Revolving Advances; Advance Limit. Upon the request of Borrower, made at any time or from time to time during the Term and so long as no Event of Default has occurred and is continuing, BACC may, in its sole and absolute discretion, make Advances in an amount up to (a) eighty percent (80%) of the aggregate outstanding amount of Eligible Accounts, plus (b) the lesser of (1) fifty percent (50%) of the aggregate value of the Eligible Inventory plus ten percent (10%) of the aggregate value of the Slow Moving Inventory or (2) initially Two Hundred Fifty Thousand Dollars ($250,000.00); provided, however, that (a) in no event shall the aggregate amount of the outstanding Advances be greater than, at any time, the amount of Six Hundred Fifty Thousand Dollars ($650,000.00) (the Advance Limit) and provided further that (b) the maximum amount of Advances against Eligible Inventory and Slow Moving Inventory shall not exceed initially sixty percent (60%) of the total Advances and which percentage will reduce two percent (2%) per month commencing on October 1, 1998 and by 2% on the first day of each month thereafter until the percentage equals thirty six percent (36%) and (c) the maximum dollar amount of Advances against Eligible Inventory and Slow Moving Inventory shall decrease by Five Thousand Dollars ($5,000.00) per month commencing on October 1, 1998 and on the same day of each month thereafter until the maximum amount is reduced to One Hundred Seventy Five Thousand Dollars ($175,000).
Revolving Advances; Advance Limit. Upon the request of Borrower, made at any time from and after the date hereof until the Termination Date, and so long as no Event of Default has occurred and is continuing, BACC may, in its sole and absolute discretion, make Advances in an amount up to (a) seventy five percent (75%) of the aggregate outstanding amount of Eligible Accounts, plus (b) the lesser of (1) twenty five percent (25%) of the aggregate value of the Eligible Inventory or (2) Four Hundred Thousand Dollars ($400.000.00) (such lesser of (1) or (2) is hereinafter the "Inventory Advance Rate") or (3) thirty percent (30%) of the aggregate outstanding principal amount of Advances under this Section 2.1; including the Advance in question if made, provided, however, that in no event shall the aggregate amount of the outstanding Advances under the Revolving Credit Facility be greater than, at any time, the amount of One Million Seven Hundred Thousand Dollars ($1,700,000.00) (said dollar limit the Advance Limit). BACC may create reserves against, or reduce its advance percentages based on Eligible Accounts or Eligible Inventory without declaring an Event of Default if it determines, in its good faith discretion, that such reserves or reduction is necessary, including, without limitation, to protect its interest in the Collateral and/or against diminution in the value of any Collateral, and/or to insure the prospect of payment or performance by Borrower of its Obligations to BACC are not impaired.
Revolving Advances; Advance Limit. Upon the request of Xxxxxxxx made at any time from and after the date hereof until the Termination Date, and so long as no Event of Default has occurred, Lender may, in its sole and absolute discretion, make Advances to Borrower under a revolving credit facility (the Revolving Credit Facility) in an amount up to:
Revolving Advances; Advance Limit. (A) Upon the request of Borrower, made at any time from and after the date hereof until the Termination Date, and so long as no Event of Default has occurred, BACC may, in its good faith discretion, make Advances in an amount up to eighty five percent (85%) of the aggregate outstanding amount of Eligible Accounts, provided, however, that in no event shall the aggregate amount of the outstanding Advances under the Revolving Credit Facility be greater than, at any time, the amount of Ten Million Dollars ($10,000,000.00) (said dollar limit the Advance Limit). BACC may create reserves against, or reduce its advance percentages based on Eligible Accounts without declaring an Event of Default if it determines, in its good faith discretion, that such reserves or reduction is necessary, including, without limitation, to protect its interest in the Collateral and/or against diminution in the value of any Collateral, and/or to insure the prospect of payment or performance by Borrower of its Obligations to BACC are not impaired.
