Borrowing Base Utilization Percentage definition

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.

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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.

Borrowing Base Utilization Percentage means, as of any day, the fraction expressed as a percentage, the numerator of which is the sum of (i) the aggregate Total Exposures of all Lenders on such day minus the aggregate principal amount of Superpriority Loans then outstanding, minus $120,000,000 and (ii) the aggregate amount of Pari Debt outstanding at such time, and the denominator of which is the Borrowing Base in effect on such day. minus the aggregate principal amount of Superpriority Loans then outstanding, minus $120,000,000.

Examples of Borrowing Base Utilization Percentage in a sentence

For the avoidance of doubt, once the Borrowing Base Utilization Percentage is less than or equal to 75%, the requirements of this Section 8.18 shall no longer apply, even if the Borrowing Base Utilization Percentage thereafter exceeds 75%.
The Borrowing Base will be redetermined annually in accordance with Section 2.09(b), commencing May 1, 1998; provided that, subject to Section 2.09(e), if the Borrowing Base Utilization Percentage is greater than fifty percent (50%) at any time during the 90 day period prior to October 1st of each year, the Required Lenders may designate in writing that a redetermination shall occur on the following November 1st.
Conforming Borrowing Base Utilization Percentage <50% ³50 <75% ³75% <90% ³90% £ 100% > 100% Eurodollar Loans 1.250% 1.500% 1.750% 2.000% 2.500% ABR Loans 0.000% 0.000% 0.250% 0.500% 1.000% Commitment Fee Rate 0.250% 0.375% 0.375% 0.375% 0.500% Each change in the Applicable Margin shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change.
Pricing Grid (Section 2.05) I ³ 90% 275.0 bps 175.0 bps II ³ 75%< 250.0 bps 150.0 bps III ³ 50%< 225.0 bps 125.0 bps Each change in the Applicable Margin shall apply during the period commencing on the date of such change in the Borrowing Base Utilization Percentage and ending on the date immediately preceding the effective date of the next such change in the Borrowing Base Utilization Percentage.
Each Loan Party will not (a) amend, modify, restate or replace the Second Lien Documents as permitted by the terms of the Intercreditor Agreement or (b) prepay the outstanding loans under the Second Lien Credit Agreement at any time when an Event of Default has occurred and is continuing or at any time when, after giving effect to such prepayments, the Borrowing Base Utilization Percentage exceeds ninety percent (90%).

More Definitions of Borrowing Base Utilization Percentage

Borrowing Base Utilization Percentage means, as of any day, the fraction expressed as a percentage, the numerator of which is the balance of all Loans and the LC Exposure outstanding on such day, and the denominator of which is the Borrowing Base in effect on such day.

Borrowing Base Utilization Percentage means the ratio, expressed as a percentage, of the Aggregate Outstanding Credit Exposure to the Borrowing Base.

Borrowing Base Utilization Percentage set forth in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

Borrowing Base Utilization Percentage means as of any date of determination on or after the First Amendment Effective Date the ratio of the Effective Amount (as determined after giving effect to any Loan or prepayment scheduled to be made on such date) to the Conforming Borrowing Base then in effect.

Borrowing Base Utilization Percentage means the Tranche A Borrowing Base Utilization Percentage or the Tranche B Borrowing Base Utilization Percentage, as applicable.

Borrowing Base Utilization Percentage means, as of any day, the fraction expressed as a percentage, the numerator of which is the sum of the aggregate Total Exposures of all Lenders on such day, and the denominator of which is the Borrowing Base in effect on such day. “Borrowing Base Value” shall mean, with respect to any Oil and Gas Property of a Credit Party or any Hedge AgreementTransaction in respect of commodities, the value attributed to such asset in connection with the most recent determination of the Borrowing Base (which Borrowing Base was approved by the Borrowing Base Required Lenders or the Required Lenders, as applicable, in accordance with Section 2.14). “Budget” shall have the meaning provided in Section 9.1(k). “Business Day” shall mean any day excluding Saturday, Sunday and any other day on which banking institutions in New York City or Houston, Texas are authorized by law or other governmental actions to close, and, if such day relates to (a) any interest rate settings as to a LIBOR Loan, (b) any fundings, disbursements, settlements and payments in respect of any such LIBOR Loan, or (c) any other dealings pursuant to this Agreement in respect of any such LIBOR Loan, such day shall be a day on which dealings in deposits in Dollars are conducted by and between banks in the London interbank eurodollar market. - 9- 727670773 12335469