Common use of Advances; Payments Clause in Contracts

Advances; Payments. 2.1. (a) Revolving Advances. Subject to the terms and conditions set forth in this Agreement, each Lender, severally and not jointly, will make Revolving Advances to Borrowers in aggregate amounts outstanding at any time equal to such Lender's Commitment Percentage of the lesser of (x) the Maximum Revolving Advance Amount or (y) an amount equal to the sum of: (i) up to eighty-five percent (85%), subject to the provisions of Section 2.1(b) hereof ("Receivables Advance Rate"), of Eligible Receivables of all Borrowers at such time, plus (ii) up to the lesser of (A) sixty percent (60%), subject to the provisions of Section 2.1(b) hereof ("Inventory Advance Rate"), of the value of the Eligible Inventory of all Borrowers at such time or (B) twenty million dollars ($20,000,000) in the aggregate at any one time, plus (iii) solely during the Seasonal Advance Period, an additional amount equal to the Maximum Seasonal Advance Amount (provided that the amount referred to in this Section 2.1(a)(y)(iii) (A) may only be advanced to Century and (B) may not be advanced at the beginning of any Seasonal Advance Period prior to receipt by Agent of the preliminary monthly unaudited financial statements for December of the prior fiscal year of Borrowers to enable Agent to preliminarily determine compliance with Sections 6.10 and 6.11 hereof), minus (iv) such reserves as Agent may reasonably and in good xxxxx xxxx proper and necessary from time to time. The amount derived from the sum of (x) Sections 2.1(a)(y)(i), (ii) and (iii) hereof , minus (y) Section 2.1(a)(y)(iv) hereof at any time and from time to time shall be referred to as the "Aggregate Formula Amount". The Revolving Advances shall be evidenced by the promissory note ("Revolving Credit Note") substantially in the form attached hereto as Exhibit 2.1(a). Notwithstanding the foregoing, in no event shall the Aggregate balance of outstanding Revolving Advances to any Borrower exceed the amount set forth in Section 2.4 hereof.

Advances; Payments. 2.1. (a) Revolving Advances. Subject to the terms and conditions set forth in this Agreement, each Lender, severally and not jointly, will make Revolving Advances to Borrowers in aggregate amounts outstanding at any time equal to such Lender's Commitment Percentage of the lesser of (x) the Maximum Revolving Advance Amount less the aggregate amount of outstanding Letters of Credit and Acceptances or (y) an amount equal to the sum of: (i) up to eighty-five percent (85%), subject to the provisions of Section 2.1(b) hereof ("Receivables Advance Rate"), of Eligible Receivables of all Borrowers at such timeReceivables, plus (ii) up to the lesser of (A) sixty percent (6055%), subject to the provisions of Section 2.1(b) hereof ("Inventory Advance Rate"), of the value of the Eligible Inventory of all Borrowers at such time or (B) twenty million dollars ($20,000,000) 12,500,000 in the aggregate at any one time, plus (iii) solely during the Seasonal Advance Period, an additional amount equal up to the Maximum Seasonal Advance Amount (provided that the amount referred to in this Section 2.1(a)(y)(iii) lesser of (A) may only 85%, subject to the provisions of Section 2.1(b) hereof ("Lease Advance Rate") of the original equipment cost of the Leases held for sale (the Receivables Advance Rate, the Inventory Advance Rate and the Lease Advance Rate shall be advanced referred to Century and collectively as the "Advance Rates"), or (B) may not be advanced $5,000,000 in the aggregate at the beginning of any Seasonal Advance Period prior to receipt by Agent of the preliminary monthly unaudited financial statements for December of the prior fiscal year of Borrowers to enable Agent to preliminarily determine compliance with Sections 6.10 and 6.11 hereof)one time, minus (iv) such reserves as Agent may reasonably and in good xxxxx xxxx deem proper and necessary from time to time. The amount derived from the sum of (x) Sections 2.1(a)(y)(i), (ii) and (iii) hereof , minus (y) Section 2.1(a)(y)(iv2.1 (a)(y)(iv) hereof at any time and from time to time shall be referred to as the "Aggregate Formula Amount". The Revolving Advances shall be evidenced by the secured promissory note ("Revolving Credit Note") substantially in the form attached hereto as Exhibit 2.1(a). Notwithstanding the foregoing, in no event shall the Aggregate balance of outstanding Revolving Advances to any Borrower exceed the amount set forth in Section 2.4 hereof.

