Monthly Commitment Reduction definition

Monthly Commitment Reduction is used herein, as defined in Section 2(f) hereof.

Monthly Commitment Reduction means those monthly reductions to the Revolving Commitment determined in accordance with Section 2.1 and 2.6 below.

Monthly Commitment Reduction means the amount by which the Commitment shall be reduced as of the first day of each calendar month pursuant to Section 2.02.

Examples of Monthly Commitment Reduction in a sentence

• The Borrowing Base and Monthly Commitment Reduction shall be determined in accordance with the standards set forth in Section 2.02(d) and is subject to periodic redetermination pursuant to Sections 2.02(b) and 2.02(c).

• Such Borrowing Base and the Monthly Commitment Reduction shall remain in effect until the next redetermination made pursuant to this Section 2.02.

• In connection with, and as of, each determination of the Borrowing Base, the Banks shall also redetermine the Monthly Commitment Reduction.

• It is expressly understood that the Banks have no obligation to designate the Borrowing Base or the Monthly Commitment Reduction at any particular amounts, except in the exercise of their discretion, whether in relation to the Revolving Commitment or otherwise.

• Any such prepayment of principal on the Notes required by this Section 13(e) shall not be in lieu of, but shall be in addition to, any Monthly Commitment Reduction or any mandatory prepayment of principal required to be made pursuant to Section 9(b) hereof.

More Definitions of Monthly Commitment Reduction

Monthly Commitment Reduction is used herein as defined in Section 7(d) hereof.

Monthly Commitment Reduction means the monthly amount as designated by the Bank, which shall reduce the maximum principal amount available for advances on the Note, on a monthly basis from each Evaluation Date until the next occurring Evaluation Date. The initial Monthly Commitment Reduction shall be $55,000.00 per month.

Monthly Commitment Reduction means those monthly decreases to the Borrowing Base occurring as of the tenth (10th) day of each month during the term hereof determined by Lender, in its sole discretion, semi-annually following Lender's review and valuation of the Oil and Gas Properties based upon the expected future production from existing xxxxx.

Monthly Commitment Reduction means the monthly commitment reduction as determined in accordance with Section 4.6 hereof and refers to the amount set by Administrative Agent by which the Borrowing Base shall be automatically reduced effective as of the last day of each successive calendar month until the next Determination. Administrative Agent's determination of the Monthly Commitment Reduction will use such methodology, assumptions, and discount rates customarily used with respect to credits of a similar size and nature in determining commitment reductions and will be based upon such other credit factors or financial information available to Administrative Agent at the time of each Determination, including, without limitation, the economic half-life of the Mineral Interests, and Borrower's assets, liabilities, cash flow, liquidity, business, properties, prospects, management, and ownership. The Monthly Commitment Reduction will initially be set at zero dollars ($0).

Monthly Commitment Reduction as used herein, as defined in Section 2(f) hereof.

Monthly Commitment Reduction means those monthly decreases to the Borrowing Base occurring as of the first (1st) day of each month during the term hereof as determined by Lender accordance with Section 2.9 below.

Monthly Commitment Reduction means those monthly decreases to the Borrowing Base occurring as of the first (1st) day of each month during the term hereof as determined by the Administrative Agent in accordance with Article II below.