Amended and Restated Defined Terms. The defined terms in the recitals of this First Amendment Agreement are hereby incorporated into Section 1.1 of the Existing LSA in such a manner as to maintain the alphabetical ordering thereof. The following existing defined terms in the Existing LSA are hereby amended and restated in their entirety and the new terms set forth below are hereby added to Section 1.1 of the Existing LSA: Aggregate Construction Project Borrowing Base -- means, on any date, the result of (a) the Maximum Outstanding Loan Limit, minus (b) the sum of (i) the aggregate outstanding principal balance of all Inventory Advances as of such date and (ii) the aggregate outstanding principal balance of all Interest Advances as of such date.
Appears in 2 contracts
Sources: Loan and Security Agreement (Asc East Inc), Loan and Security Agreement (American Skiing Co /Me)