Modified Borrowing Base definition

Modified Borrowing Base means the Borrowing Base (calculated without giving effect to any FILO Deficiency Reserves).
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Modified Borrowing Base means, as of any date, the sum of (1) 90% of the book value (calculated in accordance with GAAP) of the accounts receivable of the Borrowers and Subsidiary Guarantors, on a consolidated basis, and (2) 75% of the book value (calculated in accordance with GAAP) of the inventory of the Borrowers and the Subsidiary Guarantors, on a consolidated basis. Unless otherwise specified, the Modified Borrowing Base shall refer to the Modified Borrowing Base as of the date set forth in the most recently delivered Modified Borrowing Base Certificate.
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Modified Borrowing Base or “Modified Maximum Credit”, or (iii) changes the definition of “FILO Borrowing Base” (or any component definition thereof); provided that the foregoing shall not limit the discretion of the Administrative Agent or the FILO Documentation Agent to change, establish or eliminate any Availability Reserves, Inventory Reserves, Receivables Reserves or Shrink Reserves without the consent of any Lenders;
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Examples of Modified Borrowing Base in a sentence

  • A Letter of Credit shall be issued, amended, renewed or extended only if (and on issuance, amendment, renewal or extension of each Letter of Credit the applicable Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the LC Exposure shall not exceed $200,000,000, and (ii) the aggregate amount of Credit Extensions shall not exceed the lesser of (A) the Available Commitments and (B) the Modified Borrowing Base.

  • By: ------------------------------ Title: Vice President -26- 27 EXHIBIT B To LOAN AND SECURITY AGREEMENT MODIFIED BORROWING BASE CERTIFICATE Deutsche Financial Services Corporation 5480 Xxxxxxxxx Xxxxx, Xxxxx 000 Xxxx, XX 00000 This Modified Borrowing Base Certificate is made for the month ending _______.

  • Following the occurrence of any Event of Default and during the continuance of any Event of Default, Lender may give Borrower notice that it intends to cease making Advances against the Borrowing Base pursuant to Section 2.01(a) hereof and Lender will thereafter make only Committed Advances for New Inventory, unit specific advances for Eligible Used Inventory, and Advances against Accounts under the Modified Borrowing Base; provided, however, Lender may not agree to make any further Advances.

  • Each Borrower shall conduct any sales, assignments, conveyances, transfers or other dispositions of Inventory other than in the ordinary course of business in such a manner so as to remain in compliance with the Modified Borrowing Base at all times.


More Definitions of Modified Borrowing Base

Modified Borrowing Base means the following for the Dealers, determined on a consolidated basis, following an Event of Default if Lender gives notice to Borrowers of the discontinuance of the Borrowing Base unless and until Lender agrees to reinstate the Borrowing Base pursuant to Section 2.01(b): the lesser of $25,000,000 or 80% of the net book value of Eligible Accounts.
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Modified Borrowing Base means, at any time, an amount equal to (a) the Borrowing Base then in effect, minus (b) the Liquidity Block Amount.
Sample 1

Related to Modified Borrowing Base

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

  • Proposed Borrowing Base has the meaning assigned to such term in Section 2.07(c)(i).

  • U.S. Borrowing Base means, as of any date of determination, the result of:

  • Canadian Borrowing Base means, at any time, an amount in Dollars equal to:

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

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

  • Foreign Borrowing Base means, as of any date, an amount equal to:

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

  • Aggregate Borrowing Base means the aggregate amount of the U.S. Borrowing Base and the Canadian Borrowing Base; provided that the maximum amount of the Canadian Borrowing Base which may be included in the Aggregate Borrowing Base is the Canadian Sublimit.

  • Proposed Borrowing Base Notice has the meaning assigned to such term in Section 2.07(c)(ii).

  • Borrowing Base Value means, with respect to any Oil and Gas Property of a Credit Party or any Swap Agreement in respect of commodities, the value the Administrative Agent attributed to such asset in connection with the most recent determination of the Borrowing Base as confirmed by Required Lenders.

  • New Borrowing Base Notice has the meaning assigned such term in Section 2.07(d).

  • Revolving Credit Availability means, at any particular time, the amount by which the Aggregate Revolving Loan Commitment at such time exceeds the Revolving Credit Obligations outstanding at such time.

  • Canadian Base Rate Loan means a Canadian Loan that bears interest at a rate per annum determined by reference to the Canadian Prime Rate.

  • 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.

  • Eurocurrency Revolving Facility Borrowing means a Borrowing comprised of Eurocurrency Revolving Loans.

  • Revolving Credit Base Rate Option A fluctuating rate per annum (computed on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed) equal to the Base Rate plus the Applicable Margin, such interest rate to change automatically from time to time effective as of the effective date of each change in the Base Rate; or

  • Revolving Facility Borrowing means a Borrowing comprised of Revolving Facility Loans.

  • Borrowing Base Availability means, at the time of any determination, an amount equal to the lesser of the Borrowing Base at such time and the aggregate amount of the Commitments at such time.

  • Borrowing Availability means as of any date of determination the Maximum Amount less the sum of (i) the Revolving Loan and Swing Line Loan then outstanding and (ii) the Reserves as then in effect.

  • Revolving Loan Availability means, at any time, the Revolving Loan Limit minus the Revolving Loan Outstandings.

  • Adjusted Borrowing Value means, on any date of determination, for any Eligible Loan Asset, an amount equal to the lower of (a) the Outstanding Balance of such Eligible Loan Asset at such time and (b) the Assigned Value of such Eligible Loan Asset at such time, multiplied by the Outstanding Balance of such Eligible Loan Asset at such time. Notwithstanding the foregoing, the Adjusted Borrowing Value of any Loan Asset that is no longer an Eligible Loan Asset at such time shall be zero.

  • Revolving Credit Advance means an advance by a Bank to a Borrower as part of a Revolving Credit Borrowing and refers to a Base Rate Advance or a Eurocurrency Rate Advance, each of which shall be a “Type” of Advance.

  • Revolving Credit Limit has the meaning set forth in the Schedule.

  • Revolving Credit Borrowing Request means a request made pursuant to Section 2.4 in the form of Exhibit B-4.

  • Canadian Borrowing means a Borrowing of Canadian Loans.