Borrowing Base Adjustment Provisions Sample Clauses

Borrowing Base Adjustment Provisions. As of the Amendment No. 2 Effective Date the Borrowing Base is $1,100,000,000.

Borrowing Base Adjustment Provisions. Pursuant to Section 8.12(c), if the Administrative Agent or Required Lenders have adjusted the Borrowing Base, so that, after giving effect to such reduction, the Borrower will satisfy the requirements of Section 8.12(c), the Administrative Agent shall promptly notify the Borrower in writing and, upon receipt of such notice, the new Borrowing Base will simultaneously become effective.

Borrowing Base Adjustment Provisions. (a) Reduction of Borrowing Base Upon Asset Dispositions and/or Unwind of Swap Positions. (i) If the Borrower or one of the other Guarantors Disposes of Oil and Gas Properties (but excluding any Disposition to a Loan Party or from a non-Loan Party to a non-Loan Party) or any Equity Interests in any Person owning Oil and Gas Properties (but excluding any Disposition to a Loan Party or from a non-Loan Party to a non-Loan Party), or Unwinds Swap Agreements and (A) the aggregate Borrowing Base Value attributable to all Disposed Oil and Gas Properties (or the Oil and Gas Properties owned by any Guarantor whose Equity Interests were sold) plus (B) the aggregate Borrowing Base Value attributable to all Unwound Swap Agreements, in each case since the later of (x) the last Redetermination Date and (y) the last adjustment of the Borrowing Base pursuant to Section 2.08(a) is in excess of seven and one-half percent (7.5%) of the Borrowing Base then in effect (as reasonably determined by the Administrative Agent), in the aggregate, then the Borrowing Base will be automatically reduced by an amount equal to the Borrowing Base Value of such Oil and Gas Properties (or such Oil and Gas Properties owned by any Subsidiary whose Equity Interests were sold) or such Unwound Swap Agreement and the Administrative Agent shall promptly inform the Borrower of the amount of the adjusted Borrowing Base; provided that, for purposes of the foregoing reduction, (A) a commodity Swap Agreement shall be deemed to have not been Unwound if, upon its Unwinding, it is replaced, in a substantially contemporaneous transaction, with one or more commodity Swap Agreements with the same or longer tenor, covering volumes not less than and for prices not less than those Swap Agreements being replaced and without cash payments to any Loan Party in connection therewith, and (B) an Oil and Gas Property shall be deemed to have not been Disposed if upon its Disposition, it is replaced, in a substantially contemporaneous transaction, with Oil and Gas Properties with approximately the same PV-9 value as determined by the Administrative Agent and the Borrower has, contemporaneously with such Disposition, delivered a certificate of a Responsible Officer containing information evidencing the PV-9 value of the replacement Oil and Gas Properties, in form and substance satisfactory to the Administrative Agent; provided, that, this clause (B) shall only apply to the extent that the Oil and Gas Properties Disposed in ...

Borrowing Base Adjustment Provisions