Advances; Payments. 2.1. (a) Revolving Advances. Advances Subject to the terms and conditions set forth in this AgreementAgreement including, each without limitation, Section 2.1(b), Lender, severally and not jointly, will make Revolving Advances to Borrowers Borrower in aggregate amounts outstanding at any time equal to such Lender's Commitment Percentage of the lesser of (x) the Maximum Revolving Advance Amount or (y) an amount equal to the sum of: (i) up to eighty-five percent (8580%), subject to the provisions of Section 2.1(b) hereof ("“Receivables Advance Rate"”), of Eligible Receivables of all Borrowers at such timeReceivables, plus (ii) up to the lesser of (A) sixty percent (60%)65% of Eligible Inventory, subject to the provisions of Section 2.1(b) hereof ("Inventory Advance Rate"), of the value of the Eligible Inventory of all Borrowers at such time or (B) twenty million dollars 85% of net orderly liquidation value of Eligible Inventory (with a maximum amount of $20,000,000) in the aggregate at any one time10,000,000), plus (iii) solely during the Seasonal Advance Period, an additional amount equal up to the Maximum Seasonal Advance Amount (provided that the amount referred to in this Section 2.1(a)(y)(iii) lesser of (A) may only be advanced to Century and 75% of the appraised fair market value of the Real Property or (B) may not be advanced at $4,500,000 (subsections (i),(ii) and (iii) shall constitute the beginning of any Seasonal “Advance Period prior to receipt by Agent of the preliminary monthly unaudited financial statements for December of the prior fiscal year of Borrowers to enable Agent to preliminarily determine compliance with Sections 6.10 and 6.11 hereofRate”), minus (iv) such reserves as Agent Lender may reasonably and in good xxxxx xxxx deem proper and necessary from time to time. The amount derived from the sum of (x) Sections 2.1(a)(y)(i), (ii2.1(a)(y)(i),(ii) and (iii) hereof , minus Section 2.1 (ya)(y)(iv) Section 2.1(a)(y)(iv) hereof at any time and from time to time shall be referred to as the "Aggregate “Formula Amount"”. The Revolving Advances shall be evidenced by one or more secured promissory notes (collectively, the promissory note ("“Revolving Credit Note"”) substantially in the form attached hereto as Exhibit 2.1(a). Notwithstanding the foregoing, in no event shall the Aggregate balance of outstanding Revolving Advances to any Borrower exceed the amount set forth in Section 2.4 hereof.

Advances; Payments. 2.1. (a) Revolving Advances. Subject to the terms and conditions set forth in this AgreementAgreement including, each without limitation, Section 2.1(b), Lender, severally and not jointly, will make Revolving Advances to Borrowers in aggregate amounts outstanding at any time equal to such Lender's Commitment Percentage of the lesser of (x) the Maximum Revolving Advance Amount less the aggregate amount of outstanding Letters of Credit, or (y) an amount equal to the sum of: (i) up to eighty-five percent 85% subject to the provisions of Section 2.1 (85%b) hereof of the Net Amount of Eligible Receivables ("Receivables Advance Rate"), plus (ii) up to the sum of (A) 40% subject to the provisions of Section 2.1(b) hereof of the value of Eligible Inventory in connection with raw materials Inventory and (B) 41% subject to the provisions of Section 2.1(b) hereof of the value of Eligible Inventory in connection with finished goods Inventory (collectively "Receivables Inventory Advance Rate"), of Eligible Receivables of all Borrowers at such time, plus (iiiii) up to the lesser of (A) sixty percent (60%), 70% subject to the provisions of Section 2.1(b) hereof ("Inventory Advance Rate"), of the market value of the Eligible Real Property provided that the maximum real estate advance rate against Eligible Real Property shall decline by $89,286.00 per month (the "Real Estate Advance Rate", the Real Estate Advance Rate, the Receivables Advance Rate and the Inventory of all Borrowers at such time Advance Rate shall be referred to collectively as the "Advance Rates"), or (B) twenty million dollars ($20,000,000) 7,500,000.00 in the aggregate at any one time, plus (iii) solely during the Seasonal Advance Period, an additional amount equal to the Maximum Seasonal Advance Amount (provided that the amount referred to in this Section 2.1(a)(y)(iii) (A) may only be advanced to Century and (B) may not be advanced at the