Scheduled Recalculations of the Midstream Component Sample Clauses

Scheduled Recalculations of the Midstream Component. The Adjusted Midstream EBITDA (and hence the Midstream Component of the Borrowing Base) shall be recalculated quarterly (each such recalculation, a “Scheduled Midstream Component Recalculation”) in connection with the delivery of the consolidated financial statements of the Borrower and its Subsidiaries pursuant to Section 8.01(a) and Section 8.01(b) and the compliance certificate pursuant to Section 8.01(c), and shall be equal to the Midstream Adjusted EBITDA for the Rolling Period to which such consolidated financial statements and compliance certificate relate multiplied by the Midstream Multiplier that becomes applicable (in accordance with the definition of Midstream Multiplier) on the first Business Day following delivery (or in the case of the fiscal quarter ending December 31, 2015 or the fiscal quarter ending March 31, 2016, if earlier, the respective due date for delivery) of such consolidated financial statements and compliance certificate. The Administrative Agent shall notify the Borrower and the Lenders of the amount of the recalculated Midstream Component (the “New Midstream Component Notice”) and the resulting new Borrowing Base, and such amount shall become the new Midstream Component and the Borrowing Base, respectively, and shall be effective and applicable to the Borrower, the Administrative Agent, the Issuer and the Lenders on the next Business Day following the day such financial statements are delivered.
Sample 1Sample 2
AutoNDA by SimpleDocs
Scheduled Recalculations of the Midstream Component. Midstream EBITDA (and hence the Midstream Component of the Borrowing Base) will be recalculated quarterly (each such recalculation, a “Scheduled Midstream Component Recalculation”) in connection with the delivery of the consolidated financial statements of the Borrower and its Consolidated Restricted Subsidiaries pursuant to Section 8.01(a), Section 8.01(b) and the compliance certificate pursuant to Section 8.01(c). The Administrative Agent shall notify the Borrower and the Lenders of the amount of the recalculated Midstream Component (the “New Midstream Component Notice”) and the resulting new Borrowing Base, and such amount shall become the new Midstream Component and the Borrowing Base, giving effect to the new Midstream Component, shall become the new Borrowing Base, effective and applicable to the Borrower, the Agents, any Issuing Bank and the Lenders as of the day such financial statements are delivered.
Sample 1

Related to Scheduled Recalculations of the Midstream Component

  • Method of Selecting Types and Interest Periods for New Advances The Company shall select the Type of Advance and, in the case of each Eurodollar Advance, the Interest Period applicable thereto from time to time. The Company shall give the Agent irrevocable notice (a “Borrowing Notice”) not later than 12:00 noon (New York City time) on the Borrowing Date of each Floating Rate Advance and not later than 12:00 noon (New York City time) three (3) Business Days before the Borrowing Date for each Eurodollar Advance, specifying:

  • 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.

  • Scheduled and Interim Redeterminations The Borrowing Base shall be redetermined as provided in accordance with this Section 2.06, and, subject to Section 2.06(d). The Borrowing Base shall be redetermined semi-annually (each a “Scheduled Redetermination”), and shall become effective and applicable to the Borrower, the Administrative Agent, the Issuing Bank and the Revolving Credit Lenders on or about May 1 (with respect to the Reserve Report delivered no later than April 1) and on or about November 1 (with respect to the Reserve Report delivered no later than October 1) of each year commencing on or about May 1, 2020. In addition, Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Revolving Credit Lenders, by notifying the Borrower thereof, two times per year, each elect to cause the Borrowing Base to be redetermined between Scheduled Redeterminations (each an “Interim Redetermination”). In addition to, and not including and/or limited by the Interim Redeterminations allowed above, the Borrower may, by notifying the Administrative Agent thereof, at any time between Scheduled Redeterminations, request additional Interim Redeterminations of the Borrowing Base in the event the Borrower or any Restricted Subsidiary acquires Oil and Gas Properties with Proved Reserves which are to be Borrowing Base Properties having total value of the proved Oil and Gas Properties (calculated at the time of acquisition) in excess of 5.0% of the Borrowing Base in effect immediately prior to such acquisition (as determined by the Administrative Agent); provided that for purposes of the foregoing, the designation of an Unrestricted Subsidiary owning Oil and Gas Properties with Proved Reserves as a Restricted Subsidiary shall be deemed to constitute an acquisition by the Borrower of Oil and Gas Properties with Proved Reserves.

  • Calculation of CP Costs On the third Business Day immediately preceding each Settlement Date, each Conduit shall calculate the aggregate amount of its Conduit Costs for the related Settlement Period and shall notify Seller of such aggregate amount.

  • 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 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.

Time is Money Join Law Insider Premium to draft better contracts faster.