Examples of Borrowing Base Redetermination in a sentence
The Reserve Reports delivered in connection with each March 15 Scheduled Borrowing Base Redetermination, commencing March 15, 2007, shall be prepared by certified independent petroleum engineers or other independent petroleum consultant(s) acceptable to the Administrative Agent.
The Reserve Reports delivered in connection with each September 15 Scheduled Borrowing Base Redetermination, commencing September 15, 2007, shall be prepared by or under the supervision of the chief engineer of the Borrower and a Responsible Officer shall certify such Reserve Report to be true and accurate and to have been prepared in accordance with the procedures used in the immediately preceding Scheduled Borrowing Base Redetermination Reserve Report.
Each such determination is herein called a "Borrowing Base Redetermination".
Contemporaneously with each Borrowing Base Redetermination that shall occur at any time that any Tranche B Loan is outstanding, the Lender shall notify the Borrower in writing of the Collateral Value determined by the Lender on the basis of such Engineering Report.
The Borrower and each other Obligor hereby consents to a Borrowing Base Redetermination to occur on October 1, 2017.
Borrowing Base and Borrowing Base Redetermination: Availability under the RBL Exit Facility shall be subject to a borrowing base (the “Borrowing Base”), which shall be initially determined and periodically redetermined in a customary manner (and, for the avoidance of doubt, giving effect to hedging agreements constituting Obligations) (each such redetermination, a “Borrowing Base Redetermination”) and as set forth below.
In addition, the Borrower and the Obligors agree that upon request of the Required Revolving Lenders, if all of the Permitted Transactions have not occurred on or before October 1, 2017, the Administrative Agent may request an additional Borrowing Base Redetermination.
In connection with such Borrowing Base Redetermination, the Obligors covenant and agree that they will comply with Section 8.11, Section 8.12 and Section 8.13 in all respects as if such voluntary Borrowing Base Redetermination were a Scheduled Redetermination.
The first Scheduled Borrowing Base Redetermination shall occur on June 1, 2020 (the “First Scheduled Redetermination Date”) and on each April 1 and October 1 thereafter, commencing on October 1, 2020.
Borrowing Base and Borrowing Base Redetermination: Availability under the Revolving Facility shall be subject to a reducing borrowing base (the “Borrowing Base”), which shall be initially determined and periodically redetermined (each such redetermination a “Borrowing Base Redetermination”) and reduced as set forth below.On the Plan Effective Date, the initial Borrowing Base shall be deemed to equal $65 million.