Conforming Borrowing Base Sample Clauses

Conforming Borrowing Base. Notwithstanding the requirements of Section 2.9 relating to redetermination of the Borrowing Base, without any action on the part of Administrative Agent or Lenders, the Conforming Borrowing Base shall automatically reduce as follows (each such reduction to be independent and cumulative of each other reduction) until such time as the Conforming Borrowing Base is reduced to $150,000,000: (i) on December 1, 2015, the amount of the Conforming Borrowing Base shall reduce by $2,500,000; (ii) on January 1, 2016, the amount of the Conforming Borrowing Base shall reduce by $2,500,000; (iii) on February 1, 2016, the amount of the Conforming Borrowing Base shall reduce by $2,500,000; (iv) on March 1, 2016, the amount of the Conforming Borrowing Base shall reduce by $2,500,000; (v) on April 1, 2016, the amount of the Conforming Borrowing Base shall reduce by $2,500,000; (ii) on May 1, 2016, the amount of the Conforming Borrowing Base shall reduce by $2,500,000(each such reduction, an “Automatic Conforming Borrowing Base Reduction”).
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Conforming Borrowing Base. The Conforming Borrowing Base shall be redetermined by Banks in their exclusive discretion. If Borrower does not furnish the Reserve Reports or all such information and data by the date required, the Banks may nonetheless determine a new Conforming Borrowing Base. If Banks do not determine a Conforming Borrowing Base, the Borrowing Base as redetermined shall also be the Conforming Borrowing Base for purposes of this Agreement. The initial Conforming Borrowing Base hereunder shall be $134,000,000.
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Conforming Borrowing Base. The Conforming Borrowing Base in effect as of the Closing Date is $65,000,000 (the “Initial Conforming Borrowing Base”). The Conforming Borrowing Base shall be utilized solely for purposes of determining the Conforming Borrowing Base Usage under and for purposes of this Agreement. The amount of the Conforming Borrowing Base may be redetermined on or about May 1, 2008, by the Administrative Agent and the Lenders in the same manner as the Borrowing Base may be redetermined on or about such date as provided in this Section 2.02. Notwithstanding the foregoing, beginning on June 30, 2008 and continuing through the Termination Date, the Borrowing Base shall be an amount which is equal to the Conforming Borrowing Base, as redetermined in accordance with Section 2.02, unless all of the Lenders agree in writing that the Conforming Borrowing Base should thereafter be maintained at an amount which is lower than the amount of the Borrowing Base then in effect.
Sample 1
Conforming Borrowing Base. Upon receipt of such information, the Administrative Agent shall, in the normal course of business (but in any event within 30 days after receipt of such information), propose to the Lenders a new (A) Borrowing Base (for purposes of this subsection, the “Proposed Borrowing Base”) and (B) Conforming Borrowing Base (for purposes of this subsection, the “Proposed Conforming Borrowing Base”). After having received notice of such proposal, the Lenders shall have 14 days to agree or disagree with the Proposed Borrowing Base and the Proposed Conforming Borrowing Base. If at the end of the 14 days, any Lender has not communicated its approval or disapproval to the Administrative Agent, such silence shall be deemed to be an approval of the Proposed Borrowing Base and Proposed Conforming Borrowing Base. If at the end of such 14 days, the Required Lenders (or all of the Lenders if the Borrowing Base and/or the Conforming Borrowing Base is to be increased) have approved or have been deemed to have approved the Proposed Borrowing Base and Proposed Conforming Borrowing Base, then the Proposed Borrowing Base and the Proposed Conforming Borrowing Base shall become the new Borrowing Base and Conforming Borrowing Base, effective on the date specified in Section 2.02(b)(iii). To the extent that within such 14 day period the Administrative Agent has not received the requisite number of approvals from the Lenders, the requisite number of Lenders shall, within a reasonable period of time, agree on a new Borrowing Base and Conforming Borrowing Base. Notwithstanding anything herein to the contrary, if no Conforming Borrowing Base is determined pursuant to this Section 2.02, the Borrowing Base as determined pursuant to this Section 2.02 shall also be the Conforming Borrowing Base.
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Conforming Borrowing Base. The definition of “Conforming Borrowing Base” in Section 1.02 of the Credit Agreement is hereby amended and restated in its entirety to provide:
Sample 1
Conforming Borrowing Base. The Conforming Borrowing Base is $80,000,000. The Conforming Borrowing Base shall be utilized solely for purposes of determining the Conforming Borrowing Base Usage under and for purposes of this Agreement. The amount of the Conforming Borrowing Base may be redetermined on or about October 1, 2008, by the Administrative Agent and the Lenders in the same manner as the Borrowing Base may be redetermined on or about such date as provided in this Section 2.02. Notwithstanding the foregoing, beginning on December 31, 2008 and continuing through the Termination Date, the Borrowing Base shall be an amount which is equal to the Conforming Borrowing Base, as redetermined in accordance with Section 2.02, unless all of the Lenders agree in writing that the Conforming Borrowing Base should thereafter be maintained at an amount which is lower than the amount of the Borrowing Base then in effect.
Sample 1
Conforming Borrowing Base. Subject to the provisions of this Agreement, the Lenders and the Borrower hereby agree that immediately following the closing of the Bond Issuance, it is the intent of the parties that there will no longer be have both a Borrowing Base and a Conforming Borrowing Base, and (i) the Borrower shall not be permitted to request and the Lenders shall no longer approve a separate Borrowing Base and Conforming Borrowing Base and (ii) the Borrowing Base as determined pursuant to Section 2.02 of the Credit Agreement shall also be the Conforming Borrowing Base.
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Conforming Borrowing Base. If Banks do not determine a Conforming Borrowing Base, the Borrowing Base as redetermined shall also be the Conforming Borrowing Base for purposes of this Agreement.
Sample 1

