Out of Formula. A Collateral Deficiency shall exist on any three consecutive Settlement Dates (after giving effect to all Loans made pursuant to Section 2.01 and all amounts applied to repay the Loans pursuant to Section 2.07(c) on each such Settlement Date).
Out of Formula. A Collateral Deficiency shall exist as of the end of any fiscal month of the Borrower (after giving effect to all Credit Extensions made pursuant to Section 2.01, Section 2.02, and Section 2.04(e) and all amounts applied to repay the Loans pursuant to Section 2.08 on such fiscal month-end).
Out of Formula. A Collateral Deficiency shall exist on any two consecutive Settlement Dates (after giving effect to all Loans made pursuant to Section 2.01 and all amounts applied to repay the Loans pursuant to Section 2.07(c) on each such Settlement Date), unless such Collateral Deficiency exists solely as a result of a designation by the Agent of any Designated Ineligible Type of Railcar or Lease or as a result of an exclusion of one or more Eligible Railcars pursuant to clause (xvi) of the definition of “Excluded Assets Amount”, in which case such Collateral Deficiency shall exist on any three consecutive Settlement Dates (after giving effect to all Loans made pursuant to Section 2.01 and all amounts applied to repay the Loans pursuant to Section 2.07(c) on each such Settlement Date).
Out of Formula. A Collateral Deficiency shall exist on any two consecutive Settlement Dates (after giving effect to all Loans made pursuant to Section 2.01 and all amounts applied to repay the Loans pursuant to Section 2.07(c) on each such Settlement Date), unless (i) such Collateral Deficiency exists solely as a result of a designation by the Agent of any Designated Ineligible Type of Railcar or Lease or as a result of an exclusion of one or more Eligible Railcars pursuant to clause (xvi) of the definition of “Excluded Asset Amount”, in which case such Collateral Deficiency shall exist on any three consecutive Settlement Dates (after giving effect to all Loans made pursuant to Section 2.01 and all amounts applied to repay the Loans pursuant to Section 2.07(c) on each such Settlement Date) or (ii) such Collateral Deficiency exists solely as a result of a reduction in the Borrowing Base caused solely by a reduction of the percentage which then constituted the Advance Rate as contemplated in Section 2.13, in which case such Collateral Deficiency shall exist on any six consecutive Settlement Dates after the Agent delivers notice of the percentage reduction to the Borrower (after giving effect to all Loans made pursuant to Section 2.01 and all amounts applied to repay the Loans pursuant to Section 2.07(c) on each such Settlement Date).
Out of Formula. The making of such Loan and/or the issuance of any Letter of Credit shall not cause (a) the sum of (i) outstanding RC Loans (other than Overadvances, which are governed by Section 2.2 (Overadvances)), (ii) outstanding Term Loans and (iii) the LC Obligations to exceed the Credit Limit or (b) the amount of LC Outstandings to exceed the Letter of Credit Sublimit.
