Minimum Borrowing Base Requirements Clause Samples

Minimum Borrowing Base Requirements. (a) The Borrowing Base Assets included in the calculation of the Borrowing Base Availability shall at all times consist of not less than twenty-five (25) Borrowing Base Assets with an aggregate Borrowing Base Availability of not less than (i) $150,000,000.00 through and including December 31, 2020 and (ii) $250,000,000.00 commencing January 1, 2021 and continuing thereafter. (b) The Borrowing Base Availability attributable to Borrowing Base Properties included in the calculation of Borrowing Base Availability shall not be less than the percentage of total Borrowing Base Availability as set forth below, provided that any such Borrowing Base Availability attributable to Borrowing Base Loans which results in the failure to achieve such requirement shall be excluded for purposes of calculating Borrowing Base Availability: For the period: Percentage: Commencing on the date of this Agreement through and including December 31, 2020 20% Commencing on January 1, 2021 and continuing through and including December 31, 2021 40% Commencing on January 1, 2022 and continuing thereafter 60%