beginning of any Seasonal Advance Period prior to receipt by Agent of the preliminary monthly unaudited financial statements for December of the prior fiscal year of Borrowers to enable Agent to preliminarily determine compliance with Sections 6.10 and 6.11 hereof), minus (iv) the aggregate amount of outstanding Letters of Credit, minus (v) such reserves as Agent may reasonably and in its reasonable credit judgment exercised in good xxxxx xxxx proper and necessary faith, may from time to timetime establish with substantially contemporaneous notice to Borrowers, against the gross amount of Eligible Receivables to reflect risks or contingencies which may affect such items. The amount derived from the sum of (x) Sections 2.1(a)(y)(i), (ii) and (iii) hereof , minus (y) Section 2.1(a)(y)(iv2.1 (a)(y)(iv) hereof and (v) at any time and from time to time shall be referred to as the "Aggregate Formula Amount". The Revolving Advances shall be evidenced by one or more secured promissory notes (collectively, the promissory note ("Revolving Credit Note" or the "Note") substantially in the form attached hereto as Exhibit 2.1(a). Notwithstanding the foregoing, in no event shall the Aggregate balance of outstanding Revolving Advances to any Borrower exceed the amount set forth in Section 2.4 hereof.

Advances; Payments. 2.1. (a) Revolving Advances. Subject to the terms and conditions set forth in this Agreement, each Lender, severally and not jointly, Lender will make Revolving Advances to Borrowers Borrower in aggregate amounts outstanding at any time equal to such Lender's Commitment Percentage of the lesser of (x) the Maximum Revolving Advance Amount less the sum of (i) the aggregate undrawn amount of all outstanding Letters of Credit, plus (ii) the aggregate outstanding amounts of all Standby L/C Advances or (y) an amount equal to the sum ofto: (i) up to eighty-five percent (85A) 78%), during the months of September, October, November, December, January, February, March and April and (B) 80% during the months of May, June, July and August, subject to the provisions of Section 2.1(b) hereof ("Receivables Advance Rate"), of Eligible Receivables of all Borrowers at such timeReceivables, plus (ii) up to the lesser of (A)(I) 78% during the months of September, October, November, December, January, February, March and April and (II) 80% during the months of May June, July and August, subject to the provisions of Section 2.1(b) hereof ("Program Receivables Advance Rate"), of Eligible Program Receivables or (B) the Maximum Program Receivable Amount in the aggregate at any one time, plus (iii) up to the lesser of (A) sixty percent (6050%), subject to the provisions of Section 2.1(b) hereof ("Inventory Advance Rate"), of the value of the Eligible Inventory of all Borrowers at such time or (B) twenty million dollars ($20,000,000) 2,750,000 in the aggregate at any one timetime , plus (iiiiv) solely during the Seasonal Special Advance Period, an additional amount equal to the Maximum Seasonal Special Advance Amount Amount, plus (provided that the amount referred to in this Section 2.1(a)(y)(iiiv) (A) may only be advanced to Century and (B) may not be advanced at the beginning of any Seasonal Advance Period prior to following receipt by Agent Lender of the preliminary monthly unaudited financial statements for December Kent Landlord Waiver, the product of (a) the prior fiscal year aggregate undrawn amount of Borrowers to enable Agent to preliminarily determine compliance with Sections 6.10 and 6.11 hereof)all outstanding documentary Letters of Credit times (b) the Inventory Advance Rate, minus (ivvi) the aggregate undrawn amount of all outstanding documentary Letters of Credit, minus (vii) such reserves as Agent Lender may reasonably and in good xxxxx xxxx deem proper and necessary from time to time. The amount derived from the sum of (x1) Sections 2.1(a)(y)(i), (ii), (iii), (iv) and (iiiv) hereof , minus (y2) Section 2.1(a)(y)(iv2.1(a)(y)(vii) hereof at any time and from time to time shall be referred to as the "Aggregate Formula Amount". The Revolving Advances shall be evidenced by the secured promissory note ("Revolving Credit Note") substantially in the form attached hereto as Exhibit 2.1(a). Notwithstanding the foregoing, in no event shall the Aggregate balance of outstanding Revolving Advances to any Borrower exceed the amount set forth in Section 2.4 hereof2.1.

