Amount of Borrowing Base Clause Samples

The 'Amount of Borrowing Base' clause defines the maximum amount a borrower can draw under a credit facility, based on the value of certain eligible assets such as accounts receivable or inventory. Typically, the clause outlines the method for calculating this borrowing base, including any advance rates, eligibility criteria, and periodic adjustments. Its core function is to limit the lender's risk by ensuring that loan advances are always secured by sufficient collateral, thereby protecting the lender against potential losses if the borrower's financial position deteriorates.
Amount of Borrowing Base. As used herein in the Agreement, the term “Borrowing Base” shall have the meaning set forth in this Section 3.5(b):
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Amount of Borrowing Base. As used in this Agreement, the term “Borrowing Base” means a Dollar amount equal to the sum of the following, as of any date of determination, and with respect to Borrower and the Borrowing Base Subsidiaries:
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Amount of Borrowing Base. As used herein, the term "Borrowing Base" shall mean the lesser of:
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Amount of Borrowing Base. As used herein, the term "Borrowing Base" shall have the meaning set forth in this SECTION 3.5(b): (1) Except as set forth in SECTIONS 3.5(b) (ii), (iii), (iv), (v), (vi) AND (vii) below, the "Borrowing Base" shall equal the sum of the following amounts specified in subsections (A) through (E) below (without duplication) with respect to the following types of Unencumbered Real Estate Inventory owned 100% (in fee) as part of their respective real estate development business by the Company or any Restricted Subsidiary: (A) Unimproved Land. 50% of the GAAP Value of the Unimproved Land. (B) LAND/LOTS UNDER DEVELOPMENT AND FINISHED LOTS. 65% of the GAAP Value of the Land/Lots Under Development and Finished Lots. (C) UNSOLD HOMES UNDER CONSTRUCTION. 80% of the GAAP Value of the Unsold Homes Under Construction. (D) COMPLETED UNSOLD HOMES. 80% of the GAAP Value of the Completed Unsold Homes.
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Amount of Borrowing Base. As used herein, the term "BORROWING BASE" shall mean the LESSER of:
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Amount of Borrowing Base. As used herein, the term "Borrowing Base" shall mean the sum of (i) the Residential Assets Borrowing Base (as described in SECTION 3.5(c) below), (ii) the Commercial Assets Borrowing Base (as described in SECTION 3.5(d) below), and (iii) the Kunia and ▇▇▇▇▇'▇ Pointe Borrowing Base (as described in SECTION 3.5(e) below).
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Related to Amount of Borrowing Base

  • Amount of Borrowing Tranche Each Borrowing Tranche of Loans under the LIBOR Rate Option shall be in integral multiples of $500,000 and not less than $1,000,000; and

  • Calculation of Borrowing Base For purposes of this Agreement, the “Borrowing Base” shall be determined, as at any date of determination, as the sum of the Advance Rates of the Value of each Portfolio Investment (excluding any Cash Collateral held by the Administrative Agent pursuant to Section 2.05(k) or the last paragraph of Section 2.09(a)); provided that: (a) the Advance Rate applicable to that portion of the aggregate Value of the Portfolio Investments in a consolidated group of corporations or other entities (collectively, a “Consolidated Group”), in accordance with GAAP, that exceeds 10% of Shareholders’ Equity of the Borrower (which, for purposes of this calculation shall exclude the aggregate amount of investments in, and advances to, Financing Subsidiaries) shall be 50% of the Advance Rate otherwise applicable; provided that, with respect to the Portfolio Investments in a single Consolidated Group designated by the Borrower to the Administrative Agent such 10% figure shall be increased to 12.5%; (b) the Advance Rate applicable to that portion of the aggregate Value of the Portfolio Investments of all issuers in a Consolidated Group exceeding 20% of Shareholders’ Equity of the Borrower (which, for purposes of this calculation shall exclude the aggregate amount of investments in, and advances to, Financing Subsidiaries) shall be 0%; (c) the Advance Rate applicable to that portion of the aggregate Value of the Portfolio Investments in any single Industry Classification Group that exceeds 20% of Shareholders’ Equity of the Borrower (which for purposes of this calculation shall exclude the aggregate amount of investments in, and advances to, Financing Subsidiaries) shall be 0%; provided that, with respect to the Portfolio Investments in a single Industry Classification Group from time to time designated by the Borrower to the Administrative Agent such 20% figure shall be increased to 30% and, accordingly, only to the extent that the Value for such single Industry Classification Group exceeds 30% of the Shareholders’ Equity shall the Advance Rate applicable to such excess Value be 0%; (d) no Portfolio Investment may be included in the Borrowing Base unless the Collateral Agent maintains a first priority, perfected Lien (subject to Permitted Liens) on such Portfolio Investment and such Portfolio Investment has been Delivered (as such term is used in and to the extent required under Section 7.01(a) of the Guarantee and Security Agreement) to the Collateral Agent, and then only for so long as such Portfolio Investment continues to be Delivered as contemplated therein; (e) the portion of the Borrowing Base attributable to Performing Non-Cash Pay High Yield Securities, Performing Non-Cash Pay Mezzanine Investments, Equity Interests and Non-Performing Portfolio Investments shall not exceed 20%; (f) the portion of the Borrowing Base attributable to Equity Interests shall not exceed 10% (it being understood that in no event shall Equity Interests of Financing Subsidiaries be included in the Borrowing Base); (g) the portion of the Borrowing Base attributable to Non-Performing Portfolio Investments shall not exceed 15% and the portion of the Borrowing Base attributable to Portfolio Investments that were Non-Performing Portfolio Investments at the time such Portfolio Investments were acquired shall not exceed 5%; and (h) the portion of the Borrowing Base attributable to Portfolio Investments invested outside the United States, Canada, the United Kingdom, Australia, Germany, France, Belgium, the Netherlands, Luxembourg, Switzerland, Denmark, Finland, Norway and Sweden shall not exceed 5% without the consent of the Administrative Agent. As used herein, the following terms have the following meanings:

  • Borrowing Base Agent shall have received evidence from Borrowers that the aggregate amount of Eligible Receivables and Eligible Inventory is sufficient in value and amount to support Advances in the amount requested by Borrowers on the Closing Date;

  • Minimum Amount of Each Borrowing; Maximum Number of Borrowings The aggregate principal amount of each Borrowing of Loans shall be in a multiple of $100,000 and shall not be less than the Minimum Borrowing Amount. More than one Borrowing may occur on any date; provided that at no time shall there be outstanding more than four (4) Borrowings of LIBOR Loans under this Agreement.

  • Initial Borrowing Base For the period from and including the Closing Date to but excluding the first Redetermination Date, the amount of the Borrowing Base shall be $2,250,000,000. Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 2.14(e), (f) and (g).