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

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. (i) (1) If the Parent Parent, the Borrower and/or Finance Co 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 Datedate 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 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 . Such reduction shall become the new Borrowing Base immediately upon the Reduction Date, be effective and applicable to the Borrower, the Agents, the Issuing Bank and the Lenders on such date until the next redetermination or modification thereof hereunderof the Borrowing Base under this Agreement. As used hereinFor purposes of this Section 2.07(e), if any such Debt is issued at a discount or otherwise sold for less than “par”, the term “reduction shall be calculated based upon the stated principal amount without reference to such discount.

Reduction of Borrowing Base Upon Issuance of Senior Notes. (i) (1) If the Parent Parent, the Borrower and/or Finance Co issues or incurs any Senior Notes (including any Permitted Refinancing Debt) in accordance with Section 9.02(i9.02(c) (“New Debt”) during the period between Scheduled Redetermination Dates and not in conjunction with an Interim Redetermination, then on the Reduction Datedate 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 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 . Such reduction shall become the new Borrowing Base immediately upon the Reduction Date, be effective and applicable to the Borrower, the Agents, the Issuing Bank and the Lenders on such date until the next redetermination or modification thereof hereunderof the Borrowing Base under this Agreement. As used hereinFor purposes of this Section 2.07(e), if any such New Debt is issued at a discount or otherwise sold for less than “par”, the term “reduction shall be calculated based upon the stated principal amount without reference to such discount.