Borrowing Base Reductions. (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 promptly make a single lump sum payment in an amount sufficient to reduce the Total Outstandings to or below the Borrowing Base.
Borrowing Base Reductions. (i) If the sum of (A) the Recognized Value of the aggregate of Asset Dispositions occurring in any period between Scheduled Redeterminations, plus (B) the Recognized Value of Swap Terminations occurring in the same period exceeds 5% of the then effective Borrowing Base, then the Borrowing Base shall be reduced in an amount determined by the Administrative Agent in its discretion in accordance with the standards set forth in Section 2.07(a) taking into account both Recognized Value or attributed value of such Asset Dispositions and the Recognized Value given to such Swap Agreements. Any redetermination of the Borrowing Base pursuant to this Section 2.07(e) shall not be considered an Interim Redetermination requested by Administrative Agent within the meaning of Section 2.07(b).
Borrowing Base Reductions. The Borrower shall prepay (and/or cash-collateralize Letters of Credit) Revolving Loans and other revolving credit exposure under the Revolving Facility in the amount of 100% of any net cash proceeds received by a Loan Party arising or resulting from the circumstances described under the section titled “Mandatory Borrowing Base Reductions” above. (c)
Borrowing Base Reductions. (i) Upon the issuance or incurrence of any Senior Unsecured Notes in accordance with Section 9.02(h), the Borrowing Base then in effect shall be reduced by an amount equal to the product of 0.25 multiplied by the difference between (A) the stated principal amount of such Senior Unsecured Notes (without regard to any original issue discount) and (B) the amount of proceeds of such issuance applied to repay any outstanding Senior Unsecured Notes, and the Borrowing Base as so reduced shall become the new Borrowing Base immediately upon the date of such issuance or incurrence, effective and applicable to the Borrower, the Administrative Agent, the Issuing Banks and the Lenders on such date until the next redetermination or modification thereof hereunder.
Borrowing Base Reductions. Section 3.05 of the Credit Agreement shall be and it hereby is amended in its entirety to read as follows:
Borrowing Base Reductions. (i) In the event of an issuance of any Senior Notes, then the then effective Borrowing Base shall be reduced immediately, automatically and without notice by an amount equal to twenty percent (20%) of the stated principal amount of such issued Senior Notes.
Borrowing Base Reductions. The Parties hereby agree that the Lending Value Component of each of the Sale Properties is as set out in Schedule "B" hereto. The Parties further agree that upon the closing of the Sale of any Sale Property the Borrowing Base Limit shall automatically and without notice to the Borrower reduce to the extent of payment received by the Agent on behalf of the Revolving Credit Facility Lenders and the Operating Lender pursuant to Section 3.3(a) above.
Borrowing Base Reductions. If the Facility Usage exceeds the Borrowing Base (such excess being called a "Borrowing Base Deficiency") the Borrower shall, within 60 days after notice of the Borrowing Base Deficiency has been given to Borrower, prepay the Revolving Credit Loans or reduce the LC Obligations in the amount of the Borrowing Base Deficiency. Each prepayment of principal under this Section shall be accompanied by all interest then accrued and unpaid on the principal so prepaid. Any principal or interest prepaid pursuant to this Section shall be in addition to, and not in lieu of, all payments otherwise required to be paid under the Loan Documents at the time of such prepayment.
Borrowing Base Reductions. If the Borrowing Base Value of any Oil and Gas Property or interest therein (including any Equity Interest in any Loan Party that owns Oil and Gas Property) Disposed of or any Swap Agreement terminated, unwound, cancelled or otherwise disposed of, during any period between two successive Scheduled Redetermination Dates, is in excess of 5% of the Borrowing Base as then in effect (as determined by the Administrative Agent), individually or in the aggregate, then, the Administrative Agent may send a notice to the Borrower and the Lenders that the then effective Borrowing Base shall be reduced by the Borrowing Base Value of the Oil and Gas Property or interest therein subject to such Disposition or the Swap Agreement subject to such termination or other disposition (which new Borrowing Base shall become effective immediately after receipt of such notice).
Borrowing Base Reductions. (i) If the sum of (A) the Recognized Value of the aggregate of Asset Dispositions occurring in any period between Scheduled Redeterminations (determined after taking into account the attributed value (as determined by the Administrative Agent (in its sole discretion)) of any concurrent acquisitions of and other investments in Oil and Gas Properties by the Borrower and its Subsidiaries approved by the Administrative Agent (in its sole discretion) and with respect to which the Borrower has delivered a Reserve Report in accordance with Section 8.12(b)) at least 30 days prior to the consummation of such acquisition or investment (or such shorter time as may be agreed by to by the Administrative Agent)), plus (B) the Recognized Value of Swap Terminations occurring in the same period, determined after taking into account the attributed value (as determined by the Administrative Agent (in its sole discretion)) of any other similar Swap Agreements executed contemporaneously with the taking of such actions acceptable to the Administrative Agent) exceeds 5% of the then effective Borrowing Base, then the Borrowing Base shall be reduced in an amount determined by the Administrative Agent in its sole discretion in accordance with the standards set forth in Section 2.07(a) taking into account both Recognized Value or attributed value of such Asset Dispositions and the Recognized Value given to such Swap Agreements. Any redetermination of the Borrowing Base pursuant to this Section 2.07(e) shall not be considered an Interim Redetermination requested by Administrative Agent within the meaning of Section 2.07(b).
