Borrowing Base Surplus definition

Borrowing Base Surplus means, at any time, the amount, if any, by which (a) the Borrowing Base (excluding any amounts on deposit in the Reserve Account) exceeds (b) the Facility Amount.
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Borrowing Base Surplus means, at any time, that the Borrowing Base exceeds the Facility Amount, an amount equal to the amount of such excess.
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Borrowing Base Surplus means, at any given time, the difference between (I) the Borrowing Base, and (II) all Outstandings under the Revolving Loan;
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Examples of Borrowing Base Surplus in a sentence

  • Notwithstanding same, in the event of a Borrowing Base Surplus then Borrower shall receive a dollar-for-dollar reduction of its deposit requirements under this Section 7.4.2.

  • For clarity, nothing herein to the contrary shall be deemed to prevent a Contract Disposition Transaction during an Unrestricted Period, provided, however, for any Contract Disposition Transaction effected pursuant to clause (ii) of the definition thereof, the Borrowing Base Surplus shall be calculated without regard to any Unrestricted Period.

  • For the purposes of establishing the applicable Revolving Loan Rate and applicable BA Loan Rate, the Borrowing Base Surplus shall be calculated by applying the advance rate of 85% of NOLV of Eligible Finished Goods Inventory.


More Definitions of Borrowing Base Surplus

Borrowing Base Surplus means at any time that the Overcollateralization Percentage exceeds the Required Overcollateralization Percentage, an amount equal to the remainder of (a) the sum of (i) the Pledged Receivables Balance plus (ii) amounts on deposit in the Spread Account plus (iii) the amount of Collections on deposit in the Agent's Account to be applied in accordance with Section 2.05 on the next Settlement Date minus (b) the product of (i) the sum of 100% plus the Required Overcollateralization Percentage multiplied by (ii) the Facility Amount.
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Borrowing Base Surplus and “Distribution Conditions” to Section 1.01:
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Borrowing Base Surplus means, at any time that the Overcollateralization ---------------------- Percentage exceeds the Required Overcollateralization Percentage, an amount equal to: (PRB - MOCA) - (FA - SA - CO) where: PRB = the Pledged Receivables Balance; MOCA = the Minimum Overcollateralization Amount; SA = the amounts on deposit in the Spread Account; CO = the amount of Collections on deposit in the Agent's Account to be applied in accordance with Section 2.05 on the next ------------ Remittance Date; and FA = the Facility Amount.
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Borrowing Base Surplus has the meaning set forth in Section 2.08(d). “Borrowing Base Surplus Day” has the meaning set forth in Section 2.08(d).
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Related to Borrowing Base Surplus

  • 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 Amount means:

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

  • 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 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 Test means as of any date, a determination that (a) the lesser of (i) the Borrowing Base and (ii) the Facility Amount shall be equal to or greater than (b) the Advances Outstanding.

  • 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.

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

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

  • Borrowing Base Assets means a collective reference to all Borrowing Base Assets in existence at any given time.

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

  • Borrowing Base Properties means the Oil and Gas Properties of the Credit Parties included in the Initial Reserve Report and thereafter in the most recently delivered Reserve Report delivered pursuant to Section 9.14.

  • 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.

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

  • Borrowing Base Property means any one of the Borrowing Base Properties.

  • Borrowing Availability means as of any date of determination the Maximum Amount less the sum of (i) the Revolving Loan and Swing Line Loan then outstanding and (ii) the Reserves as then in effect.

  • Canadian Borrowing Base means, at any time, an amount in Dollars equal to:

  • Collateral Available Funds means with respect to any Distribution Date, the Collateral Floating Percentage of Reallocated Investor Finance Charge Collections with respect to the preceding Monthly Period.

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

  • Excess Collateral Amount means, at any time, the excess of (a) the sum of (i) the Collateral Amount, and (ii) the Principal Accumulation Account Balance, over (b) the Note Principal Balance.

  • 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.

  • Availability Reserve means the sum (without duplication of any other reserves or items that are otherwise addressed or excluded through eligibility criteria (including collection rates or collection percentages)) of (a) the Rent and Charges Reserve; (b) the Bank Product Reserve; provided that reserves of the type described in this clause (b) shall be instituted only after consultation with the Lead Borrower; (c) customs duties, and other costs to release Inventory which is being imported into the United States; (d) outstanding Taxes and other governmental charges, including, ad valorem, real estate, personal property, sales, and other Taxes which have priority over the interests of the Administrative Agent in the Current Asset Collateral; (e) salaries, wages and benefits due to employees of the Borrowers which have priority over the interests of the Administrative Agent in the Current Asset Collateral; (f) Customer Credit Liabilities, (g) the Inventory Reserve, and (h) such additional reserves not otherwise addressed in clauses (a) through (g) above, in such amounts and with respect to such matters, as the Administrative Agent in its Credit Judgment may elect to establish or modify from time to time. Notwithstanding anything to the contrary in this Agreement, (i) such Availability Reserves shall not be established or changed except upon not less than three (3) Business Days’ prior written notice to the Lead Borrower, which notice shall include a reasonably detailed description of such Availability Reserve being established (during which period (a) the Administrative Agent shall, if requested, discuss any such Availability Reserve or change with the Lead Borrower and (b) the Lead Borrower shall have the opportunity to take such action as may be required so that the event, condition or matter that is the basis for such Availability Reserve or change thereto no longer exists or exists in a manner that would result in the establishment of a lower Availability Reserve or result in a lesser change thereto, in a manner and to the extent reasonably satisfactory to the Administrative Agent), (ii) the amount of any Availability Reserve established by the Administrative Agent, and any change in the amount of any Availability Reserve, shall have a reasonable relationship to the event, condition or other matter that is the basis for such Availability Reserve or such change and (iii) no event, condition or matter existing or arising prior to or on the Closing Date shall be the basis for any reserve unless such event, condition or matter shall have changed since such time in a manner that is materially adverse to the Lenders. Notwithstanding clause (i) of the preceding sentence, changes to the Availability Reserves solely for purposes of correcting mathematical or clerical errors shall not be subject to such notice period, it being understood that no Default or Event of Default shall be deemed to result therefrom, if applicable, for a period of three (3) Business Days.

  • Required Cash Collateral Amount shall have the meaning provided in Section 3.7(c).

  • Foreign Borrowing Base means, as of any date, an amount 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.

  • Required Reserve Account Amount means, with respect to any Distribution Date on or after the Reserve Account Funding Date, an amount equal to (1) 0.50% of the Class A Invested Amount as of the preceding Distribution Date (after giving effect to all changes therein on such date) or (2) any other percentage (which may be 0%) of the Class A Invested Amount designated by the Transferors, provided that if such percentage is less than the percentage specified in clause (1) above, the Transferors shall have received the prior written consent of the Collateral Interest Holder and written notice from each Rating Agency that the Rating Agency Condition shall have been satisfied with respect to such designation and shall have delivered copies of each such written notice to the Servicer and the Trustee.