Global Borrowing Base Clause Samples
The Global Borrowing Base clause defines the total value of assets across multiple jurisdictions or subsidiaries that can be used as collateral to support a borrower's credit facility. In practice, this clause aggregates eligible assets—such as inventory, receivables, or equipment—from various entities within a corporate group, often applying specific eligibility criteria and advance rates to each asset class and location. Its core function is to provide a comprehensive and flexible measure of available collateral, enabling lenders to assess and manage credit risk on a consolidated, global basis.
Global Borrowing Base. A. Subject to adjustments pursuant to Sections 2.7(d), (e), (g), and (h) of the U.S. Credit Agreement, by execution of this Amendment, each of the Global Administrative Agent, the Combined Lenders, the U.S. Lenders, the U.S. Borrower and the Canadian Borrower agree during the period from the date hereof to the date of the next redetermination of the Global Borrowing Base pursuant to the provisions of Section 2.7 of the U.S. Credit Agreement currently scheduled to become effective on or about May 1, 2006 that (i) the Global Borrowing Base shall equal U.S.$600,000,000, (ii) the U.S. Borrowing Base shall equal U.S.$330,000,000, (iii) the Allocated U.S. Borrowing Base shall equal U.S.$330,000,000, and (iv) the Allocated Canadian Borrowing Base shall equal U.S.$270,000,000.
B. Each of the Global Administrative Agent, the Combined Lenders, the U.S. Lenders, and the U.S. Borrower and the Canadian Borrower agree and acknowledge that (i) the determination of the Global Borrowing Base and U.S. Borrowing Base set forth in Section III(A) of this Amendment was a “discretionary redetermination” of the Global Borrowing Base and the U.S. Borrowing Base pursuant to Section 2.7(e) of the U.S. Credit Agreement and (ii) such “discretionary redetermination” of the Global Borrowing Base and the U.S. Borrowing Base shall not be considered as a request for a “discretionary determination” of the Global Borrowing Base and the U.S. Borrowing Base by the Borrower, the Global Administrative Agent or the Required Lenders for the purposes of the first sentence of Section 2.7(e) of the U.S. Credit Agreement.
Global Borrowing Base. A. Subject to adjustments pursuant to Sections 2.8(d), (e), (g), and (h) of the U.S. Credit Agreement or Sections 2.7(d), (e), (g), and (h) of the Canadian Credit Agreement, by execution of this Amendment, each of the Global Administrative Agent, the Combined Lenders, the U.S. Borrower and the Canadian Borrower agree during the period from the date hereof to the date of the next redetermination of the Global Borrowing Base (as defined in each of the Combined Credit Agreements) pursuant to the provisions of Section 2.8 of the U.S. Credit Agreement or Section 2.7 of the Canadian Credit Agreement that (a) the Global Borrowing Base (as defined in each of the Combined Credit Agreements) shall be reaffirmed at U.S.$1,200,000,000, (b) the U.S. Borrowing Base shall equal U.S.$950,000,000, (c) the Allocated U.S. Borrowing Base (as defined in each of the Combined Credit Agreements) shall equal U.S.$900,000,000, and (d) the Allocated Canadian Borrowing Base (as defined in each of the Combined Credit Agreements) shall equal U.S.$300,000,000.
B. Each of the Global Administrative Agent, the Combined Lenders, the U.S. Lenders, the U.S. Borrower and the Canadian Borrower agree and acknowledge that (a) the determination of the Global Borrowing Base (as defined in each of the Combined Credit Agreements) and U.S. Borrowing Base set forth in Section III.A of this Amendment is the calendar year 2009 Scheduled Redetermination of the Global Borrowing Base (as defined in each of the Combined Credit Agreements) and the U.S. Borrowing Base pursuant to Section 2.8(b) of the U.S. Credit Agreement or Section 2.7(b) of the Canadian Credit Agreement and (b) such determination of the Global Borrowing Base (as defined in each of the Combined Credit Agreements) and the U.S. Borrowing Base shall not be considered as a request for a “discretionary determination” of the Global Borrowing Base (as defined in each of the Combined Credit Agreements) and the U.S. Borrowing Base by the Borrower, the Global Administrative Agent, the Required Lenders (in the case of the Global Borrowing Base) or the U.S. Supermajority Lenders (in the case of the U.S. Borrowing Base) for the purposes of Section 2.8(e) of the U.S. Credit Agreement or Section 2.7(e) of the Canadian Credit Agreement.
