Increased Payments. At any time after the occurrence of an Event of Default, the Bank shall have the right, in its sole discretion, upon written notice to Borrower, to require that future monthly payments of principal and interest made by Borrower pursuant to this Agreement be in an amount equal to the greatest of: (a) the amount set forth in Section 2.04, (b) up to 70 percent of Gross Revenues for the calendar month two months prior to the calendar month in which such payment is due, or (c) up to 100 percent of Net Revenues for the calendar month two months prior to the calendar month in which such payment is due; provided that any such payments shall be in addition to any amounts payable pursuant to Section 3.03 below.
Appears in 3 contracts
Sources: Credit Agreement (St Mary Land & Exploration Co), Credit Agreement (St Mary Land & Exploration Co), Credit Agreement (St Mary Land & Exploration Co)