Payment Deficiency definition

Payment Deficiency means, with respect to any Credit Party as of any Payment Date, the amount by which the aggregate amount of proceeds of the Notes received by such Credit Party, directly or indirectly, from the issuance and sale of the Notes as of such Payment Date exceeds the payments made by such Credit Party under the Note Agreement, the Notes, the Multiparty Guaranty or any other Transaction Documents as of such Payment Date.

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Payment Deficiency has the meaning assigned thereto in Section 2.2 of the Indenture.

Payment Deficiency has the meaning given to such term in Section 2.12(b) of the Indenture.

Examples of Payment Deficiency in a sentence

For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender and such Commitments shall remain available in accordance with the terms of this Agreement.
For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender or Issuing Bank and such Commitments shall remain available in accordance with the terms of this Agreement.
The Administrative Agent may, in its discretion, sell any Loans acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such sale, the Erroneous Payment Return Deficiency owing by the applicable Lender shall be reduced by the net proceeds of the sale of such Loan (or portion thereof), and the Administrative Agent shall retain all other rights, remedies and claims against such Lender (and/or against any recipient that receives funds on its respective behalf).
Without limitation of its rights hereunder, the Administrative Agent may cancel any Erroneous Payment Deficiency Assignment at any time by written notice to the applicable assigning Lender and upon such revocation all of the Loans assigned pursuant to such Erroneous Payment Deficiency Assignment shall be reassigned to such Lender without any requirement for payment or other consideration.
For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender or Issuing Lender and such Commitments shall remain available in accordance with the terms of this Agreement.

More Definitions of Payment Deficiency

Payment Deficiency. The amount of benefit directly or indirectly derived by a Borrower from Loan proceeds borrowed (which benefit may be derived by direct borrowing or otherwise) in excess of payments made by such Borrower under the Credit Agreement.

Payment Deficiency means such term as defined in Section 2.3.

Payment Deficiency has the meaning given such term in Section 3.01(c)(iv). “Payment Deficiency Notice” has the meaning given such term in Section 3.01(c)(i).

Payment Deficiency is defined in the Depositary Agreement. “PBGC” means the Pension Benefit Guaranty Corporation or any entity succeeding to any or all of its functions under ERISA. “Permit” means any and all franchises, licenses, permits, approvals, certifications, authorizations, exemptions and other rights, privileges required to be obtained from a Governmental Authority under any Legal Requirement. “Permitted Capital Expenditures” means Capital Expenditures consistent with the then current Annual Operating Budget (a) incurred for the purpose of permitting (i) the Borrower to comply with applicable Legal Requirements (including any Environmental Laws) and Applicable Permits or (ii) the Project to operate in accordance with the projections and budget set forth in the Financial Model or (b) as required to operate the Project in accordance with Prudent Industry Practices. “Permitted Indebtedness” means: (a) Indebtedness under the Loan Documents; (b) trade accounts payable (other than for borrowed money) arising, and accrued expenses incurred, in the ordinary course of the Borrower’s business operation so long as such trade accounts payable are payable within sixty (60) days of the date the respective goods are delivered or the respective services are rendered and are not more than sixty (60) days past due; (c) Indebtedness secured by ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇;

Payment Deficiency means with respect to any Bond Payment, the amount of such Bond Payment then due less the sum received by the Trustee on account of such Bond Payment.

Payment Deficiency has the meaning set forth in SECTION 2.03(c) of the Reimbursement Agreement.

Payment Deficiency for each Month means the sum of (a) the amount, if any, by which the Monthly PP Amount received by Grantee for such Month is less than the product obtained by multiplying (i) the Subject Quantity for such Month times (ii) the Spot Price for such Month, together with interest on such amount calculated at the Fixed Rate commencing on the Day that the Monthly PP Amount is due, plus (b) the amount of any Taxes imposed or assessed upon the Production Payment or any Hydrocarbons or proceeds of Hydrocarbons attributable to the Production Payment that are not paid by Grantor and that are paid by Grantee during such Month, together with interest on such amount at the Fixed Rate commencing on the Day of such payment by Grantee.