Related to Conforming Borrowing Base

  • Borrowing Base If, at any time, (A) the Revolver Usage on such date exceeds (B) the lesser of (x) the Borrowing Base reflected in the Borrowing Base Certificate most recently delivered by Borrowers to Agent, or (y) the Maximum Revolver Amount, in all cases as adjusted for Reserves established by Agent in accordance with Section 2.1(c), then Borrowers shall immediately prepay the Obligations in accordance with Section 2.4(f)(i) in an aggregate amount equal to the amount of such excess.

  • Initial Borrowing Base For the period from and including the Closing Date to but excluding the first Redetermination Date, the amount of the Borrowing Base shall be $2,250,000,000. Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 2.14(e), (f) and (g).

  • Borrowing Base Redetermination Pursuant to Section 2.07, the Administrative Agent and the Lenders agree that for the period from and including the First Amendment Effective Date to but excluding the next Redetermination Date, the amount of the Borrowing Base shall be equal to $450,000,000. 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) or Section 8.12(c). For the avoidance of doubt, the redetermination herein shall constitute the April 1, 2017 Scheduled Redetermination and the next Scheduled Redetermination shall be the October 1, 2017 Scheduled Redetermination.

  • Calculation of Borrowing Base For purposes of this Agreement, the “Borrowing Base” shall be determined, as at any date of determination, as the sum of the products obtained by multiplying (x) the Value of each Eligible Portfolio Investment by (y) the applicable Advance Rate; provided that:

  • Determination of Borrowing Base The Borrowing Base at any time shall be determined by reference to the most recent Borrowing Base Certificate and Monthly Servicing Report delivered to the Administrative Agent.

  • Borrowing Base Assets (a) The Eligible Real Estate and Borrowing Base Loans included in the calculation of the Borrowing Base Availability shall at all times satisfy all of the following conditions:

  • Borrowing Base Reports Within thirty (30) days after the last day of each month, aged listings of accounts receivable and accounts payable (by invoice date) (the “Borrowing Base Reports”);

  • Borrowing Base Report The Agent shall have received from the Borrower the initial Borrowing Base Report dated as of the Closing Date.

  • Borrowing Base Compliance After giving effect to the release of the Borrowing Base Property, the Total Outstandings will be less than or equal to the Maximum Loan Amount.

  • Effectiveness of a Redetermined Borrowing Base After a redetermined Borrowing Base is approved or is deemed to have been approved by all of the Lenders or the Required Lenders, as applicable, pursuant to Section 2.07(c)(iii), the Administrative Agent shall notify the Borrower and the Lenders of the amount of the redetermined Borrowing Base (the “New Borrowing Base Notice”), and such amount shall become the new Borrowing Base, effective and applicable to the Borrower, the Administrative Agent, the Issuing Bank and the Lenders:

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