ADVANCE FORMULA. For and in consideration of Bank making the Formula Loans available to Debtor, Debtor warrants and agrees that the aggregate unpaid principal balance of Debtor's indebtedness to Bank outstanding under the Formula Loans shall not at any time exceed the Advance Formula. The "Advance Formula" shall mean the lesser of (i) the face amount of the Note, or (ii) the sum of the following:
ADVANCE FORMULA. Borrower warrants and agrees that Borrower's Indebtedness to Bank for the Formula Loans shall never exceed the percentage of the Eligible Accounts (as hereinafter defined) of the Debtor as set forth below during the corresponding period set forth below:
ADVANCE FORMULA. Debtor warrants and agrees that Debtor's indebtedness to Bank for the Formula Loans shall never exceed the sum of:
14.1 Eighty percent (80%) of its Eligible Accounts, as hereinafter defined; plus
14.2 the lesser of (i) twenty-five percent (25%) of its Eligible Inventory, as hereinafter defined, (ii) Two Million Two Hundred Fifty Thousand Dollars ($2,250,000; provided, however, that beginning on ________________, 2005, no more than fifty percent (50%) of the outstanding Formula Loans as of any date of determination may be based on this sub-section (b); minus
ADVANCE FORMULA. All Advances to Borrower under the Line of Credit Note shall be made under the following Loan Advance Formula:
ADVANCE FORMULA. Borrower warrants and agrees that Borrower’s indebtedness to Bank for the Formula Loans shall never exceed the sum of:
(a) eighty percent (80%) of Borrower’s Eligible Accounts, as hereinafter defined; and
(b) the lesser of forty percent (40%) of Borrower’s Eligible Inventory, as hereinafter defined, or Three Million and No/100 Dollars ($3,000,000.00).
ADVANCE FORMULA. Debtor warrants and agrees that Debtor’s indebtedness to Bank for the Formula Loans shall never exceed the sum of:
(a) eighty percent (80%) of its Eligible Accounts (as hereinafter defined); plus
(b) the lesser of (i) fifty percent (50%) of its Eligible Inventory (as hereinafter defined), or (ii) Two Million Five Hundred Thousand Canadian Dollars (CDN$2,500,000). in each case less customary exclusions and reserves (the “Advance Formula”).
ADVANCE FORMULA. Debtors warrant and agree that Debtors' indebtedness to Bank for the Formula Loans shall never exceed the sum, without duplication, of:
(a) Eighty five percent (85%) of their Eligible Accounts, as defined below, with respect to which the Account Debtor is an Account Debtor listed on attached Schedule 1 ("OEM Account Debtors"); and
(b) Eighty percent (80%) of their Eligible Accounts with respect to which the Account Debtor is not an OEM Account Debtor; and
(c) the lesser of fifty percent (50%) of their Eligible Inventory, as defined below, or Nine Million Dollars ($9,000,000); and
(d) the Overformula Amount.
ADVANCE FORMULA. The aggregate principal amount of the Obligations does not exceed the sum of (a) the product of the face amount of the Financed Receivables multiplied by the applicable Advance Rate plus (b) the Overadvance Sublimit.
ADVANCE FORMULA. Debtor warrants and agrees that Debtor’s indebtedness to Bank for the Formula Loans shall never exceed the sum of, without duplication:
(a) eighty five percent (85%) of its Eligible Accounts (as hereinafter defined); plus
(b) the lesser of (i) the Work In Process Advance Rate of its Work-in-Process Eligible Inventory (as hereinafter defined) which is properly classified under GAAP as work-in-process Inventory, or (ii) the Work In Process Inventory Cap; plus
(c) the lesser of (i) fifty percent (50%) of its Eligible Inventory (excluding Work-in-Process Eligible Inventory included in paragraph (b) above) (as hereinafter defined), or (ii) Three Million Five Hundred Thousand Canadian Dollars ($3,500,000); minus
(d) Priority Payables (as hereinafter defined) in each case less customary exclusions and reserves (the “Advance Formula”).
ADVANCE FORMULA. The total of outstanding advances to the Borrower under the Line of Credit shall at no time exceed Seventy Percent (70%) of the Borrower's Eligible Accounts ("Advance Formula") and any amount outstanding in excess of the Advance Formula shall be immediately payable without notice or demand.