QUARTERLY REDUCTION definition

QUARTERLY REDUCTION means each reduction to the Borrowing Base Amount established by the Required Lenders based on each scheduled and unscheduled redetermination of the Borrowing Base Amount. The Quarterly Reduction will be made on January 31, April 30, July 31, and October 31 of each year, commencing October 31, 2001. The Agent will promptly notify the Borrower of any change in the Quarterly Reduction as determined from time to time by the Required Lenders.
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QUARTERLY REDUCTION means each quarterly reduction, if any, to the Borrowing Base Amount on the last day of each June, September, December, and March based upon Lender's redetermination of the Borrowing Base Amount. All such determinations and valuations shall be in accordance with the Lender's normal practices and standards for oil and gas loans as may exist at the particular time of determination and valuation. The initial Quarterly Reduction will be $1,250,000.00 effective June 30, 2002. Thereafter, the Lender will establish the Quarterly Reduction.
Sample 1
QUARTERLY REDUCTION means each reduction to the Borrowing Base Amount established by the Bank based on each scheduled and unscheduled redetermination of the Borrowing Base Amount. The initial Quarterly Reduction will be $1,320,000.00 effective March 31, 2001.
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More Definitions of QUARTERLY REDUCTION

QUARTERLY REDUCTION has the meaning assigned to such term from time to time in the Senior Credit Agreement unless all of the Obligations under the Senior Credit Documents have been paid in full and all commitments under the Senior Credit Agreement have been terminated and no replacement Senior Credit Agreement is in effect in which event "Quarterly Reductions" shall be an amount determined by the Majority Holders as of May 1 and November 1 of each year based on the most recent Engineering Report delivered pursuant to Section 6.1(f) and Section 6.1(h), respectively unless such Engineering Reports have not been requested by the Collateral Agent or the Majority Holders, in which event the "Quarterly Reductions" shall be an amount determined by the Majority Holders based on the information described in the Company's most recently filed Commission Reports.
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QUARTERLY REDUCTION means the scheduled reduction in the Borrowing Base by the Quarterly Reduction Amount on each Quarterly Date pursuant to Section 5.4 hereof.
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QUARTERLY REDUCTION is hereby deleted and restated as follows:
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QUARTERLY REDUCTION means each quarterly reduction, if any, to the Facility A Borrowing Base Amount on the first day of each October, January, April and July based upon Lenders’ redetermination of the Facility A Borrowing Base Amount. All such determinations and valuations shall be in accordance with the Lenders’ normal practices and standards for oil and gas loans as may exist at the particular time of determination and valuation. The Quarterly Reduction will be $0.00 on October 1, 2005. Thereafter, the Lenders will establish the Quarterly Reduction in connection with each redetermination of the Facility A Borrowing Base Amount.
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Related to QUARTERLY REDUCTION

  • Quarterly reporting period means the three-month period covered by each

  • Quarterly Report has the meaning set forth in Section 7.1.

  • Quarterly Period means each period of three (3) consecutive months ending on March 31, June 30, September 30, and December 31.

  • Increased Reporting Period means the period commencing after the continuance of an Increased Reporting Event and continuing until the date when no Increased Reporting Event has occurred for 30 consecutive days.

  • Annual Deferral Amount means that portion of a Participant's Base Annual Salary and Annual Bonus that a Participant elects to have, and is deferred, in accordance with Article 3, for any one Plan Year. In the event of a Participant's Retirement, Disability (if deferrals cease in accordance with Section 8.1), death or a Termination of Employment prior to the end of a Plan Year, such year's Annual Deferral Amount shall be the actual amount withheld prior to such event.

  • Quarterly Valuation Date means the last Business Day of the last month of each fiscal quarter of the Trust in each fiscal year of the Trust, commencing November 29, 2002.

