Borrowed Funds definition

Borrowed Funds has the meaning provided such term in the recitals of this Agreement.

Borrowed Funds has the meaning set forth in Section 2.8.

Borrowed Funds has the meaning set forth in the recitals.

Examples of Borrowed Funds in a sentence

• At or prior to the Closing, the Partnership will have sufficient funds to pay the Cash Distribution to PBF Energy at the Closing, the Borrowed Funds Distribution portion of which shall be sourced by the Partnership solely from debt proceeds under indebtedness that constitutes a PBF Recourse Liability.

• The ratio of Cash Flow to Total Borrowed Funds shall not be less than .30 for any consecutive four quarters, such ratio to be calculated at the end of each quarter on a trailing four quarter basis.

• Marketing LLC is pledging the Note to the lenders under the Credit Agreement as security for its guarantee of the Borrowed Funds with an agreement to pledge any payments with respect to or proceeds from the sale of the Note in a cash collateralized account to secure such guarantee.

• The Partnership is distributing the Borrowed Funds to Marketing LLC.

• The Parties intend that (i) the distribution of the Borrowed Funds to Marketing LLC shall qualify as a “debt-financed transfer” under Treasury Regulations Section 1.707-5(b), and (ii) Marketing LLC’s share of the Partnership’s liabilities under the Credit Agreement with respect to the Borrowed Funds under Sections 1.752-2 and 1.707-5(a)(2)(i) of the Treasury Regulations shall be the entire amount of the Partnership’s liabilities under the Credit Agreement with respect to the Borrowed Funds.

More Definitions of Borrowed Funds

Borrowed Funds means, as of the measurement date, without duplication, on a consolidated basis, Borrower's and its Subsidiaries':

Borrowed Funds means, as of the measurement date, without duplication, on a consolidated basis, Borrower's and its Subsidiaries' (1) indebtedness or liability for borrowed money, including Obligations under the Loan Documents; (2) obligations evidenced by bonds, debentures, notes, or other similar instruments; (3) obligations for the deferred purchase price of property or services (excluding trade obligations); (4) obligations as lessee under capital leases; (5) current liabilities in respect of unfunded vested benefits under Plans covered by ERISA; (6) obligations under letters of credit (other than the Earn-Out Letter of Credit); (7) obligations under acceptance facilities; (8) all guaranties, endorsements (other than for collection or deposit in the ordinary course of business), and other contingent obligations to purchase, to provide funds for payment, to supply funds to invest in any person or entity, or otherwise to assure a creditor against loss; (9) obligations secured by any Liens, whether or not the obligations have been assumed; (10) all purchase money mortgages, outstanding under asset securitization vehicles, conditional sales contracts and similar title retention debt instruments; and (11) the Contingent Earn-Out Amounts.

Borrowed Funds means the sum of all short-term debt, additional short-term debt, long-term debt and the current maturities of long-term debt. "Subordinated Debt" means debt subordinated to Borrowers' debt to Lender in a manner acceptable to Lender, and shall include current maturities of Subordinated Debt.

Borrowed Funds means Debt for borrowed money.

Borrowed Funds means all long and short term debt plus capital lease obligations, but excluding ordinary trade payable and accrued expenses. "Capitalization" means total liabilities of Tenant plus stockholder's equity.

Borrowed Funds has the meaning set forth in Section 3.10(a).

Borrowed Funds is defined as above, and “Net Worth” is defined as total stockholder’s equity. The Letter of Credit shall be in the form of a customary irrevocable commercial Letter of Credit. The Letter of Credit shall (i) name Landlord as Beneficiary; (ii) have an initial expiration date no earlier than the last day of the First Lease Year; (iii) provide that it may be drawn upon by the Tampa office of the issuing financial institution at an address located in the Tampa, Florida, metropolitan area upon presentation of the original of the Letter of Credit together with a written statement of Landlord (or a representative of Landlord) containing the following text: Tenant is in default in the amount of $ under that certain Lease Agreement bearing an effective date January 9, 1998, by and between the Applicant as Tenant and Beneficiary as Landlord (the “Lease Agreement”) or Tenant has failed to renew the Letter of Credit within the period set forth in Section 27 of the Lease Agreement. The Letter of Credit shall also contain provisions in substantially the following form: This Letter of Credit will be duly honored by us (the issuer) at sight upon delivery of the applicable statement set forth above without inquiry as to the accuracy of such statement and regardless of whether Applicant disputes the contents or accuracy of such statement. Partial drawings are permitted. If Tenant fails to provide Landlord the above-described Letter of Credit within thirty (30) days of the execution of this Lease, this Lease shall automatically and without notice terminate and Tenant shall be liable to Landlord for any and all actual out-of-pocket costs incurred by Landlord in connection with this Lease, including, without limitation, any deposits and costs incurred in connection with the Purchase and Sale Agreement referenced in Section 28 of this Lease and any legal fees, design fees and other costs incurred in connection with this Lease.