Conforming Borrowing Base Facility definition

Conforming Borrowing Base Facility means, with respect to a First Lien Credit Agreement, at any time of determination, that the amount of First Lien Capped Obligations is subject to a conforming commercial banking borrowing base for oil and gas secured loan transactions, as determined by the First Lien Lenders, in accordance with their customary oil and gas lending criteria as they exist at such time and in accordance with the First Lien Credit Agreement, including customary mechanisms for periodic redeterminations of, and adjustments to, such borrowing base.
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Conforming Borrowing Base Facility means, with respect to a Super Priority Credit Agreement, at any time of determination, that the amount of First-Out Capped Obligations is subject to a conforming commercial banking borrowing base for reserved-based oil and gas secured loan transactions in the United States, as determined by the First-Out Lenders in good faith based on their normal and customary oil and gas lending criteria as they exist at such time and in accordance with the Super Priority Credit Agreement, including customary mechanisms for periodic redeterminations of, and adjustments to, such borrowing base.
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Examples of Conforming Borrowing Base Facility in a sentence

  • The parties agree that the existence of the terms Conforming Borrowing Base, Conforming Borrowing Base Deficiency and Non-Conforming Advances or the usage of the terms herein do not indicate that Second Lien Collateral Agent or Second Lien Secured Parties intend for there to be, or consent to, the Borrower permitting the First Lien Credit Agreement to cease to be a Conforming Borrowing Base Facility.

  • The parties agree that the existence of the terms Conforming Borrowing Base, Conforming Borrowing Base Deficiency and Non-Conforming Advances or the usage of the terms herein do not indicate that the First Lien Representative or any First Lien Secured Parties intend for there to be, or consent to, the Company permitting the Super Priority Credit Agreement to cease to be a Conforming Borrowing Base Facility.