Facility B Borrowing Base definition

Facility B Borrowing Base means, as of any date of determination thereof by the Agent from time to time, an amount, without duplication, equal to the aggregate at such time of:

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Facility B Borrowing Base means, at the time of a Borrowing Base Determination, an amount equal to the sum of (a) 80% of the aggregate amount of all Eligible Accounts Receivable after contra and cross netting such Eligible Accounts Receivable against accounts payable and Inventory due to account debtors in respect of exchanges, advances, or otherwise and further reducing the result of such computation by the aggregate amount of the Borrowing Base, if any, attributable to any Accounts Receivable which (i) have been collected, charged-off or otherwise compromised since the date of the most recent previous Borrowing Base Determination, (ii) may have declined materially in value because of a Material Adverse Effect or other event or (iii) for any reason are not subject to a valid and perfected first priority Lien in favor of the Lender and (b) the lesser of (i) $1,000,000 or (ii) 50% of the aggregate value (being, as to each item of Eligible Inventory, the lower of cost or market value as of the relevant date) of Eligible Inventory.

Facility B Borrowing Base means (a) 80% of Eligible A/R of Southern Flow, plus (b) 20% of Eligible Inventory of Southern Flow, all as calculated on the most recent monthly Borrowing Base Report.

Examples of Facility B Borrowing Base in a sentence

The Borrower shall pay to the Lender an unused fee of 0.50% based on the unused portion of the Facility B Borrowing Base Amount.
SunOpta Food Group may borrow, repay and reborrow under Facility B up to the lesser of the Facility B Borrowing Base and a maximum principal amount of US$60,000,000.
The Borrower acknowledges and understands that notwithstanding the stated principal amount of the Revolving Note, that the Lender's obligation to fund Advances under the Revolving Note is limited for all purposes to the terms and conditions of this Agreement, including but not limited to, availability under the Facility A Borrowing Base Amount then in effect and the Facility B Borrowing Base Amount then in effect, as the case may be.
In addition, the Agent is expressly authorized to seek additional lending institutions to become a lender hereunder to fund any increase to the Facility A Borrowing Base Amount and/or the Facility B Borrowing Base Amount.
Total Consolidated Current Assets (including the available portion under the Facility A Borrowing Base Amount and the Facility B Borrowing Base Amount, but excluding the effects, if any, of Hedging Agreements, pursuant to SFAS No. 13)...........................
All Receivables and Asset Backed Securities ----------- included in the Facility A Borrowing Base or the Facility B Borrowing Base, respectively, as of the most recently delivered Servicer's Certificate or Borrowing Base Confirmation are Eligible Receivables and Eligible Securities, respectively.
SunOpta Foods may borrow, repay and reborrow or otherwise obtain Advances under Facility B up to the lesser of the Facility B Borrowing Base and a maximum principal amount of US$165,000,000 (the “Facility B Credit Limit”).
The aggregate principal amount of all Facility B Advances at ----------- any time outstanding hereunder shall not exceed the lesser of (i) the Facility B Limit and (ii) the Facility B Borrowing Base.
For purposes of this paragraph, (A) the Facility B Draw Outstandings shall be considered Current Liability, (B) the Current Assets of Southern Flow shall include the Eligible A/R of Metretek included in the Facility B Borrowing Base, and (C) the Current Assets calculation shall exclude all loans or other advances made by Southern Flow to any Affiliate.
In accordance with Section 4.1 and 4.4 of the Credit Agreement, effective November 1, 1995, and continuing until the earlier of (i) any sale of the Giddings Properties or the Rockies Properties in accordance with Section 9.5 of the Credit Agreement, as amended by this Third Amendment ("Approved Sales"), or (ii) the next Determination Date, the Total Borrowing Base shall be $225,000,000, allocated as follows: $125,000,000 to the Facility A Borrowing Base, and $100,000,000 to the Facility B Borrowing Base.

More Definitions of Facility B Borrowing Base

Facility B Borrowing Base. Facility B Commitment", "Loan Parties", "Loans" and "Notes" in Section 1.02 of the Credit Agreement are hereby amended in their entirety to hereafter read as follows: 2 "Agreement" shall mean this Credit Agreement and all exhibits and schedules hereto, as amended by Amendment No. 1 dated as of March 15, 1994, the Second Amendment to Credit Agreement dated as of August 31, 1994, the Third Amendment to Credit Agreement dated December 31, 1994, the Fourth Amendment dated as of March 3, 1995, the Fifth Amendment dated as of March 31, 1995, the Sixth Amendment dated as of November 3, 1995, and the Seventh Amendment dated as of September 23, 1996, as the same may from time to time be amended or supplemented.

Facility B Borrowing Base means, on any day, the excess of (a) the ------------------------- aggregate unpaid principal balance as of such day of each Asset Backed Security in the Total Securities Pool which is an Eligible Security on such day, over (b) ---- the Required B Holdback in effect on such day.

Facility B Borrowing Base means an amount not to exceed the following as shown on Bank’s records at any time and as reported by the Borrower prior to each request for a Facility B Revolving Loan and in a Facility B Borrowing Base Certificate as required by this Agreement:

Facility B Borrowing Base means, as of any date, an amount equal to 50% of the value of Eligible Inventory constituting finished goods, provided, that, the total amount of reliance in Facility B Borrowing Base plus the reliance on raw material Eligble Inventory in the Facility A Borrowing Base may not exceed $5,000,000.

Facility B Borrowing Base means, as of any date, the lesser of: (a) the Facility B Maximum Principal Amount; or (b) the sum of (i) 80% of the aggregate Invoice Price of New Eligible Equipment and (ii) 50% of the aggregate Invoice Price of Used Eligible Equipment.

Facility B Borrowing Base. Facility B Commitment", "Facility B Termination Date" and "Note B" in Section 1.02 of the Credit Agreement are hereby amended in their entirety to hereafter read as follows: