Borrowing Base Default definition

Borrowing Base Default means the occurrence of any of the following events:

Borrowing Base Default means that a Borrowing Base Deficiency exists and continues to exist (i) at 5 p.m. (New York city time) on the second Business Day after the Borrower or the Servicer has knowledge thereof or (ii) past 11:00 a.m. (New York city time) on the third Business Day after the Borrower or the Servicer has knowledge thereof if (x) the Servicer has notified the Administrative Agent no later than the end of such second Business Day that the Borrower will have sufficient cash to eliminate such Borrow Base Deficiency and (y) such Borrowing Base Deficiency does not exceed five percent (5%) of the Aggregate Exposure Amount at such time. For purposes of this definition, the Borrower and the Servicer shall be deemed to have “knowledge” of a Borrowing Base Deficiency if either (i) the President or the Treasurer of the Servicer, or any of their successors or any officers with similar roles or responsibilities has knowledge of such Borrowing Base Deficiency or (ii) a Borrowing Base Certificate evidencing a Borrowing Base Deficiency is delivered hereunder.

Borrowing Base Default any Default or Event of Default which occurs solely ---------------------- because the Total Aggregate Outstandings exceed the Borrowing Base then in effect.

Examples of Borrowing Base Default in a sentence

• Provided, that any breach of any term, covenant or agreement with respect to any Pool Receivable that would not cause any material liability or potential material liability for the Borrower, the Administrative Agent or any other Secured Party and that, with the removal of such Pool Receivable from the calculation of Net Receivables Balance, does not cause a Borrowing Base Default shall not be deemed to have been breached.

• Provided, further, that any breach of any term, covenant or agreement with respect to any Pool Receivable that would not cause any material liability or potential material liability for the Borrower, the Administrative Agent or any other Secured Party and that, with the removal of such Pool Receivable from the calculation of Net Receivables Balance, does not cause a Borrowing Base Default shall not be deemed to have been breached.

• The Borrower shall eliminate any Borrowing Base Deficiency prior to the occurrence of a Borrowing Base Default.

• It is hereby confirmed that the Borrowing Base Default is a Specified Default under the Forbearance Agreement as amended hereby.

• If at any time Loans ------------------------------------------- are made hereunder during the continuance of a U.S. Borrowing Base Default, cause that 102 portion of the proceeds of such Loans which is necessary to cure such U.S. Borrowing Base Default by repaying and/or cash collateralizing U.S. Extensions of Credit to be promptly exchanged for U.S. Dollars, dividended, loaned or advanced to the U.S. Borrower and used by the U.S. Borrower to repay and/or cash collateralize the U.S. Extensions of Credit.

• No Default or Event of Default (other than a Default ---------- or an Event of Default arising under Section 10(j) which occurs solely as a result of the occurrence of a U.S. Borrowing Base Default) shall have occurred and be continuing on such date or after giving effect to the Extensions of Credit requested to be made on such date.

• The Issuer represents and warrants that each request for any release or transfer in connection with Take-Out Securitizations pursuant to Section 2.9(b) shall automatically constitute a representation and warranty to the Noteholders, the Trust Collateral Agent and the Trustee to the effect that immediately before and after giving effect to such release or Transfer Request, there is no Event of Default or Default (including, without limitation any Borrowing Base Default).

• No Default or Event of Default (other than a Default or ---------- an Event of Default under Section 9(l) which occurs solely as a result of the occurrence of a Canadian Borrowing Base Default) shall have occurred and be continuing on such date or after giving effect to the Extensions of Credit requested to be made on such date.

More Definitions of Borrowing Base Default

Borrowing Base Default. Any failure of the Borrowers to maintain the unpaid balance of the Loan Account at an amount not in excess of Borrowing Base for Two (2) consecutive days.

Borrowing Base Default. Any time that the unpaid balance of the Loan Account (excluding the outstanding amount of the Tranche B Loans) plus the then stated amount of all L/Cs shall exceed the Borrowing Base for two (2) consecutive days and the Borrowers shall have failed to have cured such condition within one day after notice thereof from the Agent to the Lead Borrower which notice may be given by Agent on the first day that the Loan Account (excluding the outstanding amount of the Tranche B Loans) plus the then stated amount of L/Cs exceeds the Borrowing Base. "BUSINESS DAY": Any day (with any references herein to time of day requirements meaning such times based on Eastern time) other than (a) a Saturday or Sunday; (b) any day on which banks in Boston, Massachusetts generally are not open to the general public for the purpose of conducting commercial banking business; or (c) a day on which the Agent is not open to the general public to conduct business. "BUSINESS PLAN": The Borrowers' business plan annexed hereto as EXHIBIT 5.11(c) and any revision, amendment, or update of such business plan, provided such revision, amendment or update has been accepted in writing by the Agent. "CAPITAL EXPENDITURES": The expenditure of funds or the incurrence of liabilities for leaseholds, leasehold improvements, real property, furniture and equipment, to the extent such expenditures must be capitalized in accordance with GAAP, and net of amounts reimbursed by Landlords. "CAPITAL EXPENDITURE CAP": Defined in Section 5.12(b). "CAPITAL LEASE": Any lease which must be capitalized in accordance with GAAP.

Borrowing Base Default. Any time that the unpaid balance of the Loan Account (excluding the outstanding amount of the Tranche B Loans) plus the then stated amount of all L/Cs shall exceed the Borrowing Base.

Borrowing Base Default means any Event of Default arising under the Loan Agreement as a result of Borrowers failure to pay any amounts due to Lender if the aggregate amount of the Revolving Loans plus the Second Supplemental Loan plus the Letter of Credit Accommodations outstanding at any time exceeds the amounts available to Borrowers under the lending formulas (after giving effect to any reserves).