Floorplan Borrowing Base definition

Floorplan Borrowing Base means, as of any date of determination, an amount equal to 90% of the net book value of Floorplan Borrowing Base Assets as of such date.
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Floorplan Borrowing Base means as of any date of calculation, an amount, as set forth on the most current Borrowing Base Certificate delivered to the Administrative Agent, equal to the sum of:
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Floorplan Borrowing Base means, as of any date of determination, the result of:
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Examples of Floorplan Borrowing Base in a sentence

  • If, at any time, (A) the Floorplan Usage on such date exceeds (B) the Floorplan Borrowing Base reflected in the Floorplan Borrowing Base Certificate most recently delivered by Borrower to Agent, then Borrower shall immediately prepay the Obligations in accordance with Section 2.4(f) in an aggregate amount equal to the amount of such excess.

  • Upon the incurrence of any Indebtedness secured by any Available Collateral or Fond du Lac Facility or any Floorplan Borrowing Base Assets, or the consummation of any sale and leaseback transaction in respect of any Available Collateral or Fond du Lac Facility, in each case that is permitted by this Agreement, the security interest in such Available Collateral or Fond du Lac Facility or Floorplan Borrowing Base Assets shall be automatically released.

  • DLL shall also have the right to reduce the Total Facility amount, the Revolving Credit Borrowing Base Amount, the Floorplan Borrowing Base Amount, or any portion of either borrowing base, or the advance rates or to modify the terms and conditions upon which DLL is willing to consider making advances under the Total Facility or to take additional reserves against the Revolving Credit Borrowing Base Amount or the Floorplan Borrowing Base Amount for any reason.


More Definitions of Floorplan Borrowing Base

Floorplan Borrowing Base means, as of the date of determination, and solely in the event of the termination of the BAC Joint Venture, an amount equal to 90% of the net book value of secured floorplan loans and similar financing arrangements made by the Company or a Restricted Subsidiary to boat and engine dealers to finance the sale of inventory to such Persons.
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Floorplan Borrowing Base means, as of any date of determination, the result of: (a) the lesser of (i) the product of 85% multiplied by the value (calculated at the lower of cost or market on a basis consistent with Borrower’s historical accounting practices) of Eligible New Floorplan Equipment which at such time is aged less than twelve (12) months, and (ii) the product of 85% multiplied by the Net Recovery Percentage identified in the most recent inventory appraisal ordered and obtained by Agent multiplied by the value of Eligible New Floorplan Equipment which at such time is aged less than twelve (12) months (such determination may be made as to different categories of Eligible New Floorplan Equipment based upon the Net Recovery Percentage applicable to such categories) at such time, plus (b) the lesser of (i) the product of 80% multiplied by the value (calculated at the lower of cost or market on a basis consistent with Borrower’s historical accounting practices) of Eligible New Floorplan Equipment which at such time is aged equal to or greater than twelve (12) months, and (ii) the product of 85% multiplied by the Net Recovery Percentage identified in the most recent inventory appraisal ordered and obtained by Agent multiplied by the value of Eligible New Floorplan Equipment which at such time is aged equal to or greater than twelve (12) months (such determination may be made as to different categories of Eligible New Floorplan Equipment based upon the Net Recovery Percentage applicable to such categories) at such time, plus
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Related to Floorplan Borrowing Base

  • Borrowing Base means, at any time of calculation, an amount equal to:

  • Borrowing Availability means, as of any date of determination, the lesser of (i) the Maximum Amount and (ii) the Borrowing Base, in each case, less the sum of the aggregate Revolving Loan and Swing Line Loan then outstanding.

  • Revolving Credit Availability means, at any particular time, the amount by which (x) the Aggregate Revolving Loan Commitment at such time exceeds (y) the Dollar Amount of the Revolving Credit Obligations outstanding at such time.

  • Adjusted Borrowing Base means the Borrowing Base minus the aggregate amount of Cash and Cash Equivalents included in the Borrowing Base.

  • Required Revolving Lenders means, as of any date of determination, Revolving Credit Lenders holding more than 50% of the sum of the (a) Total Revolving Credit Outstandings (with the aggregate amount of each Revolving Credit Lender’s risk participation and funded participation in L/C Obligations and Swing Line Loans being deemed “held” by such Revolving Credit Lender for purposes of this definition) and (b) aggregate unused Revolving Credit Commitments; provided that the unused Revolving Credit Commitment of, and the portion of the Total Revolving Credit Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Revolving Lenders.

  • Revolving Credit Availability Period means the period from and including the Effective Date to but excluding the earlier of the Revolving Credit Commitment Termination Date and the date of termination of the Revolving Credit Commitments.

  • Required Revolving Credit Lenders means, at any date, Non-Defaulting Lenders holding a majority of the Adjusted Total Revolving Credit Commitment at such date (or, if the Total Revolving Credit Commitment has been terminated at such time, a majority of the Revolving Credit Exposure (excluding Revolving Credit Exposure of Defaulting Lenders) at such time).