Voluntary Designation of Borrowing Base. Borrower may, from time to time and at any time, upon five Business Days prior written notice to Administrative Agent, reduce the Borrowing Base by designating a Borrowing Base which is lower than the Borrowing Base then in effect. Any such designation shall be effective as of the date of such notice, and all Banks shall have no obligation to thereafter increase the Borrowing Base from the amount so designated by Borrower.
Appears in 3 contracts
Samples: Credit Agreement (Laredo Petroleum - Dallas, Inc.), Credit Agreement (Laredo Petroleum Holdings, Inc.), Credit Agreement (Laredo Petroleum, Inc.)
Voluntary Designation of Borrowing Base. Borrower may, may from time to time and at any timetime prior to the Revolver Conversion Date, upon five two (2) Domestic Business Days Days' prior written notice to Administrative AgentAgent and each Bank, reduce decrease the Borrowing Base Base, by designating a Borrowing Base which is lower than the Borrowing Base then in effect. Any such designation shall be effective as of the date of such the notice, and all Banks shall have no obligation to thereafter increase the Borrowing Base from the amount so designated by Borrower.
Appears in 1 contract
