Borrowing Base Deficiency definition
Borrowing Base Deficiency means, at any date on which the same is determined, the amount, if any, that (a) the aggregate Covered Debt Amount as of such date exceeds (b) the Borrowing Base as of such date.
Borrowing Base Deficiency has the meaning described in Section 2.1.3 (Borrowing Base).
Borrowing Base Deficiency occurs if at any time the total Revolving Credit Exposures exceeds the Borrowing Base then in effect.
Examples of Borrowing Base Deficiency in a sentence
Any Collections on deposit in any Eligible Currency Account denominated in an Eligible Foreign Currency may be converted by the Collateral Agent at the direction of the Collateral Manager into another Eligible Foreign Currency on any Business Day (other than a Payment Date) using the then current spot rate as set forth in the definition of “Dollar Equivalent” so long as no Borrowing Base Deficiency exists either prior to or after giving effect to such conversion.
More Definitions of Borrowing Base Deficiency
Borrowing Base Deficiency means the amount by which the aggregate outstanding amount of the Advances plus the Letter of Credit Exposure exceeds the lesser of (x) the Borrowing Base and (y) the aggregate Commitments.
Borrowing Base Deficiency means, as of any date, the amount, if any, by which (a) the Outstanding Revolving Credit on such date, exceeds (b) the Borrowing Base in effect on such date; provided that, for purposes of computing the existence and amount of any Borrowing Base Deficiency, Letter of Credit Exposure will not be deemed to be outstanding to the extent funds have been deposited with Administrative Agent to secure such Letter of Credit Exposure pursuant to Section 2.1(b).
Borrowing Base Deficiency occurs if, at any time, the aggregate Total Exposures of all Lenders exceeds the Borrowing Base then in effect. The amount of the Borrowing Base Deficiency is the amount by which Total Exposures of all Lenders exceeds the Borrowing Base then in effect.
Borrowing Base Deficiency means, as of any date of determination, the extent to which the aggregate Advances Outstanding on such date exceeds the Borrowing Base.
Borrowing Base Deficiency shall have the meaning provided in Section 2.06 hereof.
Borrowing Base Deficiency means a condition occurring on any day on which the Borrowing Base Test is not satisfied.
Borrowing Base Deficiency means an event that occurs and is continuing on any date of determination that the Outstanding Loan Amount exceeds the Borrowing Base.