Initial Borrowing Base definition

Initial Borrowing Base means a Borrowing Base in the amount of $1,000,000,000, which shall be in effect during the period commencing on the Effective Date and continuing until the first Determination after the Effective Date.

Initial Borrowing Base has the meaning assigned to such term in Section 3.01.

Initial Borrowing Base has the meaning specified in Section 2.6(a).

Examples of Initial Borrowing Base in a sentence

• As of the Closing Date, the Borrowing Base shall consist of the Initial Borrowing Base Properties.

• Notwithstanding anything to the contrary contained herein, the Borrowing Base in effect during the period commencing on the Closing Date and ending on the effective date of the first Redetermination after the Closing Date shall be the Initial Borrowing Base.

• Administrative Agent hereby approves all Initial Borrowing Base Properties for admission into the Borrowing Base.

• The Borrowing Base in effect during the period from the Effective Date until the date of the first Special Determination, Periodic Determination or other adjustment to the Borrowing Base hereunder after the Effective Date shall be the Initial Borrowing Base.

• The Initial Borrowing Base Properties shall include those properties described on Schedule 1.3 hereto.

More Definitions of Initial Borrowing Base

Initial Borrowing Base means a Borrowing Base in the amount of $120,000,000, which shall be in effect during the period commencing on the Effective Date and continuing until the first Determination or other adjustment to the Borrowing Base hereunder after the Effective Date.

Initial Borrowing Base means a Borrowing Base in the amount of $220,000,000, which shall be in effect during the period commencing on the Closing Date and continuing until the first Redetermination after the Closing Date.

Initial Borrowing Base means those Borrowing Base Properties set forth on Schedule II.

Initial Borrowing Base has the meaning given to such term in the First Lien Credit Agreement.

Initial Borrowing Base means, at any time during the Initial Borrowing Base Period, (a) with respect to U.S. Loans, (i) 65% of the net book value of the U.S. Borrowers’ domestic Receivables plus (ii) 40% of the net book value (determined in accordance with GAAP but excluding LIFO reserve) of the U.S. Borrowers’ domestic Inventory (as otherwise adjusted for U.S. Reserves in accordance with the definition of “U.S. Borrowing Base”), and (b) with respect to Canadian Loans, (i) 65% of the net book value of the Canadian Borrower’s domestic Receivables plus (ii) 40% of the net book value (determined in accordance with GAAP but excluding LIFO reserve) of the Canadian Borrower’s domestic Inventory (as otherwise adjusted for Canadian Reserves in accordance with the definition of “Canadian Borrowing Base”), as determined based on the most recent monthly financial statements of the Borrowers delivered to the Agent; provided that each of the percentages set forth in the foregoing clauses (a)(i)-(ii) and (b)(i)-(ii) shall be reduced by 5.0% on the date that occurs sixty (60) days after the Effective Date.

Initial Borrowing Base means a Borrowing Base in the amount of $125,000,000.

Initial Borrowing Base means, as of any date of determination: