Borrowing Base

Borrowing Base. Means, at any time of calculation, an amount equal to (a) the Credit Card Advance Rate multiplied by the face amount of Eligible Credit Card Receivables; plus 2 (b) the Appraisal Percentage multiplied by the Appraised Value of Eligible Inventory, net of Inventory Reserves; plus (c) the Receivables Advance Rate multiplied by the face amount of Eligible Third Party Receivables; plus (d) the lesser of (i) eighty-five percent (85%) of the Appraised Value of Prescription Lists or (ii)... the difference between (A) the sum of the amounts available under clauses (a), (b), (c) and (e) (other than Availability Reserves described in Section 2.03(a)(i) hereof) divided by 0.70, and (B) the sum of the amounts available under clauses (a), (b), (c) and (e) (other than Availability Reserves described in Section 2.03(a)(i) hereof); minus (e) the then amount of all Availability Reserves. View More

Borrowing Base. Means: 1. Aggregate Adjusted Collateral Value; plus 2. Fifty percent (50%) of Borrower's Eligible New Textbook Inventory; plus 3. Twenty-Five percent (25%) of Borrower's Eligible Used Textbook Inventory; plus 4. Fifty percent (50%) of Borrower's Eligible On Campus Inventory; plus 5. Fifty percent (50%) of Borrower's Eligible Apparel Inventory; plus 6. Eighty percent (80%) of Borrower's Eligible Commercial Accounts. After calculating the portion of the Borrowing Base comprised of (a) the... Aggregate Adjusted Collateral Value of the BOA Investments, (b) Eligible New Textbook Inventory, (c) Eligible Used Textbook Inventory, (d) Eligible On Campus Inventory, (e) Eligible Apparel Inventory and (f) Eligible Commercial Accounts, Lender shall deduct from such portion of the Borrowing Base such reserves as Lender may establish from time to time in its reasonable credit judgment, including without limitation, reserves for dilution, rent at leased locations subject to statutory or contractual landlord's liens, Inventory shrinkage, customs charges, warehousemen's or bailees' charges, and the amount of estimated maximum exposure, as determined by Lender from time to time, under any interest rate contracts which Borrower enters into with Lender (including interest rate swaps, caps, floors, options thereon, combinations thereof, or similar contracts). In addition, Lender may require modifications to the percentage rates of advance set forth above, based on the results of any field examination or audit of Borrower, as determined in Lender's sole and absolute discretion. In the absence of manifest error, Lender's determination of the amount of the Borrowing Base shall be conclusive. View More

Borrowing Base. Means, at the time of any determination, an amount equal to the sum, without duplication, of (a) Available Receivables, plus (b) Available Inventory, minus (c) Other Reserves, minus (d) outstanding Vendor Financing Drafts, plus (e) the Amortizing Additional Amount. Standards of eligibility and reserves and advance rates of the Borrowing Base may be revised and adjusted from time to time by the Administrative Agent in its Permitted Discretion (provided, that the Administrative Agent... may not revise Borrowing Base standards if the effect thereof would be to increase the advance rates or to add new asset categories to the Borrowing Base without the consent of the requisite Lenders as set forth in Section 9.02), with any such changes to be effective three (3) days after delivery of notice thereof to the Company and the Lenders. The Borrowing Base at any time shall be determined by reference to the most recent Borrowing Base Certificate delivered to the Administrative Agent. View More

Borrowing Base. Borrowing Base. The "Borrowing Base" as of the applicable date of determination shall be determined based upon the following advance rates and calculations: (a) An advance rate of up to 85% of the Value of Borrower's Eligible Accounts; plus -2- (b) An advance rate of up to 100% of the cash held in the Pledged Account with Lender; plus (c) An advance rate of up to 100% of the cash held in the Investment Account with M&T Securities that is subject to the Investment Account Control... Agreement; plus (d) An advance rate of up to 75% of the eligible securities, including eligible Investment Property and eligible Financial Assets held in the Investment Account with M&T Securities that is subject to the Investment Account Control Agreement; minus (e) All Reserves. Percentages used from time to time in calculating the Borrowing Base are for the sole purpose of determining the maximum amount of Advances under the Revolving Credit Facility that may be outstanding from time to time under this Agreement and shall not be evidentiary of or binding upon Lender with respect to the market value or liquidation value of any Collateral. In the event that Lender has any questions regarding Borrower's calculation of the Borrowing Base, funding of Advances under the Revolving Credit Facility shall be subject to a resolution of such questions to Lender's satisfaction. Any request for an Advance under the Revolving Credit Facility which, if funded, would result in the unpaid balance of an Advance under the Revolving Credit Facility being in excess of the amount allowed by this Agreement may be declined by Lender in its sole discretion without prior notice. View More

Borrowing Base. Means: (a) As of any date of determination during the period from and including the Closing Date through and including December 31, 2005 (other than with respect to the period referenced in clause (b) of this definition), an amount equal to the result of: (i) the lesser of (A) (x) 2.75 times TTM EBITDA for the most recently ended 12 consecutive monthly periods for which financial statements have been delivered pursuant to Section 5.3, minus (y) $20,000,000, and (B) (x) 60% of the most... recently determined Enterprise Value, minus (y) $20,000,000; minus (ii) the sum of (A) the Bank Product Reserve, and (B) the aggregate amount of reserves, if any, established by Agent under Section 2.1(b). (b) As of any date of determination during the period from and including January 1, 2006 through but excluding the Maturity Date, an amount equal to the result of: (i) the lesser of (A) (x) 2.50 times TTM EBITDA for the most recently ended 12 consecutive monthly periods for which financial statements have been delivered pursuant to Section 5.3, minus (y) $20,000,000, and (B) (x) 60% of the most recently determined Enterprise Value, minus (y) $20,000,000; minus (ii) the sum of (A) the Bank Product Reserve, and (B) the aggregate amount of reserves, if any, established by Agent under Section 2.1(b). View More

Borrowing Base. Is seventy-five percent (75.0%) of Eligible Accounts, as determined by Bank from Borrower's most recent Borrowing Base Certificate.

Borrowing Base. Means (A) 80% of Eligible Accounts as determined and confirmed by Bank from Borrower's most recent Borrowing Base Certificate; plus (B) the lesser of $500,000 or 25% of the Value of domestic finished goods inventory of the Borrower that the Bank deems eligible for borrowing; provided, however, that Bank may lower the percentages above after performing and evaluating the results of audits of Borrower's Collateral from time to time. As used in the foregoing definition "Value" shall mean the lower... of cost or wholesale market value. View More

Borrowing Base. The term "Borrowing Base" as defined, together with the terms used therein, in the Working Capital Loan Agreement as in effect on the Fourth Amendment Effective Date.

Borrowing Base. Means, at any time the lesser of: (i) the Maximum Line; or (ii) subject to change from time to time in the Lender's sole discretion, 80% of Eligible Accounts. 1 The amount of the Borrowing Base shall be determined periodically from the most recent Borrowing Base Certificate and supporting reports delivered to the Lender pursuant to Section 8(a) hereof.

Borrowing Base. Shall mean, at any time, the amount equal to: (a) the lesser of: (i) the sum of (A) eighty-five (85%) percent of the amount of Eligible Commercial Accounts, plus (B) eighty-five (85%) percent of the amount of Eligible Credit Card Receivables, plus (C) the lesser of (1) ninety-two (92%) percent (or ninety-five (95%) percent during the Seasonal Period) of the Net Recovery Percentage multiplied by the Value of such Eligible Inventory, or (2) seventy (70%) percent of the net book value of Eligible... Inventory; or (ii) the Maximum Credit, minus (b) Reserves. View More