Borrowing Base Deficit definition

Borrowing Base Deficit means, at any time of determination, the amount, if any, by which (a) the Aggregate Capital at such time, exceeds (b) the Borrowing Base at such time.

Borrowing Base Deficit means an amount equal to the excess (if any) of (a) the aggregate outstanding principal amount of all the Loans over (b) the Borrowing Base then in effect.

Borrowing Base Deficit means, on any date of determination, an amount equal to the excess, if any, of (a) the aggregate principal amount of all outstanding Advances at such time over (b) the Borrowing Base.

Examples of Borrowing Base Deficit in a sentence

• A Borrowing Base Deficit shall exist and such condition shall continue unremedied for two (2) Business Days.

• A Borrowing Base Deficit shall exist and such condition shall continue unremedied until the earlier to occur of the next Distribution Date and the second Business Day after such Borrowing Base Deficit arose.

• After giving effect to the proposed Loan, there will no Borrowing Base Deficit as calculated pursuant to the [Servicer Report] [Borrowing Base Certificate] delivered to the Facility Agent on , 201 .

• If Borrower elects to make installment payments to eliminate the Borrowing Base Deficit then until such deficiency is extinguished, any principal amounts outstanding will bear interest at the applicable contract rate of interest plus 200 additional Bps.

• A Borrowing Base Deficit shall exist and such condition shall continue unremedied until the date on which the prepayment of Advances equal to such Borrowing Base Deficit is required to be made pursuant to Section 4.1(d).

More Definitions of Borrowing Base Deficit

Borrowing Base Deficit means, at any time of determination, the amount, if any, by which (a) the Aggregate Capital at such time, exceeds (b) the sum of (i) the Borrowing Base at such time plus (ii) the aggregate amount of Collections (if any) then being held by, and under the exclusive control of, the Administrative Agent, solely to the extent such Collections (x) have been applied to reduce the Outstanding Balance of the related Receivables for purposes of calculating the Borrowing Base in clause (i) above and (y) have not been applied in reduction of the Aggregate Capital or otherwise in accordance with the priorities for payment specified in Section 4.01(a).

Borrowing Base Deficit means, at any time of determination, the amount, if any, by which (a) the Aggregate Capital plus the Aggregate Adjusted LC Participation Amount at such time, exceeds (b) the sum of (i) the Borrowing Base at such time plus (ii) the aggregate amount of Collections (if any) then being held by, and under the exclusive control of, the Administrative Agent, solely to the extent such Collections (x) have been applied to reduce the Outstanding Balance of the related Receivables for purposes of calculating the Borrowing Base in clause (i) above and (y) have not been applied in reduction of the Aggregate Capital or otherwise in accordance with the priorities for payment specified in Section 4.01(a).

Borrowing Base Deficit means, on any date of determination, an amount equal to the excess, if any, of (a) the aggregate principal amount of all outstanding Loans at such time over (b) the Borrowing Base (as reflected in the most recent Borrowing Base Certificate or Monthly Report).

Borrowing Base Deficit means, at any time of determination, the amount, if any, by which (a) the Aggregate Capital at such time, exceeds (b) the sum of (i) the Borrowing Base at such time plus (ii) the aggregate amount of Collections (if any) then being held by, and under the exclusive control of, the Administrative Agent, solely to the extent such Collections (x) have been applied to reduce the Outstanding Balance of the related Receivables for purposes of calculating the Borrowing Base in clause (i) above and (y) have not been applied in reduction of the Aggregate Capital or otherwise in accordance with the priorities for payment specified in Section 3.01(a).

Borrowing Base Deficit means, at any time of determination, the amount, if any, by which (a) the Aggregate Capital at such time,exceeds (b) the Borrowing Base at such time.

Borrowing Base Deficit means, as of any date, the amount by which the Dollar Equivalent of the Principal Obligations exceeds the Available Commitment as of such date.

Borrowing Base Deficit as set forth in Section 1.1 of the Receivables Financing Agreement is hereby deleted and replaced in its entirety as follows: