Common use of Reduction of Borrowing Base Upon Issuance of Senior Notes Clause in Contracts

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 the Borrower or any Restricted Subsidiary in accordance with Section 6.01(i) (other than any Permitted Refinancing that extends, refinances, renews, replaces, defeases or refunds existing Senior Notes), 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, 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. Unless otherwise waived in writing by the Required Lenders, upon the issuance of any Senior Notes by the Borrower or any Restricted Subsidiary Credit Party in accordance with Section 6.01(i7.01(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 Redetermination or adjustment of the Borrowing Base pursuant to this Agreement. Upon any such redeterminationRedetermination 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. Unless otherwise waived in writing by the Required Revolving Lenders, upon the issuance of any Senior Notes by the Borrower or any Restricted Subsidiary Credit Party in accordance with Section 6.01(i7.01(h) (other than any Permitted Refinancing that extends, refinances, renews, replaces, defeases or refunds existing Senior Notes), the Borrowing Base then in effect shall automatically be reduced by (i) at any time prior to the Asset Sale Termination Date, the Net Cash Proceeds received by any Credit Party from the issuance of such Senior Notes, and (ii) at all other times, the lesser of (aA) $250 for each $1,000 in stated principal amount of such Senior Notes on the date such Senior Notes are issued and or (bB) such other amount, if any, determined by the Required Revolving 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, 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. Unless otherwise waived in writing by the Required Revolving Lenders, upon the issuance of any Senior Notes by the Borrower or any Restricted Subsidiary Credit Party in accordance with Section 6.01(i7.01(h) (other than any Permitted Refinancing that extends, refinances, renews, replaces, defeases or refunds existing Senior Notes), the Borrowing Base then in effect shall automatically be reduced by (i) at any time prior to the Asset Sale Termination Date, the Net Cash Proceeds received by any Credit Party from the issuance of such Senior Notes, and (ii) at all other times, the lesser of (aA) $250 for each $1,000 in stated principal amount of such Senior Notes on the date such Senior Notes are issued and or (bB) such other amount, if any, determined by the Required Revolving Lenders in their sole discretion prior to the issuance of EXCO CREDIT AGREEMENT – Page 71 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, the Administrative Agent shall promptly deliver a New Borrowing Base Notice to the Borrower and the Lenders.