C. In accordance with Section 2.1(c) of each of the U.S. Credit Agreement and the Canadian Credit Agreement, the Global Administrative Agent hereby notifies the Canadian Administrative Agent, the Combined Lenders, the U.S. B...
Global Borrowing Base. This Section shall be applicable at any time when the Applicable Rating Level of Borrower is Level III; PROVIDED, HOWEVER, that this Section shall apply at all times prior to the delivery of the Reserve Report dated effective as of January 1, 2001, and PROVIDED FURTHER that, if at any time the Applicable Rating Level of Borrower declines to Level III, the Technical Lenders and the Borrowing Base Required Lenders shall promptly but in any event not less than five (5) Business Days thereafter initiate the procedure set forth herein to redetermine the Global Borrowing Base.
Global Borrowing Base. In reliance on the representations, warranties, covenants and agreements contained in this Third Amendment, and after giving effect to the amendments contained in Section 2 hereof, and subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, in each case effective as of the Third Amendment Effective Date, (a) the Lenders hereby redetermine the Oil and Gas Reserve Borrowing Base to be $60,000,000, (b) the Units Borrowing Base is hereby reaffirmed at $40,000,000, (c) the Pledged Cash Borrowing Base is hereby reaffirmed at $0, and (d) as a result, the Global Borrowing Base is hereby decreased from $120,000,000 to $100,000,000. The Global Borrowing Base shall remain at $100,000,000 until the next Scheduled Redetermination, Interim Redetermination or other adjustment of the Global Borrowing Base pursuant to the terms of the Credit Agreement as amended hereby. The redetermination of the Oil and Gas Reserve Borrowing Base provided for herein is the Scheduled Oil and Gas Redetermination originally scheduled for on or about October 1, 2013 (and later postponed by the Borrower and the Lenders to on or about November 1, 2013 pursuant to that certain letter agreement among the parties dated as of September 27, 2013) for purposes of Section 2.07(b) of the Credit Agreement.
Global Borrowing Base. 1. Subject to adjustments pursuant to Sections 2.8(d), (e), (g), and (h) of the U.S. Credit Agreement or Sections 2.7(d), (e), (g), and (h) of the Canadian Credit Agreement, by execution of this Amendment, and except as provided in Section VIII.D below, each of the Global Administrative Agent, the Combined Lenders, the U.S. Borrower and the Canadian Borrower agree during the period from the date hereof to the date of the next redetermination of the Global Borrowing Base (as defined in each of the Combined Credit Agreements) pursuant to the provisions of Section 2.8 of the U.S. Credit Agreement or Section 2.7 of the Canadian Credit Agreement that (a) the Global Borrowing Base (as defined in each of the Combined Credit Agreements) shall be decreased to U.S.$1,125,000,000, (b) the U.S. Borrowing Base shall be decreased to U.S.$875,000,000, (c) the Allocated U.S. Borrowing Base (as defined in each of the Combined Credit Agreements) shall equal U.S.$825,000,000, and (d) the Allocated Canadian Borrowing Base (as defined in each of the Combined Credit Agreements) shall equal U.S.$300,000,000.
2. Each of the Global Administrative Agent, the Combined Lenders, the U.S. Lenders, the U.S. Borrower and the Canadian Borrower agree and acknowledge that (a) the determination of the Global Borrowing Base (as defined in each of the Combined Credit Agreements) and U.S. Borrowing Base set forth in Section VIII.A.1 of this Amendment is not a Scheduled Redetermination of the Global Borrowing Base (as defined in each of the Combined Credit Agreements) and the U.S. Borrowing Base pursuant to Section 2.8(b) of the U.S. Credit Agreement or Section 2.7(b) of the Canadian Credit Agreement and (b) such determination of the Global Borrowing Base (as defined in each of the Combined Credit Agreements) and the U.S. Borrowing Base shall not be considered as a request for a “discretionary determination” of the Global Borrowing Base (as defined in each of the Combined Credit Agreements) and the U.S. Borrowing Base by the Borrower, the Global Administrative Agent or the Required Lenders for the purposes of Section 2.8(e) of the U.S. Credit Agreement or Section 2.7(e) of the Canadian Credit Agreement.
3. In accordance with Section 2.1(c) of each of the U.S. Credit Agreement and the Canadian Credit Agreement, the Global Administrative Agent hereby notifies the Canadian Administrative Agent, the Combined Lenders, the U.S. Borrower and the Canadian Borrower of the reallocation of the Global Commi...
