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, 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 Base Certificate. With respect to any Borrowing Base Certificate delivered pursuant to the final proviso at the end of Section 5.01(h), the Tranche C Borrowing Base shall be calculated immediately after giving effect to the applicable acquisition, subject, in each case, to the requirements of the last paragraph of Section 6.04. Notwithstanding anything to the contrary set forth herein, no Borrowing Base Assets of Hercules Canada or any Anticipated 2014 Target shall be included in the calculation of the Tranche C Borrowing Base unless and until a field examination and inventory appraisal with respect to Hercules Canada or such Anticipated 2014 Target, as applicable, and its assets has been delivered to Administrative Agent, all of which shall be in form and substance satisfactory to Administrative Agent.
Examples of Tranche C Borrowing Base in a sentence
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 under the Tranche C Borrowing Base shall bear interest as provided in the preceding sentence plus .25% per annum.
Permit at any time the sum of the outstanding amount of (A) Tranche A Credit Extensions, PLUS (B) Tranche B Loans, PLUS (C) Tranche C Loans (excluding that portion of the principal amount of Tranche C Loans attributable to the payment of interest thereon by adding such interest thereto in accordance with Section 2.06(d)) to exceed the then amount of the Tranche C Borrowing Base.
More Definitions of Tranche C Borrowing Base
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.
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 has the meaning set forth in Section 2.1(a)(iv)."
Tranche C Borrowing Base means the product of the Tranche C Advance Rate and the Other Assets Collateral Value, provided that the Tranche C Borrowing Base shall not exceed, during any period set forth below, the amount specified for such period: COLUMN A COLUMN B --------------------------------------- ----------------- ----------------- During a Mortgage Maximum Tranche C Receivable Period Borrowing Base Performance Event --------------------------------------- ----------------- ----------------- Closing Date to January 31, 2003 ...... $70,000,000 $50,000,000 February 1, 2003 to July 31, 2003 ..... 55,000,000 35,000,000 August 1, 2003 to January 31, 2004 .... 45,000,000 25,000,000 February 1, 2004 and thereafter ....... 35,000,000 15,000,000 further, provided, that if there shall have occurred a Mortgage Receivable Performance Event as of any Determination Date, the Agent may reduce such Tranche C Borrowing Base from the amounts reflected in Column A above to the amounts reflected in Column B, as of such Determination Date, which reduction shall be in effect until such time as the applicable Mortgage Receivable Performance Event shall have been cured or otherwise waived, such cure or waiver to be effective as of the next Determination Date thereafter.
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, 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 (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."