Borrowing Base II definition

Borrowing Base II means, at any time, the amount equal to:
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Borrowing Base II means the maximum amount that will be made available to Borrower for the development of Oil and Gas Properties of Guarantors existing on the date of this Agreement, which is initially $2,000,000.00 as of the date of this Agreement, and as redetermined at the discretion of the Bank from time to time in accordance with Section 2.03 of this Agreement.
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Borrowing Base II means the maximum amount that will be made available to Borrower for the development of Oil and Gas Properties of Guarantors existing on the date of this Agreement, which is initially
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Examples of Borrowing Base II in a sentence

  • The Borrowing Base II shall be determined at any time by Agent, on the basis of the most recently delivered Borrowing Base Certificate, as adjusted by Agent for any changes in Reserves or otherwise in accordance with the terms hereof.

  • If Borrower requests and the Bank approves of additional borrowings as Tranche 2 Loans, then the Bank shall thereupon redetermine Borrowing Base II and thereafter, Borrowing Base II will decrease by five and 55/100 percent (5.55%) per month of the aggregate amount funded under Tranche 2 Loans, beginning on the first day of the calendar month that begins on or after the sixtieth day of any funding of a Tranche 2 Loan, and on the first day of each successive month thereafter.

  • Article I is hereby amended by adding or replacing, as applicable, the following definitions: "Borrowing Base II" means the maximum amount that will be made available to Borrower for the development of Oil and Gas Properties of Saba Petroleum, Inc.

  • With respect to each Borrowing Base II Loan, the operation to be funded with such loan and the costs and expenses therefor, as described in the applicable Request for Advance, shall be satisfactory to Bank, in its sole discretion.

  • The Bank hereby waives the Events of Default and/or Unmatured Events of Default that occurred when Borrower failed to cure the Loan Excess that existed, prior to the execution of this Seventh Amendment, as the result of: (a) the monthly reductions in Borrowing Base I that occurred on February 1 and March 1, 1998, and (b) the monthly reductions in Borrowing Base II that occurred on February 1 and March 1, 1998.

  • Use the proceeds advanced under the Revolving Loan relating to Borrowing Base I solely for the purposes set forth on Schedule 5.01(a), and use the proceeds advanced under the Revolving Loan relating to Borrowing Base II solely for the purposes set forth on Schedule 5.01(b), and furnish the Bank such evidence as it may reasonably require with respect to such uses.

  • If and when Borrowing Base I is increased as the result of the inclusion of the incremental Proved Reserves resulting from Borrower's expenditure of funds obtained under Tranche 1 Loans, then the outstanding balance of the Tranche 1 Loans shall become part of the Revolving Commitment under Borrowing Base I, the provisions hereof relating to Borrowing Base II shall no longer be applicable to such loans, and Borrowing Base II shall be reduced by the amount of such loans.

  • Advances of Borrowing Base II Loans shall not be made more often than once each calendar month, and not sooner than twenty (20) days after the most recent prior advance of any Borrowing Base II Loan.

  • The Borrower may use this revolving credit by borrowing, prepaying and reborrowing through the last Business Day prior to the Conversion Date, all in accordance with the terms and conditions of this Agreement; provided that the availability of funding under Borrowing Base II Loans shall be used only once by Borrower, and funds may not be borrowed, repaid, and reborrowed by Borrower under Borrowing Base II.

  • The initial Borrowing Base is established at Eleven Million Four Hundred Thousand and No/100 Dollars ($11,400,000.00), effective as of September 1, 1996, consisting of Borrowing Base I in the amount of $9,400,000.00 and Borrowing Base II in the amount of $2,000,000.00.


More Definitions of Borrowing Base II

Borrowing Base II means, as of any date of determination the Dollar Equivalent of the result of:
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Borrowing Base II means the maximum amount that will be made available to Borrower for the development of Oil and Gas Properties of Saba Petroleum, Inc. existing on the date of the Third Amendment, as redetermined at the discretion of the Bank from time to time in accordance with Section 2.03 of this Agreement. "Borrowing Base II Loans" means Loans advanced to Borrower for purposes of developing Oil and Gas Properties of Saba Petroleum, Inc. existing on the date of the Third Amendment, not to exceed at any one time outstanding the amount of Borrowing Base II, as established from time to time hereunder. -. "Revolving Commitment Limit" means $22,500,000.00 as of the date of the Third Amendment, and such different amounts as
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Related to Borrowing Base II

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

  • 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 Amount means:

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

  • 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.

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

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

  • 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:

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

  • 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 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.

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

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

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

  • Foreign Borrowing Base means, as of any date, 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.

  • Borrowing Base Property means Eligible Property and/or Commercial Land that the Administrative Agent has agreed to include in calculations of the Borrowing Base pursuant to Section 4.1. A Property shall be excluded from the determination of the Borrowing Base if at any time such Property shall cease to be an Eligible Property.

  • 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.

  • 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.

  • 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.

  • 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.

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

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

  • Inventory Advance Rate shall have the meaning set forth in Section 2.1(a)(y)(ii) hereof.

  • 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.