Reduction of Borrowing Base Upon Issuance of Senior Notes. In addition to the other redeterminations of the Borrowing Base provided for herein, and notwithstanding anything to the contrary set forth herein, upon the issuance of any Senior Notes permitted by Section 9.02(h), the Borrowing Base then in effect shall be automatically reduced by an amount equal to the product of 0.25 multiplied by the stated principal amount of such Senior Notes (without regard to any initial issue discount), and, in each case, the Borrowing Base as so reduced shall become the new Borrowing Base immediately upon the date of such issuance, effective and applicable to the Borrower, the Administrative Agent, the Issuing Bank, and the Lenders on such date until the next redetermination or modification of the Borrowing Base pursuant to this Agreement; provided, that, notwithstanding the foregoing to the contrary, no such reduction of the Borrowing Base shall occur with respect to the first $300,000,000 of Senior Notes issued by the Borrower or any Restricted Subsidiary following the Sixth Amendment Effective Date.
Reduction of Borrowing Base Upon Issuance of Senior Notes. In addition to the other redeterminations of the Borrowing Base provided for herein, and notwithstanding anything to the contrary contained herein, upon the issuance of any Senior Notes permitted by Section 9.02(h), the Borrowing Base then in effect shall be automatically reduced by an amount equal to the product of 0.25 multiplied by the stated principal amount of such Senior Notes (without regard to any initial issue discount), and the Borrowing Base as so reduced shall become the new Borrowing Base immediately upon the date of such issuance, effective and applicable to the Borrower, the Administrative Agent, the Issuing Banks, and the Lenders on such date until the next redetermination or modification of the Borrowing Base pursuant to this Agreement.
Reduction of Borrowing Base Upon Issuance of Senior Notes. Notwithstanding anything to the contrary contained herein, if Oasis Petroleum Inc. issues any Senior Notes during the period between Scheduled Redetermination dates or not in conjunction with an Interim Redetermination, then on the date on which such Senior Notes are issued, the Borrowing Base then in effect shall be reduced by an amount equal to the product of 0.25 multiplied by the stated principal amount of such Senior Notes. The Borrowing Base as so reduced shall become the new Borrowing Base immediately upon the date of such issuance, effective and applicable to the Borrower, the Agents, the Issuing Bank and the Lenders on such date until the next redetermination or modification thereof hereunder. For purposes of this Section 2.07(e), if any such Debt is issued at a discount or otherwise sold for less than “par”, the reduction shall be calculated based upon the stated principal amount without reference to such discount.
Reduction of Borrowing Base Upon Issuance of Senior Notes. Unless otherwise waived in writing by the Required Lenders, upon the issuance of any Senior Notes by any Credit Party in accordance with Section 7.01(h) (other than any Permitted Refinancing that extends, refinances, renews, replaces, defeases or refunds existing Senior Notes, or any portion thereof), the Borrowing Base then in effect shall automatically be reduced by the lesser of (a) $250 for each $1,000 in stated principal amount of such Senior Notes on the date such Senior Notes are issued and (b) such other amount, if any, determined by the Required Lenders in their sole discretion prior to the issuance of such Senior Notes, and the Borrowing Base as so reduced shall become the new Borrowing Base immediately upon the date of such issuance, effective and applicable to the Borrower, the Administrative Agent, the Issuing Bank and the Lenders until the next Redetermination or adjustment of the Borrowing Base pursuant to this Agreement. Upon any such Redetermination or adjustment, as the case may be, the Administrative Agent shall promptly deliver a New Borrowing Base Notice to the Borrower and the Lenders.
