Current Asset Base definition

Current Asset Base shall have the meaning given such term set forth in Subsection 2.4.

Current Asset Base shall have the meaning ascribed thereto in subsection 2.1.

Current Asset Base means the following with respect to the Borrower specified:

Examples of Current Asset Base in a sentence

• In addition, subject to Subsection 2.4(B), if the sum of (i) aggregate balance of the unpaid principal amount of the Revolving Loans, plus (ii) the aggregate amount of all Letter of Credit Obligations outstanding at any time, is in excess of the Current Asset Base, such excess shall be immediately due and payable without the necessity of any demand.

• Lender may make available for Borrower's use from time to time during the Term of this Agreement certain loans and other financial accommodations (the "Total Facility"), as requested by Borrower in accordance with the terms hereof, in amounts determined by Lender in its sole and absolute discretion, up to a maximum principal amount at any time outstanding equal to the Current Asset Base.

• Subject to the terms and conditions herein set forth, each Lender agrees severally (and not jointly) to make its Pro Rata Share of advances to the Borrower, on a revolving credit basis (the "Revolving Loan"), in an aggregate amount not in excess of the lesser of (i) the Total Revolving Loan Facility less the Lender Guaranty Reserve, or (ii) the Current Asset Base (such lesser amount, "Borrowing Availability").

• Subject to the provisions of Section 4 below, Lender shall advance to Borrower on a revolving credit basis (the "Revolving Loan"), the lesser of (i) the Maximum Revolving Facility Amount minus the sum of the undrawn face amount of all Letters of Credit outstanding at the time any particular advance is made or (ii) the "Current Asset Base" (as defined below).

• The National Gas Company of Trinidad and Tobago Limited is one of the largest and most NGC QUICK FACTS• Incorporated : Aug 22, 1975• Start-up Capital: TT$80,000/US $12,500• Current Asset Base: TT$28Bn /US$4.4Bn• Credit Ratings: BBB+ (S&P)A3 (Moody’s) AAA (CariCris)• Start up Capacity: 16”Pipeline• Current Capacity: 880Kmonshore / offshore network, 4.4 Bcfd• Current Staffing: 700+profitable enterprises in the Caribbean region.

More Definitions of Current Asset Base

Current Asset Base means (i) up to eighty-five percent (85%) of the face amount (less maximum discounts, credits and allowances which may be taken by or granted to Account Debtors in connection therewith) then outstanding under existing "Eligible Accounts" (as defined in Subsection 3.2 hereof), less such other reserves as Agent in its sole discretion and in Good Faith elects to establish; plus

Current Asset Base means (i) up to eighty-five (85%) of the face amount (less maximum discounts, credits and allowances which may be taken by or granted to Account Debtors in connection therewith) then outstanding under existing "Eligible Accounts" (as defined in Subsection 3.2 hereof), less such other reserves as Agent in its sole discretion and in Good Faith elects to establish; plus (ii) the lesser of $500,000 and an amount equal to the sum of (X) up to sixty-five percent (65%) of Deco's existing Eligible Inventory constituting Stock Inventory and (Y) up to thirty percent (30%) of Deco's existing Eligible Inventory constituting Parts Inventory, in each case valued at the lower of cost, determined on a first-in, first-out basis, or market, less obsolescence reserves and such other reserves as Agent in its sole discretion and in Good Faith elects to establish.

Current Asset Base means an amount equal to:

Current Asset Base means at any time an amount equal to the sum at such time of: (a) seventy percent (70%) of Eligible Inventory, commencing on each May 1, and ending on each December 10, during the term hereof, and (b)

Current Asset Base means (i) up to eighty-five percent (85%) of the face amount (less maximum discounts, credits and allowances which may be taken by or granted to Account Debtors in connection therewith) then outstanding under existing "Eligible Accounts" (as defined in Subsection 3.2 hereof), less such reserves as Agent in its sole discretion and in Good Faith elects to establish; plus (ii) an amount equal to up to sixty percent (60%) of Borrower's existing "Eligible Inventory" (as defined in Subsection 3.10 hereof), of raw material, work-in-process and finished goods, valued at the lower of cost, determined on an average cost basis, or market, less such reserves as Agent in its sole discretion and in Good Faith elects to establish, minus (iii) the Letter of Credit Obligations. Notwithstanding the foregoing or anything in Subsection 3.10 to the contrary, the aggregate amount of Inventory deemed to be Eligible Inventory shall not at any time exceed an amount equal to (the "Inventory Sublimit") 50% of Borrower's cost of goods sold (excluding costs of goods sold of Borrower's QuikWater Division), on an average cost basis, for the most recent six (6) months for which Lenders have received the financial statements required to be furnished by Borrower pursuant to Subsection 7.1(A) hereof.

Current Asset Base means AT ANY TIME AN AMOUNT EQUAL TO THE SUM AT SUCH TIME OF: (a) SEVENTY PERCENT (70%) OF ELIGIBLE INVENTORY, COMMENCING ON EACH MAY 1, AND ENDING ON EACH DECEMBER 10, DURING THE TERM HEREOF, (b) SEVENTY PERCENT (70%) OF ELIGIBLE INVENTORY AT ALL TIMES THAT THE $600,000 GAC LETTER OF CREDIT IS THEN HELD BY LENDER; AND (c) SIXTY-FIVE PERCENT (65%) OF ELIGIBLE INVENTORY AT ALL OTHER TIMES, LESS AT ALL TIMES ANY RESERVES AS LENDER MAY, AT ANY TIME AND FROM TIME TO TIME, ESTABLISH IN THE EXERCISE OF REASONABLE CREDIT JUDGMENT AS A RESULT OF CHANGING CIRCUMSTANCES. 3.3. Section 1.1(ll) is hereby deleted in its entirety and the following is substituted therefor:

Current Asset Base means, at any time, the sum of (i) up to eighty-five percent (85%) of the face amount (less maximum discounts, credits and allowances which may be taken by or have been granted to Account Debtors in connection therewith) then outstanding under existing Eligible Accounts (as defined in Subsection 3.2 hereof), less such reserves as Agent in its sole discretion and in Good Faith elects to establish; plus (ii) the lesser of (x) $30,000,000, and (y) an amount equal to up to sixty-five percent (65%) of Borrower's existing Eligible Inventory (as defined in Subsection 3.10 hereof), of raw material, work-in-process and finished goods, valued at the lower of cost, determined on an average-cost basis, or market, less such reserves as Agent in its sole discretion and in Good Faith elects to establish, minus (iii) the Letter of Credit Obligations at such time, minus (iv) the aggregate outstanding principal amount of the PIDA Loan at such time. Agent may, in its discretion, reduce the advance rates set forth above or reduce one or more of the other elements used in computing the Current Asset Base.