Excess Borrowing Base Availability definition

Excess Borrowing Base Availability means the amount, if any, by which the Borrowing Base exceeds the aggregate amount of the Working Capital Obligations (regardless of the amount of unused Revolving Credit Commitments), as determined by reference to the most recent Borrowing Base Certificate.
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Excess Borrowing Base Availability as of any date of determination thereof by the Administrative Agent, the sum of:
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Excess Borrowing Base Availability means, at any date of determination, the amount by which the Borrowing Base exceeds the sum of the outstanding Advances and the L/C Amount.
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Examples of Excess Borrowing Base Availability in a sentence

  • Pursuant to Section 5.2(d) of the Credit Agreement, Company has maintained an average minimum Excess Borrowing Base Availability of [$ ] during the calendar month, and has o satisfied o not satisfied the requirement that Company maintain a minimum Excess Borrowing Base Availability of not less than $3,000,000 at all times.

  • Pursuant to Section 5.2(c) of the Credit Agreement, the current Excess Borrowing Base Availability [$ ], which o satisfies o does not satisfy the requirement Company maintain an Excess Borrowing Base Availability of at least $5,000,000.

  • Notwithstanding the foregoing, (i) the Borrower may submit additional Borrowing Base Certificates or updates thereof at any time during a calendar month, and they shall be taken into account in determining Average Excess Borrowing Base Availability and Excess Availability and (ii) the Agent will reserve the right to require that Borrowing Base Certificates and such updates thereof be furnished on a more frequent basis, in its reasonable discretion.

  • Company shall maintain, at all times, a minimum Excess Borrowing Base Availability of not less than $5,000,000.

  • Make a Restricted Payment, other than a Permitted Investment, and other than (a) to pay dividends or make distributions of cash from Parent or any Subsidiary to any Credit Party, and (b) to repurchase shares or warrants issued by the Credit Parties, so long as immediately after such repurchase the sum of Excess Borrowing Base Availability plus Unrestricted Cash Balances shall not be less than $20,000,000.

  • Company shall maintain, at all times, a minimum Excess Borrowing Base Availability of not less than $3,000,000.

  • Receipt by the Agent of evidence satisfactory to the Agent that the Borrowers have Excess Borrowing Base Availability of at least $3,000,000 as of the Closing Date, after giving effect to the payment of fees and expenses associated with the closing of this Credit Agreement, the making of the Loans and other extensions of credit and the application of the proceeds thereof to be made on the Closing Date and after deductions for past due payables and other obligations.


More Definitions of Excess Borrowing Base Availability

Excess Borrowing Base Availability means the Gross Borrowing Base minus the Aggregate Outstandings (but excluding Open Approvals).
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Related to Excess Borrowing Base Availability

  • 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 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 Availability means (a) the lesser of (x) the Canadian Sublimit and (y) the sum of (i) the Canadian Borrowing Base plus (ii) solely to the extent the total Revolving Exposure relating to the Canadian Borrower exceeds the Canadian Borrowing Base, the US Availability (calculated without giving effect to any Canadian US Borrowing Base Utilization), minus (b) the total Revolving Exposure relating to the Canadian Borrower.

  • Borrowing Base Amount means:

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

  • Revolving Availability means Class A Revolving Availability or Class B Revolving Availability, as applicable.

  • Revolving Loan Availability means, at any time, the Revolving Loan Limit minus the Revolving Loan Outstandings.

  • Required Availability means Excess Availability and unrestricted cash and Cash Equivalents in an amount of not less than $5,000,000.

  • 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.

  • Revolving Credit Availability means, at any particular time, the amount by which the Aggregate Revolving Loan Commitment at such time exceeds the Revolving Credit Obligations outstanding at such time.

  • Availability Amount is (a) the lesser of (i) the Revolving Line or (ii) the amount available under the Borrowing Base minus (b) the outstanding principal balance of any Advances.

  • 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.

  • Undrawn Availability at a particular date shall mean an amount equal to (a) the lesser of (i) the Formula Amount, or (ii) the Maximum Revolving Advance Amount, minus the Maximum Undrawn Amount of all Letters of Credit, minus (b) the sum of (i) the outstanding amount of Revolving Advances, plus (ii) amounts due and owing to any Borrower’s trade creditors which are outstanding sixty (60) days or more past the due date thereof.

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

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

  • Maximum Availability means, as of any date of determination, the difference of (i) the Facility Amount minus (ii) the balance of all unfunded Advances approved but not yet funded minus (iii) the Aggregate Unfunded Amount plus (iv) all amounts on deposit in the Unfunded Exposure Account, each as of such date of determination.

  • Excess Availability means, as of any date of determination, the amount equal to Availability minus the aggregate amount, if any, of all trade payables of Borrower and its Subsidiaries aged in excess of historical levels with respect thereto and all book overdrafts of Borrower and its Subsidiaries in excess of historical practices with respect thereto, in each case as determined by Agent in its Permitted Discretion.

  • Swing Line Availability has the meaning ascribed to it in Section 1.1(c)(i).

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

  • Borrowing Base Utilization Percentage means, as of any day, the fraction expressed as a percentage, the numerator of which is the sum of the Revolving Credit Exposures of the Lenders on such day, and the denominator of which is the Borrowing Base in effect on such day.

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

  • Revolving Availability Period means the period from and including the Effective Date to but excluding the earlier of the Revolving Maturity Date and the date of termination of the Revolving Commitments.

  • Revolving Credit Availability Period means the period from and including the Effective Date to but excluding the earlier of the Revolving Credit Commitment Termination Date and the date of termination of the Revolving Credit Commitments.

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

  • Availability Block means $15,000,000.

  • Term Loan Availability Period means the period starting on the Effective Date and ending on the End Date.