Borrowing Base Shortfall definition

Borrowing Base Shortfall means, on any date of determination, the excess, if any, of (i) the sum of the Aggregate Class A Note Principal plus the Required Overcollateralization Amount, over (ii) the Borrowing Base Amount.

Borrowing Base Shortfall means on as of any date of determination, the amount, if any, by which the Outstanding Note Balance (without giving effect to any Increase on such date) exceeds the Borrowing Base on such date (without giving effect to any pledge of Additional Timeshare Loans to the Indenture Trustee on such date).

Borrowing Base Shortfall means at any time, that amount, if any, by which the Canadian Dollar Exchange Equivalent of the Aggregate Principal Amount under the Credit Facilities exceeds the Borrowing Base.

Examples of Borrowing Base Shortfall in a sentence

• Lender will reassign and endorse to Borrower, without recourse or warranty of any kind, an ineligible Note Receivable if: (a) no Event of Default or Incipient Default exists; (b) Borrower has made all principal payments and Performed all replacement obligations as required above in connection with the Borrowing Base Shortfall and as a result there is no Borrowing Base Shortfall; and (c) Borrower has requested Lender in writing to release the ineligible Note Receivable.

• In the event as to a particular Note Receivable, the documents described in subsections (a), (b), (c) or (d) above are not delivered to the Custodial Agent prior to the expiration of the applicable Trailing Documents Delivery Date, then that Note Receivable shall no longer be deemed an Eligible Note Receivable and if a Borrowing Base Shortfall occurs as a result of such ineligibility, the provisions of Section 2.7(c) shall be applicable.

• For greater certainty, the MasterCard facilities and any amounts outstanding thereunder shall not be included in the calculation of the Borrowing Base, any Borrowing Base Shortfall or unless otherwise specified in this Section 2.1(h), any amounts outstanding under the Credit Facilities.

• Should CIBC determine at any time that there is a Borrowing Base Shortfall, during both the Revolving Phase and the Term Phase, the Borrower will, within 60 days, use whatever means necessary to reduce its indebtedness under this Financing Commitment by that amount stipulated by CIBC, or alternatively pledge additional security to CIBC sufficient to cover, in CIBC's opinion, such deficiency.

• Simultaneously with the delivery of Eligible Notes Receivable to correct a Borrowing Base Shortfall, Borrower will deliver to Lender all of the items (except for a Request for Loan Advance) required to be delivered by Borrower to Lender pursuant to Section 4.2, together with a “Borrower's Certificate” in form and substance identical to Exhibit E.

More Definitions of Borrowing Base Shortfall

Borrowing Base Shortfall means, at any time, the amount, if any, by which the Notes Principal Amount exceeds the Borrowing Base then if effect.

Borrowing Base Shortfall means at any time the amount, if any, by which (i) the Revolving Credit Facility Principal Amount plus (ii) the principal amount owing under the Operating Credit Facility (including, without limitation, the face amount of any bankers' acceptances or letters of credit issued thereunder) exceeds the Borrowing Base Limit.

Borrowing Base Shortfall. On any date of determination, the amount, if any, by which the Advances Outstanding exceeds the Borrowing Base.

Borrowing Base Shortfall means, on any date, the amount, if any, by which the Notes Principal Amount (without giving effect to any Increase on such date) exceeds the Borrowing Base on such date (without giving effect to any transfers of Additional Pledged Loans to the Collateral Agent on such date).

Borrowing Base Shortfall as defined in Section 2.14(b).

Borrowing Base Shortfall means the amount (if any) by which the Outstanding Principal exceeds the amount of the Borrowing Base set forth in the most recently delivered Borrowing Base Notice (for certainty, whether the determination of the Borrowing Base set forth in such Borrowing Base Notice is yet in effect pursuant to Section 2.24 or not).

Borrowing Base Shortfall has the meaning set forth in Clause 8.3.