Minimum Replacement Amount definition
Minimum Replacement Amount means an amount equal to the lower of:
Examples of Minimum Replacement Amount in a sentence
If Lender determines at any time that Borrower has not spent the Minimum Replacement Amount during the preceding 12-month period, such failure shall not constitute a default hereunder, but the Borrowing Base shall be reduced to the extent of any such expenditure shortfall until Borrower has again spent the Minimum Replacement Amount for the preceding 12-month period.