Examples of Borrowing Base Equalization Date in a sentence
Prior to the Borrowing Base Equalization Date, any increase in the Conforming Borrowing Base as a result of the most recent redetermination thereof shall result in an equal increase in the Borrowing Base.
On and after the Borrowing Base Equalization Date, the Borrowing Base shall equal the Conforming Borrowing Base then in effect and all references to Conforming Borrowing Base and Borrowing Base shall mean the Borrowing Base then in effect.
The term “Conforming Borrowing Base” means, as of the date of determination thereof prior to the Borrowing Base Equalization Date, the designated loan value as calculated by Lenders in their sole discretion assigned to the discounted present value of future net income accruing to the Borrowing Base Properties, based upon Lenders’ in-house evaluation of Borrowing Base Properties.
Before the Borrowing Base Equalization Date the term “Borrowing Base” has the meaning set forth below, and will be determined in relation to the Conforming Borrowing Base.
On and after the Borrowing Base Equalization Date, the term “Borrowing Base” means, as of the date of determination thereof, the designated loan value as calculated by Lenders in their sole discretion assigned to the discounted present value of future net income accruing to the Borrowing Base Properties, based upon Lenders’ in-house evaluation of Borrowing Base Properties.
Until the Borrowing Base Equalization Date, the Conforming Borrowing Base, and after the Borrowing Base Equalization Date, the Borrowing Base shall be redetermined by Lenders as of May 1 and November 1 of each year (each a “Determination Date”) until maturity, commencing November 1, 2012.
Until the Borrowing Base Equalization Date, the Borrowing Base shall exceed the Conforming Borrowing Base by $75,000,000, subject to adjustments as a result of dispositions permitted under Section 8.4(k).
For the period from and including the Effective Date to but excluding the first Redetermination Date, the amount of the Borrowing Base shall be $850,000,000 and the amount of the Conforming Borrowing Base shall be $685,000,000; provided that for the period from the Effective Date until the Borrowing Base Equalization Date the Borrowing Base shall not be less than $850,000,000.
Special determinations of the Conforming Borrowing Base prior to the Borrowing Base Equalization Date, and the Borrowing Base on and after the Borrowing Base Equalization Date, may be requested by the Administrative Agent once and by Borrower once, in each case, between scheduled Determination Dates.
On the Borrowing Base Equalization Date, the Borrowing Base shall be reduced to an amount equal to the Conforming Borrowing Base.