Borrowing Base Advance Rate definition
Borrowing Base Advance Rate means, as of any date of determination, the lower of (i) the Weighted Average Advance Rate and (ii) the Maximum Portfolio Advance Rate.
Borrowing Base Advance Rate set forth in Section 1.01 of the Credit Agreement is hereby amended to delete therefrom the phrase “(d) in respect of Class A Loan Assets, 82.7%, (e) in respect of Class B Loan Assets, 76.6%, (f) in respect of Class C Loan Assets, 60.3%, (g) in respect of Class D Loan Assets, 50.5%, (h) in respect of any Bond Asset, Second Lien Loan Asset or Senior Unsecured Loan Asset, the Borrowing Base Advance Rate determined according to Schedule I hereto,” and insert therefor the following phrase: “(d) in respect of Class A Loan Assets, 75.0%, (e) in respect of Class B Loan Assets, 69.0%, (f) in respect of Class C Loan Assets, 40.0%, (g) in respect of Class D Loan Assets, 30.0%, (h) in respect of any Bond Asset or Senior Unsecured Loan Asset, the Borrowing Base Advance Rate determined according to Schedule I hereto,”
Borrowing Base Advance Rate means (a) in respect of Cash, 100%, (b) in respect of Eligible Government Securities, Eligible Money Market Investments and Eligible Repurchase Agreements, (i) if such Asset has a next-day maturity, 100% and (ii) otherwise, (A) if such Asset is rated by S&P, 90% or (B) if such Asset is not rated by S&P, 89%, (c) in respect of Eligible Commercial Paper, 96.6%, (d) in respect of Class A Loan Assets, 82.7%, (e) in respect of Class B Loan Assets, 76.6%, (f) in respect of Class C Loan Assets, 60.3%,(g) in respect of Class D Loan Assets, 50.5%, (h) in respect of any Bond Asset, Second Lien Loan Asset or Senior Unsecured Loan Asset, the Borrowing Base Advance Rate determined according to Schedule I hereto, (i) in respect of Large Cap Equity Securities, 37.0%, (j) in respect of Mid-Cap Equity Securities, 30.2%, (k) in respect of Small Cap Equity Securities, 15.3% and (l) in respect of Eligible Convertible Securities, the rate set forth in the foregoing clauses (j)-(l) for the Eligible Equity Security into which such security is convertible; provided, that (i) in the case of any Foreign Currency Asset, the Borrowing Base Advance Rate with respect to such Asset shall be the product of (A)(1) the rate determined in accordance with the foregoing sentence minus (2) 5.0% multiplied by (B)(1) if such Foreign Currency Asset is subject to a currency hedge reasonably satisfactory to the Agent, 1.00, (2) if such Foreign Currency Asset is not subject to such a currency hedge but is denominated or payable in a currency specified on Schedule VIII hereto, the foreign currency Borrowing Base Advance Rate specified with respect to such currency on Schedule VIII hereto and (3) otherwise, zero and (ii) in the case of any Emerging Market Equity Security or any Convertible Security convertible into an Emerging Market Equity Security, the Borrowing Base Advance Rate with respect thereto shall be 15%.
Examples of Borrowing Base Advance Rate in a sentence
The Borrower will not permit the aggregate Outstanding principal amount of the Revolving Credit Loans and Outstanding Letters of Credit to exceed the Borrowing Base Advance Rate.