Gross Borrowing Base definition

Gross Borrowing Base has the meaning assigned to such term in Section 5.13(h).

Gross Borrowing Base means, as of any date of determination, the Borrowing Base as of such date without giving effect to any adjustment to the Borrowing Base pursuant to Section 5.13(f).

Gross Borrowing Base means, at any time, the Borrowing Base as reported on the most recently delivered Borrowing Base Certificate as required hereunder, before application of the advance rates included therein.

Examples of Gross Borrowing Base in a sentence

• For the avoidance of doubt, no payments shall be allocated solely to Non-Extending Lenders following the occurrence and during the continuance of an Event of Default or if the Covered Debt Amount exceeds the Adjusted Gross Borrowing Base at such time.

• For the avoidance of doubt, no payments shall be allocated solely to Non-Extending Lenders following the occurrence and during the continuance of an Event of Default and the Adjusted Gross Borrowing Base exceeds the Covered Debt Amount at such time.

• In case of connectivity failures and crashes in TNMC, data would not be available for recovery.

• At all times after either (i) a Default by Dealer, or (ii) the Excess Availability for three (3) consecutive business days is less than the greater of (a) Fifteen Million Dollars ($15,000,000.00) or (b) 10% of Dealer’s Gross Borrowing Base, CDF may provide notice to such banks that thereafter all funds deposited in the lock-box or any such account immediately shall become the property of CDF, and any disbursements of the proceeds in the lock-box or any such account will only be made to CDF.

• Without limiting the generality of the foregoing, no Agent or member of the Instructing Group shall have any duty to monitor the Collateral used to calculate the Consolidated Borrowing Base or any Individual Gross Borrowing Base or the reporting requirements or the contents of reports delivered by the Borrowers.

More Definitions of Gross Borrowing Base

Gross Borrowing Base means, at any time, the sum of:

Gross Borrowing Base is defined in the Bank Credit Agreement.

Gross Borrowing Base means the Borrowing Base without giving effect to any adjustment required pursuant to paragraphs (i) and (j) of Section 5.13.

Gross Borrowing Base means, with respect to any Obligor, an amount determined by the Borrowing Base Components attributable to such Obligor, as adjusted pursuant to the terms of the provisos set forth in the provisions governing calculation of the Gross Borrowing Base in Section 4.1.

Gross Borrowing Base has the meaning assigned to such term in Section 5.13(j). “Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; and “Guaranteed” has a meaning correlative thereto; provided that the term Guarantee shall not include (i) endorsements for collection or deposit in the ordinary course of business or (ii) customary indemnification agreements entered into in the ordinary course of business, provided that such indemnification obligations are unsecured, such Person has determined, when initially entering into such indemnification obligation, that any liability thereunder is remote and such indemnification obligations are not the functional equivalent of the guaranty of a payment obligation of the primary obligor. The amount of any Guarantee at any time shall be deemed to be an amount equal to the maximum stated or determinable amount of the primary obligation in respect of which such Guarantee is incurred, unless the terms of such Guarantee expressly provides that the maximum amount for which such Person may be liable thereunder is a lesser amount (in which case the amount of such Guarantee shall be deemed to be an amount equal to such lesser amount). “Guarantee and Security Agreement” means that certain Guarantee and Security Agreement dated as of the Effective Date among the Borrower, the Administrative Agent, certain Subsidiaries of the Borrower from time to time party thereto, each holder (or an authorized agent, representative or trustee...

Gross Borrowing Base means , at any time, an amount equal to the sum of (a) 85% of the face amount of all accounts receivable owing to the Guarantors as of the end of most recent calendar month preceding such date, plus (b) 60% of the book value of all inventory owned by the Borrowers and the Guarantors as of the end of the most recent calendar month preceding such date.

Gross Borrowing Base means, as of the date of determination, the sum of the following: (i) Eighty-Five Percent (85%) of the sum of the following: (A) all Eligible Accounts; plus (B) all Eligible Cisco Rebates; plus (C) all Eligible Intercompany Lease Receivables not to exceed Four Million Dollars ($4,000,000.00) in the aggregate; plus (ii) the Inventory Value; minus (iii) any Reserves; in each case, as shown on the most recent Borrowing Base Certificate delivered by the Borrower Representative to the Agent; provided that in no event shall the Gross Borrowing Base exceed the Maximum Floorplan Amount.