Designated Borrowing Base definition

Designated Borrowing Base shall have the meaning assigned to that term in Section 2.09.
Sample 1
Designated Borrowing Base shall have the meaning assigned to that term in Section 3.3.
Sample 1Sample 2
Designated Borrowing Base means an amount determined by Borrower for ------------------------- each Borrowing Base Quarter, of which Borrower gives notice to the Agent within five (5) Business Days (i) after Borrower's receipt of a Borrowing Base Notice, or (ii) prior to the beginning of the next subsequent Borrowing Base Quarter during a Borrowing Base Period; which amount shall be equal to or greater than the Designated Borrowing Base Floor Amount, but less than 100 percent (100%) of the Borrowing Base for the then current Borrowing Base Period; provided, that -------- the Designated Borrowing Base may be adjusted from time to time pursuant to the terms and provisions of Sections 2.02 and 2.11 of this Credit Agreement, and ---------------------- provided, further that Borrower may decrease the Designated Borrowing Base only -------- ------- (i) at the beginning of each Borrowing Base Quarter to an amount equal to or greater than the Designated Borrowing Base Floor Amount or (ii) in accordance with the provisions of Section 2.11 hereof. The initial Designated Borrowing ------------ Base for the first Borrowing Base Quarter is $80,000,000.
Sample 1

Examples of Designated Borrowing Base in a sentence

  • In the event the Borrower or any Restricted Subsidiary intends to sell, transfer, assign or otherwise dispose of any equity interest in a Designated Borrowing Base Entity, prior written notice of such disposition, the price thereof and the anticipated date of closing.

  • The commitment fee payable pursuant to this Section 2.12(a) shall be the product of the applicable Commitment Fee Rate from the table below and the average daily excess amount of the Designated Borrowing Base over the Aggregate Credit Exposure.

  • The Borrower (and following the Parent MLP IPO, the Parent MLP) shall deliver to the Administrative Agent, within a reasonable period after the effectiveness thereof, each amendment to the limited partnership agreements of the Borrower, the Parent MLP and each Designated Borrowing Base Entity.

  • The Borrower shall cause each Designated Borrowing Base Entity to make distributions of all net income and/or net profits as required by its partnership agreement as in effect on the Closing Date without regard to amendments that regard such distributions.

  • Prompt written notice at any time it forms, acquires or redesignates a Designated Borrowing Base Entity.

  • Each Designated Borrowing Base Entity formed or acquired after the Closing Date shall have a distribution policy substantially similar to Black Stone Natural Resources I, LP’s policy and the Borrower shall cause each such Person to comply with such policy.

  • Notwithstanding the foregoing, Designated Borrowing Base Entities may enter into collection agreements with Affiliates acceptable to the Administrative Agent.

  • If at any time, a Designated Borrowing Base Entity is not a Consolidated Subsidiary, the Borrower (or following the Parent MLP IPO, the Parent MLP) shall also furnish at the time it furnishes its financial statements under Sections 8.01(a) and (b), annual and quarterly financial statements (balance sheets, statements of income, partners’ capital, and cash flow) of such Designated Borrowing Base Entity.

  • Designated Borrowing Base Entities and Unrestricted Subsidiaries 73 Section 8.13.

  • If at any time a Designated Borrowing Base Entity is a Consolidated Subsidiary, but not a Guarantor, consolidated financial statements in such form as would be presented by the auditors of the Borrower.


More Definitions of Designated Borrowing Base

Designated Borrowing Base means an amount determined by the Company for each Borrowing Base Quarter, of which the Company gives notice to the Agent within three (3) days (i) after the Company's receipt of a Borrowing Base Notice or (ii) prior to the beginning of the second Borrowing Base Quarter during a Borrowing Base Period; which amount shall be equal to or greater than the Designated Borrowing Base Floor Amount, but less than or equal to 100 percent (100%) of the Borrowing Base for the then current Borrowing Base Period; provided, that the Designated Borrowing Base may be adjusted from time to time pursuant to the terms and provisions of Sections 2.03(c) and 2.08(e) of this Agreement, and provided, further that the Company may decrease the Designated Borrowing Base only (i) at the beginning of each Borrowing Base Quarter to an amount equal to or greater than the Designated Borrowing Base Floor Amount or (ii) in accordance with the provisions of Section 2.03(c) hereof. The initial Designated Borrowing Base for the first Borrowing Base Quarter is $50,000,000.
Sample 1

Related to Designated Borrowing Base

  • Adjusted Borrowing Base means the Borrowing Base minus the aggregate amount of Cash and Cash Equivalents included in the Borrowing Base.

