Borrowing Base Reduction After the Convertible Notes Repurchase Date Sample Clauses

Borrowing Base Reduction After the Convertible Notes Repurchase Date. The following shall be and it hereby is added to the end of Section 3.05 of the Credit Agreement as clause (d) thereto: (d) Unless otherwise waived in writing by the Required Lenders, upon the issuance of any Senior Notes in accordance with Section 7.01(k) after the Convertible Notes Repurchase Date (other than Permitted Refinancings of any such Senior Notes), the Borrowing Base then in effect shall be reduced by $1.00 for every $4.00 of Senior Notes issued after the Convertible Notes Repurchase Date. For the avoidance of doubt, the principal amount of such Indebtedness that constitutes Permitted Refinancings of existing Senior Notes shall not be included for purposes of determining the reduction in the Borrowing Base required by this Section 3.05(d) and only the principal amount in excess of such Permitted Refinancings shall be included in calculating the adjustment required by this Section 3.05(d).