Reductions to Borrowing Base Sample Clauses
Reductions to Borrowing Base. If the sum of (i) the aggregate BB Value of Oil and Gas Properties as determined by the Administrative Agent subject to Asset Sales consummated since the immediately preceding redetermination of the Borrowing Base plus (ii) the aggregate BB Value of Hedging Arrangements which have been the subject of a Hedge Event since the immediately preceding redetermination of the Borrowing Base (the sum of clauses (i) and (ii) being the “BB Threshold Amount”) exceeds 5% of the most recently redetermined Borrowing Base, then, upon the consummation of any such Asset Sale or such Hedge Event, after which the BB Threshold Amount exceeds 5% of the most recently redetermined Borrowing Base, the Borrowing Base shall be reduced, effective immediately upon such disposition or Hedge Event by an amount equal to the BB Value of the Oil and Gas Properties subject of such Asset Sale or the BB Value of the Hedging Arrangements subject of such Hedge Event, as applicable.
Reductions to Borrowing Base. (i) If the aggregate BB Value of (A) Oil and Gas Properties subject to Asset Sales consummated since the immediately preceding redetermination of the Borrowing Base plus (B) Hedging Arrangements subject to Asset Sales consummated since the immediately preceding redetermination of the Borrowing Base (the sum of clauses (A) and (B) being the “BB Deduction Amount”) exceeds 7% of the most recently redetermined Borrowing Base, then, upon the consummation of any such Asset Sale after which the BB Deduction Amount exceeds 7% of the most recently redetermined Borrowing Base, the Borrowing Base shall be automatically reduced to an amount equal to the Borrowing Base in effect as of the previous redetermination, minus the BB Deduction Amount, minus any Notes Reduction Amount determined under clause (ii) hereof if Debt in the form of Permitted Notes has been issued since the most recent redetermination of the Borrowing Base.
(ii) Upon the issuance of Debt in the form of Permitted Notes, the Borrowing Base shall be automatically reduced by an amount equal to 25% of the excess, if any, (the “Notes Reduction Amount”) of (A) the principal amount of such Permitted Notes over (B) the amount of the proceeds of such Permitted Notes applied by the Borrower to repay the principal amount of Permitted Notes that were outstanding at the time of such issuance.
Reductions to Borrowing Base. If the aggregate BB Value (the “BB Reduction Amount”) of (i) Oil and Gas Properties subject to Asset Sales consummated since the immediately preceding redetermination of the Borrowing Base and (ii) Hedging Arrangements subject to Asset Sales consummated since the immediately preceding redetermination of the Borrowing Base exceeds 5% of the most recently redetermined Borrowing Base, then, upon the consummation of any such Asset Sale after which the BB Reduction Amount exceeds 5% of the most recently redetermined Borrowing Base, the Borrowing Base shall be automatically reduced to an amount such that the Borrowing Base (after giving effect to such reduction) equals the Borrowing Base in effect as of the previous redetermination minus the BB Reduction Amount.
Reductions to Borrowing Base