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

  • Canadian Borrowing Base means, at any time, an amount in Dollars equal to:

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

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

  • Foreign Borrowing Base means, as of any date, an amount equal to:

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

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

  • 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.

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

  • Designated Borrower Notice has the meaning specified in Section 2.14.

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

  • Canadian Borrowing means a Borrowing of Canadian Loans.

  • 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.

  • Canadian Base Rate Loan means a Canadian Loan that bears interest at a rate per annum determined by reference to the Canadian Prime Rate.

  • Required Revolving Lenders means, as of any date of determination, Revolving Credit Lenders holding more than 50% of the sum of the (a) Total Revolving Credit Outstandings (with the aggregate amount of each Revolving Credit Lender’s risk participation and funded participation in L/C Obligations and Swing Line Loans being deemed “held” by such Revolving Credit Lender for purposes of this definition) and (b) aggregate unused Revolving Credit Commitments; provided that the unused Revolving Credit Commitment of, and the portion of the Total Revolving Credit Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Revolving Lenders.

  • Canadian Revolving Loan means Loans made by a Lender in respect of its Canadian Revolving Commitment to the U.S. Borrower pursuant to Section 2.02(c) and/or Section 2.24.

  • Designated Borrower has the meaning specified in the introductory paragraph hereto.

  • Canadian Revolving Loans means the Loans extended by the Canadian Revolving Lenders to the Canadian Borrower pursuant to Section 2.01(b).

  • Revolving Facility Borrowing means a Borrowing comprised of Revolving Facility Loans.

  • Accelerated Borrowing Base Delivery Event means either (i) the occurrence and continuance of any Event of Default, or (ii) the failure of the Borrowers to maintain Availability at least equal to the greater of (x) $22,500,000 and (y) fifteen percent (15%) of the Loan Cap. For purposes of this Agreement, the occurrence of an Accelerated Borrowing Base Delivery Event shall be deemed continuing (i) so long as such Event of Default has not been waived, and/or (ii) if the Accelerated Borrowing Base Delivery Event arises as a result of the Borrowers’ failure to achieve Availability as required hereunder, until Availability has exceeded the greater of (x) $22,500,000 and (y) fifteen percent (15%) of the Loan Cap for thirty (30) consecutive calendar days, in which case an Accelerated Borrowing Base Delivery Event shall no longer be deemed to be continuing. The termination of an Accelerated Borrowing Base Delivery Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Accelerated Borrowing Base Delivery Event in the event that the conditions set forth in this definition again arise.

  • Eurocurrency Revolving Facility Borrowing means a Borrowing comprised of Eurocurrency Revolving Loans.

  • Revolving Credit Borrowing Request means a request made pursuant to Section 2.4 in the form of Exhibit B-4.

  • Incremental Revolving Lender means a Lender with an Incremental Revolving Commitment.

  • Canadian Revolving Commitment means, as to each Canadian Revolving Lender, its obligation to make Canadian Revolving Loans to the Canadian Borrower pursuant to Section 2.01, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Canadian Revolving Lender’s name on Schedule 2.01, in the Assignment and Assumption or other agreement pursuant to which such Canadian Revolving Lender becomes a party hereto, as such amount may be adjusted from time to time in accordance with this Agreement.

  • Canadian Base Rate means at any time, the greater of (a) the Canadian Prime Rate and (b) except during any period of time during which a notice delivered to Centuri under Section 5.8 shall remain in effect, the annual rate of interest equal to the sum of (i) the CDOR Rate for an Interest Period of one month at such time plus (ii) one percent (1%) per annum; each change in the Canadian Base Rate shall take effect simultaneously with the corresponding change or changes in the Canadian Prime Rate or the CDOR Rate, as applicable.