|
|
|
|
Document Preview Borrowing Base Agreement |
||||
|
|
||||
|
Click "Add to Cart" button to purchase document. |
||||
|
|
||||
|
Title: |
Borrowing Base Agreement |
|||
|
Entities: |
Rent-A-Wreck of America Inc.; Bank of America, NA; Bank of America |
|||
|
Date: |
2000 |
|||
|
Size: |
Preview shows 2KB of 8KB total |
|||
|
Price: |
$32 |
|||
|
ID: |
#245638 |
|||
|
|
||||
|
||||
|
|
||||
|
Start of Preview |
||||
Bank of America Borrowing Base Agreement
--------------------------------------------------------------------------------
1. BORROWING BASE The aggregate principal amount of all amounts from time
to time advanced pursuant to the terms of that promissory note dated March 29,
2000 in the principal amount of $1,000,000.00 (the "Note") shall not exceed the
Maximum Amount.
"Maximum Amount" shall mean the lesser of $1,000,000.00 or the Borrowing
Base. The "Borrowing Base" at any time, shall be equal to 50% of Eligible
Accounts Receivable:
As used herein, "Eligible Accounts Receivable" shall mean all accounts
receivable of RARA, RAWOW, BAC, RAWL, and PRAC (collectively, the "A/R Owners")
which have been created in the ordinary course of business and upon which A/R
Owners'right to receive payment is absolute and not contingent upon the
fulfillment of any condition whatsoever, and shall not include:
any account which is unpaid more than 90 days from the invoice date
thereof;
any accounts subject to any cash or non-cash offset.;
any contra accounts;
and any account on which the Bank is not or does not continue to be,
in the Bank's sole discretion, satisfied with the credit standing of the
Customer of A/R Owners in relation to the amount of credit extended.
|
End of Preview |
Home Intelligence Services Subscriptions News About Us