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 sum of:
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: A. 70% of Borrower's Eligible Accounts, plus
ADVANCE FORMULA. Debtors warrant and agree that Debtors' indebtedness to Bank for the Formula Loans shall never exceed the sum of:
(a) Eighty percent (80%) of their Eligible Accounts, as defined below; and
(b) the lesser of fifty percent (50%) of their Eligible Inventory, as defined below, or Nine Million Dollars ($9,000,000).
ADVANCE FORMULA. Debtor warrants and agrees that Debtor's indebtedness to Bank for the Formula Loans shall never exceed the sum of:
(a) 80% of its Eligible Accounts, as hereinafter defined; plus
(b) the Overformula Amount (as hereinafter defined); plus
(c) beginning April 6, 2009, the lesser of (i) 40% of Eligible Inventory (as hereinafter defined) and (ii) the dollar amount of Eligible Inventory on April 6, 2009 multiplied by 40%.
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. Provided there exists no event of default hereunder, Bank shall make advances under the Revolving Line of Credit which shall not exceed in aggregate the face amount of the promissory note representing the Line.
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 Loan Agreement and Rider are amended to provide a Percentage Advance Rate of 80% of Eligible Receivables and 50% of non-obsolete finished goods inventory plus 35% of in-transit inventory with a sub limit of $500,000.00, and an overall inventory cap of $2,500,000.00.
