Definition of Borrowing Base. The definition of Borrowing Base set forth in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:
Definition of Borrowing Base. Section 5(c). The definition of Borrowing Base in Section 5(c) of the Loan Agreement is hereby amended and restated in its entirety, as follows:
Definition of Borrowing Base. Clause (a)(D) of the definition of “Borrowing Base” is hereby amended by deleting it in its entirety and inserting the following in lieu thereof:
Definition of Borrowing Base. (a) The definition of Borrowing Base in Annex C of the Credit Agreement is deleted in its entirety and replaced with the following:
Definition of Borrowing Base. (1) By inserting, immediately following the phrase “provided, however, that” in the last paragraph of the definition of “Borrowing Base”, a “(i)”; and
(2) By inserting, immediately prior to the “.” at the end of such definition, the phrase “and (ii) the total aggregate Net Book Values of Eligible Marine Containers and Eligible Trading Marine Containers, in each case, which are subject to management by an Approved Third Party Manager, included in the Borrowing Base pursuant to clauses (a) and (d) above shall not at any time exceed Thirty Million Dollars ($30,000,000) (provided that (A) no Marine Containers managed by an Approved Third Party Manager shall be included in the Borrowing Base if a “manager default” (or similar event) has occurred and has continued for ninety (90) days with respect to such Approved Third Party Manager under the agreement pursuant to which such Approved Third Party Manager manages Marine Containers on behalf of Borrower; and (B) the foregoing ninety (90) day cure period shall not apply if an Event of Default has occurred and is then continuing, in each case, unless the Required Lenders have approved a back-up manager or back-up management arrangement, with respect to such Marine Containers)”.
Definition of Borrowing Base. Effective as of the date of execution of this Amendment, the definition of “Borrowing Base” set forth in Section 1 of the Financing Agreement is amended and restated to read in its entirety as follows: “Borrowing Base shall mean the sum of (a) eighty percent (80%) of the Company’s aggregate outstanding Eligible Accounts Receivable, provided, however, that if the then Dilution Percentage is greater than five percent (5%), then the rate of advance herein shall be reduced by the amount of such excess Dilution Percentage, plus (b) the lesser of (i) fifty percent (50%) of the aggregate value of the Company’s Eligible Inventory, valued at the lower of cost or market value, on a first in, first out basis, (ii) eighty-five percent (85%) of the aggregate value of the Company’s Eligible Inventory, valued at the appraised net orderly liquidation value, on a first in, first out basis, or (iii) the Inventory Loan Cap, less (c) any applicable Availability Reserves; provided, however, the Eligible Inventory portion of the Borrowing Base in clause (b) above shall not be effective until such time as a Qualified Inventory Appraisal has been conducted”.
Definition of Borrowing Base. The definition of "BORROWING BASE" contained in SECTION 1.1 is hereby amended in full to read as follows:
Definition of Borrowing Base. The definition of “Borrowing Base” set forth in Section 1.1j. of the Loan Agreement is hereby deleted in its entirety.
Definition of Borrowing Base. Clauses (d), (g) and (h) of the definition of “Borrowing Base” in Section 1.01 of the Credit Agreement (Definitions) shall be amended in their entirety to read as follows:
Definition of Borrowing Base. The definition of Borrowing Base in Section 1.1 of the Loan Agreement is hereby amended by modifying subsection (ii) (A) of such definition to read as follows: "Eight Million Dollars ($8,000,000) or"