Revolving Advances; Advance Limit. Upon the request of Borrower, made at any time from and after the date hereof until the Termination Date, and so long as no Event of Default has occurred, Bank may, in its sole and absolute discretion, make Advances in an amount up to (a) eighty five percent (85%) of the aggregate outstanding amount of Eligible Accounts, plus (b) the lesser of (i) seventy percent (70%) of the aggregate outstanding amount of Future Eligible Unnoticed Government Contract Accounts or (ii) Five Hundred Thousand Dollars ($500,000.00), plus (c) the lesser of (i) seventy percent (70%) of the aggregate outstanding amount of Eligible Unnoticed Government Contract Accounts or (ii) One Hundred Thousand Dollars ($100,000.00), minus (d) the Payroll Reserve Amount in effect from time to time, and further minus (e) the Tax Reserve Amount in effect from time to time; provided, however, that in no event shall the aggregate amount of the outstanding Advances under the Revolving Credit Facility be greater than, at any time, the amount of Two Million Dollars ($2,000,000.00) or such other amount as Bank and Borrower may agree to in writing from time to time (said dollar limit the “Advance Limit”). Borrower may from time to time apply to Bank for an increase in the Advance Limit based upon Borrower’s projection of a need for an increase in the Advance Limit because of additional contracts awarded or anticipated may be awarded to Borrower and/or proposed acquisitions by Borrower and/or other factors, and with Borrower acknowledging that any increase in the Advance Limit shall be in the sole and absolute discretion of Bank and on such terms and conditions as Bank shall require. Bank may create additional reserves against, or reduce its advance percentage based on Eligible Accounts without declaring an Event of Default if it determines, in its good faith discretion, that such reserves or reduction is necessary, including, without limitation, to protect its interest in the Collateral and/or against diminution in the value of any Collateral, and/or to insure the prospect of payment or performance by Borrower of its Obligations to Bank are not impaired. Mod — sale of RX and DSC waiver 9/30/09
Revolving Advances; Advance Limit. Upon the request of Borrower, made at any time from and after the date hereof until the Termination Date, and so long as no Event of Default has occurred and is continuing, Lender may, in its Sole Discretion, make Advances in an amount up to (a) eighty-five percent (85%) of the aggregate Net Face Amount of Eligible Accounts (the foregoing, the Accounts Borrowing Base), plus (b) the least of (1) thirty-five percent (35%) (the Inventory Advance Rate)1 of the aggregate Eligible Inventory Value of Eligible Inventory or (2) Two Million Five Hundred Thousand Dollars ($2,500,000.00) (the Inventory Advances Limit)2 (the foregoing, as applicable, Inventory Borrowing Base); provided, however, that in no event shall the aggregate amount of the outstanding Advances under the Revolving Credit Facility be greater than, at any time, the amount of Four Million Dollars ($4,000,000.00) (said dollar limit the Advance Limit). Borrower shall draw all available Advances under the Accounts Borrowing Base prior to drawing any available Advances under the Inventory Borrowing Base. Termination of the revolving line under the Accounts Borrowing Base shall result in a concurrent termination of the revolving line under the Inventory Borrowing Base. Lender may create reserves against amounts that would be available for borrowing pursuant to the foregoing or reduce its advance rates based upon Eligible Accounts and Eligible Inventory without declaring an Event of Default if it determines, in its good faith credit judgment that such reserves are necessary, including, without limitation: (i) to protect Lender’s interest in Collateral; (ii) to protect Lender against possible non-payment of Accounts for any reason by one or more Account debtors; (iii) in the event the dilution with respect to the Accounts for any period (based on the ratio of (1) the aggregate amount of reductions in Accounts other than as a result of payments in cash to (2) the aggregate amount of total sales) has increased in any material respect or may be reasonably anticipated to increase in any material respect above historical levels; (iv) in the event the general creditworthiness of one or more Account debtors has declined; (v) to protect Lender against possible diminution of the value of any Collateral; (vi) to protect Lender against possible non-payment of any of the Obligations; (vii) for any taxes; (viii) in respect of any state of facts that could constitute an Event of Default; (ix) in the event the number of d...
