BB Value definition

BB Value means, (a) as to any Oil and Gas Property, the value, if any, attributed to such Oil and Gas Property under the then effective Borrowing Base, as determined by the Administrative Agent, and (b) as to Hedging Arrangements, the net effect of such Hedging Arrangements on the amount of the Borrowing Base, as determined by the Administrative Agent.

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BB Value means, (a) as to any Oil and Gas Property, the value, if any, attributed to such Oil and Gas Property under the then effective Borrowing Base, as determined by the Administrative Agent (after, in the case of an Asset Sale involving a like-kind exchange permitted by Section 6.8(d), taking into account the value attributable to the Oil and Gas Properties received by the Credit Parties as consideration, as determined by the Administrative Agent in its sole discretion; provided that an Acceptable Security Interest is granted on such new Oil and Gas Properties to the extent necessary to comply with the mortgage requirement set forth in Section 5.7 (after giving effect to such Asset Sale)), and (b) as to Hedging Arrangements, the net effect of any Hedge Event on the amount of the Borrowing Base, after taking into account the economic effect of any Replacement Hedging Contracts, as determined by the Administrative Agent.

BB Value means (a) as to any Oil and Gas Property, the value, if any, attributed to such Oil and Gas Property under the then effective Borrowing Base, as determined by the Administrative Agent in good faith, (b) as to any Hedge Event, the net effect of such Hedge Event (after giving effect to any new hedge position or Hedge Contract entered into since the determination of the Borrowing Base then in effect), if any, on the then effective Borrowing Base, as determined by the Administrative Agent in good faith, and (c) as to the incurrence of any Lien describe in Section 6.01(g) that has triggered the notice required thereunder, the effect of such Lien on the then effective Borrowing Base, as determined by the Administrative Agent in good faith.

Examples of BB Value in a sentence

If, upon the consummation of any Asset Sale of Oil and Gas Properties, the BB Variation Amount shall exceed 5% of the most recently redetermined Borrowing Base, then the Borrowing Base in effect immediately prior to the consummation of such Asset Sale shall be reduced by the BB Value of the Oil and Gas Properties subject to such Asset Sale.
If, upon the novation, amendment, restructuring, unwind or other termination of any Hedging Arrangement, the BB Variation Amount shall exceed 5% of the most recently redetermined Borrowing Base, then the Borrowing Base in effect immediately prior to such novation, amendment, restructuring, unwind or termination of such Hedging Arrangement shall be reduced by the BB Value of such Hedging Arrangement.
If any notice event is triggered under Section 6.01(g) as to any Lien, then effective as of the date such notice is delivered to the Administrative Agent, the Borrowing Base shall be automatically reduced by the BB Value attributed to such Lien.
For the avoidance of doubt, any Eligible Equipment sold or acquired by the Credit Parties shall reduce or increase the aggregate value of the Credit Parties’ Eligible Equipment set forth in the next Borrowing Base Certificate delivered for the month of such Disposition or acquisition by an amount equal to the BB Value of such sold or acquired Eligible Equipment.
To the extent that the Administrative Agent is not satisfied with title to any mortgaged property after the 60-day period has elapsed, such unacceptable mortgaged property shall not count towards the 80% requirement, and the Administrative Agent may send a notice to the Borrower and the Lenders that the then outstanding Borrowing Base shall be reduced by an amount as determined by the Required Lenders to be the BB Value of such unacceptable mortgaged property.

More Definitions of BB Value

BB Value means (a) as to any Oil and Gas Property, the value, if any, attributed to such Oil and Gas Property under the then effective Borrowing Base, as determined by the Administrative Agent in good faith, (b) as to any Hedge Event, the net effect of such Hedge Event (after giving effect to any new hedge position or Hedge Contract entered into since the determination of the Borrowing Base then in effect), if any, on the then effective Borrowing Base, as determined by the Administrative Agent in good faith, (c) as to the incurrence of any Lien described in Section 6.01(g) that has triggered the notice required thereunder, the effect of such Lien on the then effective Borrowing Base, as determined by the Administrative Agent in good faith, and (d) as to any Oil and Gas Related Property, the increase in operating expenses or the decrease in net realized price attributable to such Oil and Gas Related Property under the then effective Borrowing Base, as determined by the Administrative Agent in good faith.

BB Value means as to any Equipment (a) if such Equipment is covered under a written appraisal delivered and accepted by the Administrative Agent and prepared by an industry recognized third party appraiser acceptable to the Administrative Agent, the NOLV of such equipment as set forth in such appraisal, and (b) as to any other Equipment, the Net Invoice Cost thereof.