Borrowing Base Cure definition

Borrowing Base Cure has the meaning set forth in the Margining Agreement.
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Borrowing Base Cure means the Delivery of cash and/or U.S. treasury securities by or on behalf of the Repo Seller to Repo Buyer pursuant to the terms of the Repurchase Agreement, which amounts shall be paid to the Repo Buyer pursuant to and in accordance with the terms of the Repurchase Agreement on or prior to the Cure Deadline and in an amount such that immediately after giving effect to all such actions the Borrowing Base Ratio is less than or equal to the Facility Advance Rate (the “Borrowing Base Cure Amount”). For purposes of this definition, Net Margin (as such term is defined in the Repurchase Agreement) then paid to the Repo Buyer under the Repurchase Agreement will be deemed to be included in the Borrowing Base. For the avoidance of doubt, the calculation of the Borrowing Base Cure Amount shall take into account any decreases of the Borrowing Base Ratio that occur between the occurrence of a Trigger Event and the applicable Cure Deadline with respect to such Trigger Event; provided that any additional Borrowing Base Cure Amount required to be payable by Repo Seller to Repo Buyer is only due and payable by Repo Seller on or prior to the Cure Deadline occurring after, and applicable to, the date and time of notice of such additional Borrowing Base Cure Amount (and not, for the avoidance of doubt, the date and time of notice of the initial or original Borrowing Base Cure Amount).
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Examples of Borrowing Base Cure in a sentence

  • All amounts contributed to the Company by the Servicer in connection with a Borrowing Base Cure shall be paid free and clear of any right of chargeback or other equitable claim.

  • Except in connection with a Borrowing Base Cure, each partial prepayment of outstanding Advances shall be in an amount not less than U.S.$1,000,000 (or, if less, the aggregate outstanding amount of the Advances) unless otherwise waived by the Administrative Agent.

  • Furthermore, the proceeds of the Subordinated Loan equalling the Borrowing Base Cure Amount and received by the Issuer on the relevant Renewal Date shall be used by the Issuer to cure any Aggregate Discounted Receivables Balance Shortfall by purchasing Additional Receivables at the New Discount Rate from the Seller.

  • Furthermore, the proceeds of the Subordinated Loan equalling the Borrowing Base Cure Amount and received by the Issuer on the relevant Renewal Date shall be used to by the Issuer to cure any Aggregate Discounted Receivables Balance Shortfall by purchasing Additional Receivables at the New Discount Rate from the Seller.

Related to Borrowing Base Cure

  • Borrowing Base means, at any time of calculation, an amount equal to:

  • Borrowing Base Test means as of any date, a determination that (a) the lesser of (i) the Borrowing Base and (ii) the Facility Amount shall be equal to or greater than (b) the Advances Outstanding.

  • Borrowing Base Value means, with respect to any Oil and Gas Property of a Credit Party or any Swap Agreement in respect of commodities, the value the Administrative Agent attributed to such asset in connection with the most recent determination of the Borrowing Base as confirmed by Required Lenders.

  • Borrowing Base Report means a report in substantially the form of Exhibit E (or such other form approved by Administrative Agent) certified by a Responsible Officer of Borrower.

  • Borrowing Base Availability means, at the time of any determination, an amount equal to the lesser of the Borrowing Base at such time and the aggregate amount of the Commitments at such time.

  • U.S. Borrowing Base means, as of any date of determination, the result of:

  • Borrowing Base Amount means:

  • Domestic Borrowing Base means, at any time of calculation, an amount equal to:

  • Canadian Borrowing Base means, at any time, an amount in Dollars equal to:

  • Borrowing Base Certificate means a certificate, signed and certified as accurate and complete by a Financial Officer of the Borrower Representative, in substantially the form of Exhibit C or another form which is acceptable to the Administrative Agent in its sole discretion.

  • Aggregate Borrowing Base means the aggregate amount of the U.S. Borrowing Base and the Canadian Borrowing Base; provided that the maximum amount of the Canadian Borrowing Base which may be included in the Aggregate Borrowing Base is the Canadian Sublimit.

  • Tranche A Borrowing Base means, at any time of calculation, an amount equal to:

  • Proposed Borrowing Base has the meaning assigned to such term in Section 2.07(c)(i).

  • Foreign Borrowing Base means, as of any date, an amount equal to:

  • Borrowing Availability means as of any date of determination the Maximum Amount less the sum of (i) the Revolving Loan and Swing Line Loan then outstanding and (ii) the Reserves as then in effect.

  • New Borrowing Base Notice has the meaning assigned such term in Section 2.07(d).

  • Adjusted Borrowing Base means the Borrowing Base minus the aggregate amount of Cash and Cash Equivalents included in the Borrowing Base.

  • Borrowing Base Deficiency means, at any date on which the same is determined, the amount, if any, that (a) the aggregate Covered Debt Amount as of such date exceeds (b) the Borrowing Base as of such date.

  • Borrowing Base Properties means the Oil and Gas Properties of the Credit Parties included in the Initial Reserve Report and thereafter in the most recently delivered Reserve Report delivered pursuant to Section 9.14.

  • Revolving Loan Availability means, at any time, the Revolving Loan Limit minus the Revolving Loan Outstandings.

  • Borrowing Base Deficit means, at any time of determination, the amount, if any, by which (a) the Aggregate Capital at such time, exceeds (b) the Borrowing Base at such time.

  • Borrowing Base Assets means a collective reference to all Borrowing Base Assets in existence at any given time.

  • Proposed Borrowing Base Notice has the meaning assigned to such term in Section 2.07(c)(ii).

  • Revolving Availability means Class A Revolving Availability or Class B Revolving Availability, as applicable.

  • Revolving Credit Availability means, at any particular time, the amount by which the Aggregate Revolving Loan Commitment at such time exceeds the Revolving Credit Obligations outstanding at such time.

  • Required Revolving Lenders means, as of any date of determination, Revolving Credit Lenders holding more than 50% of the sum of the (a) Total Revolving Credit Outstandings (with the aggregate amount of each Revolving Credit Lender’s risk participation and funded participation in L/C Obligations and Swing Line Loans being deemed “held” by such Revolving Credit Lender for purposes of this definition) and (b) aggregate unused Revolving Credit Commitments; provided that the unused Revolving Credit Commitment of, and the portion of the Total Revolving Credit Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Revolving Lenders.