LENDING FORMULA set forth in Section 1.40 of the Loan Agreement is hereby amended as follows (it being intended to reflect the facts that (1) the maximum amount of the Revolving Loan has been hereby increased from $28,000,000 to $30,000,000 through June 30, 2005 (reverting back to $28,000,000 on July 1, 2005) and (2) any time the term "Lending Formula" appears in the Loan Agreement, that term shall mean the Lending Formula set forth below):
LENDING FORMULA means the lesser of:
(a) $35,000,000 LESS in all cases the "Swap Reserve" (i.e., the amount approximating the marked to market exposure from time to time of LENDER or LENDER's Affiliate under the Master Agreement), such "Swap Reserve" to be instituted only if BORROWER's Fixed Charge Coverage (as defined in Article V below) is less than 1.13 to 1.0 as at any testing date which said Article V fixes for such covenant; or
(b) the total of the "loan value" of Eligible Receivables PLUS the "loan value" of Eligible Inventory.
LENDING FORMULA shall have the meaning give that term in SECTION 2.2 of this Agreement.
More Definitions of LENDING FORMULA
LENDING FORMULA is a collective term which shall have the meaning give that term in Section 2.2 of this Agreement.
LENDING FORMULA means the lesser of:
(a) $28,000,000 (but during the period from March 22, 2005 through June 30, 2005, the aforesaid $28,000,000 shall be $30,800,000, reverting to $28,000,000 on July 1, 2005) LESS in all cases the "Swap Reserve" (i.e., the amount approximating the marked to market exposure from time to time of LENDER or LENDER's Affiliate under the Master Agreement), such "Swap Reserve" to be instituted only if BORROWER's Fixed Charge Coverage (as defined in Article V below) is less than 1.13 to 1.0 as at any testing date which said Article V fixes for such covenant; or
(b) the total of the "loan value" of Eligible Receivables PLUS the "loan value" of Eligible Inventory.
1.4 Section 2.9(d) of the Loan Agreement is hereby amended as follows (it being intended to make the provisions of this Section consistent with the temporary increase in the Revolving Loan from $28,000,000 to $30,800,000 through June 30, 2005):
LENDING FORMULA shall have the meaning given that term in Section 2.2(a).
LENDING FORMULA means the lesser of:
(a) $35,000,000 LESS the “Swap Reserve” (i.e., the amount approximating the marked to market exposure from time to time of LENDER or LENDER’s Affiliate under the Master Agreement); or
(b) the “loan value” of Eligible Receivables PLUS the “loan value” of Eligible Inventory LESS the amount of Outstanding Letter of Credit Obligations.
LENDING FORMULA. 40 "LENDING FORMULA means the lesser of: (a) $28,000,000 LESS in all cases the "Swap Reserve" (i.e., the amount approximating the marked to market exposure from time to time of LENDER or LENDER's Affiliate under the Master Agreement), such "Swap Reserve" to be instituted only if BORROWER's Fixed Charge Coverage (as defined in Article V below) is less than 1.13 to 1.0 as at any testing date which said Article V fixes for such covenant; or
LENDING FORMULA means the lesser of: (a) $28,000,000 LESS in all cases the "Swap Reserve" (i.e., the amount approximating the marked to market exposure from time to time of LENDER or LENDER's Affiliate under the Master Agreement), such "Swap Reserve" to be instituted only if BORROWER's Fixed Charge Coverage (as defined in Article V below) is less than 1.13 to 1.0 as at any testing date which said Article V fixes for such covenant; or
LENDING FORMULA set forth in Section 1.40 of the Loan Agreement is hereby amended as follows (it being intended to conform this section with BORROWER's having elected the Extended Maturity Date):