Conforming RBL definition

Conforming RBL means a revolving credit agreement provided by one or more commercial lenders secured by the Oil and Gas Properties of the Note Parties subject to a borrowing base attributable to the lending value of the Note Parties’ Oil and Gas Properties with an interest rate not to exceed one-month LIBOR plus 3.50% and other usual and customary terms and conditions reasonably satisfactory to the Requisite Holders.
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Conforming RBL means a revolving credit agreement (as may be amended, restated, amended and restated, supplemented, modified, refunded, replaced or refinanced from time to time) provided by one or more reserve-based financial institutions that are commercial banks, investment banks or affiliates of the foregoing who regularly provide such loans (which for the avoidance of doubt, excludes any hedge fund, non-traditional lender, private equity fund or any of their affiliates), which may otherwise be provided on a first-out basis with respect to the realization of collateral among the first lien parties and is secured by the Oil and Gas Properties of the Credit Parties providing for revolving credit loans or letters of credit that is subject to a conforming, traditional borrowing base attributable to the lending value of the Proved Reserves of the Oil and Gas Properties of the Borrower and its Subsidiaries (which borrowing base will not exceed an amount equal to 50% of the PV-10 Value of the Credit Parties’ Proved Reserves (with at least 75% of such PV-10 Value being attributable to the Proved Developed Producing Reserves of the Credit Parties)). The Conforming RBL will contain other usual and customary terms and conditions that shall be acceptable to the Lead Lenders in their sole discretion; provided that the Conforming RBL must contain a buy-out right for the Lenders of the amounts owing under the Conforming RBL at par (including any accrued and unpaid interest and any prepayment premiums, if any), which buy-out right will be (i) exercisable by the Lenders upon an Event of Default under the Conforming RBL and (ii) documented pursuant to good faith negotiations between the Administrative Agent and the administrative agent under the Conforming RBL. No such facility shall provide for an all-in yield (including by reference to (1) the “applicable margin” or similar component of the interest rate, (2) fees or premiums, (3) the method of computing interest, or (4) any letter of credit, commitment, facility, utilization, make-whole, early prepayment, redemption, cancellation or similar fee) payable by the Borrower, Guarantors or their Affiliates in excess of the LIBOR Rate plus 5.00% per annum (excluding increases resulting from the accrual of interest at the default rate).
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Examples of Conforming RBL in a sentence

  • At no time will the Issuer permit the sum of (i) total unencumbered cash plus (ii) any undrawn and available commitments under a Conforming RBL to be less than $5 million.

  • In no event shall a Conforming RBL place restrictions or conditions on the ability of the Note Parties to repay the Obligations under this Agreement, except for payments pursuant to Section 2.8.

  • The Borrower will not, and will not cause or permit any Subsidiary to, permit a Lien (other than a Lien created under a Financing Document or an involuntary Permitted Lien or in connection with a Conforming RBL) to be placed on any of the Capital Stock owned by the Borrower or such Subsidiary in any other Person.

  • Notwithstanding anything to the contrary contained in this Agreement or the other Financing Documents, so long as there exists a Conforming RBL, the Borrower shall deliver all other reports, information and deliverables to the Administrative Agent that are required to be provided to the “administrative agent” under the Conforming RBL pursuant to the provisions of the Conforming RBL, to the extent not otherwise provided to the Administrative Agent pursuant to this Agreement.