Scheduled Redetermination of the Borrowing Base Clause Samples
The Scheduled Redetermination of the Borrowing Base clause establishes regular intervals at which the lender and borrower review and adjust the maximum amount the borrower can draw under a credit facility, based on the value of specified collateral such as inventory or receivables. Typically, this process occurs semi-annually or annually, requiring the borrower to provide updated financial information so the lender can recalculate the borrowing base. This clause ensures that the credit extended remains aligned with the current value of the collateral, thereby managing the lender’s risk and maintaining appropriate loan-to-collateral ratios.
Scheduled Redetermination of the Borrowing Base. Effective as of the date hereof, the Borrowing Base shall be $415,000,000, subject to future redeterminations as provided in the Credit Agreement. The Borrower and the Lenders agree that this redetermination shall constitute the Scheduled Redetermination scheduled to occur on October 1, 2013.
Scheduled Redetermination of the Borrowing Base. Pursuant to Section 2.07(b), the Borrowing Base shall be increased to $400,000,000, effective from and including June 9, 2008 to but excluding the next Redetermination Date. Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 8.13(c) or Section 9.13.
Scheduled Redetermination of the Borrowing Base. This Agreement shall constitute notice of the Scheduled Redetermination to occur on or about November 1, 2018 pursuant to Section 2.14 of the Credit Agreement, and the Administrative Agent, the Collateral Agent, each Issuing Bank, the Lenders party hereto hereby agree (and the Borrower and the Guarantors hereby accept) that effective as of the Effective Date, the Borrowing Base shall remain $550,000,000, and such redetermined Borrowing Base (which shall be deemed to be the Scheduled Redetermination of the Borrowing Base to be effective as of October 1, 2018 or as promptly as possible thereafter) shall remain in effect until the earlier of (a) the next Scheduled Redetermination or Interim Redetermination of the Borrowing Base or (b) the date such Borrowing Base is otherwise adjusted pursuant to the terms of the Credit Agreement.
Scheduled Redetermination of the Borrowing Base. Effective as of the Second Amendment Effective Date, the Borrowing Base shall be $385,000,000, subject to future Redeterminations as provided in the Credit Agreement as amended by this Amendment. The Borrower and the Lenders agree that this Redetermination shall constitute the Scheduled Redetermination scheduled to occur on April 1, 2017.
Scheduled Redetermination of the Borrowing Base. The adjustments to the Borrowing Base set forth herein shall constitute the Scheduled Redetermination of the Borrowing Base under the Credit Agreement scheduled to occur on April 1, 2014.
Scheduled Redetermination of the Borrowing Base. The adjustments to the Borrowing Base set forth herein shall constitute the Scheduled Redetermination of the Borrowing Base under the Credit Agreement scheduled to occur on April 1, 2014.