Borrowing Base Leverage Ratio definition
Borrowing Base Leverage Ratio means, at any time, (a) the Total Outstandings divided by (b) the Unencumbered Asset Value.
Borrowing Base Leverage Ratio means, as of any date of determination, the ratio (expressed as a percentage) of (a) the amount of all Indebtedness secured in any manner by all or any portion of any of the Borrowing Base Properties or by the Capital Stock of any Loan Party owning (whether directly or indirectly) any such Borrowing Base Properties; to (b) the BBP Value.
Borrowing Base Leverage Ratio means, at any date of determination, the ratio (expressed as a percentage) of (a) all outstanding Debt under the 2017 Facilities and the Other Facilities as of such date to (b) the aggregate Appraised Value of the Borrowing Base Assets as of such date.
Examples of Borrowing Base Leverage Ratio in a sentence
If the Mortgages may be recorded as a result of Borrowing Base Leverage Ratio equaling or exceeding 0.55 to 1.00, the Borrower may not request any Loans or Letters of Credit until such time as all of the Mortgages have been recorded and all of the items required to be delivered pursuant to Section 4.5(b) shall have been delivered.
Once a Mortgage has been recorded, the Collateral thereunder shall be released only in accordance with the terms otherwise provided herein and therein, without regard to the Borrowing Base Leverage Ratio.
Effective as of the Effective Date, Administrative Agent and Lenders hereby agree, on a one-time basis, to waive any requirements under the Loan Documents relating to the calculation of the Maximum Borrowing Base Leverage Ratio for the testing period ending on September 30, 2023 solely for the purpose of calculating the Borrowing Base Value as of such date (and for no other purposes, including the calculation made as of December 31, 2023 or going forward if applicable).
Permit the Unencumbered Borrowing Base Leverage Ratio as of any date to be greater than (i) sixty-five (65%) prior to the Reduction Period and (ii) sixty percent (60%) during the Reduction Period.
Borrowing Base Leverage Ratio (Line C) £ [65%]22[60%]23: [Yes][No] E.
More Definitions of Borrowing Base Leverage Ratio
Borrowing Base Leverage Ratio means, at any date of determination, the ratio (expressed as a percentage) of (a) all outstanding Debt under the 2016 Term Loan Facility and the Other Facilities as of such date to (b) the aggregate Appraised Value of the Borrowing Base Assets as of such date.
Borrowing Base Leverage Ratio means the Outstanding Facility Amount divided by Borrowing Base Value, expressed as a percentage.
Borrowing Base Leverage Ratio means the ratio, expressed as a percentage, obtained by dividing the Principal Balance by the Borrowing Base Value.
Borrowing Base Leverage Ratio on any date of determination, the ratio of (a) the Total Extensions of Credit on such date to (b) the sum of the Borrowing Base Values of the Borrowing Base Properties for such date as set forth in the most recent Borrowing Base Report delivered by the Borrower pursuant to Section 4.2(b), Section 6.1(s), Section 6.3(h) or Section 7.2(f).
Borrowing Base Leverage Ratio means, at any time, (a) the Total Outstandings divided by (b) the Unencumbered Asset Value. “Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the laws of, or are in fact closed in, the state where Administrative Agent’s Office is located. “Calculation Period” means, as of any date, the most recent four fiscal quarter period ending on or prior to such date. “Capital Call” means delivery of a Purchase Notice (as defined in the applicable Subscription Agreement) to IRI for the purchase of Shares in cash in amount equal to all or any portion of the Unfunded Commitment under the applicable Subscription Agreement. “Capital Commitment Collateral” has the meaning specified in Section 6.01. “Capital Contribution” means any purchase of Shares of Parent Guarantor by IRI, pursuant to and in accordance with the terms of the applicable Subscription Agreement. “Capital Event” means any waiver, amendment, cancellation, termination, reduction, excuse, suspension, deferral, repurchase or withdrawal in any manner of the IRI Commitment or the obligation of IRI to fund the same pursuant to Capital Calls. “Cash Collateral Account” has the meaning specified in Section 2.03(n). “Cash Collateralize” means to pledge and deposit with or deliver to Administrative Agent, for the benefit of one or more of L/C Issuer or the Lenders, as collateral for L/C Obligations or obligations of the Lenders to fund participations in respect of L/C Obligations, cash or deposit account balances or, if Administrative Agent and L/C Issuer shall agree in their sole discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to Administrative Agent and L/C Issuer. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support. “Casualty” means, with respect to any Unencumbered Property, such Unencumbered Property shall be damaged or destroyed, in whole or in part, by fire or other casualty. “Change in Law” means the occurrence, after the date of this Credit Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directi...
Borrowing Base Leverage Ratio is amended and restated as follows:
Borrowing Base Leverage Ratio means, at any date of determination, the ratio of Total Outstandings to Aggregate Borrowing Base Asset Value. “Borrowing Base Pool” means, at any time, a collective reference to the Borrowing Base Assets that are included in a calculation of Aggregate Borrowing Base Asset Value made at such time. “Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the laws of, or are in fact closed in, the state where the Administrative Agent’s Office is located. “Capitalized Leases” means all leases that have been or should be, in accordance with GAAP, recorded as capitalized leases. “Cash Equivalents” means any of the following, to the extent owned by the applicable Loan Party or any of its Subsidiaries free and clear of all Liens and having a maturity of not greater than ninety (90) days from the date of issuance thereof: (a) readily marketable direct obligations of the Government of the United States or any agency or instrumentality thereof or obligations unconditionally guaranteed by the full faith and credit of the Government of the United States, (b) certificates of deposit of or time deposits with any commercial bank that is a Lender or a member of the Federal Reserve System, which issues (or the parent of which issues) commercial paper rated as described in clause (c) below, is organized under the laws of the United States or any State thereof and has combined capital and surplus of at least $1,000,000,000 or (c) commercial paper in an aggregate amount of not more than $50,000,000 per issuer outstanding at any time, issued by any corporation organized under the laws of any State of the United States and rated at least “Prime-1” (or the then equivalent grade) by ▇▇▇▇▇’▇ or “A-1” (or the then equivalent grade) by S&P. “CERCLA” means the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time.