Borrowing Base Cap definition

Borrowing Base Cap means, as of the date of any initial determination, scheduled redetermination or interim redetermination of the Borrowing Base under the Priority Lien Credit Agreement pursuant to the terms thereof, an amount equal to 60% of the Net Present Value, discounted at 9% per annum, of the future net revenues (before state or federal income taxes) from Proved Reserves attributable to the Oil and Gas Properties of the Company and the Subsidiary Guarantors, as estimated in the most recent Reserve Report but calculated by the Company using Modified ACNTA Prices (after giving effect to commodity derivatives contracts in effect as of the date of determination) and otherwise prepared in accordance with SEC guidelines, after giving effect to exploration and production activities, acquisitions, dispositions and production since the date of such Reserve Report.

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Borrowing Base Cap means the lesser of (a) the sum of (1) Borrowing Base Cap Fannie Amount, (2) the Borrowing Base Cap ▇▇▇▇▇▇▇ Amount, and (3) the Borrowing Base Cap ▇▇▇▇▇▇ Amount and (b) the Borrowing Base Advance Rate Cap Amount.

Borrowing Base Cap means an amount equal to 65% of the discounted future net revenue before state or federal income taxes from Proved Reserves of the Borrower and its Restricted Subsidiaries calculated using Modified ACNTA Prices (after giving effect to commodity derivatives contracts in effect as of the date of determination) but otherwise calculated in accordance with SEC guidelines, as estimated in the most recent Reserve Report after giving effect to exploration and production activities, acquisitions, dispositions and production since the date of such Reserve Report in the same manner as would be given in calculating Modified ACNTA.

Examples of Borrowing Base Cap in a sentence

Neither the Administrative Agent, the Collateral Agent or the Documentation Agent shall have any duty to monitor the Collateral used to calculate the Borrowing Base Cap, the amounts outstanding under sub-lines or the reporting requirements or the contents of reports delivered by the Co-Borrowers.
In the event such Revolving Loan does cause the sum of the Effective Amounts of all outstanding Revolving Loans, plus L/C Obligations under the Borrowing Base Line to exceed the Borrowing Base Cap, the Co-Borrowers shall pay to Administrative Agent, for the benefit of the Banks, the amount of such excess, together with interest thereon, within one (1) Business Day after the date when such Revolving Loan is made.
The Borrower shall deliver a certificate of a Responsible Officer with the delivery of each Reserve Report pursuant to Section 8.12(a) and Section 8.12(b) certifying as to the Borrowing Base Cap as of such date, including a copy of the calculation for such and setting forth as of such date the outstanding principal amount of Second Lien Notes.
If on any date after giving effect to any Cash Collateralization made on such date pursuant to the preceding sentence, the Effective Amount of all Revolving Loans then outstanding plus the Effective Amount of all L/C Obligations under the Borrowing Base Line exceeds the Borrowing Base Cap, the Co-Borrowers shall immediately, and without notice or demand, prepay the outstanding principal amount of the Revolving Loans and L/C Advances by an amount equal to the applicable excess.
At such times as Administrative Agent deems advisable, the Co-Borrowers will allow Administrative Agent or an entity satisfactory to Administrative Agent to conduct a thorough examination of the Collateral used to calculate the Borrowing Base Cap, and the Co-Borrowers will fully cooperate in such examination.
Outstanding Daylight Overdrafts (which have not been paid by the Co-Borrowers or through Overdraft Advances), plus the Effective Amount of all other outstanding Revolving Loans, plus the Effective Amount of all L/C Obligations under the Borrowing Base Line shall not at any time exceed the Borrowing Base Cap.
If, however, a Revolving Loan is made to reimburse BNP Paribas for Daylight Overdrafts made to fund drawings under Letters of Credit or to fund Reducing L/C Borrowings, the principal amount of such Revolving Loan may exceed the availability under the Borrowing Base Cap, and all Banks shall have the duty to fund their Pro Rata Share of such Revolving Loan, including the excess above the availability under the Borrowing Base Cap.
BNP Paribas has agreed to consider, on a discretionary basis, making Daylight Overdrafts, from time-to-time, for the benefit of the Co-Borrowers; provided, however, that, the sum of the requested Daylight Overdrafts, plus the Effective Amount of all other outstanding Revolving Loans, plus the Effective Amount of all L/C Obligations then existing under the Borrowing Base Line shall not exceed the Borrowing Base Cap.

More Definitions of Borrowing Base Cap

Borrowing Base Cap means at any time an amount equal to the lesser of:

Borrowing Base Cap means the sum of (1) the product of (A) the most recently determined Administrative Agent F▇▇▇▇▇ M▇▇ Market Value Percentage, (B) the aggregate unpaid principal balance of the Mortgage Loans related to the F▇▇▇▇▇ Mae MSRs, and (C) the F▇▇▇▇▇ M▇▇ Advance Rate Cap, (2) the product of (A) the most recently determined Administrative Agent F▇▇▇▇▇▇ Mac Market Value Percentage, (B) the aggregate unpaid principal balance of the Mortgage Loans related to the F▇▇▇▇▇▇ Mac MSRs, and (C) the F▇▇▇▇▇▇ Mac Advance Rate Cap, and (3) the product of (A) the most recently determined Administrative Agent G▇▇▇▇▇ M▇▇ Market Value Percentage, (B) the aggregate unpaid principal balance of the Mortgage Loans related to the G▇▇▇▇▇ M▇▇ MSRs, and (C) the G▇▇▇▇▇ Mae Advance Rate Cap; provided however, that the Administrative Agent G▇▇▇▇▇ M▇▇ Asset Value of G▇▇▇▇▇ Mae MSRs shall be reduced such that the G▇▇▇▇▇ M▇▇ Borrowing Base remains at or below the G▇▇▇▇▇ Mae Concentration Limit.

Borrowing Base Cap means the lesser of (a) the sum of (1) Borrowing Base Cap Fannie Amount, (2) the Borrowing Base Cap Freddie Amount, and (3) the Borrowing Base Cap Ginnie Amount and (b) the Borrowing Base Advance Rate Cap Amount.