Reduction of Borrowing Base Upon Issuance of Senior Notes. (i) (1) If the Parent issues any Senior Notes (including any Permitted Refinancing Debt) in accordance with Section 9.02(i) (“New Debt”) during the period between Scheduled Redetermination Dates and not in conjunction with an Interim Redetermination, then on the Reduction Date, the Borrowing Base then in effect shall be reduced by an amount equal to the product of 0.25 multiplied by an amount equal to the difference between (A) the stated principal amount of such New Debt minus (B) the stated principal amount of previously outstanding Senior Notes to the extent such previously outstanding principal amount was Redeemed with the proceeds of such New Debt, and (2) the Borrowing Base as so reduced shall become the new Borrowing Base immediately upon the Reduction Date, effective and applicable to the Borrower, the Agents, the Issuing Bank and the Lenders on such date until the next redetermination or modification thereof hereunder. As used herein, the term “
Reduction of Borrowing Base Upon Issuance of Senior Notes. In addition to the other redeterminations of the Borrowing Base provided for herein, and notwithstanding anything to the contrary contained herein, upon the issuance of any Senior Notes permitted by Section 9.02(h), the Borrowing Base then in effect shall be automatically reduced by an amount equal to (i) with respect to an aggregate stated principal amount of Senior Notes up to $300,000,000 issued on or after the Fourth Amendment Effective Date and on or prior to March 31, 2013, the product of 0.15 multiplied by the stated principal amount of such Senior Notes (without regard to any initial issue discount), and (ii) with respect to all other issuances of Senior Notes, the product of 0.25 multiplied by the stated principal amount of such Senior Notes (without regard to any initial issue discount), and, in each case, the Borrowing Base as so reduced shall become the new Borrowing Base immediately upon the date of such issuance, effective and applicable to the Borrower, the Administrative Agent, the Issuing Banks, and the Lenders on such date until the next redetermination or modification of the Borrowing Base pursuant to this Agreement. Notwithstanding anything to the contrary contained in this Agreement, any reduction of the Borrowing Base pursuant to this Section 2.07(f) shall be comprised of a pro rata reduction in the Working Interest Borrowing Base, the Partnership Interest Borrowing Base and the Well Services Borrowing Base.
Reduction of Borrowing Base Upon Issuance of Senior Notes. (i) If the Parent, the Borrower and/or Finance Co issues or incurs any Senior Notes (including any Permitted Refinancing Debt) in accordance with Section
Reduction of Borrowing Base Upon Issuance of Senior Notes. Upon the issuance of any Senior Notes (other than any Senior Notes which constitute Permitted Refinancing Debt in an amount not in excess of the original principal amount being refinanced) in accordance with Section 9.02(f), the Borrowing Base then in effect shall be reduced by an amount equal to the stated principal amount of such Senior Notes (without regard to any original issue discount), and the Borrowing Base as so reduced shall become the new Borrowing Base immediately upon the date of such issuance, effective and applicable to the Borrower, the Issuing Bank and the Lenders on such date. Within fifteen Business Days of any such reduction, the Borrowing Base will be adjusted or maintained in an amount determined by all Lenders or the Majority Lenders, as applicable, in their sole discretion and consistent with each such Lender’s normal oil and gas lending criteria as it exists at the particular time.
Reduction of Borrowing Base Upon Issuance of Senior Notes. (i) If the Parent, the Borrower and/or Finance Co issues or incurs any Senior Notes (including any Permitted Refinancing Debt) in accordance with Section 9.02(i) (“New Debt”) during the period between Scheduled Redetermination Dates and not in conjunction with an Interim Redetermination, then on the date of such issuance, the Borrowing Base then in effect shall be reduced by an amount equal to the product of 0.25 multiplied by an amount equal to the difference between (A) the stated principal amount of such New Debt minus (B) in the event such New Debt constitutes Permitted Refinancing Debt, the stated principal amount of the previously outstanding Senior Notes Redeemed with the proceeds of such New Debt; provided that during the period commencing on the Fourth Amendment Effective Date and ending on the Redetermination Date for the October 1, 2021 Scheduled Redetermination, the foregoing Borrowing Base reduction shall not apply to Senior Notes issued or incurred in an aggregate principal amount not to exceed $550,000,000. Such reduction shall be effective and applicable to the Borrower, the Agents, the Issuing Bank and the Lenders on such date until the next redetermination or modification of the Borrowing Base under this Agreement. For purposes of this Section 2.07(e), if any such Debt is issued at a discount or otherwise sold for less than “par”, the reduction shall be calculated based upon the stated principal amount without reference to such discount.
Reduction of Borrowing Base Upon Issuance of Senior Notes. Upon the issuance by the Borrower of any Senior Notes, the Borrowing Base then in effect shall be simultaneously reduced by an amount equal to $.25 per $1.00 of principal amount of Senior Notes issued in excess of the principal amount of Second Lien Notes repaid or prepaid contemporaneously with the issuance of such Senior Notes.