Global Borrowing Base. A. Each of the Global Administrative Agent, the Combined Lenders, the U.S. Borrower and the Canadian Borrowers agree that, as of the Third Amendment Effective Date and prior to the Termination Date but subject to Section 2.7 of the U.S. Credit Agreement in all respects, the Global Borrowing Base will be set at U.S.$1,300,000,000 until the then scheduled redetermination as of November 1, 2011. As of the Third Amendment Effective Date, the Allocated U.S. Borrowing Base shall be set at U.S.$1,155,000,000 and the Allocated Canadian Borrowing Base shall be set at U.S.$145,000,000.
B. Each of the Global Administrative Agent, the Combined Lenders, the U.S. Borrower and the Canadian Borrowers agree that, after the Termination Date but subject to Section 2.7 of the U.S. Credit Agreement in all respects, the Global Borrowing Base will be set at U.S.$1,155,000,000 until the then scheduled redetermination as of November 1, 2011. As of the Termination Date, the Allocated U.S. Borrowing Base shall be set at U.S.$1,155,000,000 and the Allocated Canadian Borrowing Base shall be set at U.S.$0.
Global Borrowing Base. Upon any redetermination or adjustment to any component of the Global Borrowing Base (i.e. the Oil and Gas Reserve Borrowing Base, the Units Borrowing Base or the Pledged Cash Borrowing Base) becoming effective as set forth in this Section 2.07 or, in the case of the Oil and Gas Reserve Borrowing Base, as set forth in Section 8.13(c), the Global Borrowing Base shall (A) be recalculated effective contemporaneously with the redetermination or adjustment to such component of the Global Borrowing Base without any necessary action of the Borrower, the Administrative Agent, the Lenders, or any other Person, and (B) remain effective until the next redetermination or other adjustment to the Oil and Gas Reserve Borrowing Base, the Units Borrowing Base or the Pledged Cash Borrowing Base pursuant to the terms of this Agreement. The Administrative Agent shall promptly deliver notice of any such recalculated or redetermined Global Borrowing Base to the Borrower and the Lenders; provided that any failure by the Administrative Agent to deliver such notice shall not negate the effectiveness of such recalculated or redetermined Global Borrowing Base. Any determination of the Global Borrowing Base pursuant to this Section 2.07(j) shall be made by the Administrative Agent and shall be conclusive absent manifest error.
Global Borrowing Base. (a) Global Borrowing Base, Conforming Global Borrowing Base, U.S.
Global Borrowing Base. This Section shall be applicable at all times.
Global Borrowing Base. (a) Initial Global Borrowing Base; Scheduled Semi-Annual and Discretionary Determinations of the Global Borrowing Base; Procedures for Determination of the Global Borrowing Base. The initial Global Borrowing Base shall be $947,000,000. The Global Borrowing Base shall be redetermined upon receipt by the Global Administrative Agent, the Engineering Banks, the Australian Administrative Agent (on its own behalf and on behalf of the Australian Lenders), the Canadian Administrative Agent (on its own behalf and on behalf of the Canadian Lenders), and the U.S. Lenders of the relevant Approved Engineers' Report or Company's Engineers' Report, as the case may be, pursuant to Sections 2.3(b), (d) or (e) or 9.1(d), (e) or (f). The redeterminations of the Global Borrowing Base described in the preceding sentence shall be made as follows: The Engineering Banks shall make a determination of the Global Borrowing Base in accordance with the criteria described in clause (c) of this Section 2.3, within thirty (30) days after receipt of the Approved Engineers' Report or the Company's Engineers' Report, as the case may be. Within ten (10) days following such determination, the Global Administrative Agent shall notify the U.S. Lenders, the Australian Administrative Agent (for its own behalf and on behalf of the Australian Lenders) and the Canadian Administrative Agent (for its own behalf and on behalf of the Canadian Lenders) in writing of such determination of the amount of the proposed Global Borrowing Base. Each of the Combined Lenders shall notify the Global Administrative Agent in writing, by telex or by facsimile transmission whether it approves or disapproves of any such determination within ten (10) Business Days of its receipt of such notice from the Global Administrative Agent; provided that any of the Combined Lenders which do not so notify the Global Administrative Agent shall be deemed to have approved of such determination. Upon the approval (or deemed approval) by the Combined Required Lenders, such determination shall thereafter be the Global Borrowing Base and the Global Administrative Agent shall within five (5) days of such approval notify the Company in writing