Advance Formula means the maximum amount available to CLIENT from CAPCO for the purchase of All Accounts will not exceed 80% of Acceptable/Eligible Accounts.
Advance Formula shall have the respective meaning ascribed to such term in the Advance Formula Agreement.
Advance Formula means the lesser of (i) the face amount of the Note, or (ii) the sum of the following:
Examples of Advance Formula in a sentence
Advance Formula: Advances of the Loan may be measured against a percentage of Eligible Accounts.
Crestmark may choose to make Protective Disbursements in excess of the Maximum Amount or Advance Formula in its sole discretion.
The reserve may be established by reducing the Advance Formula to achieve the target reserve level, withholding monies due Borrower from any payments Crestmark receives, from a cash payment from Borrower or any other method Crestmark chooses.
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.
Unless otherwise indicated, words and terms which are defined in the Advance Formula Agreement have the same meaning where used herein.
More Definitions of Advance Formula
Advance Formula has the meaning set forth in the Revolving Loan Schedule.
Advance Formula means an amount equal to a percentage of Eligible Collateral as defined in the Borrowing Base Report.
Advance Formula means an amount which is the lesser of:
Advance Formula means the aggregate sum of (A) fifty percent (50%) of the lower of the (i) cost or (ii) market value of ELIGIBLE INVENTORY, (B) One Million Dollars ($1,000,000.00) and (C) one hundred percent (100%) of the lower of (i) cost or (ii) market value of IN TRANSIT INVENTORY to a maximum such value of Two Million Five Hundred Thousand Dollars ($2,500,000.00) at any time and fifty percent (50%) of the lower of (i) cost or (ii) market value of IN TRANSIT INVENTORY in excess of a maximum such value of Two Million Five Hundred Thousand Dollars ($2,500,000.00).
Advance Formula means, at any time, the sum of:
Advance Formula means the maximum amount available to CLIENT from CAPCO for the purchase of All Accounts will not exceed 80.00% of acceptable/eligible accounts PLUS up to 50% against acceptable inventory not to exceed 110% of acceptable/eligible accounts. CLIENT COVENANTS: Paragraph 20 as follows: CLIENT will not sell Accounts, or pledge Accounts to any party, except to CAPCO for the period of this Agreement unless specific Accounts are subordinated and released by CAPCO in writing. Is replaced by: CLIENT will not sell Accounts, or pledge Accounts to any party, except to CAPCO for the period of this Agreement unless specific Accounts are subordinated and released by CAPCO in writing. CAPCO agrees not to resell CLIENT’s accounts except in the event of a default by CLIENT. Paragraph 23 as follows:
Advance Formula means the maximum amount available to CLIENT from CAPCO for the purchase of All Accounts will not exceed 85% of Acceptable/Eligible Accounts. 4. "Acceptable/Eligible Account" means an Account conforming to the Warranties and terms set forth herein that has not been outstanding for more than 90 DAYS from the date of invoice, has been underwritten and approved by CAPCO, and has not been reduced from the original amount billed by, credit memo, offset, adjustment of any kind, or partial payment subsequent to invoice date. 5. "Customer" means CLIENT'S Customer or the Account debtor. 6. "CLIENT" means the seller of All Accounts. 7. "Collateral" means the intangible or tangible property given as security to CAPCO by CLIENT for any obligations and liabilities of CLIENT to CAPCO under the Agreement. 8. "Warrant" means to guarantee, as a material element of this Agreement. 9. "Credit Problem" means Customer is unable to pay his debts because of problems or insolvency. 10. "Customer Dispute" means any claim by Customer against CLIENT, of any kind whatsoever, valid or invalid, that reduces the amount collectible from Customer by CAPCO. CLIENT COVENANTS: ----------------- 11. CLIENT agrees to sell to CAPCO ALL ACCOUNTS RECEIVABLE, (Accounts) ----------------------- mechanic's lien(s), and rights to payment under any stop notice(s), or bonded stop notice(s) securing payment of those Accounts created by CLIENT in the course of its business, existing as of the date of this agreement or thereafter created during the term of this agreement, subject to approval and verification by CAPCO. CAPCO is not obligated to advance funds for the purchase of All Accounts from CLIENT. When CLIENT notifies CAPCO of it's Accounts, CLIENT shall provide a copy of the original Assigned Account ------------------------------------------------------------ (Invoice) a copy of the bill of lading contract, purchase ordex, xurchase ------------------------------------------------------------------------- order number, and/or any other requisite supporting documentation ----------------------------------------------------------------- corresponding to said Accounts and appropriate to the business of CLIENT, ------------------------------------------------------------------------- as requested by CAPCO. 12. CLIENT shall prepare and give to CAPCO proper written assignments of Accounts, mechanic's lien(s) on forms provided by CAPCO. The execution of said assignments shall transfer to CAPCO all of CLIEN...