Borrowing Base and Aggregate Elected Commitment Amount Sample Clauses
Borrowing Base and Aggregate Elected Commitment Amount. Effective on the Amendment Effective Date, the Borrowing Base is increased to $175,000,000 until the next redetermination or adjustment thereof pursuant to the Credit Agreement. The Borrowing Base redetermination provided for by this Amendment is the Scheduled Redetermination for February 1, 2019. This Amendment shall serve as a New Borrowing Base Notice under the Credit Agreement. Borrower desires to set the Aggregate Elected Commitment Amount of the Lenders at $135,000,000. The Borrower, Administrative Agent and the Lenders agree that, (a) effective on the Amendment Effective Date, $135,000,000 shall be the Aggregate Elected Commitment Amount under the Credit Agreement and (b) notwithstanding the specific requirements of Section 2.7(d) of the Credit Agreement, this Amendment satisfies the requirements of Section 2.7(d) of the Credit Agreement for setting the Aggregate Elected Commitment Amount.
Borrowing Base and Aggregate Elected Commitment Amount. From and after the Sixth Amendment Effective Date, the Borrowing Base shall be, and hereby is, equal to the amount of $685,000,000 and the Aggregate Elected Commitment Amount is $685,000,000, which Borrowing Base and Aggregate Elected Commitment Amount shall remain in effect until with respect to the Borrowing Base, the next Scheduled Redetermination or the Borrowing Base is otherwise redetermined or adjusted in accordance with the Credit Agreement and with respect to the Aggregate Elected Commitment Amount any adjustment pursuant to Section 2.07A. Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 2.07(e), Section 8.12(c) or Section 9.11. Each of the Borrower, on the one hand, and the Administrative Agent and the Lenders, on the other hand, agree that the redetermination of the Borrowing Base pursuant to this Section 3 shall constitute a Scheduled Redetermination. This Section 3 constitutes notice of the redetermined Borrowing Base in accordance with Section 2.07(d) of the Credit Agreement.
Borrowing Base and Aggregate Elected Commitment Amount. Effective on the Amendment Effective Date, the Borrowing Base is increased to $375,000,000 until the next redetermination or adjustment thereof pursuant to the Credit Agreement. The Borrowing Base redetermination provided for by this Amendment is the Scheduled Redetermination for October 1, 2023. This Amendment shall serve as a New Borrowing Base Notice under the Credit Agreement. The Borrower desires to set the Aggregate Elected Commitment Amount of the Lenders at $375,000,000. The Borrower, Administrative Agent and the Lenders agree that, (a) effective on the Amendment Effective Date, $375,000,000 shall be the Aggregate Elected Commitment Amount under the Credit Agreement and each Lender’s Elected Commitment shall be as set forth on Schedule II to this Amendment and (b) notwithstanding the specific requirements of Section 2.7(d) of the Credit Agreement, (i) delivery of Elected Commitment Increase Certificates and Additional Lender Certificates are not required to execute this Amendment and such requirements are hereby waived by the Borrower, Administrative Agent and the Lenders, and (ii) this Amendment satisfies the requirements of Section 2.7(d) of the Credit Agreement for setting the Aggregate Elected Commitment Amount.
Borrowing Base and Aggregate Elected Commitment Amount. Effective on the Amendment Effective Date, the Borrowing Base is decreased to $150,000,000 until the next redetermination or adjustment thereof pursuant to the Credit Agreement. The Borrowing Base redetermination provided for by this Amendment is the Scheduled Redetermination for February 1, 2020. This Amendment shall serve as a New Borrowing Base Notice under the Credit Agreement. Pursuant to Section 2.7(d)(viii) of the Credit Agreement, as a result of the decrease of the Borrowing Base provided by this Section 3, (a) the Aggregate Elected Commitment Amount of the Lenders is automatically reduced to $150,000,000 concurrently with such decrease of the Borrowing Base and (b) upon such reduction of the Aggregate Elected Commitment Amount each Lender’s Elected Commitment is as set forth on Schedule II to this Amendment.
Borrowing Base and Aggregate Elected Commitment Amount. The Lenders, the Administrative Agent and the Borrower agree that, upon and as of the Eleventh Amendment Closing Date, (a) an Interim Redetermination (the “Eleventh Amendment Interim Redetermination”) shall be deemed to have taken place according to the procedures set forth in the Credit Agreement, (b) a New Borrowing Base Notice shall be deemed to have been delivered on the immediately preceding Business Day, (c) the amount of the Borrowing Base shall be automatically increased from $775,000,000 to $1,200,000,000 (the “Borrowing Base Increase”) and (d) the Aggregate Elected Commitment Amount shall be automatically increased from $775,000,000 to $1,200,000,000 without the need to deliver an Elected Commitment Increase Certificate or an Additional Lender Certificate; provided that, to the extent that the Borrowing Base Value attributable to all CHK STX Assets contemplated to be acquired by SilverBow Resources Operating pursuant to the Chesapeake Acquisition Agreement as in effect on the Signing Date that are not acquired by SilverBow Resources Operating on the Eleventh Amendment Closing Date (together with the Borrowing Base Value of any Disposition of any Oil and Gas Properties constituting Proved Reserves (but excluding any Disposition to a Loan Party) or any Equity Interests in any Person owning Oil and Gas Properties constituting Proved Reserves (but excluding any Disposition to a Loan Party), or Unwind of any Swap Agreement since the Signing Date) exceeds 5.00% of the unadjusted Borrowing Base immediately prior to the Eleventh Amendment Closing Date, the Borrower shall provide written notice to the Administrative Agent (for delivery to the Lenders), and the Administrative Agent may elect to adjust the Borrowing Base on or after the Eleventh Amendment Closing Date (and the Aggregate Elected Commitment Amount shall automatically be reduced pursuant to Section 2.06(c)(viii) of the Credit Agreement so that the Aggregate Elected Commitment Amount is equal to such redetermined Borrowing Base). After giving effect to the Eleventh Amendment Interim Redetermination, the Borrowing Base shall remain in effect until otherwise redetermined or adjusted pursuant to the Borrowing Base Adjustment Provisions in accordance with the terms of the Credit Agreement. For avoidance of doubt, the Borrower may not initiate an additional Interim Redetermination of the Borrowing Base until after the Scheduled Redetermination immediately following the Eleventh Amendment Closing Dat...
Borrowing Base and Aggregate Elected Commitment Amount. Effective on the Amendment Effective Date, the Borrowing Base is decreased to $135,000,000 until the next redetermination or adjustment thereof pursuant to the Credit Agreement. The Borrowing Base redetermination provided for by this Amendment is the Scheduled Redetermination for August 1, 2020. This Amendment shall serve as a New Borrowing Base Notice under the Credit Agreement. Pursuant to Section 2.7(d)(vi) and Section 2.7(d)(viii) of the Credit Agreement, as a result of a decrease in the Elected Commitment of an Existing Lender and the decrease of the Borrowing Base provided by this Section 3, (a) the Aggregate Elected Commitment Amount of the Lenders is reduced to $132,500,000 concurrently with such decrease of the Borrowing Base and (b) upon such reduction of the Aggregate Elected Commitment Amount each Lender’s Elected Commitment is as set forth on Schedule II of Attachment A to this Amendment.
Borrowing Base and Aggregate Elected Commitment Amount