Borrowing Base Debt

Borrowing Base Debt. All Consolidated Indebtedness, including without limitation the Obligations but excluding (a) any Subordinated Debt of the Borrower, (b) any Non-Recourse Indebtedness secured solely by Real Estate that is owned by any Loan Party and that, if the same did not secure such Indebtedness, would be included in the determination of the Borrowing Base and (c) only during the JV Debt Waiver Period, Recourse JV Obligations.