Excluded First Lien Debt. Shall mean, (a) any obligation, liabilities or indebtedness of the Credit Parties relating to Hedging Agreements (as defined in the First Lien Credit Agreement as of the date hereof), (b) that portion of the First Lien Principal Obligations (including interest due thereon) which when made or incurred caused the First Lien Principal Obligations to exceed the Maximum First Lien Debt and (c) any Additional Interest. Excluded First Lien Debt shall not include any portion of the First Lien Principal
... Obligations (and interest due thereon) which, (x) on the date of funding by the First Lien Lenders in the case of the Revolving Credit Loans or the date of issuance, renewal or amendment in the case of the Letter of Credit Liabilities represented by the outstanding Letters of Credit, did not cause the First Lien Principal Obligations to exceed the Maximum First Lien Debt as calculated based upon the most recent Borrowing Base Certificate received by the First Lien Agent prior to such funding or issuance, renewal or amendment (even if such Borrowing Base Certificate proved to be inaccurate based upon, but not limited to, errors, fraud or changes in collateral values) or (y) First Lien Principal Obligations (and interest thereon) to the extent that the Revolving Credit Loans are funded or the Letter of Credit Liabilities are incurred at a time following a Back-in-O/A so long as such amounts do not exceed an amount equal to the Maximum First Lien Debt as calculated based upon the most recent Borrowing Base Certificate received by the First Lien Agent prior to the occurrence of a Back-in-O/A minus the amount of the First Lien Principal Obligations outstanding on such date.
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