Borrowing Limitation

Borrowing Limitation. Shall mean an amount equal to the lesser of (A) the Borrowing Base; or (B) $9,668,000, reducing, however, to $9,318,000, on the Amendment Date; $9,218,000, on June 20, 2002, and $9,118,000, on July 20, 2002, in conjunction with mandatory reductions in the Revolving Loans outstanding of not less than $350,000, $100,000, and $100,000 being required to be made, respectively, on each of the aforesaid dates, and reducing to zero (0) on... the Expiry Date. View More

Borrowing Limitation. Shall mean an amount equal to the lesser of (A) the Borrowing Base; or (B) $9,668,000, reducing, however, to (i) $9,318,000, on May 20, 2002, (ii) $9,068,000, on July 1, 2002, and (iii) subsequent to July 1, 2002, to $9,068,000 minus the sum of $250,000 per month, effective on the first day of each succeeding calendar month; e.g., said amount shall reduce to $8,818,000 effective on August 1, 2002; the foregoing to be accompanied by... mandatory reductions in the Revolving Loans then outstanding of not less than $350,000, to be made on May 20, 2002, and not less than $250,000 per month, to be made beginning on the first day of July, 2002, and continuing on the first day of each succeeding calendar month thereafter; and reducing to zero (0) on the Expiry Date. View More

Borrowing Limitation. Shall mean an amount equal to the lesser of (A) Fifteen Million Dollars ($15,000,000); or (B) the Borrowing Base.