Borrowing Base Utilization Percentage definition

Borrowing Base Utilization Percentage means, as of any day, the fraction expressed as a percentage, the numerator of which is the sum of the Revolving Credit Exposures of the Lenders on such day, and the denominator of which is the Borrowing Base in effect on such day.

Borrowing Base Utilization Percentage means as of any day, the fraction expressed as a percentage, the numerator of which is the sum of the Revolving Credit Exposures of the Lenders on such day, and the denominator of which is the Borrowing Base in effect on such day.

Borrowing Base Utilization Percentage means the ratio, expressed as a percentage, of the Aggregate Outstanding Credit Exposure to the Borrowing Base.

Examples of Borrowing Base Utilization Percentage in a sentence

• For the avoidance of doubt, once the Borrowing Base Utilization Percentage is less than or equal to 75%, the requirements of this Section 8.18 shall no longer apply, even if the Borrowing Base Utilization Percentage thereafter exceeds 75%.

• Borrowing Base Utilization Percentage <25% >25%, but <7550% >50%, but <75% >75%, but <90% >90% Eurodollar Loans 2.002.25 % 2.252.50 % 2.75 % 2.503.00 % 2.753.25 % ABR Loans 1.001.25 % 1.251.50 % 1.75 % 1.502.00 % 1.752.25 % 68 Definition amended most recently by TwelfthThirteenth Amendment.

• Conforming Borrowing Base Utilization Percentage <50 % >50 <75 % >75% <90 % >90% < 100 % > 100 % Eurodollar Loans 150.0 b.p. 175.0 b.p. 200.0 b.p. 225.0 b.p. 275.0 b.p. ABR Loans 0 b.p. 25.0 b.p. 50.0 b.p. 75.0 b.p. 125.0 b.p. Commitment Fee Rate 25.0 b.p. 37.5 b.p. 37.5 b.p. 37.5 b.p. 50.0 b.p. Each change in the Applicable Margin shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change.

• The proceeds of the Loans and the Letters of Credit shall be used (a) for general corporate purposes of the Borrower and its Subsidiaries, and (b) for any distribution advances of Available Cash, provided that if the Borrowing Base Utilization Percentage is equal to or exceeds 90% before or after giving effect to the requested Loan or Letter of Credit, then no proceeds of any Loan or any Letter of Credit may be used to fund Restricted Payments under Section 9.04.

• Conforming Borrowing Base Utilization Percentage <50% ³50 <75% ³75% <90% ³90% £ 100% > 100% Eurodollar Loans 1.250% 1.500% 1.750% 2.000% 2.500% ABR Loans 0.000% 0.000% 0.250% 0.500% 1.000% Commitment Fee Rate 0.250% 0.375% 0.375% 0.375% 0.500% Each change in the Applicable Margin shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change.

More Definitions of Borrowing Base Utilization Percentage

Borrowing Base Utilization Percentage set forth in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

Borrowing Base Utilization Percentage means, as of any day, the fraction expressed as a percentage, the numerator of which is the sum of (i) the aggregate Total Exposures of all Lenders on such day minus the aggregate principal amount of Superpriority Loans then outstanding, minus $120,000,000 and (ii) the aggregate amount of Pari Debt outstanding at such time, and the denominator of which is the Borrowing Base in effect on such day. minus the aggregate principal amount of Superpriority Loans then outstanding, minus $120,000,000.

Borrowing Base Utilization Percentage means the Tranche A Borrowing Base Utilization Percentage or the Tranche B Borrowing Base Utilization Percentage, as applicable.

Borrowing Base Utilization Percentage means, as of any day, the fraction expressed as a percentage, the numerator of which is the sum of the Revolving Credit Exposures of the Lenders on such day, and the denominator of which is (a) the Borrowing Base in effect on such Day multiplied by (b) the quotient of (i) the percentage of Total Reserve Value of the Oil and Gas Properties evaluated in the most recently completed Reserve Report (including, without limitation, for purposes of the Initial Reserve Report, additional Oil and Gas Properties acquired or leased prior to May 31, 2011) for which the Administrative Agent has received reasonably sufficient title information (such percentage to be determined by the Administrative Agent in its reasonable discretion) and (ii) eighty-five percent (85%).

Borrowing Base Utilization Percentage the definition of “Borrowing Base Utilization Percentage” is deleted.

Borrowing Base Utilization Percentage means, as of any day, the fraction expressed as a percentage, the numerator of which is the sum of the Revolving Credit Exposures of the Lenders on such day, and the denominator of which is the Borrowing Base in effect on such day. “Borrowing Request” means a request by the Borrower for a Borrowing in accordance with Section 2.03. “Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City or Denver, Colorado are authorized or required by law to remain closed; and if such day relates to a Borrowing or continuation of, a payment or prepayment of principal of or interest on, or a conversion of or into, or the Interest Period for, a Eurodollar Loan or a notice by the Borrower with respect to any such Borrowing or continuation, payment, prepayment, conversion or Interest Period, any day which is also a day on which banks are open for dealings in dollar deposits in the London interbank market. “Capital Leases” means, in respect of any Person, all leases which shall have been, or should have been, in accordance with GAAP as in effect on the Effective Date, recorded as capital leases on the balance sheet of the Person liable (whether contingent or otherwise) for the payment of rent thereunder; provided that any obligations of such Person (whether entered into before or after the Effective Date) that would have been classified as an operating lease pursuant to GAAP as in effect on the Effective Date will be deemed not to be a Capital Lease. “Casualty Event” means any loss, casualty or other insured damage to, or any nationalization, taking under power of eminent domain or by condemnation or similar proceeding of, any Property of the Parent or any of its Restricted Subsidiaries having a book value in excess of the Threshold Amount. “Centennial Resource Development” means Centennial Resource Development, Inc., a Delaware corporation formerly known as Silver Run Acquisition Corporation. “Change in Control” means (a) any Person or “group” (within the meaning of Rules 13d- 3 and 13d-5 of the Securities Exchange Act) other than Riverstone shall have acquired beneficial ownership or control of Equity Interests representing more than 50% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of Centennial Resource Development, (b) the occupation of a majority of the seats (other than vacant seats) on the board of directors of Centennial Resource Development by Persons who we...

Borrowing Base Utilization Percentage appearing in Section 1.02 is hereby deleted in its entirety.