Borrowing Base Overadvance definition

Borrowing Base Overadvance means (a) any additional Obligation owed to the Syndicated Group or Metals Lender by the Debtor which is incurred after the time when a Borrowing Base Certificate of the Debtor last received by the Creditors shows a Borrowing Base deficiency (which shall mean that the Obligations of the Debtor set forth in such Borrowing Base Certificate delivered to the Creditors exceeds the Borrowing Base as set forth therein), or (b) the portion of any additional Obligation owed to the Syndicated Group or Metals Lender by the Debtor which is incurred after the time when a Borrowing Base Certificate is received by the Syndicated Group or Metals Lender, as applicable, and which, when added to the Obligations of the Debtor set forth in such Borrowing Base Certificate, would cause the Obligations to the Creditors to exceed the Borrowing Base as set forth therein; provided that: (i) any extension, renewal or refinancing by the Syndicated Group or Metals Lender (including any financings of reimbursement obligations due under letters of credit) of any Outstanding Obligations of the Debtor that were outstanding before delivery of such a Borrowing Base Certificate of the Debtor and were not Borrowing Base Overadvances shall not be a Borrowing Base Exhibit K to Credit Agreement Overadvance; (ii) a Borrowing Base Overadvance to the Debtor shall cease to be a Borrowing Base Overadvance if, at any time after the date such Borrowing Base Overadvance is made, the Debtor delivers to the Creditors a Borrowing Base Certificate of the Debtor (in accordance with the terms of the Credit Agreement), which is materially accurate, reflecting that the Borrowing Base of the Debtor exceeds all Outstanding Obligations and all Borrowing Base Overadvances; and (iii) no loan or extension of credit by the Syndicated Group or Metals Lender shall be deemed to be a Borrowing Base Overadvance if prior to making such loan or extension of credit, the Syndicated Group or Metals Lender, as applicable, receives (x) a new Borrowing Base Certificate of the Debtor (in accordance with the terms of the Credit Agreement), which is materially accurate, reflecting that after giving effect to such loan or extension of credit, the outstanding loans and extensions of credit owing to all Creditors are less than the Borrowing Base as of the date of such loan or extension of credit or (y) a certificate duly executed by the Debtor, which is materially accurate, under which the Debtor certifies that after giving effect to suc...
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Borrowing Base Overadvance means prior to and including September 30, 2001, $15 million, and thereafter, zero ($0).
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Borrowing Base Overadvance has the meaning assigned to such term in Section 2.11(c).
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Examples of Borrowing Base Overadvance in a sentence

  • If the Facility Usage exceeds the Aggregate Borrowing Base ("Overadvance") at any time, the excess amount shall be payable by Borrowers on demand by Agent, but all such Revolver Loans, FILO Loans and LC Obligations shall nevertheless constitute Obligations secured by the Collateral and entitled to all benefits of the Credit Documents.

  • If the aggregate Revolver Loans exceed the Borrowing Base ("Overadvance") at any time, the excess amount shall be payable by Borrowers on demand by Agent, but all such Revolver Loans shall nevertheless constitute Obligations secured by the Collateral and entitled to all benefits of the Loan Documents.

  • If the aggregate Revolver Loans exceed the Borrowing Base ("Overadvance") at any time, the excess amount shall be payable by Borrower on demand by Lender, but all such Revolver Loans shall nevertheless constitute Obligations secured by the Collateral and entitled to all benefits of the Loan Documents.

  • If the aggregate Revolver Loans exceed the Borrowing Base ("Overadvance"), the excess amount shall be payable by Borrower on demand by Lender, but all such Revolver Loans shall nevertheless constitute Obligations secured by the Collateral and entitled to all benefits of the Loan Documents.

  • In consideration of the Borrowing Base Overadvance, the Borrower agrees to pay to the Administrative Agent, for the ratable benefit of the Lenders, an overadvance utilization fee (the "Overadvance Utilization Fee") equal to one and one-fourth percent (1.25%) per annum on the amount by which the aggregate principal amount of outstanding Obligations exceeds the Unadjusted Borrowing Base on any day during the applicable period.

  • If the aggregate Revolving Loans exceed the Borrowing Base ("Overadvance") or the aggregate Revolving Loan Commitments at any time, the excess amount shall be payable by Borrowers on demand by Administrative Agent, but all such Revolving Loans shall nevertheless constitute Obligations secured by the Collateral and entitled to all benefits of the Credit Documents.

  • If Revolver Usage exceeds the Borrowing Base ("Overadvance") at any time, the excess amount shall be payable by Borrowers on demand by Lender, but all such Revolver Loans shall nevertheless constitute Obligations secured by the Collateral and entitled to all benefits of the Loan Documents.

  • If the sum of all outstanding Revolver Loans plus the LC Obligations (exclusive of fees owing with respect to Letters of Credit ) exceeds the Borrowing Base ("Overadvance") at any time, the excess amount shall be payable by Borrower on demand by Lender, but all such Revolver Loans and LC Obligations shall nevertheless constitute Obligations secured by the Collateral and entitled to all benefits of the Loan Documents.

  • If Revolver Usage exceeds the Borrowing Base ("Overadvance") at any time, the excess shall be payable by Borrowers on demand by Agent and shall constitute an Obligation secured by the Collateral, entitled to all benefits of the Loan Documents.

  • Borrowing Base Overadanvces shall accrue interest at the Borrowing Base Overadvance Interest Rate, and may be requested by the Borrower, repaid and reborrowed (up to the Borrowing Base Overadvance Termination Date) in the same manner as Advances hereunder.


