FACILITY A BORROWING BASE AMOUNT definition
FACILITY A BORROWING BASE AMOUNT means the amount available to Borrower at any time based upon the valuation of the Mortgaged Properties, projected oil and gas prices, underwriting factors, and any other factors deemed relevant by the Required Lenders in their sole and complete discretion, all as evaluated and determined by the Required Lenders in their sole and complete discretion on a quarterly basis on October 1, January 1, April 1, and July 1. In addition, the Required Lenders, in their sole and complete discretion, may conduct one unscheduled Facility A Borrowing Base Amount redetermination subsequent to each quarterly redetermination, and the Borrower, at its option may request (and the Required Lenders shall promptly thereafter perform) one Facility A Borrowing Base Amount redetermination after each scheduled quarterly redetermination by the Required Lenders. The Facility A Borrowing Base Amount also is subject to mandatory Quarterly Reductions. The Required Lenders are not obligated under any circumstances to establish the Facility A Borrowing Base Amount based solely on oil and gas valuation data for the Mortgaged Properties. The Facility A Borrowing Base Amount as of the Third Amendment Effective Date is $10,000,000.00. All of the foregoing determinations and valuations shall be in accordance with the Lenders’ normal practices and standards for oil and gas loans as may exist at the particular time of determination and valuation. The Facility A Borrowing Base Amount shall never exceed $75,000,000.00, and the sum of the Facility A Borrowing Base Amount and the Facility B Borrowing Base Amount shall never exceed $100,000,000.00.
FACILITY A BORROWING BASE AMOUNT means the Borrowing Base Amount in effect from time to time less, at all times prior to the Facility B Termination Date and the payment in full of all obligations of Borrower to Bank under Facility B, $1,500,000.00. The initial Facility A Borrowing Base Amount is $14,120,000.00
FACILITY A BORROWING BASE AMOUNT means on any day, an amount equal to 35 % of Zions Stock Value on such day.
Examples of FACILITY A BORROWING BASE AMOUNT in a sentence
IN ADDITION, THE BORROWER UNDERSTANDS AND AGREES THAT NOTWITHSTANDING ANY PROVISION IN THIS AGREEMENT OR THE REVOLVING NOTE TO THE CONTRARY, THAT THE LENDER SHALL NOT BE OBLIGATED TO FUND ANY AMOUNT IN EXCESS OF THE FACILITY A BORROWING BASE AMOUNT THEN IN EFFECT OR THE FACILITY B BORROWING BASE AMOUNT THEN IN EFFECT, AS THE CASE MAY BE.
IN ADDITION, THE BORROWER UNDERSTANDS AND AGREES THAT NOTWITHSTANDING ANY PROVISION IN THIS AGREEMENT OR THE NOTES TO THE CONTRARY, THAT NO LENDER SHALL BE OBLIGATED TO FUND ANY AMOUNT IN EXCESS OF THE FACILITY A BORROWING BASE AMOUNT THEN IN EFFECT OR THE FACILITY B BORROWING BASE AMOUNT THEN IN EFFECT, AS THE CASE MAY BE.
More Definitions of FACILITY A BORROWING BASE AMOUNT
FACILITY A BORROWING BASE AMOUNT means an amount equal to the sum of (i) the Facility A Receivables Value as of the date the Facility B Borrowing Base Amount is calculated.