CPS BORROWING BASE

CPS BORROWING BASE. CPS BORROWING BASE" means, as of any date of determination, an amount equal to the lesser of (A) 87% of Market Value and (B)(I) the excess of (a) the Aggregate Principal Balance of the CPS Receivables (after giving effect to Available Funds allocable to principal payments made by Obligors) over (b) the Excess Concentration Amount for the CPS Receivables multiplied by (II) the Advance Rate applicable with respect to CPS Receivables.