Inventory Advance Amount means (a) the lesser of (y) seventy percent (70%) of Eligible Inventory (valued at the lower of net book value or market value), and (z) eighty-five percent (85%) of the appraised net orderly liquidation value of Eligible Inventory, and (b) during a Seasonal Advance Period, the Seasonal Advance Amount.
Inventory Advance Amount means the lesser of (a) with respect to Eligible Inventory, (i) for monofilament line and Xxxxxxx Inventory, 60.0% of the lower of cost or market value, determined on a first-in-first-out basis, (ii) for Rawlings Inventory and fishing tackle not included in clause (i) preceding, 65.0% of the lower of cost or market value, determined on a first-in-first-out basis, and (iii) for all other Inventory, 55.0% of the lower of cost or market value, determined on a first-in-first-out basis, or (b) 80.0% of the Net Orderly Liquidation Value of Appraised Inventory; provided that, during the period from December 1 of each calendar year through and including March 31 of the following calendar year, to the extent the Borrowing Base Calculation does not increase by more than $10,000,000 on the date of determination after giving effect to the increases in advance rates described in this proviso, the advance rate percentages expressed in clause (a)(i), clause (a)(ii), and clause (a)(iii) preceding shall be increased to 70.0%, 75.0%, and 65.0%, respectively, and the advance rate percentage expressed in clause (b) preceding shall be increased to 90.0%.
Examples of Inventory Advance Amount in a sentence
Upon the satisfaction of the requirements in this Section 2.01(b), the maximum Inventory Advance Amount shall be determined in accordance the definition set forth in Section 1.01.
Borrowing Base - At any date of determination, an amount equal to: (i) -------------- eighty percent (80%) of the face amount of Eligible Accounts outstanding at such date; plus (ii) the Eligible Inventory Advance Amount; minus (iii) the ---- ----- aggregate undrawn face amount of all outstanding letters of credit issued by the Bank for the account of any one or more of the Borrowers.
Effective as of the date hereof, the definitions of "Eligible Inventory" and "Inventory Advance Amount" contained in Section 1.02 of the Loan Agreement are hereby deleted in their entirety.
As soon as available and in any event not later than the Wednesday following the end of each calendar week, a cycle count of the Borrowers' Inventory in the form attached hereto asExhibit C, reflecting the Eligible Inventory of Borrowers as of the end of such week and calculating the Inventory Advance Amount based thereon and invoice registers, perpetual inventory listings and cash receipt journals which back up such report.
If at any time the outstanding Inventory Advances exceed the Maximum Inventory Advance Amount, Borrower shall immediately pay to Bank in cash such excess.
More Definitions of Inventory Advance Amount
Inventory Advance Amount means NINETY PERCENT (90.00%) of the NOLV of Eligible Inventory.
Inventory Advance Amount means at any time an amount equal to the product of (a) all Eligible Inventory of the Borrower located at the facilities of the Borrower and in warehouse locations for which Lender has received a satisfactory warehouseman's agreement and which are otherwise acceptable to Lender, times (b) a percentage, which shall initially be forty percent (40%); provided, however, that the Inventory Advance Amount shall not at any time exceed Two Million Five Hundred Thousand and no/100 Dollars ($2,500,000.00). Lender shall have the right at any time, and from time to time, in its sole discretion, to revise the above-described percentages.
Inventory Advance Amount means at any time an amount equal to the lesser of: (1) product of the book value of the Eligible Inventory times a percentage (the "Inventory Advance Percentage"), which shall initially be twenty percent (20%), and (2) $300,000 (the "Maximum Inventory Advance Amount"); provided, however, that (i) under no circumstances shall the aggregate Inventory Advance Amount exceed twenty-five percent (25%) of the Accounts Advance Amount, and (ii) Lender shall have the right at any time, and from time to time, in its sole discretion, to revise the Inventory Advance Percentage and/or the Maximum Inventory Advance Amount.
Inventory Advance Amount means the lesser of (a) 50% of the lower of cost or market value, determined on a weighted average basis, of Eligible Inventory except that (i) with respect to any Eligible Inventory consisting of In-Transit Inventory, such Inventory shall be valued at the lower of cost or market and net of all duty, freight, taxes, costs, insurance and other charges and expenses which may pertain to such In-Transit Inventory, and (ii) with respect to any Eligible Inventory consisting of fuel, the maximum amount of Loans outstanding against such Eligible Inventory shall not exceed $5,000,000 at any one time outstanding, and (b) 85% of the Net Liquidation Value of Inventory.
Inventory Advance Amount means at any time an amount equal to the product of (a) all Eligible Inventory of Revolving Credit Borrower located at the facilities of Revolving Credit Borrower and in warehouse locations for which Lender has received a satisfactory warehouseman's agreement and which are otherwise acceptable to Lender, times (b) a percentage, which shall initially be forty-five percent (45%); provided, however, that the Inventory Advance Amount shall not at any time exceed Five Million and no/100 Dollars ($5,000,000.00). Lender shall have the right at any time, and from time to time, in its sole discretion, to revise the above-described percentage.
Inventory Advance Amount means, at any time other than set forth below, an amount equal to the lesser of (i) $20,000,000, or (ii) the lesser of (x) sixty percent (60%) of the Net Value of Eligible Inventory owned by the Borrowers, or (y) eighty-five percent (85%) of the Net Orderly Liquidation Value of Eligible Inventory owned by the Borrowers; provided, however, that following the written request to the Lender and payment of a fully-earned, non-refundable fee of $35,000, during July through October of 2007 only, an amount equal to the lesser of (A) $20,000,000, or (B) the lesser of (i) eighty-five percent (85%) of the Net Orderly Liquidation Value of Eligible Inventory owned by the Borrowers, plus $1,500,000, or (ii) ninety percent (90%) of the Net Orderly Liquidation Value of Eligible Inventory owned by the Borrowers.
Inventory Advance Amount means the lesser of (a) SIXTY-FIVE PERCENT (65.00%) of the cost of Eligible Inventory, and (b) NINETY PERCENT (90.00%) of the NOLV of Eligible Inventory; provided, however, that prior to the Lender’s receipt of a satisfactory appraisal (as of June 30, 2020) being SIXTH AMENDMENT TO LOAN AGREEMENT – PAGE 1 TEXAS CAPITAL BANK, NATIONAL ASSOCIATION – VINTAGE STOCK, INC. conducted as of the September 2020 Amendment Date, the Inventory Advance Amount shall not exceed SIXTY PERCENT (60.00%) of the cost of Eligible Inventory.