Advances; Payments. 2.1. (a) Revolving Advances. Subject to the terms and conditions set forth in this AgreementAgreement including Section 2.1(b), each Lender, severally and not jointly, will make Revolving Advances to Borrowers in aggregate amounts outstanding at any time equal to such Lender's Commitment Percentage of the lesser of (x) the Maximum Revolving Advance Amount less the aggregate Maximum Undrawn Amount of all outstanding Letters of Credit or (y) an amount equal to the sum of: (i) up to eighty-five percent (85%), subject to the provisions of Section 2.1(b) hereof ("Receivables Advance Rate"), of Eligible Receivables of all Borrowers at such timeReceivables, plus (ii) up to the lesser of (A) sixty percent (6075%), subject to the provisions of Section 2.1(b) hereof hereof, of the Forced Liquidation Value of the Eligible Rig Fleet Equipment ("Inventory Rig Fleet Advance Rate" and together with the Receivables Advance Rate, collectively, the "Advance Rates"), of the value of the Eligible Inventory of all Borrowers at such time or (B) twenty million dollars ($20,000,000) in the aggregate at any one time, plusminus (iii) solely during the Seasonal Advance Period, an additional amount equal to the aggregate Maximum Seasonal Advance Undrawn Amount (provided that the amount referred to in this Section 2.1(a)(y)(iii) (A) may only be advanced to Century and (B) may not be advanced at the beginning of any Seasonal Advance Period prior to receipt by Agent all outstanding Letters of the preliminary monthly unaudited financial statements for December of the prior fiscal year of Borrowers to enable Agent to preliminarily determine compliance with Sections 6.10 and 6.11 hereof)Credit, minus (iv) such reserves as Agent may reasonably and in good xxxxx xxxx deem proper and necessary from time to time. The (the amount derived from the sum of (xcalculated pursuant to this Section 2.1(a)(y) Sections 2.1(a)(y)(i), (ii) and (iii) hereof , minus (y) Section 2.1(a)(y)(iv) hereof at any time and from time to time, the "Formula Amount.") Subject to the provisions of Section 2.1(b), the Formula Amount applicable at any time shall be referred calculated as set forth in the Borrowing Base Certificate delivered pursuant to as the "Aggregate Formula Amount"Section 9.2(c) and approved by Agent in its sole discretion. The Revolving Advances shall be evidenced by one or more secured promissory notes (collectively, the promissory note ("Revolving Credit NoteNotes") substantially in the form attached hereto as Exhibit 2.1(a). Notwithstanding the foregoing, in no event shall the Aggregate balance of outstanding Revolving Advances to any Borrower exceed the amount set forth in Section 2.4 hereof.

