Borrowing Base Cap definition

Borrowing Base Cap means, as of the date of any initial determination, scheduled redetermination or interim redetermination of the Borrowing Base under the Priority Lien Credit Agreement pursuant to the terms thereof, an amount equal to 60% of the Net Present Value, discounted at 9% per annum, of the future net revenues (before state or federal income taxes) from Proved Reserves attributable to the Oil and Gas Properties of the Company and the Subsidiary Guarantors, as estimated in the most recent Reserve Report but calculated by the Company using Modified ACNTA Prices (after giving effect to commodity derivatives contracts in effect as of the date of determination) and otherwise prepared in accordance with SEC guidelines, after giving effect to exploration and production activities, acquisitions, dispositions and production since the date of such Reserve Report.
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Borrowing Base Cap means an amount equal to 65% of the discounted future net revenue before state or federal income taxes from Proved Reserves of the Borrower and its Restricted Subsidiaries calculated using Modified ACNTA Prices (after giving effect to commodity derivatives contracts in effect as of the date of determination) but otherwise calculated in accordance with SEC guidelines, as estimated in the most recent Reserve Report after giving effect to exploration and production activities, acquisitions, dispositions and production since the date of such Reserve Report in the same manner as would be given in calculating Modified ACNTA.
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Examples of Borrowing Base Cap in a sentence

  • For purposes of calculating Capitalized Real Estate Value, the Borrowing Base Cap Rate will be applied to Adjusted NOI.

  • However, if the ten-year treasury rate (calculated as an average of the five preceding closing date values) at any time exceeds 5.5%, then the Borrowing Base Cap Rate will increase by 50% of such excess (rounded downward, as necessary, to the nearest 1/4 of 1%), to a maximum of 9.5%.

  • The Borrower shall deliver a certificate of a Responsible Officer with the delivery of each Reserve Report pursuant to Section 8.12(a) and Section 8.12(b) certifying as to the Borrowing Base Cap as of such date, including a copy of the calculation for such and setting forth as of such date the outstanding principal amount of Second Lien Notes.

  • BNP Paribas has agreed to consider, on a discretionary basis, making Daylight Overdrafts, from time-to-time, for the benefit of the Co-Borrowers; provided, however, that, the sum of the requested Daylight Overdrafts, plus the Effective Amount of all other outstanding Revolving Loans, plus the Effective Amount of all L/C Obligations then existing under the Borrowing Base Line shall not exceed the Borrowing Base Cap.

  • If on any date after giving effect to any Cash Collateralization made on such date pursuant to the preceding sentence, the Effective Amount of all Revolving Loans then outstanding plus the Effective Amount of all L/C Obligations under the Borrowing Base Line exceeds the Borrowing Base Cap, the Co-Borrowers shall immediately, and without notice or demand, prepay the outstanding principal amount of the Revolving Loans and L/C Advances by an amount equal to the applicable excess.

  • Outstanding Daylight Overdrafts (which have not been paid by the Co-Borrowers or through Overdraft Advances), plus the Effective Amount of all other outstanding Revolving Loans, plus the Effective Amount of all L/C Obligations under the Borrowing Base Line shall not at any time exceed the Borrowing Base Cap.

  • The goals established by the Board of Directors may include earnings per share, return on shareholders’ equity, return on invested capital, and such other goals as may be established by the Board of Directors.

  • This Section 7.7 may be repealed, in whole or in part, at any time, whether before or after an acquisition of control shares and, upon such repeal, may, to the extent provided by any successor bylaw, apply to any prior or subsequent control share acquisition.


More Definitions of Borrowing Base Cap

Borrowing Base Cap means at any time an amount equal to the lesser of:
Sample 1
Borrowing Base Cap means the sum of (1) the product of (A) the most recently determined Administrative Agent Fxxxxx Mxx Market Value Percentage, (B) the aggregate unpaid principal balance of the Mortgage Loans related to the Fxxxxx Mae MSRs, and (C) the Fxxxxx Mxx Advance Rate Cap, (2) the product of (A) the most recently determined Administrative Agent Fxxxxxx Mac Market Value Percentage, (B) the aggregate unpaid principal balance of the Mortgage Loans related to the Fxxxxxx Mac MSRs, and (C) the Fxxxxxx Mac Advance Rate Cap, and (3) the product of (A) the most recently determined Administrative Agent Gxxxxx Mxx Market Value Percentage, (B) the aggregate unpaid principal balance of the Mortgage Loans related to the Gxxxxx Mxx MSRs, and (C) the Gxxxxx Mae Advance Rate Cap; provided however, that the Administrative Agent Gxxxxx Mxx Asset Value of Gxxxxx Mae MSRs shall be reduced such that the Gxxxxx Mxx Borrowing Base remains at or below the Gxxxxx Mae Concentration Limit.
Sample 1
Borrowing Base Cap means the lesser of (a) the sum of (1) Borrowing Base Cap Fannie Amount, (2) the Borrowing Base Cap Freddie Amount, and (3) the Borrowing Base Cap Ginnie Amount and (b) the Borrowing Base Advance Rate Cap Amount.
Sample 1

