Monthly Borrowing Base Reduction definition

Monthly Borrowing Base Reduction means the amount by which the Borrowing Base shall be reduced as of the first day of each calendar month pursuant to Section 2.04.
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Monthly Borrowing Base Reduction means the amount of the automatic monthly reduction to the Borrowing Base, as determined by the Bank from time to time in accordance with Section 2.05 of this Agreement.
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Monthly Borrowing Base Reduction means those certain monthly -------------------------------- reductions, if necessary, to the Borrowing Base established or adjusted, as the case may be, pursuant to Section 2.9(b), by Lender in its total discretion based upon Lender's projection, at any point in time, of the Borrowing Base six months in the future. No such reductions shall occur until, at the earliest, June 1, 1998.
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Examples of Monthly Borrowing Base Reduction in a sentence

  • The Borrowing Base and the Monthly Borrowing Base Reduction shall be re-determined from time to time pursuant to the provisions of this Section.

  • Notwithstanding the foregoing provisions of this section, the Borrower shall pay the amount of any Loan Excess that would result from the application of each Monthly Borrowing Base Reduction on or before the day that such Monthly Borrowing Base Reduction becomes applicable.

  • Bank may redetermine the Borrowing Base and the Monthly Borrowing Base Reduction at any time, and from time to time, which redetermination shall become effective upon written notification from Bank to Borrower and which, subject to the other provisions of this Agreement, shall be the basis on which the Borrowing Base shall thereafter be calculated until the effective date of the next redetermination of the Borrowing Base and the Monthly Borrowing Base Reduction, as set forth in this Section.

  • Beginning with the delivery of the Borrowing Base Property Data due by April 1, 1998, and continuing as and when Borrower is required to provide to Bank each semi-annual report, as required by the provisions of this Section, Borrower shall contemporaneously pay an engineering fee of $7,500.00 to Bank for Bank's analysis of such report and redetermination of the Borrowing Base and the Monthly Borrowing Base Reduction.

  • Again from the email trail, it appears that the owner had arranged a time for the painter to attend but that he failed to attend due to the birth of his child.

  • If the next Borrowing Base redetermination has not occurred on or before February 1, 2002, the Monthly Borrowing Base Reduction will be established as $200,000.00 commencing February 1, 2002.

  • Subject to the other provisions of this Agreement, the Borrowing Base shall be automatically reduced by the Monthly Borrowing Base Reduction commencing on July 31, 2001, and continuing on the last day of each successive month.

  • Comp osites Part A: Applied Science and Manufacturing 2009;40:442–8.

  • The Lender's calculation of the Half Life of the Borrower's Oil and Gas Properties shall be determined and communicated to the Borrower in conjunction with the periodic determinations of the Borrowing Base and the Monthly Borrowing Base Reduction set forth in Section 2.9.

  • Borrower and Lender now desire to amend the Agreement for the sixth time in order to: (i) include a new $2,000,000 term loan facility, (ii) reset the Borrowing Base and the Monthly Borrowing Base Reduction, and (iii) document such other amendments, extensions and waivers as set forth herein.


More Definitions of Monthly Borrowing Base Reduction

Monthly Borrowing Base Reduction is defined in Section 2.7(a).
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Monthly Borrowing Base Reduction means the amount of the automatic monthly reduction to the Borrowing Base, as determined by the Lender from time to time in accordance with this Agreement. The Monthly Borrowing Base Reduction may be revised by Lender at any time, and from time to time. The Lender shall notify the Borrower of each Monthly Borrowing Base Reduction redetermination by the Lender, which redetermination shall become effective upon written notification from the Lender to the Borrower and shall remain in effect until redetermined by the Lender in accordance with this Agreement. Without limiting the foregoing, the Lender shall redetermine the Monthly Borrowing Base Reduction as part of each redetermination of the Borrowing Base under this Agreement. On the Closing Date, the Monthly Borrowing Base Reduction is established at $50,000.00.
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Related to Monthly Borrowing Base Reduction

  • 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.

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

  • Borrowing Base Amount means:

  • 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:

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

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

  • 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.

  • 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 Deficit means, at any time of determination, the amount, if any, by which (a) the Aggregate Capital at such time, exceeds (b) the Borrowing Base at such time.

  • Canadian Borrowing Base means at any time an amount equal to the sum of the Dollar Equivalent of, without duplication:

  • Overadvance Amount has the meaning specified therefor in Section 2.4(f).

  • Borrowing Base Test means a test that will be satisfied on any date of determination if the following is true: Where: AR =57%.

  • 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 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.

  • Maximum Revolving Advance Amount means $30,000,000.

  • Borrowing Base Deficiency means, as of any date of determination, the positive amount, if any, by which (i) the aggregate Loans Outstanding exceeds (ii) the Borrowing Base.

  • Accelerated Borrowing Base Delivery Event means either (i) the occurrence and continuance of any Default or Event of Default, or (ii) the failure of the Borrowers to maintain Availability at least equal to the greater of (a) thirty percent (30%) of the Loan Cap, or (b) $10,000,000. For purposes of this Agreement, the occurrence of an Accelerated Borrowing Base Delivery Event shall be deemed continuing at the Lender’s option (i) so long as such Default or 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) thirty percent (30%) of the Loan Cap , or (y) $10,000,000, in each case, for sixty (60) consecutive calendar days, in which case an Accelerated Borrowing Base Delivery Event shall no longer be deemed to be continuing for purposes of this Agreement; provided, that in the discretion of the Lender an Accelerated Borrowing Base Delivery Event shall be deemed continuing (even if a Default or an Event of Default is no longer continuing and/or Availability exceeds the required amount for such sixty (60) consecutive calendar days) at all times after an Accelerated Borrowing Base Delivery Event has occurred and has been discontinued on two (2) occasions in any one 12-month period after the Closing Date. 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.

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

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

  • Borrowing Base Report means a Borrowing Base Report for the Borrower signed by an Authorized Signatory of the Borrower and in substantially the form of Exhibit D attached hereto.

  • Borrowing Availability means, as of any date of determination, the lesser of (i) the Maximum Amount and (ii) the Borrowing Base, in each case, less the sum of the aggregate Revolving Loan and Swing Line Loan then outstanding.

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

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

  • Advances Outstanding On any day, the aggregate principal amount of all Advances outstanding on such day, after giving effect to all repayments of Advances and the making of new Advances on such day.