Debt Limit Excession definition

Debt Limit Excession means the condition existing at any time prior to the Termination Date in which the outstanding principal balance of the Borrowing Base Debt as of such date exceeds the Global Borrowing Base as of such date.
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Debt Limit Excession has the meaning of the term "Debt Limit Excession" as defined in the U.S. Credit Agreement.
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Examples of Debt Limit Excession in a sentence

  • The second sentence of Section 2.09(b) of the Original Agreement is hereby amended in its entirety to read as follows: Borrower shall, contemporaneously with any asset sale, transfer or disposition permitted under Section 5.12, apply the net cash proceeds of such sale, transfer or disposition to reduce any Debt Limit Excession resulting from any concurrent reduction in the Debt Limit pursuant to Section 5.10(b)(iii).

  • The U.S. Borrower agrees that any amounts which are paid (or received by way of setoff, combination of accounts or similar arrangements) to cure any Debt Limit Excession shall be made by the U.S. Borrower to the U.S. Lenders, by the Australian Borrower to the Australian Lenders and by the Canadian Borrower to the Canadian Lenders in accordance with their respective Sharing Percentages as determined by the Administrative Agents in accordance with the terms of the Intercreditor Agreement.

  • Upon the occurrence of a Debt Limit Excession, the Administrative Agents shall determine the Sharing Percentages of the U.S. Lenders, the Canadian Lenders and the Australian Lenders at such time.

  • If, prior to any such specification by Administrative Agent, Banks determine that the provision of such additional assets will not serve to eliminate such Debt Limit Excession, then, within five Business Days after receiving notice of such determination from Administrative Agent, the Borrower will elect to make, and thereafter make, the prepayments specified in either of the preceding subsections (i) or (ii) of this subsection (b).

  • The U.S. Borrower, the Canadian Borrower and the Australian Borrower agree that any amounts which are paid to cure such Debt Limit Excession shall be made by the U.S. Borrower to the U.S. Lenders, by the Canadian Borrower to the Canadian Lenders and by the Australian Borrower to the Australian Lenders in accordance with their respective Sharing Percentages as so determined.

  • If, after the making of all mandatory prepayments required under Section 2.09(b), the outstanding LC Obligations will exceed the Commitment or a Debt Limit Excession exists, then in addition to prepayment of the entire principal balance of the Loans the Borrower will immediately upon demand by Administrative Agent deliver to LC Issuer an amount equal to such excess or such remaining Debt Limit Excession.