clause (iii), plus ---- (iv) up to the amount of the Overadvance Sublimit then in effect, minus the aggregate principal ----- amount of outstanding Advances made to the other Borrowers pursuant to this clause (iv), minus ----- (v) up to the amount of the Landlord Reserve then in effect, apportioned among the Borrowers in such manner as the Lender may determine from time to time in its sole discretion, which discretion shall be exercised in a commercially reasonable manner, minus ----- (vi) up to the amount of the Availability Reserve then in effect, apportioned among the Borrowers in such manner as the Lender may determine from time to time in its sole discretion, which discretion shall be exercised in a commercially reasonable manner, minus ----- (vii) the portion of the L/C Amount relating to Letters of Credit issued for such Borrower's account, minus ----- (viii) such other reserves as the Lender may establish from time to time in its sole discretion, which discretion shall be exercised in a commercially reasonable manner. Notwithstanding the foregoing, in the event that dilution for all Accounts during any ninety (90) consecutive day period, expressed as a percentage, as determined by the Lender in its sole discretion, exercised in a commercially reasonable manner, pursuant to its periodic examination of the Borrowers' collateral reports and/or books and records, exceeds four percent (4%), then the Lender, in its sole discretion, may implement and maintain such reserves and/or reduce the advance percentages used in determining the Borrowing Base to adjust for such excess. 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) 85% of Eligible Accounts, plus (ii) the lesser of (A) the Eligible Inventory Advance Rate times Eligible Inventory or (B) the Eligible Inventory Cap, plus (iii) the Special... Accommodation Component. 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) (A) from the Funding Date through August 30, 2001, 48% of Eligible Inventory; (B) from August 31, 2001 through September 29, 2001, 47% of Eligible Inventory; (C) from September 30, 2001 through October 30, 2001, 46% of... Eligible Inventory; and (D) from October 31, 2001 and thereafter, 45% of Eligible Inventory; less (iii) the Landlord's Disclaimer Reserve. View More

Borrowing Base. Means, at any time of calculation, an amount equal to: (i) the face amount of Eligible Credit Card Receivables multiplied by the Credit Card Advance Rate; plus ---- (ii) (A) until the provisions of clause (B) become effective, the Cost of Eligible Inventory, net of Inventory Reserves multiplied by the Inventory Advance Rate; and (B) upon the completion of the appraisal described in the final sentence of Section 5.08(b), ... from and after the delivery of the Borrowing Base Certificate in August, 2007, Appraised Inventory Value of Eligible Inventory, net of Inventory Reserves, multiplied by the Appraisal Percentage; plus ---- (iii) the Private Label Credit Card Advance Rate multiplied by the Appraisal Value of Eligible Private Label Receivables; plus ---- (iv) the lesser of (A) the FMV of Eligible Real Estate multiplied by the Real Estate Advance Rate; or (B) that amount which is not more than 25% of the aggregate amounts then available under clauses (i) through (iv) of this definition; minus ----- (v) the then amount of all Availability Reserves and Realty Reserves. View More

Borrowing Base. Shall mean at any time: (a) the sum of: (i) eighty-five percent (85%) of the Net Amount of the Eligible Accounts of Borrowers, provided that Revolving Loans made in respect of Eligible Accounts that are Foreign Accounts shall not exceed $20,000,000, plus (ii) the lesser of (A) the sum of ... (1) solely with respect to Total Tec and until such time Administrative Agent conducts the next regularly scheduled appraisal of Inventory, thirty-five percent (35%) multiplied by the Value of Eligible Inventory of Total Tec, plus (2) with respect to all Borrowers but excluding Total Tec during such time Total Tec's advance rate on its Eligible Inventory is determined in accordance with clause (a)(ii)(A)(1) above, the lower of (y) fifty percent (50%) multiplied by the Value of Eligible Inventory of such Borrowers, or (z) eighty-five percent (85%) of the Net Recovery Percentage multiplied by the Value of Eligible Inventory of such Borrowers, or (B) the Inventory Loan Limit, minus (b) reserves to reflect outstanding Letter of Credit Accommodations as provided in Section 2.2 hereof, minus (c) the Dilution Reserve, minus (d) the Priority Payables Reserve, minus (e) the Bank Products Reserve, minus (f) all other reserves (including, without limitation, reserves with respect to security interests or liens of third parties permitted hereunder or in connection with litigation) which Administrative Agent may, in good faith, deem necessary or desirable to maintain, including, without limitation, reserves for any amounts which Administrative Agent or any Lender may need to pay in the future for the account of any Borrower or Guarantor. Without limiting the reserves Administrative Agent may establish, Administrative Agent may establish reserves for (u) payments owing to RSA and its Affiliates, whether under the RSA Note or otherwise, (v) payments that may become due and payable by any Borrower under any foreign exchange contract upon the commencement of any foreign exchange contracts, (w) any exposure of any Borrower 2 on account of settlements on foreign exchanges, (x) daylight overdrafts on foreign exchanges, (y) past due trade payables, and (z) book overdrafts and held checks. View More