Advances; Payments. 2.1. (a) Revolving Advances. Subject to the terms and conditions set forth in this AgreementAgreement (including, without limitation, Section 2.1(b)), each Lender, severally and not jointly, will make Revolving Advances to Borrowers in aggregate amounts outstanding at any time equal to such Lender's Commitment Percentage of the lesser of (x) the Maximum Mxxxxxx Revolving Advance Amount or less the aggregate amount of outstanding Letters of Credit and the outstanding principal amount of the Swingline Loans and (y) an amount equal to the sum of: (i) up to eighty-five percent (85%), subject to the provisions of Section 2.1(b) hereof ("Receivables Advance Rate"), of Eligible North American Receivables (excluding Eligible Unbilled Progress Receivables); provided, however, that other than with respect to Eligible Billed Progress Receivables backed by a letter of all Borrowers at such timecredit, surety bond, guaranty issued by the Export-Import Bank of the United States or other credit enhancement acceptable to Agent in its sole reasonable discretion, the maximum amount of Revolving Advances attributable to Eligible Billed Progress Receivables shall not exceed the sum of $10,000,000, plus (ii) up to the lesser of (A) sixty percent when combined with Revolving Advances based upon clause 2.1(a)(y)(iii)(A)(y)(I) below, the sum of $5,000,000 or (60B) 35%, subject to the provisions of Section 2.1(b) hereof ("Unbilled Progress Receivables Rate"), of Eligible Unbilled Progress Receivables; plus (iii) up to the lesser of (A) the sum of (x) 50%, subject to the provisions of Section 2.1(b) hereof ("Inventory Advance Rate"), of the value of Eligible North American Inventory (other than work-in-process Inventory) and (y) 35%, subject to (I) the provisions of Section 2.1(b) hereof ("WIP Advance Rate"), of the value of Eligible North American Inventory consisting of all Borrowers at such time work-in-process with respect to which an Eligible Billed Progress Receivable or Eligible Unbilled Progress Receivable has not arisen (the Receivables Advance Rate, the Unbilled Progress Receivables Rate, the WIP Advance Rate and the Inventory Advance Rate shall be referred to collectively, as the "Advance Rates") and (II) the aggregate $5,000,000 limitation set forth in clause 2.1(a)(y)(ii)(A) above or (B) twenty million dollars ($20,000,00085%, subject to the provisions of Section 2.1(b) in hereof, of the aggregate at any one timenet orderly liquidation value of the Inventory of Borrowers and Bucyrus Canada, as determined from time to time by appraisers acceptable to Agent, plus (iiiiv) solely during the Seasonal Advance Period, an additional Supplemental Amount; minus (v) the aggregate amount equal to the Maximum Seasonal Advance Amount (provided that the amount referred to in this Section 2.1(a)(y)(iii) (A) may only be advanced to Century of outstanding Letters of Credit and (B) may not be advanced at the beginning of any Seasonal Advance Period prior to receipt by Agent of the preliminary monthly unaudited financial statements for December of the prior fiscal year of Borrowers to enable Agent to preliminarily determine compliance with Sections 6.10 and 6.11 hereof)Swingline Loans, minus (ivvi) such reserves as Agent may reasonably and in good xxxxx xxxx deem proper and necessary from time to time. The amount derived from the sum of (x) Sections 2.1(a)(y)(i), (ii) and (iii) hereof , minus (y) Section 2.1(a)(y)(iv) hereof at any time and from time to time shall be referred to as the "Aggregate Formula Amount". The Revolving Advances shall be evidenced by the promissory note ("Revolving Credit Note") substantially in the form attached hereto as Exhibit 2.1(a). Notwithstanding the foregoing, in no event shall the Aggregate balance of outstanding Revolving Advances to any Borrower exceed the amount set forth in Section 2.4 hereof.

Advances; Payments. 2.1. (a) Revolving Advances. Advances Subject to the terms and conditions set forth in this Agreement, each Lender, severally and not jointly, will make Revolving Advances to Borrowers Borrower in aggregate amounts outstanding at any time equal to not greater than such Lender's Commitment Percentage of the lesser of (x) the Maximum Revolving Advance Amount less the aggregate amount of outstanding Letters of Credit or (y) an amount equal to the sum of: (i) up to eighty-five percent (85%), subject to the provisions of Section 2.1(b2.1(b)(i) hereof hereof, of Danskin Eligible Receivables ("Receivables Danskin Advance Rate"), of Eligible Receivables of all Borrowers at such time, plus (ii) up to the lesser of (A) sixty percent (6080%), subject to the provisions of Section 2.1(b2.1(b)(i) hereof hereof, of Pennaco Eligible Receivables ("Inventory Pennaco Advance Rate"), of the value of the Eligible Inventory of all Borrowers at such time or (B) twenty million dollars ($20,000,000) in the aggregate at any one time, plus (iii) solely during