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.

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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

Each time the Borrower is required to calculate the Borrowing Base or determine whether a Borrowing Base Deficiency exists under this Agreement, the Borrower shall deliver to the Facility Agent a Borrowing Base Certificate.
The Borrower shall not terminate or reduce the Total Commitment (including, without limitation, pursuant to Section 2.05) if, to the extent that after giving effect to such reduction or termination, a Borrowing Base Deficiency shall exist.
If, based upon such weekly internal review, the Borrower determines that a Borrowing Base Deficiency exists, then the Borrower shall, within five Business Days after such determination, as provided in Section 5.01(e), deliver a Borrowing Base Certificate reflecting the new amount of the Borrowing Base and shall take the actions, and make the payments and prepayments (and provide cover for Letters of Credit), all as more specifically set forth in Section 2.10(c).
For the avoidance of doubt, no Prepayment Fee shall be required in connection with any prepayment of an Advance made to cure a Borrowing Base Deficiency or a Coverage Deficiency.
For clarity, in the event that the Borrowing Base Deficiency is not cured prior to the end of such 5-Business Day period (or, if applicable, such 30-Business Day period or any extended period consented to by the Administrative Agent in its sole discretion), it shall constitute an Event of Default under clause (a) of Article VII.

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.