Advance Rates. The advance rates with respect to inventory as well as additional details of the financing program are set forth in the Program Terms Letter, the terms of which are incorporated herein by this reference. This Agreement concerns the extension of credit, and not the provision of goods or services.
Advance Rates. The Borrower may request advances and readvances of the ------------- Loan subject to the following requirements, limitations and sub-limitations:
Advance Rates. (a) Notwithstanding anything to the contrary contained in the Loan Agreement or this First Amendment and so long as no Event of Default has occurred and is continuing or would be caused by either of the following:
Advance Rates. Notwithstanding any language to the contrary in any of the Loan Documents, Advances under the Note shall be governed by a monthly borrowing base requirement that shall consist of a borrowing base certificate with Advances not to exceed (a) seventy five percent (75%) of eligible accounts receivable; (b) sixty five percent (65%) of eligible accounts receivable from certain high concentration customers (which, for purposes of this Agreement, means any customer which generates accounts receivable greater than fifty percent (50%) of the total accounts receivable); (c) fifty percent (50%) of eligible inventory (with a cap of $410,000.00 against total eligible inventory); and (d) fifty percent (50%) of eligible net fixed assets. All of the foregoing (referred to herein as the “borrowing base”) shall be determined by Lender in its sole discretion.
Advance Rates. Subject to the provisions of subsection ------------- 2.1.2, the Revolver Principal Balance shall at no time be in an amount which exceeds the lesser of (a) $1,000,000 (the "Maximum Amount") or (b) the sum of (A) the product of (A) seventy percent (70%) multiplied by (B) all Eligible Accounts which exist as of the date upon which a request is made by Borrower for a Revolver Advance, (the amount described in clause (b) of this subsection 2.1.1 hereinafter is referred to as the "Borrowing Base"), subject to deduction of reserves for accrued interest and such other reserves as Lender determines to be proper from time to time, and less amounts Lender may be obligated to pay in the future on behalf of Borrower.
Advance Rates. Sub-paragraph (c) is deleted in its entirety and is substituted with the following:
Advance Rates. The Bank will make loans to the Borrower under the Revolver at any time and from time to time until the maturity date in such amounts as may be requested by the Borrower up to an aggregate amount outstanding at any time equal to the lesser of (a) $30,000,000, or (b) the total of (i) 90% of Eligible Government Accounts Receivable; (ii) 85% of Eligible Commercial Accounts Receivable; (iii) 50% of Unbilled Accounts Receivables not to exceed $3,500,000 plus (iv) $10,000,000.00 (the “Overadvance”). The Overadvance will be eliminated from this definition within 2 years from closing. The foregoing defined terms will be specified by the Bank in the documentation for the Credit Facility consistent with their current definitions. August 1, 2003
Advance Rates. Provided that Shareholder timely deposits the loan proceeds into Borrower's operating account at the Bank and Borrower and Shareholder execute and deliver the Subordination Agreement to Lender and, further provided that no Event of Default, or act, omission or event that with the giving of notice and/or passage of time would constitute an Event of Default, has occurred and is continuing, and without limiting any other rights available to Lender under the Loan Documents, Lender will not reduce the advance rates set forth in Section 2.1 of the Loan Agreement prior to September 1, 1999. Thereafter, provided that no Event of Default, or act, omission or event that with the giving of notice and/or passage of time would constitute an Event of Default, has occurred and is continuing, the advance rates will be reduced as set forth on Exhibit "B" attached hereto and incorporated herein by this reference. Notwithstanding anything to the contrary in this Section or in Exhibit "B", upon the consummation of any private placement facility of $5,000,000 or more issued by Borrower, the advance rates for Eligible Accounts and raw materials Eligible Inventory will automatically and without further notice be reduced to eighty percent (80%) and forty-two percent (42%), respectively.
Advance Rates. Advances shall be permitted under the Line of Credit up to a maximum aggregate principal amount equal to the lesser of (a) Twenty Million Dollars ($20,000,000), or (b) the sum of (i) eighty-five percent (85%) of Eligible Receivables, and (ii) ninety-five percent (95%) of the cash or cash equivalents on deposit with and under the exclusive control of the Bank. The determination of what constitutes a "cash equivalent" and whether any such property is on deposit with or under the exclusive control of the Bank shall be determined by the Bank, from time to time, in its sole and absolute discretion. The Advance Rate formula set forth in item (b) in the preceding sentence may be changed, modified or amended at any time and from time to time as provided in Section 10.10 hereof. Availability under the Line of Credit shall be reduced, on a dollar-for-dollar basis, for (i) any Outstanding Letter of Credit Obligations, which shall not exceed in the aggregate, at any time and from time to time, the sum of Five Million Dollars ($5,000,000), and (ii) any Unwinding Amounts, existing at any time, and from time to time. As used herein, the term " Unwinding Amounts" is intended to represent the credit risk element with respect to any interest rate swap, cap or collar agreement or other similar agreement entered into from time to time by the