Revolving Advances; Advance Limit. Upon the request of Borrower, made at any time or from time to time during the term hereof, and so long as no Event of Default has occurred and is continuing, Fremont shall, in its sole and absolute discretion, make advances to Borrower in an amount up to (a) Seventy-Five percent (75%) of the aggregate outstanding amount of Eligible Accounts other than Foreign Accounts, PLUS (b) the lesser of (1) Sixty percent (60%) of the aggregate outstanding amount of Eligible Accounts consisting of Foreign Accounts or (2) ONE MILLION DOLLARS ($1,000,000), PLUS (c) the lesser of (1) Forty percent (40%) of the aggregate value of the Eligible Inventory consisting of raw materials Inventory or (2) TWO MILLION FIVE HUNDRED THOUSAND DOLLARS ($2,500,000), PLUS (d) the lesser of (1) Fifty percent (50%) of the aggregate value of the Eligible Inventory consisting of finished goods Inventory or (2) FIVE MILLION DOLLARS ($5,000,000); PROVIDED, HOWEVER, that in no event shall the aggregate amount of the outstanding advances made pursuant to this Section 2.1 be greater than, at any time, the sum of FIFTEEN MILLION FIVE HUNDRED THOUSAND DOLLARS ($15,500,000) (the Advance Limit). Notwithstanding the foregoing
Revolving Advances; Advance Limit. Upon the request of Borrower, made at any time or from time to time during the term hereof, and so long as no Event of Default has occurred and is continuing, Fremont shall, in its sole and absolute discretion, make advances to Borrower in an amount up to the lesser of (1) Forty percent (40%) of the aggregate value of the Eligible Inventory or (2) One Million Five Hundred Thousand and No/100 Dollars ($1,500,000.00) (the "Advance Limit").
Revolving Advances; Advance Limit. (A) Upon the request of Borrower, made at any time or from time to time during the Term and so long as no Event of Default has occurred and is continuing, BACC may, in its sole and absolute discretion, make Advances in an amount up to eighty percent (80%) of the aggregate outstanding amount of Eligible Accounts (the "Borrowing Base") plus the Permitted Overadvance Amount; provided, however, that in no event shall the aggregate amount of the outstanding Advances be greater than, at any time, the amount of Two Million Five Hundred Thousand and 00/100 Dollars ($2,500,000.00) (the Advance Limit);
Revolving Advances; Advance Limit. (A) Upon the request of Borrower, made at any time or from time to time during the Term and so long as no Event of Default has occurred and is continuing, BACC may, in its sole and absolute discretion, make Advances in an amount up to eighty percent (80%) of the aggregate outstanding amount of Eligible Accounts; provided, however, that in no event shall the aggregate amount of the outstanding Advances be greater than, at any time, the amount of One Million Eight Hundred Fifty Thousand and 00/100 Dollars ($1,850,000.00) (the Advance Limit); (B) Borrower has advised BACC that Borrower currently factors its Accounts Receivable with Prestige Factors and which factoring facility has a term through approximately July 1, 1998. Accordingly Borrower may not obtain Advances under the revolving credit facility provided for in this Section 2.1 until it furnishes to BACC (i) evidence of termination of the factoring facility with Prestige Factors, (ii) evidence satisfactory to BACC that upon the initial Advance under this Section 2.1 the interest of Prestige Factors in the Accounts Receivable of Borrower will terminate and that Prestige Factors will deliver UCC-3 Statements of Termination and (ii) written authorization for BACC to wire transfer or otherwise remit to Prestige Factors out of the initial Advances under this Section 2.1 an amount necessary to satisfy in full Prestige Factors interest in all Accounts Receivable and other assets of Borrower. If Borrower has not satisfied the aforesaid conditions by July 10, 1998 and has not otherwise obtained Advances under this Section 2.1 by July 10, 1998, BACC may in its sole discretion immediately accelerate the Termination Date.
