Borrowing Base Reduction. For the period from and including the Seventh Amendment Effective Date (as defined below) to but excluding the next Redetermination Date, the Borrowing Base shall be an amount equal to $725,000,000. Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 2.07(e), Section 2.07(f), Section 8.13(c), Section 9.12(d) or Section 9.12(e). For the avoidance of any doubt, this Borrowing Base reduction shall not constitute a Scheduled Redetermination or Interim Redetermination.
Borrowing Base Reduction. The Borrower has informed the Administrative Agent that it plans to issue up to $250.0 million of Permitted Unsecured Indebtedness and has requested that the Required Lenders waive, and the Required Lenders do hereby waive, the reduction in the Borrowing Base upon such issuance; provided that the Borrower issues such Permitted Unsecured Indebtedness on or before February 19, 2018.
Borrowing Base Reduction. At the time of any periodic or special redetermination of the Borrowing Base, the Revolving Credit Lenders reserve the right to establish the Monthly Reduction Amount. The Revolving Credit Lenders’ determination of the Monthly Reduction Amount shall be made in accordance with the standards specified in Section 2.9 and the procedures specified in Section 2.9(d). On the Third Amendment Effective Date, the Monthly Reduction Amount initially will be set as follows for each Monthly Reduction Date: Monthly Reduction Date Monthly Reduction Amount February 28, 2020 $ 1,000,000 March 31, 2020 $ 1,000,000 April 30, 2020 $ 2,000,000 May 1, 2020 $ 2,000,000 If the total Aggregate Revolving Credit Exposure of the Revolving Credit Lenders shall exceed the Borrowing Base solely because of the reduction of the Borrowing Base by the Monthly Reduction Amount, Borrower shall, on or prior to the date of such occurrence, make a single lump sum payment in an amount sufficient to reduce the total Aggregate Revolving Credit Exposure of the Revolving Credit Lenders to or below the Borrowing Base.
Borrowing Base Reduction. (a) At the time of any periodic or special redetermination of the Borrowing Base, Lenders reserve the right to establish an amount (the "Monthly Reduction Amount") by which the Borrowing Base shall be automatically reduced effective on the first day of each successive calendar month until the next Borrowing Base redetermination. Lenders' determination of the Monthly Reduction Amount shall be made in accordance with the standards specified in Section 4.01 hereof and the procedures specified in Section 4.04 hereof. Initially, the Monthly Reduction Amount will be set at zero dollars ($0). If the Total Outstandings shall exceed the Borrowing Base solely because of the reduction of the Borrowing Base by the Monthly Reduction Amount, Borrower shall make a single lump sum payment within 30 days of Borrower receiving notice from Lenders in an amount sufficient to reduce the Total Outstandings to or below the Borrowing Base.
Borrowing Base Reduction. For the period from and including the Fourth Amendment Effective Date to but excluding the next Redetermination Date, the amount of the Borrowing Base shall be equal to $90,000,000. Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time to the extent required by Section 2.07(e), Section 2.07(f) or Section 8.12(c). For avoidance of doubt, this Borrowing Base increase shall constitute the October 1, 2019 Scheduled Redetermination.
Borrowing Base Reduction. Take actions necessary to cause the Conforming Borrowing Base to be reduced to $330,000,000 on or prior to August 31, 2017.
Borrowing Base Reduction. The Borrower agrees that if at any time the sum of (a) the Revolving Credit Loans and (b) the Letter of Credit Outstanding (excluding all outstanding and undrawn Domestic Letters of Credit so long as no drawing thereon shall have been threatened in writing) exceeds the Borrowing Base at such time (after giving effect to the proviso to subsection 8.2(f)), the Borrower shall immediately prepay upon demand by the Agent the Revolving Credit Loans in an amount equal to or greater than that of such excess, together with accrued but unpaid interest on the amount prepaid through the date of prepayment and any amounts payable pursuant to subsection 5.11.
Borrowing Base Reduction. 34 3.7 Use of Proceeds of Revolving Credit Loans................ 34 3.8
Borrowing Base Reduction. In reliance on the representations, warranties, covenants and agreements contained in this Letter Agreement, and subject to the terms and conditions set forth in this Section 3 and subject to the conditions precedent set forth in Section 4, the Lenders party hereto hereby agree that (a) pursuant to Section 2.07(f) of the Credit Agreement, upon the consummation of the Marmaton Sale, the Borrowing Base shall be automatically reduced, without any further action required on the part of the Administrative Agent or the Lenders, on the date that the Marmaton Sale is consummated by an amount equal to $20,000,000, and (b) so long as the reduction in the Borrowing Base provided for in the foregoing clause (a) occurs, the Borrowing Base value of the Marmaton Properties, the DPMS Properties and the PO&G Properties shall be disregarded for future calculations of the aggregate Borrowing Base value of Oil and Gas Properties sold or otherwise disposed of during any period for purposes of determining whether a Triggering Disposition has occurred; provided, that each of the following conditions is satisfied:
Borrowing Base Reduction. At the time of any periodic or special redetermination of the Borrowing Base, the Revolving Credit Lenders reserve the right to establish the Monthly Reduction Amount. The Revolving Credit Lenders' determination of the Monthly Reduction Amount shall be made in accordance with the standards specified in Section 2.9 and the procedures specified in Section 2.9(d). On each Monthly Reduction Date, the Borrowing Base shall automatically be reduced by the corresponding Monthly Reduction Amount. As of the Fourth Amendment Effective Date, the Monthly Reduction Amount will be set as follows for each Monthly Reduction Date: Monthly Reduction Date Monthly Reduction Amount February 28, 2020 $1,000,000 March 31, 2020 $1,000,000 May 31, 2020 $2,000,000 June 1, 2020 $2,000,000 If the total Aggregate Revolving Credit Exposure of the Revolving Credit Lenders shall exceed the Borrowing Base solely because of the reduction of the Borrowing Base by the Monthly Reduction Amount, Borrower shall, on or prior to the date of such occurrence, make a single lump sum payment in an amount sufficient to reduce the total Aggregate Revolving Credit Exposure of the Revolving Credit Lenders to or below the Borrowing Base.
