Borrowing Base Conditions Sample Clauses
Borrowing Base Conditions. Each Credit Party will, and will cause each of its Restricted Subsidiaries to,
(a) maintain a minimum of twenty-five (25) Qualified Assets that are included in the calculation of the Borrowing Base at all times (the “Minimum Qualified Assets Condition”); and
(b) maintain an Aggregate Borrowing Base Asset Value of at least $250,000,000 at all times (the “Minimum Borrowing Base Asset Value Condition”).
Borrowing Base Conditions. Each of the Assets listed on Schedule II (as supplemented from time to time pursuant to Section 5.01(j)(iii)) hereto satisfies all Borrowing Base Conditions.
Borrowing Base Conditions. On the initial Borrowing Date, the Borrowing Base shall be $150,000,000; provided, however that if at least ten days prior to the initial Borrowing Date (i) the Borrower shall have entered into a hedging program in form and substance satisfactory to the Administrative Agent and the Lenders in their sole discretion, (ii) new Proven Reserves or substantiated drilling success on existing Oil and Gas Properties included in the Borrowing Base shall have been audited by T.J. Smith & Company or another independent engineering firm selected ▇▇ ▇▇▇ ▇▇rrower and reasonably acceptable to the Administrative Agent and approved by the Administrative Agent and the Lenders in their sole discretion or (iii) a combination of (i) and (ii) in form and substance satisfactory to the Administrative Agent and the Lenders in their sole discretion, then the Borrowing Base shall be up to $175,000,000.