Revolving Loan Borrowing Base

Revolving Loan Borrowing Base. (I) if the Availability Test is satisfied, an amount equal to the lesser of: (i) Five Million Dollars ($5,000,000) or (ii) an amount equal to the aggregate of (1) eighty percent (80%) of Eligible Accounts plus (2) the lesser of (A) thirty-five percent (35%) of Eligible Inventory, or (B) One Million Dollars ($1,000,000), or (II) if the Availability Test is not satisfied, an amount equal to the lesser of: (i) Five Million Dollars ($5,000,000) or (ii) an amount equal to the aggregate of (1) eighty... percent (80%) of Eligible Accounts plus (2) the lesser of (A) thirty-five percent (35%) of Eligible Inventory, or (B) One Million Dollars ($1,000,000), multiplied by (3) seventy-five percent (75%). As used herein, the term "Availability Test" means that the Borrower has raised additional equity and long term debt on terms satisfactory to the Bank to fund the consolidation of its facility in California with its facility in Connecticut. View More