Periodic Reviews and Borrowing Base Determinations Sample Clauses

Periodic Reviews and Borrowing Base Determinations. As of approximately January 1 and July 1 of each year, commencing January 1, 1998, through the Maturity Date, and at such other times as the Bank may determine, the Bank will perform a review of the Oil and Gas Properties and will determine the Borrowing Base, taking into account such factors as the Bank in its reasonable discretion deems appropriate. The Bank will give notice to Borrower (as of approximately 10 days prior to the effective date of any new determination of the Borrowing Base pursuant hereto), of the amount of the new Borrowing Base; provided that Borrower shall have the right, by giving notice to the Bank, to make an election to reduce the Borrowing Base to an amount less than the amount so determined by the Bank; provided further that, as to any Borrowing Base Period for which Borrower has so elected to reduce the Borrowing Base, not more than once during such Borrowing Base Period, Borrower shall have the right, by giving notice to the Bank, to elect to increase the Borrowing Base to an amount not greater than the Borrowing Base originally determined by the Bank for such Borrowing Base Period, so long as no Default has occurred and is continuing at the time of such election and Borrower pays to the Bank at that time the additional amount of the commitment fee payable pursuant to Section 2.08(a) above as if the increased Borrowing Base elected by Borrower had been in effect at all times from and after the first day of such Borrowing Base Period. If, at the time of any determination of the Borrowing Base or at any other time, the then-outstanding principal balance of all Advances plus the face amount of all Letters of Credit outstanding hereunder exceeds the Commitment Amount, Borrower shall, within 30 days of any such determination: (a) mortgage, by instruments satisfactory in form and substance to the Bank, sufficient additional available assets or properties owned by Borrower and satisfactory to the Bank to induce the Bank to make a re-determination of the Borrowing Base which causes the Commitment Amount to be increased by an amount sufficient to eliminate such excess; or (b) prepay the outstanding principal balance of the Loan in an amount at least equal to the amount of such excess; or (c) commence (and thereafter continue) an amortization schedule under which Borrower repays the Loan in an amount at least equal to the excess in six equal monthly principal installments on the last Business Day of each calendar month, which amounts sha...
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Related to Periodic Reviews and Borrowing Base Determinations

  • Borrowing Base Determination Until the Revolving Credit Termination Date:

  • 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.

  • 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”);

  • 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.

  • 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:

  • 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:

  • 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.

  • 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 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.

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