Borrowing Base Release Transaction definition
Examples of Borrowing Base Release Transaction in a sentence
In addition, each Secured Guarantor shall have the right to make withdrawals from each Specified Borrowing Base Account if and to the extent that a Borrowing Base Release Transaction would be permitted pursuant to Section 2.15 with respect to amounts on deposit in such Specified Borrowing Base Account.
It is understood and agreed that each Borrowing Base Release Transaction pursuant to this Section 2.25(b) shall be deemed to constitute a representation and warranty by the Borrower that the conditions set forth in clauses (i) and (ii) of this Section 2.25(b) shall have been met.
If, after giving effect to the proposed Borrowing Base Release Transaction, the Total Outstandings would exceed the lesser of (x) the Aggregate Commitments at such time and (y) the Borrowing Base at such time, the Borrowers shall, simultaneously with or prior to the consummation of such Borrowing Base Release Transaction, repay the Loans in an amount necessary to eliminate such excess.