Borrowing Base Imbalance definition

Borrowing Base Imbalance has the meaning assigned to such term in ------------------------ Section 2.11(d) hereof.
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Borrowing Base Imbalance means, as at any date, the amount (if any) by which the sum of (a) the Principal Balance and (b) the Facility Letter of Credit Obligations exceeds the lower of (i) the Borrowing Base or (ii) the Commitments.
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Borrowing Base Imbalance has the meaning provided in Section 2.7(c).
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Examples of Borrowing Base Imbalance in a sentence

  • It is understood that a Borrowing Base Imbalance may occur or exist as a result of, among other things, changes to the Underwritten Value of any of the Projects and/or the determination or re-determination of the Appraised Value of any of the Projects.

  • The Borrower may, upon at least three Business Days' prior notice to the Administrative Agent, terminate in whole or reduce ratably in part the Unused Commitments of the Lenders; provided, however, that (i) each partial reduction shall be in the aggregate amount of not less than $5,000,000 or an integral multiple of $1,000,000 in excess thereof and (ii) no such reduction shall result in a Borrowing Base Imbalance.

  • Provided that no Potential Default, Event of Default or Borrowing Base Imbalance has occurred and is continuing (or would occur or exist as a result of or following a proposed Project Release), Borrower shall have the right, subject to the provisions of this Section 2.9 and Section 2.12(5) hereof, to obtain a release of a Project from the Lien of the Mortgage Documents relating thereto (a "Project Release").

  • If at any time the aggregate Credit ------------------------ Exposure of the Lenders at such time exceeds the lower of (a) the Borrowing Base minus the Blocked Availability and (b) the then effective Commitments at such ----- time (a "Borrowing Base Imbalance"), Borrower shall prepay the Loans then ------------------------ outstanding in an amount equal to such excess, together with accrued interest within one (1) Business Day of such event occurring.

  • Each Container included in the calculation of the Borrowing Base is properly classified as an Eligible Container, except to the extent that any failure of any one or more Containers to constitute Eligible Containers would not reasonably be expected to result in a Borrowing Base Imbalance.

  • Both before and after giving effect to the requested Loan, no Borrowing Base Imbalance shall occur or be continuing.

  • If at any time the aggregate Credit Exposure of the Lenders at such time exceeds the lower of (a) the Borrowing Base and (b) the then effective Commitments at such time (a "Borrowing Base Imbalance"), Borrower shall prepay the Loans then outstanding in an amount equal to such excess, together with accrued interest within one (1) Business Day of such event occurring.

  • It is acknowledged and agreed that an Appraisal has ---------- not yet been delivered in respect of the Project known as Rosedale Village in Bakersfield, Xxxx County, California, that such Appraisal is being or shall be prepared and that, upon the delivery thereof, adjustments may be required to the Borrowing Base, including, without limitation, adjustments that may result in a Borrowing Base Imbalance.

  • If such term is used in a quantitative context, the amount of the Borrowing Base Imbalance shall be the amount of such deficiency.

  • Provided that no Potential Default, Event ------------------ of Default or Borrowing Base Imbalance has occurred and is continuing (or would occur or exist as a result of or following a Project Release), Borrower shall have the right, subject to the provisions of this Section 2.9 and Section ----------- ------- 2.12(5) hereof, to obtain a release of a Project from the Lien of the Mortgage ------- Documents relating thereto (a "Project Release").

Related to Borrowing Base Imbalance

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

  • Borrowing Base Amount means:

  • 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 Test means a test that will be satisfied on any date of determination if the following is true: Where: AR =57%.

  • Borrowing Base Properties means the Oil and Gas Properties of the Loan Parties included in the Initial Reserve Report and thereafter in the most recently delivered Reserve Report delivered pursuant to Section 8.12.

  • 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.

  • Borrowing Base Property means Eligible Property and/or Commercial Land that the Administrative Agent has agreed to include in calculations of the Borrowing Base pursuant to Section 4.1. A Property shall be excluded from the determination of the Borrowing Base if at any time such Property shall cease to be an Eligible Property.

  • 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 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 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 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 any Loan Party’s Inventory and Receivables and other assets directly related thereto, including documents, instruments, general intangibles, deposit accounts and the proceeds of all of the same.

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

  • Inventory Advance Rate shall have the meaning set forth in Section 2.1(a)(y)(ii) hereof.

  • Borrowing Availability means, as of any date of determination, the lesser of (i) the Maximum Amount and (ii) the Borrowing Base, in each case, less the sum of the aggregate Revolving Loan and Swing Line Loan then outstanding.

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

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

  • Available Commitments shall refer to the aggregate of the Lenders’ Available Commitments hereunder.

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

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

  • 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.

  • Available Commitment means a Lender’s Commitment minus:

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

  • Borrowing Base Utilization Percentage means, as of any day, the fraction expressed as a percentage, the numerator of which is the sum of the Revolving Credit Exposures of the Lenders on such day, and the denominator of which is the Borrowing Base in effect on such day.

  • Debt Service Reserve Requirement means, as of any date of calculation, and for any Fiscal Year, the amount equal to the maximum Adjusted Aggregate Debt Service on Bonds in the current or any future Fiscal Year on all Bonds Outstanding; provided, however, that if, upon the issuance of a Series of Bonds, such amount would require moneys, in an amount in excess of the maximum amount permitted under the Code to be deposited therein from the proceeds of such Bonds, to be deposited therein, the Debt Service Reserve Requirement shall mean an amount equal to the sum of the Debt Service Reserve Requirement immediately preceding issuance of such Bonds and the maximum amount permitted under the Code to be deposited therein from the proceeds of such Bonds, as certified by an Authorized Representative of the Authority; provided, further, that, if (i) the payment of the Principal Installments of or interest on any Series of Bonds or portion thereof is secured by a Special Credit Facility, (ii) the payment of the Tender Option Price of any Option Bond of a Series is secured by a Special Credit Facility or (iii) the Authority has determined in a Supplemental Resolution authorizing the issuance of a Series of Bonds that such Series of Bonds will not be secured by the Common Account in the Debt Service Reserve Fund, the Supplemental Resolution authorizing such Series may specify the Debt Service Reserve Requirement, if any, for the Bonds of such Series: provided, further, that if, as a result of the expiration or termination of a Financial Guaranty, a deficiency shall be created in the Debt Service Reserve Fund, the Debt Service Reserve Requirement shall be calculated so as to exclude the amount of such deficiency and the Debt Service Reserve Requirement shall be increased in each of the five Fiscal Years after the date such deficiency was created by an amount equal twenty per centum (20%) of the aforesaid deficiency.For the purpose of calculating the Debt Service Reserve Requirement for any Variable Rate Bonds of a Series, the maximum Adjusted Debt Service on such Series shall be determined by reference to the Pro Forma Bond Issue for the Variable Rate Bonds of such Series set forth in the Supplemental Resolution authorizing such Series.