Recourse Long Term Debt definition
Recourse Long Term Debt means (x) Loans outstanding under the Five-Year Revolving Facility Long-Term Sublimit and (y) Recourse Debt of the Consolidated Financial Covenant Entities (other than Excluded Subsidiaries) that is classified as non-current per GAAP, including the current portion thereof, if any.
Recourse Long Term Debt means Recourse Debt of any Person, including Borrower and its consolidated subsidiaries, that is classified as non-current per GAAP, including the current portion thereof, if any. In addition, any Loan or Letter proceeds used to consummate a Permitted Acquisition, a capital expenditure or a purchase of fixed assets shall constitute Recourse Long Term Debt; provided, however, that no Loan or Letter proceeds used to consummate an Acquisition of Accounts, Inventory or other current assets shall constitute “Recourse Long Term Debt” unless designated as such by the Borrower in a written notice to the Agent.
Examples of Recourse Long Term Debt in a sentence
Borrower shall maintain at all times a Recourse Long Term Debt to Capitalization Ratio less than or equal to 0.70 to 1.00.
The Borrower shall maintain at all times a Recourse Long Term Debt to Capitalization Ratio less than or equal to 0.70 to 1.00.
The Borrower shall not be required to report amounts used under the 364-Day Revolving Commitment to fund any of the foregoing unless the Borrower includes such amounts as Recourse Long Term Debt in its financials delivered pursuant to the terms hereof.
Borrower shall maintain at all times as of the end of each fiscal quarter a Recourse Long Term Debt to Capitalization Ratio of less than or equal to 0.70 to 1.00.