Borrowing Base Excess definition

Borrowing Base Excess means, as of any date, the amount, if any, by which (a) the Borrowing Base as of such date exceeds (b) the aggregate amount of all Advances outstanding as of such date.

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Borrowing Base Excess has the meaning set forth in Section 2.4(e)(i).

Borrowing Base Excess shall have the meaning provided in Section 2.03(b).

Examples of Borrowing Base Excess in a sentence

• If, at any time, (i) the Revolver Usage on such date exceeds (ii) the Borrowing Base (such excess being referred to as the “Borrowing Base Excess Amount”), then Borrowers shall immediately prepay the Obligations in accordance with Section 2.4(f) in an aggregate amount equal to the Borrowing Base Excess Amount.

• If, at any time, (A) the Revolver Usage on such date exceeds (B) the Borrowing Base (such excess being referred to as the “Borrowing Base Excess”), then Borrower shall immediately prepay the Obligations in accordance with Section 2.4(f)(i) in an aggregate amount equal to the Borrowing Base Excess.

• If, at any time, (A) the Revolver Usage on such date exceeds (B) the Borrowing Base (such excess being referred to as the “Borrowing Base Excess”), then, within 1 Business Day thereafter, Borrowers shall prepay the Obligations in accordance with Section 2.4(f), and/or provide Restricted Cash, in an aggregate amount equal to the Borrowing Base Excess.

• If on any date of determination, there exists a Borrowing Base Excess, the Issuer may, upon one (1) Business Days’ notice to the Initial Noteholder, at its option, request an additional advance from the Initial Noteholder up to an amount equal to such Borrowing Base Excess.

• Nothing constituting Converted Domestic Borrowing Base Excess shall be available to support Credit Facility Outstandings under the Domestic Facility.

More Definitions of Borrowing Base Excess

Borrowing Base Excess. With respect to any date of determination, an amount equal to the excess of the Borrowing Base over the Note Principal Balance, in each case as of such date of determination. Business Day: Any day other than (i) a Saturday or Sunday, or (ii) a day on which banking institutions in New York City or in the city in which the Corporate Trust Office of the Indenture Trustee or the Paying Agent is located or the city in which the Servicer’s servicing operations are located are authorized or obligated by law or executive order to be closed. Call Loan: As of any date of Disposition, any Loan which does not meet criteria established by independent rating agencies or surety agency conditions for securitizations at the time of such Disposition. Certificateholder: A holder of a Trust Certificate.

Borrowing Base Excess has the meaning ascribed to it in Section 6.21.

Borrowing Base Excess. With respect to any date of determination, an amount equal to the excess of the Borrowing Base over the Aggregate Credit Agreement Exposure, in each case as of such date of determination.

Borrowing Base Excess means the amount equal to Borrowing Base minus the Outstanding Amount. 

Borrowing Base Excess shall have the meaning set forth in Paragraph 7.2(j)(xvi) of Section 7 hereof. Business Day shall mean any day on which the Lender and the principal office in Chicago, Illinois of LaSalle National Bank are open for business. Canadian Debenture shall have the meaning set forth in Paragraph 14.5 of Section 14 hereof. Canadian Deposit Account shall have the meaning set forth in Paragraph 2.1(ff) of Section 2 hereof. Capital Expenditures shall mean, for any period, the aggregate expenditures of the Obligors during such period on account of, property, plant, equipment or similar fixed assets that, in conformity with GAAP, are required to be reflected in the balance sheets of the Obligors, including, without limitation, each Capital Lease.

Borrowing Base Excess means, with respect to the Committed Credit Agreement or the Uncommitted Credit Agreement, at any time that the applicable Borrowing Base (as defined in the Committed Credit Agreement or the Uncommitted Credit Agreement, as the case may be) exceeds the aggregate Credit Exposure (as defined in the Committed Credit Agreement or the Uncommitted Credit Agreement, as the case may be) as set forth on a Borrowing Base Certificate (or an Interim Borrowing Base Certificate) delivered by the Company to the Committed Agent or the Uncommitted Agent, as the case may be.

Borrowing Base Excess has the meaning assigned to that term in Section 2.5(b) of this Agreement. “Borrowing Group” means: (a) Borrowers, (b) the parent of Borrowers, (c) any Affiliate or Subsidiary of Borrowers, (c) any Guarantor, (d) the owner of any collateral securing any part of the credit (including the Collateral), any guaranty (including the Guaranties), or this Agreement, and (e) any officer, director or agent acting on behalf of any of the parties referred to in items (a) through (d) with respect to the credit, this Agreement or any of the other Credit Documents. “Business Day” means any day except a Saturday, Sunday or other day on which national banks are authorized by law to close including, without limitation, United States federal government