More Definitions of Borrowing Base Overadvance

Borrowing Base Overadvance means (i) from May 1, 2003 through and including September 30, 2003, the sum of $5,000,000, and (ii) from and after September 30, 2003, zero. (d) The definition of the term "Fixed Charge Coverage Ratio" in Section 1.01 of the Amended Loan Agreement is hereby modified to read as follows: "Fixed Charge Coverage Ratio" shall mean, with respect to Borrower for any period of four consecutive Fiscal Quarters most recently ended on or prior to the date of determination, the ratio of (a) EBITDA for such period to (b) the sum of (i) Interest Expense incurred during such period (other than Interest Expense with respect Avemarau Debt), (ii) the installments of principal with respect to any Debt required to be made during such period (other than principal payments with respect to Avemarau Debt), (iii) any dividends or distributions to stockholders made during such period, (iv) Capital Expenditures made during such period and (v) taxes paid by Borrower during such period, in each and every case measured as of end of such period. (e) The definition of the term "Majority Banks" in Section 1.01 of the Amended Loan Agreement is hereby modified to read as follows: "Majority Banks" shall mean, as of any date, Banks holding at least 80% of the aggregate Commitments as described on Schedule 6 as of such date. ----------- (f) Clause (G) in the definition of the term "Permitted Liens" is hereby modified in its entirety to read as follows: RESERVED. (g) The following definition is hereby added to Section 1.01 of the Amended Loan Agreement: "Fiscal Quarter" shall mean any 13 consecutive week period (ending on a Friday) that constitutes a quarter of any fiscal year of Borrower. (h) The first sentence of Section 2.02(A) of the Amended Loan Agreement is hereby modified in its entirety to read as follows: (A) Except as provided in Section 2.02(B), (i) while a Term Loan or any portion thereof is Euro-Dollar Loan, it shall bear interest at a per-annum rate equal to the applicable Euro-Dollar Rate, and at other times it shall bear interest at the applicable Floating Rate, (ii) while any Revolving Credit Loan (other than that portion thereof, if any, that represents the Borrowing Base Overadvance) is a Euro-Dollar Loan, it shall bear interest at a per-annum rate equal to the applicable Euro-Dollar Rate, and at other times it shall bear interest at the applicable Floating Rate and (iii) the Borrowing Base Overadvance (or such portion thereof as may be advanced and outstanding hereunder fro...
Sample 1
Borrowing Base Overadvance means (i) from April 30, 2001 through and including September 1, 2001, the sum of $5,000,000, and (ii) from and after September 2, 2001, zero.
Sample 1
Borrowing Base Overadvance means, as of any date of determination, the amount by which the Revolving Credit Outstandings exceed the Borrowing Base (calculated without giving effect to clause (d) thereof) as of such date (based upon the most recent Borrowing Base Certificate delivered by Borrowers to Administrative Agent).
Sample 1

Related to Borrowing Base Overadvance

  • Canadian Overadvance has the meaning assigned to such term in Section 2.04(b).

  • Overadvance has the meaning set forth in Section 2.5.

  • Borrowing Base means, as of any date of determination, the result of:

  • Overadvance Loan means a Base Rate Revolving Loan made when an Overadvance exists or is caused by the funding thereof.

  • Borrowing Base Availability means, at the time of any determination, an amount equal to the lesser of the Borrowing Base at such time and the aggregate amount of the Commitments at such time.

  • Permitted Overadvance means an Overadvance made by the Agent, in its discretion, which:

  • U.S. Borrowing Base means, as of any date of determination, the result of:

  • Borrowing Availability means, as of any date of determination, the lesser of (i) the Maximum Amount and (ii) the Borrowing Base, in each case, less the sum of the aggregate Revolving Loan and Swing Line Loan then outstanding.

  • Aggregate Borrowing Base means the aggregate amount of the U.S. Borrowing Base and the Canadian Borrowing Base; provided that the maximum amount of the Canadian Borrowing Base which may be included in the Aggregate Borrowing Base is the Canadian Sublimit.

  • Borrowing Base Value means, with respect to any Oil and Gas Property of a Credit Party or any Swap Agreement in respect of commodities, the value the Administrative Agent attributed to such asset in connection with the most recent determination of the Borrowing Base as confirmed by Required Lenders.

  • Revolving Loan Availability means at any time the lesser of (a) the Revolving Loan Commitment or (b) the Borrowing Base Amount.

  • Tranche A Borrowing Base means, at any time of calculation, an amount equal to:

  • Canadian Borrowing Base means at any time an amount equal to the sum of the Dollar Equivalent of, without duplication:

  • Overadvance Amount has the meaning specified therefor in Section 2.4(f).

  • Borrowing Base Amount means:

  • Borrowing Base Test means a test that will be satisfied on any date of determination if the following is true: Where: AR =57%.

  • Domestic Borrowing Base means, at any time of calculation, an amount equal to:

  • Borrowing Base Deficiency means, as of any date of determination, the positive amount, if any, by which (i) the aggregate Loans Outstanding exceeds (ii) the Borrowing Base.

  • Borrowing Base Report means a Borrowing Base Report for the Borrower signed by an Authorized Signatory of the Borrower and in substantially the form of Exhibit D attached hereto.

  • 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.

  • Term Loan Availability Period means the period starting on the Effective Date and ending on the End Date.

  • Revolving Availability means Class A Revolving Availability or Class B Revolving Availability, as applicable.

  • Proposed Borrowing Base has the meaning assigned to such term in Section 2.07(c)(i).

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

  • Revolving Availability Period means the period from and including the Effective Date to but excluding the earlier of the Revolving Maturity Date and the date of termination of the Revolving Commitments.

  • Revolving Credit Availability Period means the period from and including the Effective Date to but excluding the earlier of the Revolving Credit Commitment Termination Date and the date of termination of the Revolving Credit Commitments.