the Seasonal Advance Period, an additional amount equal subject to the Maximum Seasonal Advance Amount provisions of Sections 2.1(b)(i) and 2.1(b)(ii), up to 60% of the value of Eligible Inventory consisting of raw materials, finished goods located at the Real Property and Retail Inventory (provided that the amount referred to in this Section 2.1(a)(y)(iii"60% Rate") (A) may only be advanced to Century and (Bb) may not be advanced at the beginning of any Seasonal Advance Period prior to receipt by Agent 50% of the preliminary monthly unaudited financial statements for December value of Eligible Inventory consisting of Greige Goods ("50% Rate"), plus (iv) the prior fiscal year product of Borrowers to enable Agent to preliminarily determine compliance (a) the aggregate amount of outstanding documentary Letters of Credit issued in connection with Sections 6.10 and 6.11 hereof)the import of finished goods Inventory times (b) 60%, minus (ivv) the aggregate amount of outstanding Letters of Credit, minus (vi) such reserves as Agent may reasonably and in good xxxxx xxxx deem proper and necessary from time to timetime including, without limitation, the Rent Reserves. The amount derived from the sum of (x) Sections 2.1(a)(y)(i), ) and (ii) and (iii) hereof , and (iv) minus (y) Section 2.1(a)(y)(iv2.1 (a)(y)(vi) hereof at any time and from time to time shall be referred to as the "Aggregate Formula Amount". The Revolving Advances shall be evidenced by one or more secured promissory notes (collectively, the promissory note ("Revolving Credit Note") substantially in the form attached hereto as Exhibit 2.1(a). Notwithstanding . (i) Discretionary Rights The Advance Rates and the foregoing, reserves may be increased or decreased by Agent at any time and from time to time in no event the good faith exercise of its reasonable discretion provided that Agent shall the Aggregate balance of outstanding Revolving Advances provide Borrower with at least two Business Days prior notice to any such increase or decrease of the Advance Rates (the "Notice Period"). Borrower exceed consents to any such increases or decreases and acknowledges that decreasing the amount set forth in Section 2.4 hereofAdvance Rates or increasing the reserves may limit or restrict Advances requested by Borrower. Any increase or decrease of the Receivables Advance Rates shall not be effective ("Effective Date") until the expiration of the Notice Period and shall be effective solely with respect to Eligible Receivables created on or after the Effective Date.

Advances; Payments. 2.1. (a) Revolving Advances. Subject to the terms and conditions set forth in this Agreement, each Lender, severally and not jointly, will make Revolving Advances to Borrowers in aggregate amounts outstanding at any time equal to such Lender's Commitment Percentage of the lesser of (x) the Maximum Revolving Advance Amount less the aggregate amount of outstanding Letters of Credit or (y) an amount equal to the sum of: (i) up to eighty-five percent (8580%), subject to the provisions of Section 2.1(b) hereof ("Receivables Advance Rate"), of Eligible Receivables of all Borrowers at such timeReceivables, plus (ii) up to the lesser of (A) sixty percent (6050%), subject to the provisions of Section 2.1(b) hereof ("Inventory Advance Rate"), of the value of the Eligible Inventory of all Borrowers at such time (the Receivables Advance Rate and the Inventory Advance Rate shall be referred to collectively, as the "Advance Rates") or (B) twenty million dollars ($20,000,000) 6,000,000 in the aggregate at any one time, plus (iii) solely during the Seasonal product of (a) the aggregate amount of outstanding Letters of Credit times (b) the Inventory Advance Period, an additional amount equal to the Maximum Seasonal Advance Amount (provided that the amount referred to in this Section 2.1(a)(y)(iii) (A) may only be advanced to Century and (B) may not be advanced at the beginning of any Seasonal Advance Period prior to receipt by Agent of the preliminary monthly unaudited financial statements for December of the prior fiscal year of Borrowers to enable Agent to preliminarily determine compliance with Sections 6.10 and 6.11 hereof)Rate, minus (iv) the aggregate amount of outstanding Letters of Credit, minus (v) such reserves as Agent may reasonably and in good xxxxx xxxx deem proper and necessary from time to time. The amount derived from the sum of (x) Sections 2.1(a)(y)(i), ) (ii) and (iii) hereof , minus (y) Section 2.1(a)(y)(iv2.1 (a)(y)(v) hereof at any time and from time to time shall be referred to as the "Aggregate Formula Amount". The Revolving Advances shall be evidenced by the secured promissory note notes ("Revolving Credit Note") substantially in the form attached hereto as Exhibit 2.1(a). Notwithstanding the foregoing, in no event shall the Aggregate balance of outstanding Revolving Advances to any Borrower exceed the amount set forth in Section 2.4 hereof.