Borrowing Base Utilization definition

Borrowing Base Utilization means at any time, an amount equal to the quotient of (i) the aggregate principal amount of Loans outstanding plus LC Exposure, divided by (ii) the Borrowing Base.

Borrowing Base Utilization means the sum of (i)(a) the aggregate outstanding principal amount of the Loans plus (b) the aggregate face amount of all undrawn and uncancelled Letters of Credit, plus (c) the aggregate of all amounts drawn under all Letters of Credit and not yet reimbursed, divided by (ii) the Borrowing Base.

Borrowing Base Utilization means, as of any day, the fraction expressed as a percentage, the numerator of which is the sum of the principal amount of Revolving Loans and the Letters of Credit outstanding on such day, and the denominator of which is the Borrowing Base in effect on such day.

Examples of Borrowing Base Utilization in a sentence

• Adjustments to the Applicable Margins and the Applicable Fee Percentages set forth on Schedule 1.1 shall be calculated by Administrative Agent and based on the Borrowing Base Utilization in effect from time to time.

• Borrower shall pay to the Agent for the ratable benefit of the Lenders a letter of credit fee with respect to the Letter of Credit Liabilities for each Letter of Credit, computed for each day from the date of issuance of such Letter of Credit to the date that is the last day a drawing is available under such Letter of Credit, at a rate equal to the rate set forth in the definition of Applicable Rate corresponding to the Borrowing Base Utilization.

• The Applicable Margin and the LIBOR Spread will vary based on the Borrowing Base Utilization (as defined below) as in effect from time to time, with each change in the applicable rate resulting from a change in the Borrowing Base Utilization to take effect on the day such change in the Borrowing Base Utilization occurs.

• For the avoidance of doubt, once the Borrowing Base Utilization Percentage is less than or equal to 75%, the requirements of this Section 8.18 shall no longer apply, even if the Borrowing Base Utilization Percentage thereafter exceeds 75%.

• Each change in the Applicable Margin resulting from a change in the Borrowing Base Utilization shall take effect on the day such change in the Borrowing Base Utilization occurs.

More Definitions of Borrowing Base Utilization

Borrowing Base Utilization means, as of any day, the fraction expressed as a percentage, the numerator of which is the sum of the aggregate outstanding principal amount of Loans and LC Exposure on such day, and the denominator of which is the lesser of (i) the Borrowing Base in effect on such day, or (ii) the aggregate amount of the Commitments on such day.

Borrowing Base Utilization means, at any time, the Loan Balance, plus any L/C Exposure hereunder, expressed as a percentage of the Borrowing Base.

Borrowing Base Utilization means, as of any date of determination, the quotient, expressed as a percentage, of (a) the Aggregate Credit Exposure as of such date, divided by (b) (i) on any date prior to the Borrowing Base Equalization Date, the Conforming Borrowing Base as of such date and (ii) on any date on or after the Borrowing Base Equalization Date, the Borrowing Base as of such date.

Borrowing Base Utilization is defined as an amount expressed as a percentage, equal to the quotient of (i) the sum of (A) the aggregate principal amount of the Revolving Loan outstanding, plus (B) the aggregate undrawn amount of all outstanding Letters of Credit (as defined below), divided by (ii) the Borrowing Base. Based on the Borrowing Base Utilization, the Applicable Margin and the LIBOR Spread will vary as set forth below: Borrowing Base Utilization Applicable Margin LIBOR Spread Greater than or equal to 85% 0.50 % 3.25 % Less than 85%, but greater than or equal to 66% 0.25 % 3.00 % Less than 66%, but greater than or equal to 33% 0.00 % 2.75 % Less than 33% 0.00 % 2.50 %

Borrowing Base Utilization means the aggregate principal amount of Loans outstanding hereunder as a percentage of the Borrowing Base."

Borrowing Base Utilization means, as of any date of determination, the quotient, expressed as a percentage, of (a) the sum of (i) the Aggregate Credit Exposure as of such date plus (ii) the outstanding aggregate principal amount of all Permitted Pari Passu Debt as of such date, divided by (b) the Borrowing Base as of such date.

Borrowing Base Utilization means ratio of the Loan Balance of the Note to the Borrowing Base.