BORROWING BASE FORMULA. The Borrowing Base Formula is equal to eighty percent (80%) of “Eligible Accounts Receivable”, plus fifty percent (50%) of “Eligible Inventory” and plus $300,000.00. “Eligible Accounts Receivable” shall mean accounts owned by Borrower subject to a first security interest in favor of ▇▇▇▇▇▇▇ that are acceptable and approved by ▇▇▇▇▇▇▇ from time to time as accounts receivable
Appears in 2 contracts
Sources: Business Loan Agreement, Commercial Business Loan Agreement (Sun Dental Holdings, LLC)