Maximum Permitted Borrowing definition

Maximum Permitted Borrowing means, at any date of determination, an amount equal to the least of (i) the maximum amount of Senior Debt that the Borrower would be permitted to incur under its Fundamental Policies on such date, (ii) the maximum amount of Senior Debt that the Borrower would be permitted to incur on such date under the ICA, (iii) the sum on such date of (A) 50% of the Maximum Borrowing Value of the Borrower’s Margin Stock (excluding any such Margin Stock that is subject to any Lien (other than a Lien referred to in Section 7.2(b), (c), (d), (f) or (g)), that is segregated or that is on deposit to satisfy margin requirements) as of such date plus (B) the Maximum Borrowing Value of the Borrower’s Non-Margin Assets (excluding any such Non-Margin Assets that are subject to any Lien (other than a Lien referred to in Section 7.2(b), (c), (d), (f) or (g)), that are segregated or that are on deposit to satisfy margin requirements) as of such date, and (iv) 33.0% of (A) in connection with any Loan, the Pro-forma Borrowing Asset Value, or (B) in all other cases, the Borrowing Asset Value of the Borrower as of the immediately preceding Business Day.
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Maximum Permitted Borrowing means, at any time of determination, an amount equal to the least of:
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Maximum Permitted Borrowing means, at any time, the aggregate of seventy-five (75%) percent of the Value of each Mortgaged Property and Additional Mortgaged Property then a part of the Collateral, but in no event more than the Maximum Commitment. The aggregate Value of the Properties comprising the Collateral and, accordingly, the Maximum Permitted Borrowing may be increased from time to time to the extent that Borrower grants, or causes an Affiliate to grant, and Lender accepts, an Additional Mortgage. In order to ensure that the portion of the outstanding amount of the Loans attributable to any Mortgaged Property or Additional Mortgaged Property shall not at any time exceed seventy-five (75%) percent of the Value of such Mortgaged Property or Additional Mortgaged Property, Lender shall determine in its sole discretion the Value of any Additional Mortgaged Property and the amount by which Maximum Permitted Borrowing may be increased as a result of the contribution of such Additiona Mortgaged Property to the Collateral. Based on Lender's determination of the Value of the Mortgaged Properties as of the date hereof, the Maximum Permitted Borrowing upon execution of this Agreement shall be the amount set forth on Schedule III, attached hereto. Upon the occurrence of a Material Decrease in Value, Borrower shall be required to prepay such portion of the Loans as is sufficient to cause the outstanding amount of the Loans to be less than or equal to the Maximum Permitted Borrowing, provided, however, that Borrower's failure to make such prepayment shall not be deemed a Default under this Agreement until the date that is ninety (90) days after the date on which Lender delivered to Borrower a certificate indicating the occurrence of a Material Decrease in Value and upon the further condition that the outstanding amount of the Loans shall still exceed the Maximum Permitted Borrowing upon such ninetieth (90th) day.
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Examples of Maximum Permitted Borrowing in a sentence

  • Subject to the terms and conditions set forth herein, each Lender agrees to make loans to the Borrower from time to time during the period from the Effective Date through the Business Day immediately preceding the Commitment Termination Date, provided that immediately after giving effect thereto, (i) the aggregate outstanding principal balance of such Lender’s Loans will not exceed its Commitment and (ii) Senior Debt shall not exceed the Maximum Permitted Borrowing.

  • In addition, in the event and on any day that Senior Debt exceeds the Maximum Permitted Borrowing, the Borrower shall immediately prepay the Loans in an amount necessary to eliminate such excess.

  • The Borrower will not at any time permit the aggregate amount of its outstanding Debt to exceed the Maximum Permitted Borrowing.

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  • Subject to the terms and conditions set forth herein, the Bank agrees to make loans to the Borrower from time to time during the period from the date of the surrender of the Letter of Credit, undrawn, to the Bank through the Business Day immediately preceding the Commitment Termination Date, provided that immediately after giving effect thereto, (a) the Credit Exposure will not exceed the Commitment, and (b) Senior Debt shall not exceed the Maximum Permitted Borrowing.

  • Subject to the terms and conditions set forth herein, each Lender agrees to make loans to the Borrower from time to time during the period from the Effective Date through the Business Day immediately preceding the Commitment Termination Date, provided that immediately after giving effect thereto, (i) the aggregate outstanding principal balance of such Lxxxxx’s Loans will not exceed its Commitment and (ii) Senior Debt shall not exceed the Maximum Permitted Borrowing.

  • Subject to the terms and conditions set forth herein, the Bank agrees to make loans to the Borrower from time to time during the period from the Effective Date through the Business Day immediately preceding the Commitment Termination Date, provided that immediately after giving effect thereto, (a) the Loan Balance will not exceed the Commitment, and (b) the Borrower will not have exceeded the Maximum Permitted Borrowing.

  • The Letter of Credit shall be issued only if (and, upon such issuance, the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, (x) the Credit Exposure shall not exceed the Commitment, and (y) the Borrower will not have exceeded the Maximum Permitted Borrowing.

  • Subject to the terms and conditions set forth herein, the Bank agrees to issue the Letter of Credit, for the account of the Borrower, on any Business Day during the period commencing on the Effective Date and ending on the 60th day thereafter, provided that immediately after giving effect thereto (i) the Credit Exposure will not exceed the Commitment, and (ii) the Borrower will not have exceeded the Maximum Permitted Borrowing.

