Borrowing Excess definition

Borrowing Excess means, at any time, the amount by which any of the limitations of Section 2.1 is exceeded.

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Borrowing Excess means, at any time, the amount by which any of the limitations of SECTION

Borrowing Excess. Exists on any day on which the Advances Outstanding for such day exceeds the Borrowing Base for such day.

Examples of Borrowing Excess in a sentence

• If no Event of Default or Potential Default exists, and no Borrowing Excess exists or would occur (after taking into account any corresponding payment on the Obligation) as a result of the release, Co-Borrowers may, by a Release Request delivered to Administrative Agent by 11:00 a.m. on the Business Day of the release, request that Administrative Agent release the Lender Liens on any Collateral.

• Co-Borrowers shall, on demand when any Borrowing Excess exists, prepay the appropriate Principal Debt (together with any related Funding Loss) or take any other actions in accordance with this agreement necessary to eliminate the Borrowing Excess and any accrued unpaid interest thereon.

• The Advances shall be repaid as and when necessary, as set forth in Sections 6.3 and 6.4, to eliminate any Borrowing Excess.

• If there is a Borrowing Excess, the Borrower must repay, in accordance with the procedures set forth in Sections 6.02(a)(iii) and 6.04(a)(iii)(E), Advances Outstanding to the level of the new Availability.

• If no Event of Default or Potential Default exists and no Borrowing Excess exists or would occur (after taking into account any corresponding payment on the Obligation) as a result of the release, Borrower may, by a Release Request delivered to Administrative Agent by 11:00 a.m. on the Business Day of the release, request that Administrative Agent release the Lender Liens on any Collateral.

• If at any time a Borrowing Excess exists, then -- on DEMAND -- Borrowers shall eliminate such Borrowing Excess by (i) delivering to Lender, in accordance with this Agreement, additional Collateral that causes the Borrowing Base to increase, (ii) prepaying Principal Debt to Lender, or (iii) any combination of the actions under CLAUSES (I) and (II) above.

• Within five days after any Borrowing Excess --------------------- occurs, Borrower shall make a mandatory prepayment of Principal Debt necessary to eliminate that Borrowing Excess, which shall, if applicable, be applied to installments of Principal Debt of the Term Loan or the term portion of the Revolving Facility, as the case may be, in inverse order of maturity.

• If no Event of Default or Potential Default exists, and no Borrowing Excess exists or would occur (after taking into account any corresponding payment on the Obligation) as a result of the release, Borrower may, by a Release Request delivered to Administrative Agent by 11:00 a.m. on the Business Day of the release, request that Administrative Agent release the Lender Liens on any Collateral.

• If no Default or Potential Default exists and no Borrowing Excess exists or would occur (after taking into account any corresponding payment on the Obligation) as a result of the release, Borrower may, by a Release Request delivered to Administrative Agent by 11:00 a.m. on the Business Day of the release, request that Administrative Agent release the Lender Liens on any Collateral.

• Prior to and after giving effect to such Borrowing, Excess Availability shall be at least equal to the lesser of (a) ten percent (10%) of the then Borrowing Base and (b) ten percent (10%) of the Total Commitments, provided that Excess Availability shall, in no event, be less than (A) $60,000,000 (at any time from and including January 1 of any year to and including August 31 of such year) or (B) $75,000,000 (at any time from and including September 1 of any year to and including December 31 of such year).

More Definitions of Borrowing Excess

Borrowing Excess means, at any time, the amount by which any of the limitations of SECTION 2.1 are exceeded.

Borrowing Excess means, for any date, as disclosed in the most

Borrowing Excess means, at any time, the amount by which the Principal Debt exceeds the Borrowing Base.

Borrowing Excess. For any date, as disclosed in the most recently submitted Borrower Notice or Monthly Report, the amount, if any, by which the aggregate outstanding principal balance of the Advances as of such date exceeds the lesser of (i) the Program Amount and (ii) the Borrowing Base.

Borrowing Excess means, for any date, as disclosed in the most ---------------- recently submitted Borrowing Base Certificate, the extent to which the then Advances Outstanding exceeds the Availability as of such date.

Borrowing Excess means, at any time, the amount by w1iich any OF the limitations of SECTION 2.1 is exceeded.