Base credit definition

Base credit means the maximum amount of credit against the tax imposed by this chapter that each light and power business or gas distribution business may take each fiscal year as calculated by the department. The base credit is equal to the proportionate share that the total grants received by each light and power business or gas distribution business in the prior fiscal year bears to the total grants received by all light and power businesses and gas distribution businesses in the prior fiscal year multiplied by five million five hundred thousand dollars for fiscal year 2007, and two million five hundred thousand dollars for all other fiscal years before and after fiscal year 2007.

Base credit means an electricity credit that is generated by the carbon reduction between the CTFS and the carbon intensity of the grid or EDU.

Examples of Base credit in a sentence

• Base credit adjustment for each EDU will be pro-rated based on their share of total advanced credits received.

• The Administrative Agent holds or has taken action to hold a first priority security interest in the applicable Credit Party’s interest in such Revenue Participation giving rise to Borrowing Base credit.

• For the avoidance of doubt, the Existing Pictures Credit shall be the only Borrowing Base credit attributable to the Existing Pcitures.

• The Administrative Agent or its designee shall have conducted a normal and customary field examination of the Accounts and Inventory of the Loan Parties for which the Borrower seeks to receive Borrowing Base credit on the Effective Date, related working capital matters and Holdings’ and the Borrower’s related data processing and other systems, the results of which shall be satisfactory to the Administrative Agent in its sole discretion.

• The Administrative Agent shall have received appraisals of the Inventory of the Loan Parties for which the Borrower seeks to receive Borrowing Base credit on the Effective Date from one or more firms satisfactory to the Administrative Agent, which appraisals shall be satisfactory to the Administrative Agent in its sole discretion.

• Base credit adjustment for each EDU will be pro-rated based on their share of total advancedcredits received.

• The Borrowing Base Fee shall equal the product of (i) the additional or substitution property's Borrowing Base Value (excluding, however, any Borrowing Base Value for which Borrower receives no Borrowing Base credit because such Borrowing Base Value (other than with respect to University Club Tower) exceeds twenty-five percent (25%) of the Borrowing Base) times (ii) one-quarter percent (0.25%).

• Subject to the foregoing, at any time that the Administrative Agent requests, each Loan Party that is providing Borrowing Base credit as of the date of such request will provide the Administrative Agent with appraisals or updates thereof of their Inventory from an appraiser selected and engaged by the Administrative Agent, and prepared on a basis satisfactory to the Administrative Agent, such appraisals and updates to include, without limitation, information required by any applicable Requirement of Law.