  • Subject to the terms and conditions set forth herein, each Lender agrees to make loans (each a “Loan”) to the Borrower from time to time during the period from the Effective Date through the Business Day immediately preceding the Commitment Termination Date, provided that immediately after giving effect thereto, (i) the aggregate outstanding principal balance of such Lender’s Loans will not exceed its Commitment and (ii) Senior Debt shall not exceed the Maximum Permitted Borrowing.


More Definitions of Maximum Permitted Borrowing

Maximum Permitted Borrowing means with respect to any Borrower at any time of determination, an amount equal to the sum on such date of (x) 50% of the Maximum Loan Value of such Borrower's Margin Stock plus (y) the Maximum Loan Value of such Borrower's Non-Margin Assets.
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Maximum Permitted Borrowing means at any time of determination, an amount equal to the least of (a) the maximum amount of Senior Debt that the Borrower would be permitted to incur under its Fundamental Policies, (b) the maximum amount of Senior Debt that the Borrower would be permitted to incur on such date under the ICA, (c) the sum on such date of (i) 50% of the Maximum Loan Value of the Borrower’s Margin Stock (excluding any such Margin Stock that is subject to any Lien (other than a Lien referred to in Section 7.2(b), (c), (d) or (g)) or that is otherwise segregated or on deposit to satisfy margin requirements) as of such date plus (ii) the Maximum Loan Value of the Borrower’s Non-Margin Assets (excluding any such Non-Margin Assets that are subject to any Lien (other than a Lien referred to in Section 7.2(b), (c), (d) or (g)) or that are otherwise segregated or on deposit to satisfy margin requirements) as of such date, and (d) 25% of (i) in connection with any Loan, the Pro-forma Borrowing Asset Value of the Borrower, or (ii) in all other cases, the Borrowing Asset Value of the Borrower as of the immediately preceding Business Day.
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Related to Maximum Permitted Borrowing

  • Committed Borrowing means a borrowing consisting of simultaneous Committed Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.01.

  • Revolving Credit Borrowing means a borrowing consisting of simultaneous Revolving Credit Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Revolving Credit Lenders pursuant to Section 2.01(b).

  • Revolving Credit Borrowing Request means a request made pursuant to Section 2.4 in the form of Exhibit B-4.

  • Notice of Revolving Credit Borrowing has the meaning specified in Section 2.02(a).

  • Term A Borrowing means a borrowing consisting of simultaneous Term A Advances of the same Type made by the Term A Lenders.

  • Notice of Committed Borrowing has the meaning set forth in Section 2.02.

  • Term B Borrowing means a borrowing consisting of simultaneous Term B Advances of the same Type made by the Term B Lenders.

  • Revolving Facility Borrowing means a Borrowing comprised of Revolving Facility Loans.

  • Borrowing means Loans of the same Type, made, converted or continued on the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect.

  • Eurocurrency Revolving Facility Borrowing means a Borrowing comprised of Eurocurrency Revolving Loans.

  • ABR Revolving Facility Borrowing means a Borrowing comprised of ABR Revolving Loans.

  • Refunded Swingline Loans as defined in Section 2.7(b).

  • Bid Borrowing means a borrowing consisting of simultaneous Bid Loans of the same Type from each of the Lenders whose offer to make one or more Bid Loans as part of such borrowing has been accepted under the auction bidding procedures described in Section 2.03.

  • Base Rate Borrowing means a Borrowing comprised of Base Rate Loans.

  • Swingline Borrowing means a borrowing of a Swingline Loan pursuant to Section 2.04.

  • Revolving Loan Borrowing means a borrowing of a Revolving Loan.

  • RFR Borrowing means, as to any Borrowing, the RFR Loans comprising such Borrowing.

  • Swingline Loans as defined in Section 2.6.

  • Letter of Credit Borrowing means any Credit Extension resulting from a drawing under any Letter of Credit that has not been reimbursed or refinanced as a Borrowing of Revolving Loans.

  • Eurodollar Revolving Borrowing means a Borrowing comprised of Eurodollar Revolving Loans.

  • Borrowing Tranche means specified portions of Loans outstanding as follows: (i) any Loans to which a LIBOR Rate Option applies which become subject to the same Interest Rate Option under the same Loan Request by the Borrower and which have the same Interest Period shall constitute one Borrowing Tranche, and (ii) all Loans to which a Base Rate Option applies shall constitute one Borrowing Tranche.

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

  • Adjusted Borrowing Value means, on any date of determination, for any Eligible Loan Asset, an amount equal to the lower of (a) the Outstanding Balance of such Eligible Loan Asset at such time and (b) the Assigned Value of such Eligible Loan Asset at such time, multiplied by the Outstanding Balance of such Eligible Loan Asset at such time. Notwithstanding the foregoing, the Adjusted Borrowing Value of any Loan Asset that is no longer an Eligible Loan Asset at such time shall be zero.

  • ABR Revolving Loan means any Revolving Facility Loan bearing interest at a rate determined by reference to the ABR in accordance with the provisions of Article II.

  • Canadian Borrowing means a Borrowing of Canadian Loans.

  • U.S. Swingline Loan means any swingline loan denominated in Dollars made by the applicable Swingline Lender to a US Borrower pursuant to Section 2.2, and all such swingline loans collectively as the context requires.