Redetermination of Collateral Borrowing Base Sample Clauses

Redetermination of Collateral Borrowing Base. At any time within thirty (30) days of the receipt of such third party petroleum engineering report required by Section 4.1(a), and in no event later than each April 1 and October 1 (commencing April 1, 2019) (each being a "Redetermination Date") Bank shall (i) make a good faith determination of the present worth using such pricing and discount factor (in no event shall the present worth be discounted by a factor less than nine percent (9.0%)) and advance rate as it deems appropriate pursuant to Bank's then applicable energy lending and engineering policies, procedures and pricing parameters, of the future net revenue estimated by Bank to be received by Borrower from not less than eighty percent (80%) of the oil and gas xxxxx/properties so evaluated and attributable to Borrower, multiplied by a percentage then determined by Bank in good faith to be appropriate on the basis of Bank's then applicable energy lending criteria, and (ii) report in writing to Borrower such sum of the evaluation by Bank of such evaluated oil and gas properties (the "Collateral Borrowing Base"). In addition to the scheduled semi-annual Collateral Borrowing Base redeterminations, Bank shall have the right to require additional Collateral Borrowing Base redeterminations at any time, including acquisitions or permitted sales of oil and gas leasehold producing properties included in the most recent Collateral Borrowing Base redetermination and Borrower shall have the right to request an unscheduled redetermination once between each scheduled redetermination. The initial Collateral Borrowing Base is stipulated to be $1,350,000.00 as of the Closing Date. The good faith determinations of Bank in such respects shall be conclusive absent manifest error.
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Redetermination of Collateral Borrowing Base. Pursuant to Section 4.2 of the Existing Loan Agreement, the Collateral Borrowing Base has been redetermined in the amount of $7,980,000.00, which redetermination shall constitute and satisfy the spring 2021 semi-annual Collateral Borrowing Base redetermination.
Sample 1
Redetermination of Collateral Borrowing Base. At any time after thirty (30) days of the receipt of the required reserve reports, and in no event later than each August 31 and February 28 (commencing February 28, 2020) (each being a "Redetermination Date") Agent shall propose to the Lenders, based on a good faith determination of the present worth using such pricing and discount factor (in no event shall the present worth be discounted by a factor less than nine percent (9.0%)) and advance rate as it deems appropriate pursuant to the Agent's then applicable energy lending and engineering policies (consistently applied), procedures and pricing parameters, of the future net revenue estimated by the Agent to be received by Borrowers from not less than ninety percent (90%) of the oil and gas wxxxx/properties so evaluated and attributable to ELLC, multiplied by a percentage then determined by the Lenders in good faith to be appropriate on the basis of the Agent's then applicable energy lending criteria. The applicable Required Lenders must approve any increase, continuation of, or any decrease in the Collateral Borrowing Base. Agent shall promptly report in writing to ELLC such sum of the evaluation by the Lenders of such evaluated oil and gas properties (the "Collateral Borrowing Base"). In addition to the scheduled semi-annual Collateral Borrowing Base redeterminations, the Agent and Borrowers each shall have the right to request one (1) additional Collateral Borrowing Base redetermination between each scheduled Redetermination Date ("Supplemental Redetermination"). Borrowers shall provide a reserve report prepared by an Independent Engineer, together with all other information reasonably requested by Agent or Lenders, for each Supplemental Redetermination. The initial Collateral Borrowing Base is stipulated to be $40,000,000.00 as of the Closing Date. The good faith determinations of the Lenders in such respects shall be conclusive (except in the case of manifest error). Determinations of the Collateral Borrowing Base shall initially be completed by the Lenders consistent with its then applicable energy lending policies (consistently applied). Borrowers' disposition of any Mortgaged Property between Redetermination Dates with an aggregate value in excess of five percent (5.0%) of the then current Collateral Borrowing Base, as determined by the Agent, shall trigger an automatic decrease in the Collateral Borrowing Base in an amount up to the value of such Mortgaged Property sold by Borrowers, as determine...
Sample 1

Related to Redetermination of Collateral Borrowing Base

  • 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:

  • 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.

  • Borrowing Base Redetermination Pursuant to Section 2.07 of the Credit Agreement, the Administrative Agent and the Lenders agree that for the period from and including the Third Amendment Effective Date to but excluding the next Redetermination Date, the amount of the Borrowing Base shall be equal to $1,700,000,000. Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 2.7(e), Section 8.13(c) or Section 9.12(d). For the avoidance of doubt, the redetermination herein shall constitute the April 1, 2015 Scheduled Redetermination and the next Scheduled Redetermination shall be the October 1, 2015

  • 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:

  • 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.

  • Valuation of Collateral Securities Intermediary shall provide view only access to its systems to Secured Party for the purpose of communicating data as to the Reserve Account as of that date.

  • Increased Cost and Reduced Return; Capital Adequacy; Reserves on Eurocurrency Rate Loans (a) If any Lender determines that as a result of any Change in Law, or such Lender’s compliance therewith, there shall be any increase in the cost to such Lender of agreeing to make or making, funding or maintaining any Loan or issuing or participating in Letters of Credit, or a reduction in the amount received or receivable by such Lender in connection with any of the foregoing (excluding for purposes of this Section 3.03(a) any such increased costs or reduction in amount resulting from (i) Indemnified Taxes or Other Taxes indemnifiable under Section 3.01, (ii) Excluded Taxes described in clauses (b) through (e) of the definition of Excluded Taxes, (iii) Excluded Taxes described in clause (a) of the definition of Excluded Taxes to the extent such Taxes are imposed on or measured by such Lender’s net income or profits (or are franchise Taxes imposed in lieu thereof) or (iv) reserve requirements contemplated by Section 3.03(c)), then from time to time within fifteen (15) days after demand by such Lender setting forth in reasonable detail such increased costs (with a copy of such demand to the Administrative Agent given in accordance with Section 3.05), the Borrowers shall pay to such Lender such additional amounts as will compensate such Lender for such increased cost or reduction.

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