  • Quarterly Distribution Date means the last Business Day of the month following the end of each calendar quarter after the Effective Date; provided, however, that if the Effective Date is within 45 days of the end of a calendar quarter, the first Quarterly Distribution Date will be the last Business Day of the month following the end of the first calendar quarter after the calendar quarter in which the Effective Date falls.

  • Quarterly means the 4 inclusive periods from 1 April to 30 June, 1 July to 30 September, 1 October to 31 December and in the following year, 1 January to 31 March;

  • Annual Accounting Period or “Financial Year” means the period commence on 1st July and shall end on 30th June of the succeeding calendar year.

  • Payout Period means the time frame during which certain benefits payable hereunder shall be distributed. Payments shall be made in monthly installments commencing on the first day of the month following the occurrence of the event which triggers distribution and continuing for a period of one hundred eighty (180) months. Should the Executive make a Timely Election to receive a lump sum benefit payment, the Executive's Payout Period shall be deemed to be one (1) month.

  • Proposed Reduction Date has the meaning set forth in Section 1.3.

  • Quarterly Distribution means with respect to each Distribution Date, the distribution to be made to the Holders of the Up-MACRO Holding Shares that are Outstanding on the Distribution Date pursuant to priority sixth of Section 5.2(a), which shall consist of the cash on deposit in the Up-MACRO Holding Trust after it makes or receives a payment under the Income Distribution Agreement and makes all other payments or investments in Eligible Treasuries that it is required to make pursuant to such Section 5.2(a).

  • Fiscal Year End means December 31 of each calendar year.

  • Minimum Quarterly Distribution means $0.35 per Unit per Quarter (or with respect to the period commencing on the Closing Date and ending on September 30, 2005, it means the product of $0.35 multiplied by a fraction of which the numerator is the number of days in such period and of which the denominator is 92), subject to adjustment in accordance with Section 6.6 and Section 6.9.

  • Quarterly Floating Rate Period means the period from and including a Quarterly Commencement Date to but excluding the next succeeding Quarterly Commencement Date.

  • Salary Reduction means the amount by which the Participant's Compensation is reduced and applied by the Employer under this Plan to pay for one or more of the Benefits, as permitted for the applicable Component, before any applicable state and/or federal taxes have been deducted from the Participant's Compensation (i.e., on a pre-tax basis).

  • Significant Obligor NOI Quarterly Filing Deadline With respect to each calendar quarter (other than the fourth calendar quarter of any calendar year) and each Significant Obligor, the date that is fifteen (15) days after the Relevant Distribution Date occurring on or immediately following the date by which the related Mortgagor is required to deliver quarterly financial statements to the lender under the related Loan Agreement in connection with such calendar quarter (which date is set forth in Section 10.11(a) for any Significant Obligor with respect to the Trust).

  • Annual Enrollment Period or "Enrollment Period" means the period before each policy anniversary so designated by the Sponsor and Lincoln during which you may enroll for coverage under this policy.

  • Quarterly Reports shall have the meaning assigned in Article 6.

  • Deferral Year means each calendar year during which the Director makes, or is entitled to make, Compensation Deferrals under Section 3 hereof.

  • Annual Period means each twelve (12) month period commencing on the Effective Date and, thereafter, on each anniversary of the Effective Date.

  • Base Period Income is an amount equal to Executive's "annualized includable compensation" for the "base period" as defined in Sections 280G(d)(1) and (2) of the Code and the regulations adopted thereunder. Generally, Executive's "annualized includable compensation" is the average of Executive's annual taxable income from Company for the "base period," which is the five calendar years prior to the year in which the Change of Control occurs. These concepts are complicated and technical and all of the rules set forth in the applicable regulations apply for purposes of this Agreement.

  • Annual Cash Compensation means the sum of (a) the highest annual Base Salary in effect for the Executive and (b) the greater of (i) the Executive’s bonus for the most recently-completed year, if any, or (ii) the annualized amount of the Executive’s target bonus for the then current year.

  • Initial Enrollment Period means one of the following periods during which you may first enroll for coverage under this plan: