Initial Conforming Borrowing Base definition

Initial Conforming Borrowing Base means a Conforming Borrowing Base in the amount of $160,000,000, which shall be in effect during the period commencing on the Effective Date and continuing until the First Redetermination Date.
Sample 1Sample 2
Initial Conforming Borrowing Base means a Conforming Borrowing Base in the amount of $220,000,000, which shall be in effect during the period commencing on the Closing Date and continuing until the first Redetermination after the Closing Date.
Sample 1Sample 2
Initial Conforming Borrowing Base has the meaning specified in Section 2.02(e).
Sample 1

Examples of Initial Conforming Borrowing Base in a sentence

  • Notwithstanding anything to the contrary contained herein, the Borrowing Base and the Conforming Borrowing Base in effect during the period commencing on the Closing Date and ending on the effective date of the first Redetermination after the Closing Date shall be the Initial Borrowing Base and the Initial Conforming Borrowing Base, respectively.

  • The Initial Conforming Borrowing Base shall remain in effect until redetermined in accordance with the procedures set forth in this Section 2.07.

  • The Conforming Borrowing Base in effect for the period from and including the Effective Date to but excluding the First Redetermination Date shall be the Initial Conforming Borrowing Base.

  • The Mineral Interests acquired by Borrower pursuant to the terms of that certain Asset Purchase Agreement, dated as of June 19, 2002, by and between Borrower and COHO Resources, Inc., have not been evaluated for purposes of establishing the Initial Borrowing Base and Initial Conforming Borrowing Base.

  • The Borrowing Base shall be $260,000,000 and the Conforming Borrowing Base shall be the Initial Conforming Borrowing Base, in each case for the period commencing on the date hereof and ending on the first Redetermination after the Closing Date.


More Definitions of Initial Conforming Borrowing Base

Initial Conforming Borrowing Base as follows:
Sample 1
Initial Conforming Borrowing Base means the Conforming Borrowing Base in effect from the Closing Date until the first Redetermination after the Closing Date. The Initial Conforming Borrowing Base shall be $175,000,000; provided, that, if the aggregate amount of the Permitted Subordinate Debt when issued equals or exceeds $100,000,000, the Initial Conforming Borrowing Base shall reduce simultaneously with such issue by an amount equal to forty percent (40%) of the excess of the amount of the Permitted Subordinate Debt as issued over $100,000,000.
Sample 1

Related to Initial Conforming Borrowing Base

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

  • Borrowing Base Test means as of any date, a determination that (a) the lesser of (i) the Borrowing Base and (ii) the Facility Amount shall be equal to or greater than (b) the Advances Outstanding.

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

  • Borrowing Base Report means a report in substantially the form of Exhibit E (or such other form approved by Administrative Agent) certified by a Responsible Officer of Borrower.

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

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

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

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

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

  • 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.

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

  • Domestic 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.

  • Borrowing Base Amount means:

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

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

  • Borrowing Base Property means any one of the Borrowing Base Properties.

  • Reference Interest Rate Replacement Conforming Changes means, with respect to any Reference Interest Rate Replacement, any technical, administrative or operational changes (including changes to the definition of "Interest Period", timing and frequency of determining rates and making payments of interest, changes to the definition of "Corresponding Tenor" solely when such tenor is longer than the Interest Period and other administrative matters) that the Issuer or its designee decides may be appropriate to reflect the adoption of such Reference Interest Rate Replacement in a manner substantially consistent with market practice (or, if the Issuer or its designee decides that adoption of any portion of such market practice is not administratively feasible or if the Issuer or its designee determines that no market practice for use of the Reference Interest Rate Replacement exists, in such other manner as the Issuer or its designee determines is reasonably necessary).

  • 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.

  • Borrowing Base Properties means the Oil and Gas Properties of the Credit Parties included in the Initial Reserve Report and thereafter in the most recently delivered Reserve Report delivered pursuant to Section 9.14.

  • Updated Appraisal means an Appraisal of the Mortgaged Property or related REO Property, as the case may be, conducted subsequent to any Appraisal performed on or prior to the date of this Agreement by an Appraiser, selected by the applicable Servicer, in accordance with MAI standards, the costs of which shall be paid as a Property Advance by the Lead Securitization Note Holder or applicable Servicer.

  • 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.

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

  • Benchmark Replacement Conforming Changes means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

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