Related to Borrowing Base Cap

  • Borrowing Base means, as of any date of determination, the result of:

  • Borrowing Base Amount means:

  • Borrowing Base Value means, with respect to any Oil and Gas Property of a Credit Party or any Swap Agreement in respect of commodities, the value the Administrative Agent attributed to such asset in connection with the most recent determination of the Borrowing Base as confirmed by Required Lenders.

  • Borrowing Base Availability means, at the time of any determination, an amount equal to the lesser of the Borrowing Base at such time and the aggregate amount of the Commitments at such time.

  • Borrowing Base Test means a test that will be satisfied on any date of determination if the following is true: Where: AR =57%.

  • U.S. Borrowing Base means, as of any date of determination, the result of:

  • Borrowing Base Report means a Borrowing Base Report for the Borrower signed by an Authorized Signatory of the Borrower and in substantially the form of Exhibit D attached hereto.

  • Domestic Borrowing Base means, at any time of calculation, an amount equal to:

  • Aggregate Borrowing Base means the aggregate amount of the U.S. Borrowing Base and the Canadian Borrowing Base; provided that the maximum amount of the Canadian Borrowing Base which may be included in the Aggregate Borrowing Base is the Canadian Sublimit.

  • Borrowing Base Certificate means a certificate, signed and certified as accurate and complete by a Financial Officer of the Borrower Representative, in substantially the form of Exhibit C or another form which is acceptable to the Administrative Agent in its sole discretion.

  • Canadian Borrowing Base means at any time an amount equal to the sum of the Dollar Equivalent of, without duplication:

  • Tranche A Borrowing Base means, at any time of calculation, an amount equal to:

  • Adjusted Borrowing Base means the Borrowing Base minus the aggregate amount of Cash and Cash Equivalents included in the Borrowing Base.

  • New Borrowing Base Notice has the meaning assigned such term in Section 2.07(d).

  • Borrowing Base Assets means a collective reference to all Borrowing Base Assets in existence at any given time.

  • Foreign Borrowing Base means, as of any date, an amount equal to:

  • Borrowing Availability means, as of any date of determination, the lesser of (i) the Maximum Amount and (ii) the Borrowing Base, in each case, less the sum of the aggregate Revolving Loan and Swing Line Loan then outstanding.

  • Borrowing Base Deficit means, at any time of determination, the amount, if any, by which (a) the Aggregate Capital at such time, exceeds (b) the Borrowing Base at such time.

  • Proposed Borrowing Base has the meaning assigned to such term in Section 2.07(c)(i).

  • Borrowing Base Properties means the Oil and Gas Properties of the Loan Parties included in the Initial Reserve Report and thereafter in the most recently delivered Reserve Report delivered pursuant to Section 8.12.

  • Borrowing Base Deficiency means, as of any date of determination, the positive amount, if any, by which (i) the aggregate Loans Outstanding exceeds (ii) the Borrowing Base.

  • Revolving Loan Availability means at any time the lesser of (a) the Revolving Loan Commitment or (b) the Borrowing Base Amount.

  • Borrowing Base Utilization Percentage means, as of any day, the fraction expressed as a percentage, the numerator of which is the sum of the Revolving Credit Exposures of the Lenders on such day, and the denominator of which is the Borrowing Base in effect on such day.

  • Revolving Availability means Class A Revolving Availability or Class B Revolving Availability, as applicable.

  • Facility Amount means (a) prior to the end of the Revolving Period, $250,000,000, unless this amount is permanently reduced pursuant to Section 2.5 or increased pursuant to Section 2.8, in which event it means such lower or higher amount and (b) from and after the end of the Revolving Period, the Advances outstanding.

  • Revolving Credit Availability means, at any particular time, the amount by which (x) the Aggregate Revolving Loan Commitment at such time exceeds (y) the Dollar Amount of the Revolving Credit Obligations outstanding at such time.