Maximum First Out Note Balance definition
Maximum First Out Note Balance means, from time to time, the lesser of (a) the sum of the Borrowing Base (UK) and Borrowing Base (US) (each as calculated pursuant to the most recent Borrowing Base Certificate) then in effect or (b) the sum of $350,000,000 and £100,000,000.
Maximum First Out Note Balance means, from time to time, the lesser of (a) the Borrowing Base (as calculated pursuant to the most recent Borrowing Base Certificate) then in effect or (b) the Maximum Commitment.