Tranche C Borrowing Base definition

Tranche C Borrowing Base means, at any time, an amount equal to the sum of (i) the amounts in the Principal Collection Subaccount, (ii) the product of (x) the Weighted Average Tranche C Advance Rate (excluding the portion of the Sale Settlement Pending Collateral allocable to Tranche C Collateral Loans from the calculation of the Weighted Average Tranche C Advance Rate) as of such date, (y) the Portfolio Advance Rate Adjustment as of such date and (z) the Aggregate Tranche C Net Collateral Balance as of such date (excluding the portion of the Sale Settlement Pending Collateral allocable to Tranche C Collateral Loans from the calculation of the Aggregate Tranche C Net Collateral Balance) and (iii) the aggregate sale price (expressed in Dollars) of the portion of the Sale Settlement Pending Collateral allocable to Tranche C Collateral Loans.

Tranche C Borrowing Base means at any date all Eligible Tranche C Mortgage Loans, which have been delivered to and held by Agent or otherwise identified as Mortgage Collateral.

Tranche C Borrowing Base means, at any time, an amount equal to the sum of (i) the amounts in the Principal Collection Subaccount, and (ii) the product of (x) the Weighted Average Tranche C Advance Rate as of such date, (y) the Portfolio Advance Rate Adjustment as of such date and (z) the Aggregate Tranche C Net Collateral Balance as of such date.

Examples of Tranche C Borrowing Base in a sentence

• For the avoidance of doubt, Excess Availability shall not include any availability under the Tranche B Borrowing Base or Tranche C Borrowing Base.

• The aggregate principal amount of any Lender's Tranche C Loans at any time outstanding (after giving effect to the other transactions contemplated by the Borrowing Request pursuant to which a Tranche C Loan is requested) shall not exceed the lesser of: (1) such Lender's Percentage Share of the Collateral Value of the Tranche C Borrowing Base or (2) such Lender's Percentage Share of the Tranche C Sublimit.

• At no time shall the aggregate amount of all Tranche C Loans outstanding at any time exceed the lesser of (1) the Collateral Value of the Tranche C Borrowing Base and (2) the Tranche C Sublimit.

• Tranche A Borrowing Base Deficiency; Tranche B Borrowing Base Deficiency; Tranche C Borrowing Base Deficiency.

• All Obligations, except for undrawn L/Cs and L/C Guarantees and Obligations under the Tranche C Borrowing Base, shall bear interest, on the average Daily Balance, at a per annum rate equal to the Reference Rate plus the Applicable Margin then in effect.

More Definitions of Tranche C Borrowing Base

Tranche C Borrowing Base means at any date all Assigned Servicing ------------------------ Rights identified as "Other Collateral" under the Security Agreement as collateral security for the Obligations.

Tranche C Borrowing Base means, at any time, the Dollar Equivalent Amount of (a) 5% of the Value of Eligible Receivables of the Canadian Loan Parties, plus (b) 10% of the Net Orderly Liquidation Value of each of the Eligible Tire Inventory and the Eligible Non-Tire Inventory of the Canadian Loan Parties, minus (c) without duplication, the then amount of all Availability Reserves and other Reserves as the Agent may at any time and from time to time in the exercise of its Permitted Discretion establish or modify in accordance with the provisions of Section 2.22. The Tranche C Borrowing Base at any time shall be determined by reference to the most recent Borrowing Base Certificate delivered to the Agent pursuant to Section 5.01(h) and adjusted by the Agent in the exercise of its Permitted Discretion and in accordance with Section 2.22 based upon additional information, if any, received after the date of delivery of such Borrowing

Tranche C Borrowing Base means, at any time, all Eligible P&I Advance Receivables pledged to the Servicing Collateral Agent, for the benefit of the Secured Parties, by the Borrower under the Servicing Security Agreement as collateral security for the Obligations hereunder.

Tranche C Borrowing Base means (a) the Tranche C Applicable Collateral Percentage MULTIPLIED BY the Lending Value of the IOS, as determined by the Agent, LESS (b) $1,500,000 LESS (c) the Clearing Account Reserve LESS (d) the Carve-Out Allocation."

Tranche C Borrowing Base means, on any day, an amount equal to the result of (a) the lesser of (i) (x) from and including January 1 through and including April 30 of any calendar year, 90.0% of the Loan Value of Eligible Inventory on such day, (y) from and including May 1 through and including September 30 of any calendar year, 91.5% of the Loan Value of Eligible Inventory on such day or (z) from and including October 1 through and including December 31 of any calendar year, 93.0% of the Loan Value of Eligible Inventory on such day, and (ii) 100.0% of the current Appraised Value, as determined by the Tranche C Agent, of Eligible Inventory on such day, PLUS (b) 80.0% of Eligible Receivables on such day, MINUS (c) the then amount of all Borrowing Base Reserves.

Tranche C Borrowing Base means, at any time, all Eligible Non-Conforming Mortgage Loans delivered to and held by Agent hereunder as collateral security for the Obligations.

Tranche C Borrowing Base has the meaning set forth in Section 2.1(a)(iv)."