Scheduled Borrowing Base Determinations Sample Clauses

Scheduled Borrowing Base Determinations. At all times prior to the Termination Date, the Effective Amount shall not exceed the Borrowing Base then in effect. The initial Borrowing Base hereunder shall be $147,000,000. The Borrowing Base shall be redetermined by the Banks in their exclusive discretion for each Borrowing Base Period (each such determination a "Scheduled Borrowing Base Determination") commencing October 1, 2006, and effective as of the date set forth in such notice of redetermination. The Borrowing Base shall represent the determination by the Banks, in accordance with the provisions herein contained and their lending practices then in effect for loans of this nature, of the loan collateral value assigned to the Mortgaged Properties and such other credit factors (including without limitation the assets, liabilities, cash flow, current Derivative Contracts, business, properties, prospects, management and ownership of Borrower) which Banks in their sole discretion deem significant. Upon each redetermination of the Borrowing Base, Administrative Agent shall recommend to the Banks a new Borrowing Base and the Banks in accordance with their customary policies and procedures for extending credit to Oil and Gas reserve-based customers shall, by unanimous agreement, establish the redetermined Borrowing Base. If Borrower does not furnish the Reserve Reports or all such other information and data by the date required, the Banks may nonetheless determine a new Borrowing Base. The Banks may, in their exclusive discretion, establish a Borrowing Base which is higher than the Borrowing Base that would otherwise be in effect if Banks determined the Borrowing Base based on each Bank's application of the credit standards and other lending criteria and credit factors customarily applied by each such Bank in the determination of credit limitations for companies similar to Borrower ("Conforming Credit Criteria"), and the Banks shall (by unanimous agreement in the case of
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Scheduled Borrowing Base Determinations. (i) At all times prior to the Termination Date the Effective Amount shall not exceed the Borrowing Base then in effect. The initial Borrowing Base hereunder shall be $50,000,0001 (the "Initial Borrowing Base").
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Scheduled Borrowing Base Determinations. At all times prior to the Final Maturity Date, the Effective Amount shall not exceed the Borrowing Base then in effect. From and after the Effective Date, the initial Borrowing Base hereunder shall be $8,000,000, and the initial Borrowing Base Reduction Amount shall be $250,000, in each case until redetermined pursuant to the terms of this Section 2.05. Upon notice to the Company, the Borrowing Base and the Borrowing Base Reduction Amount shall be redetermined for each Borrowing Base Period on each Scheduled Borrowing Base Determination Date, and each such redetermination shall be effective as of the date set forth in such notice of redetermination. The Credit Agreement Borrowing Base and the Borrowing Base Reduction Amount shall be determined based upon the loan collateral value assigned to the Mortgaged Properties and such other credit factors (including without limitation the assets, liabilities, cash flow, business, properties, prospects, management and ownership of the Company and the Guarantors) which the Lenders deem significant. The Lenders’ determination of the Borrowing Base and the Borrowing Base Reduction Amount shall be in their sole discretion and shall not be subject to review or challenge under Sections 11.18 and 11.19 hereof. Upon each redetermination of the Borrowing Base and the Borrowing Base Reduction Amount, the Administrative Agent shall recommend to the Lenders a new Borrowing Base and a new Borrowing Base Reduction Amount and the Lenders in accordance with their customary policies and procedures for extending credit to Oil and Gas reserve-based customers shall (by unanimous agreement in the case of Borrowing Base increases or Borrowing Base Reduction Amount decreases and by agreement of the Super-Majority Lenders in the case of Borrowing Base decreases or affirmations or Borrowing Base Reduction Amount increases or affirmations) establish the redetermined Borrowing Base and Borrowing Base Reduction Amount. If the Company does not furnish the Reserve Reports or all such other information and data by the date required, the Lenders may nonetheless determine a new Borrowing Base and Borrowing Base Reduction Amount. It is expressly understood that the Lenders shall have no obligation to determine the Borrowing Base or the Borrowing Base Reduction Amount at any particular amount, either in relation to the Maximum Loan Amount or otherwise.
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Scheduled Borrowing Base Determinations. For the period from the Effective Date to the initial redetermination date pursuant to Section 2.6(c) or Section 2.6(d), the initial Borrowing Base hereunder shall be $175,000,000 (the “Initial Borrowing Base”).
Sample 1
Scheduled Borrowing Base Determinations. At all times prior to the Termination Date the Effective Amount shall not exceed the Borrowing Base then in effect. From and after the First Amendment Effective Date (which is deemed to be the Scheduled Borrowing Base Determination Date for April 1, 2015), the Borrowing Base hereunder shall be $1,800,000,000.00, until redetermined pursuant to the terms of this Section 2.05 or adjusted pursuant to Section 8.02(e)(ii)(z) or Section 8.10(d)(ii)
Sample 1
Scheduled Borrowing Base Determinations. (i) Until the Initial Borrowing Base Termination Date, the Borrowing Base shall equal the Initial Borrowing Base Amount, as the same may be adjusted in accordance with Section 2.04(f). From and after the Initial Borrowing Base Termination Date, the Borrowing Base shall be the amount determined from time to time in accordance with this Section 2.04.
Sample 1

Related to Scheduled Borrowing Base Determinations

  • 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

  • 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:

  • 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:

  • 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.

  • 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).

  • Increased LIBO Rate Loan Costs, etc The Borrower agrees to reimburse each Lender and each Issuer for any increase in the cost to such Lender or Issuer of, or any reduction in the amount of any sum receivable by such Secured Party in respect of, such Secured Party’s Commitments and the making of Credit Extensions hereunder (including the making, continuing or maintaining (or of its obligation to make or continue) any Loans as, or of converting (or of its obligation to convert) any Loans into, LIBO Rate Loans) that arise in connection with any change in, or the introduction, adoption, effectiveness, interpretation, reinterpretation or phase-in after the Restatement Effective Date of, any law or regulation, directive, guideline, decision or request (whether or not having the force of law) of any Governmental Authority, except for such changes with respect to increased capital costs and Taxes which are governed by Sections 4.5 and 4.6, respectively. Each affected Secured Party shall promptly notify the Administrative Agent and the Borrower in writing of the occurrence of any such event, stating the reasons therefor and the additional amount required fully to compensate such Secured Party for such increased cost or reduced amount. Such additional amounts shall be payable by the Borrower directly to such Secured Party within five Business Days of its receipt of such notice, and such notice shall, in the absence of manifest error, constitute prima facie evidence thereof and shall be binding on the Borrower.

  • 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”);

  • LC Exposure Determination For all purposes of this Agreement, the amount of a Letter of Credit that, by its terms or the terms of any document related thereto, provides for one or more automatic increases in the stated amount thereof shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at the time of determination.

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