Borrowing Base Default definition

Borrowing Base Default means the occurrence of any of the following events:
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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.
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Borrowing Base Default any Default or Event of Default which ---------------------- occurs solely because the Aggregate Outstandings of all Lenders exceed the Borrowing Base then in effect.
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Examples of Borrowing Base Default in a sentence

  • 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.

  • 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.

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


More Definitions of Borrowing Base Default

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.
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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.
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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).
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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.
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Related to Borrowing Base Default

  • 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.

  • Lender Default means (a) the refusal or failure (which has not been cured) of a Lender to make available its portion of any Borrowing or to fund its portion of any Unpaid Drawing under Section 3.4 that it is required to make hereunder, (b) a Lender having notified the Administrative Agent and/or the Borrower that it does not intend to comply with its funding obligations under this Agreement or has made a public statement to that effect with respect to its funding obligations under this Agreement, (c) a Lender has failed to confirm (within one Business Day after a request for such confirmation is received by such Lender) in a manner reasonably satisfactory to the Administrative Agent, the Borrower and, in the case of a Revolving Credit Lender, each Revolving Letter of Credit Issuer that it will comply with its funding obligations under this Agreement, (d) a Lender being deemed insolvent or becoming the subject of a bankruptcy or insolvency proceeding or has admitted in writing that it is insolvent; provided that a Lender Default shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any Stock in the applicable Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide the applicable Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit the applicable Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with the applicable Lender, or (e) a Lender that has, or has a direct or indirect parent company that has, become the subject of a Bail-In Action.

  • Credit Default Swap means any credit default swap entered into as a means to (i) invest in bonds, notes, loans, debentures or securities on a leveraged basis or (ii) hedge the default risk of bonds, notes, loans, debentures or securities.

  • Potential Defaulting Lender means, at any time, (i) any Lender with respect to which an event of the kind referred to in the definition of “Lender Insolvency Event” has occurred and is continuing in respect of any Subsidiary of such Lender, or (ii) any Lender that has notified, or whose Lender Parent or a Subsidiary thereof has notified, the Administrative Agent, the Borrower or any LC Issuing Bank in writing, or has stated publicly, that it does not intend to comply with its funding obligations generally under other loan agreements, credit agreements and other similar agreements, unless such writing or statement states that such position is based on such Lender’s determination that one or more conditions precedent to funding cannot be satisfied (which conditions precedent, together with the applicable default, if any, will be specifically identified in such writing or public statement). Any determination by the Administrative Agent that a Lender is a Potential Defaulting Lender under any of clauses (i) and (ii) above will be conclusive and binding absent manifest error, and such Lender will be deemed a Potential Defaulting Lender (subject to Section 2.19(f) hereof) upon notification of such determination by the Administrative Agent to the Borrower, the LC Issuing Banks and the Lenders.

  • 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.

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

  • MI Default has the meaning given to it in paragraph 6.1 of Framework Schedule 9 (Management Information);