Borrowing Base Excess definition

Borrowing Base Excess has the meaning set forth in Section 2.4(e)(i).

Borrowing Base Excess means, as of any date, the amount, if any, by which (a) the Borrowing Base as of such date exceeds (b) the aggregate amount of all Advances outstanding as of such date.

Borrowing Base Excess means, as of any date, the amount, if any, by which (a) the Borrowing Base as of such date exceeds (b) the sum of the aggregate outstanding principal amount of all Advances outstanding as of such date.

Examples of Borrowing Base Excess in a sentence

• If, at any time, (i) the Revolver Usage on such date exceeds (ii) the Borrowing Base (such excess being referred to as the “Borrowing Base Excess Amount”), then Borrowers shall immediately prepay the Obligations in accordance with Section 2.4(f) in an aggregate amount equal to the Borrowing Base Excess Amount.

• If, at any time, (A) the Revolver Usage on such date exceeds (B) the Borrowing Base (such excess being referred to as the “Borrowing Base Excess”), then, within 1 Business Day thereafter, Borrowers shall prepay the Obligations in accordance with Section 2.4(f), and/or provide Restricted Cash, in an aggregate amount equal to the Borrowing Base Excess.

• If, at any time, (A) the Revolver Usage on such date exceeds (B) the Borrowing Base (such excess being referred to as the “Borrowing Base Excess”), then Borrower shall immediately prepay the Obligations in accordance with Section 2.4(f)(i) in an aggregate amount equal to the Borrowing Base Excess.

• If, at any time, (i) the Revolver Usage on such date exceeds (ii) the Borrowing Base (such excess being referred to as the “Borrowing Base Excess Amount”), then Borrower shall promptly, but in any event, within 1 Business Day, prepay the Obligations in accordance with Section 2.4(f) in an aggregate amount equal to the Borrowing Base Excess Amount.

• If, at any time, (i) the Revolver Usage on such date exceeds (ii) the Borrowing Base (such excess being referred to as the “Borrowing Base Excess”), then the Borrowers shall promptly (no later than one (1) Business Day after the occurrence of such Borrowing Base Excess) prepay the Revolving Loans in accordance in an aggregate amount equal to the Borrowing Base Excess.

More Definitions of Borrowing Base Excess

Borrowing Base Excess shall have the meaning provided in Section 2.03(b).

Borrowing Base Excess. With respect to any date of determination, an amount equal to the excess of the Borrowing Base over the Note Principal Balance, in each case as of such date of determination. Business Day: Any day other than (i) a Saturday or Sunday, or (ii) a day on which banking institutions in New York City or in the city in which the Corporate Trust Office of the Indenture Trustee or the Paying Agent is located or the city in which the Servicer’s servicing operations are located are authorized or obligated by law or executive order to be closed. Call Loan: As of any date of Disposition, any Loan which does not meet criteria established by independent rating agencies or surety agency conditions for securitizations at the time of such Disposition. Certificateholder: A holder of a Trust Certificate.

Borrowing Base Excess as defined in Section 6.21(c).

Borrowing Base Excess means, with respect to the Committed Credit Agreement or the Uncommitted Credit Agreement, at any time that the applicable Borrowing Base (as defined in the Committed Credit Agreement or the Uncommitted Credit Agreement, as the case may be) exceeds the aggregate Credit Exposure (as defined in the Committed Credit Agreement or the Uncommitted Credit Agreement, as the case may be) as set forth on a Borrowing Base Certificate (or an Interim Borrowing Base Certificate) delivered by the Company to the Committed Agent or the Uncommitted Agent, as the case may be.

Borrowing Base Excess. With respect to any date of determination, an amount equal to the excess of the Borrowing Base over the Aggregate Credit Agreement Exposure, in each case as of such date of determination.

Borrowing Base Excess as of any date, an amount equal to the sum of Net Availability plus any unrestricted cash (free of Liens or encumbrances except in favor of Administrative Agent) on deposit in deposit accounts subject to deposit account control agreements (or where CIT Bank, N.A. is the depository bank with respect to such deposit account) providing Administrative Agent with a First Priority Lien therein.

Borrowing Base Excess shall have the meaning set forth in Paragraph 7.2(j)(xvi) of Section 7 hereof. Business Day shall mean any day on which the Lender and the principal office in Chicago, Illinois of LaSalle National Bank are open for business. Canadian Debenture shall have the meaning set forth in Paragraph 14.5 of Section 14 hereof. Canadian Deposit Account shall have the meaning set forth in Paragraph 2.1(ff) of Section 2 hereof. Capital Expenditures shall mean, for any period, the aggregate expenditures of the Obligors during such period on account of, property, plant, equipment or similar fixed assets that, in conformity with GAAP, are required to be reflected in the balance sheets of the Obligors, including, without limitation, each Capital Lease.