Eligible Designated Unfunded Commitments means, with respect to Designated Investors, the aggregate amount that is equal to the Unfunded Commitments of all Designated Investors; provided, however, that in connection with each determination of the Borrowing Base (in accordance with the final paragraph thereof), (a) the Eligible Designated Unfunded Commitment of each Designated Investor shall be reduced to the extent necessary, if any, so that the Eligible Designated Unfunded Commitment of such Designated Investor does not exceed the Individual Investor Concentration Limit and (b) the aggregate Eligible Designated Unfunded Commitments of all Designated Investors shall be reduced to the extent necessary, if any, so that the aggregate Eligible Designated Unfunded Commitments of all Designated Investors do not exceed the Aggregate Investor Concentration Limit.
Eligible Designated Unfunded Commitments means, with respect to Designated Investors, the aggregate amount that is equal to the Unfunded Commitments of each Designated Investor; provided, however, that in connection with each determination of the Borrowing Base, (i) first, the Eligible Designated Unfunded Commitment of each Designated Investor (and, accordingly, the Borrowing Base) shall be reduced to the extent necessary, if any, so that the Eligible Designated Unfunded Commitment of such Designated Investor does not exceed the Individual Concentration Limit; and (ii) second, the aggregate Eligible Designated Unfunded Commitments of all Designated Investors (and, accordingly, the Borrowing Base) shall be reduced to the extent necessary, if any, so that the aggregate Eligible Designated Unfunded Commitments of all Designated Investors do not exceed the Aggregate Concentration Limit.
Examples of Eligible Designated Unfunded Commitments in a sentence
For purposes of calculating the Borrowing Base (i) the Eligible Portfolio Assets shall be subject to the Portfolio Asset Concentration Limits and such concentration limits shall be applied prior to the application of the applicable advance rates, and (ii), the Eligible Designated Unfunded Commitments and Eligible Included Unfunded Commitments shall be subject to the Investor Concentration Limits and such concentration limits shall be applied prior to the application of the applicable advance rates.