Borrowing Base Redetermination Date definition

Borrowing Base Redetermination Date has the meaning provided in Section 3.2(b).

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Borrowing Base Redetermination Date means the (i) date set forth on Annex A, (ii) the date that is thirty (30) days after the date that Borrower delivers to the Bank a request for a redetermination of the Borrowing Base, together with such engineering, title, and other information as the Bank may require in connection with such redetermination, and (iii) any other date on which the Bank, in its sole discretion, redetermines the Borrowing Base; provided, however, that the Bank will not exercise its rights under this clause (iii) more often than once during any calendar year).

Borrowing Base Redetermination Date means the date that the Borrowing Base as determined or redetermined becomes effective subject to the notice requirements specified in Section 2.08(e) both for the scheduled determination, scheduled redeterminations and unscheduled redeterminations. After the First Borrowing Base Determination Date, so long as any of the Commitments are in effect or any Loans are outstanding hereunder, this facility shall be governed by the then effective Borrowing Base.

Examples of Borrowing Base Redetermination Date in a sentence

Upon any determination or redetermination of the Borrowing Base, such determination shall remain in effect until the next successive Borrowing Base Redetermination Date.
The Oil and Gas Reserve Borrowing Base shall remain at $0 until the Initial Oil and Gas Reserve Borrowing Base Redetermination Date resulting from the Borrower making an initial request that the Oil and Gas Reserve Borrowing Base be redetermined in accordance with the procedures set forth in this Section 2.07 which request will be deemed to be a request for an Interim Oil and Gas Redetermination.
Notwithstanding that the Amendment Fee has been fully earned, such Amendment Fee shall be paid on the earliest to occur of (i) the Maturity Date, (ii) the date upon which a refinance of the Credit Agreement occurs or, (iii) any event of Default or (iv) the first Borrowing Base Redetermination Date to occur following Amendment Effect Date.
The amount of the Borrowing Base will be redetemined by the Bank as of each Borrowing Base Redetermination Date, taking into account such matters as the Bank, in its sole discretion, deems relevant.
Following the Initial Oil and Gas Reserve Borrowing Base Redetermination Date, promptly following the written request of the Administrative Agent, a list of all Persons purchasing material quantities of Hydrocarbons from the Borrower or any other Loan Party.
The Borrowing Base shall be increased or decreased, as the case may be, immediately upon each Borrowing Base Redetermination Date.
By each Semiannual Borrowing Base Redetermination Date, the Lender shall report in writing to the Borrower its determination of the Revolving Credit Borrowing Base, which shall in no event exceed the lesser of then applicable Commitment Amount or $50,000,000.
Following the Initial Oil and Gas Reserve Borrowing Base Redetermination Date, the Loan Parties shall maintain a commodity price risk management policy, which policy shall be reasonably acceptable to the Administrative Agent; provided that such policy shall be subject to the review of the Administrative Agent no more than once every three years.
By each Semiannual Borrowing Base Redetermination Date, the Agent shall report in writing to the Borrower and each Bank its determination of the Revolving Credit Borrowing Base, which shall in no event exceed the lesser of then applicable Commitment Amount or $50,000,000.

More Definitions of Borrowing Base Redetermination Date

Borrowing Base Redetermination Date means any date upon which a Borrowing Base Determination (as defined in the First Lien Credit Agreement) is made pursuant to the First Lien Credit Agreement.

Borrowing Base Redetermination Date means each November 1 and each May 1, commencing November 1, 1997, as well as any other date on which Lender, in its sole discretion, redetermines the Borrowing Base. Upon any change in the Borrowing Base, Lender shall redetermine, in its sole discretion, the amount by which the Borrowing Base will reduce effective the first day of each month thereafter. If the amount outstanding under the Credit Facility at any time is greater than the Borrowing Base at such time, Borrower shall, within thirty (30) days after written notice thereof from Lender, make a prepayment on the Revolving Note in an amount sufficient to reduce the outstanding amount thereof to an amount not more than the Borrowing Base.