Class B Borrowing Base Deficiency definition

Class B Borrowing Base Deficiency means, as of any day, the amount, if any, by which the Total Utilization of Class B Revolving Commitments exceeds the Class B Borrowing Base.

Class B Borrowing Base Deficiency means, on any date of determination, the positive excess, if any, of (a) the Class B Advances Outstanding as of such date, over (b) the sum of (i) all amounts on deposit in the Concentration Account as of such date, (ii) all amounts on deposit in the Collection Account (exclusive of the Interest Reserve Amount) as of such date and (iii) the Aggregate Advance Amount.

Class B Borrowing Base Deficiency shall have the meaning set forth in Section 2.9.

Examples of Class B Borrowing Base Deficiency in a sentence

• After giving effect to such Advance, there should not exist a Class A Borrowing Base Deficiency or a Class B Borrowing Base Deficiency.

• A Class A Borrowing Base Deficiency or, during the Availability Period, a Class B Borrowing Base Deficiency continues for more than two (2) Business Days.

• The Borrower will not sell any Receivables or other Collateral related thereto if, following such sale, a Class A Borrowing Base Deficiency, a Class B Borrowing Base Deficiency or a Facility Advance Cap Deficiency would exist after giving effect to the application of proceeds of such sale; provided that the foregoing shall not prohibit a foreclosure sale by or on behalf of the Lenders upon the occurrence of an Event of Default.

• Notwithstanding anything herein to the contrary, on any Credit Date with respect to a Credit Extension of a Class B Revolving Loan, Company may without further action on the part of Company distribute the proceeds of such Class B Revolving Loan to Holdings so long as no Class B Borrowing Base Deficiency or Class A Borrowing Base Deficiency has occurred or would result therefrom (a “Borrower Distribution”).

• Notwithstanding the foregoing and subject to Section 3.05(c) of the Class B Note Purchase Agreement, the Issuer may not prepay any such Class B Invested Amount to cure a Class B Borrowing Base Deficiency or otherwise pursuant to Article X with funds other than Class B Available Funds unless and until any and all amounts then due and owing to the Class A Note Purchaser and the Class A Noteholders under the Basic Documents have been paid in full.

More Definitions of Class B Borrowing Base Deficiency

Class B Borrowing Base Deficiency means, as of any date of determination, the positive excess, if any, of the Class B Invested Amount over the Class B Borrowing Base, after application of funds, if any, by the Administrative Agent in reduction of the Class B Invested Amount as contemplated by Section 2.06(c) of this Agreement.

Class B Borrowing Base Deficiency means, as of any date of determination, the positive excess, if any, of the Class B Invested Amount over the Class B Borrowing Base, after application of funds, if any, by the Trustee in reduction of the Class B Invested Amount as contemplated by Section 3.05 of the Class B Note Purchase Agreement.

Class B Borrowing Base Deficiency means, as of any day, the amount, if any, by which the sum of the Total Utilization of Class B Revolving Commitments exceeds the Class B Borrowing Base.

Class B Borrowing Base Deficiency means, at any time, the remainder (if positive) of (i) the Class B Aggregate Loan Principal Balance at such time, minus (ii) the Class B Borrowing Base at such time. “Class B Carryover Monthly Interest Amount” means the difference between (i) the Class B Monthly Interest Amount and (ii) the Class B Senior Monthly Interest Amount. “Class B Commitments” means the sum of the Commitments of all Committed Lenders that are Class B Lenders, which Commitments shall in no event exceed 15% of the Class A Commitments then in effect. As of the Third Amendment Effective Date, the aggregate amount of the Class B Commitments of the Committed Lenders is $55,000,000. “Class B Interest Rate” has the meaning assigned to such term in the Fee Letter. “Class B Lender” means each Committed Lender that is identified on Schedule I hereto as a member of a “Class B Lender Group,” together with its respective successors and permitted assigns. “Class B Lender Group” means a group consisting of the Class B Lenders listed together as party of a “Related Group” on Schedule I hereto or any Assignment and Assumption Agreement. “Class B Loan” means a Loan funded by a Class B Lender hereunder. “Class B Maximum Financing Amount” means the aggregate amount of Class B Commitments. “Class B Monthly Interest Amount” means, with respect to each Interest Period, an amount equal to the product of (i) the Class B Interest Rate, (ii) the daily average Class B Aggregate Loan Principal Balance during the related Interest Period, and (iii) a fraction, the numerator of which is equal to (x) the actual number of days during the related Interest Period and the denominator of which is equal to (y)

Class B Borrowing Base Deficiency means, on any date of determination, the positive excess, if any, of (a) the Class B Advances Outstanding as of such date, over (b) the sum of (i) all amounts on deposit in the Concentration Account as of such date, (ii) all amounts on deposit in the Collection Account (exclusive of the Interest Reserve Amount) as of such date and

Class B Borrowing Base Deficiency means, as of any day, the amount, if any, by which the Total Utilization of Class B Revolving Commitments exceeds the Class B Borrowing Base, provided that, if solely as a result of the occurrence of an SPV Event and a consequent reduction in the Applicable Class B Advance Rate in accordance with the proviso in the definition thereof, a deficiency occurs hereunder that would otherwise be deemed a “Class B Borrowing Base Deficiency” or a “Borrowing Base Deficiency”, then notwithstanding the foregoing, no Class B Borrowing Base Deficiency or “Borrowing Base Deficiency”, Default or Event of Default shall be deemed to exist hereunder unless such deficiency is not cured by the thirtieth (30th) day after the occurrence of such SPV Event.

Class B Borrowing Base Deficiency. A condition occurring on any Measurement Date with respect to which either (a) the Advances Outstanding exceeds the Class B Borrowing Base or (b) the amounts on deposit in the Unfunded Exposure Account are less than the Aggregate Unfunded Exposure Equity Amount.