Optional Borrowing Base Redetermination Related to Subject Transactions Sample Clauses

Optional Borrowing Base Redetermination Related to Subject Transactions. On or after April 20, 2009 and on or before the earlier of (i) the consummation of the Subject Transactions or (ii) June 30, 2009, the U.S. Borrower shall have the right by written notice to the Global Administrative Agent to request a discretionary redetermination of the Global Borrowing Base and the U.S. Borrowing Base. The U.S. Borrower shall comply with the terms of Section 2.8(e) of the U.S. Credit Agreement in seeking such discretionary redetermination; provided that, for the avoidance of doubt, the discretionary redetermination contemplated by this Section VIII.D shall not constitute a usage by the U.S. Borrower of its right once per calendar year to request an unscheduled redetermination pursuant to Section 2.8(e) of the U.S. Credit Agreement or Section 2.7(e) of the Canadian Credit Agreement. If the results of this discretionary redetermination are favorable to the U.S. Borrower (i.e., the Global Borrowing Base and/or the U.S. Borrowing Base are greater than the Global Borrowing Base and/or the U.S. Borrowing Base set forth in Section VIII.A) and the U.S. Borrower agrees with such redetermination, the U.S. Borrower shall execute such documents as the Global Administrative Agent may require to confirm such redetermination, and the Global Administrative Agent shall provide a revised Schedule 2.1 to U.S. Credit Agreement, which shall replace “Schedule 2.1 – U.S. Credit Agreement Global Commitments and Commitments Upon Subject Transactions Closing Date,” and a revised Schedule 2.1 to Canadian Credit Agreement, which shall replace “Schedule 2.1 – Canadian Credit Agreement Global Commitments and Commitments Upon Subject Transactions Closing Date.” If the results of this discretionary redetermination are unfavorable to the U.S. Borrower, such determination shall not be effective and the provisions of Section VIII.A above shall be effective upon the occurrence of the Subject Transactions Closing Date until the next scheduled or discretionary redetermination of the Global Borrowing Base and the U.S. Borrowing Base shall occur.
Sample 1
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Related to Optional Borrowing Base Redetermination Related to Subject Transactions

  • 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.

  • 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.

  • 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:

  • Determinations of Initial Borrowing Conditions For purposes of determining compliance with the conditions specified in Section 3.1, each Lender shall be deemed to be satisfied with each document and each other matter required to be satisfactory to such Lender unless, prior to the Closing Date, the Administrative Agent receives notice from such Lender specifying such Lender’s objections and such Lender has not made available its Pro Rata Share of any Borrowing scheduled to be made on the Closing Date.

  • 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).

  • 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:

  • Additional Conditions to Swingline Loans If a Swingline Loan is requested, all conditions set forth in Section 2.4 shall have been satisfied.

  • Adjustments of Borrowings upon Effectiveness of Increase On the Commitment Increase Date, the Borrower shall (A) prepay the outstanding Loans (if any) of the affected Class in full, (B) simultaneously borrow new Loans of such Class hereunder in an amount equal to such prepayment; provided that with respect to subclauses (A) and (B), (x) the prepayment to, and borrowing from, any existing Lender shall be effected by book entry to the extent that any portion of the amount prepaid to such Lender will be subsequently borrowed from such Lender and (y) the existing Lenders, the Increasing Lenders and the Assuming Lenders shall make and receive payments among themselves, in a manner acceptable to the Administrative Agent, so that, after giving effect thereto, the Loans of such Class are held ratably by the Lenders of such Class in accordance with the respective Commitments of such Class of such Lenders (after giving effect to such Commitment Increase) and (C) pay to the Lenders of such Class the amounts, if any, payable under Section 2.15 as a result of any such prepayment. Concurrently therewith, the Lenders of such Class shall be deemed to have adjusted their participation interests in any outstanding Letters of Credit of such Class so that such interests are held ratably in accordance with their commitments of such Class as so increased.

  • Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes (a) If the Effective Date of a Make-Whole Fundamental Change occurs prior to the Maturity Date and a Holder elects to convert its Notes in connection with such Make-Whole Fundamental Change, the Company shall, under the circumstances described below, increase the Conversion Rate for the Notes so surrendered for conversion by a number of additional shares of Common Stock (the “Additional Shares”), as described below. A conversion of Notes shall be deemed for these purposes to be “in connection with” such Make-Whole Fundamental Change if the relevant Notice of Conversion is received by the Conversion Agent from, and including, the Effective Date of the Make-Whole Fundamental Change up to, and including, the Business Day immediately prior to the related Fundamental Change Repurchase Date (or, in the case of a Make-Whole Fundamental Change that would have been a Fundamental Change but for the proviso in clause (b) of the definition thereof, the 35th Trading Day immediately following the Effective Date of such Make-Whole Fundamental Change) (such period, the “Make-Whole Fundamental Change Period”).

  • Manner of Borrowing Loans and Designating Applicable Interest Rates Notice to the Administrative Agent 9

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