Examples of Borrowing Base Reduction Amount in a sentence
Upon the occurrence of a Borrowing Base Reduction Event, the Borrowing Base shall be automatically reduced by the Borrowing Base Reduction Amount corresponding to the Disposition or Hedge Termination causing such Borrowing Base Reduction Event.
Notwithstanding the foregoing, the Applicable Borrowing Base remains subject to adjustment due to changes in the Borrowing Base Reduction Amount as set forth in the Credit Agreement.
From and after the Effective Date, the initial Borrowing Base hereunder shall be $8,000,000, and the initial Borrowing Base Reduction Amount shall be $250,000, in each case until redetermined pursuant to the terms of this Section 2.05.
If the Company does not furnish the Reserve Reports or all such other information and data by the date required, the Lenders may nonetheless determine a new Borrowing Base and Borrowing Base Reduction Amount.
The Lenders’ determination of the Borrowing Base and the Borrowing Base Reduction Amount shall be in their sole discretion and shall not be subject to review or challenge under Sections 11.18 and 11.19 hereof.