Monthly Borrowing Base Reduction definition

Monthly Borrowing Base Reduction means the amount by which the Borrowing Base shall be reduced as of the first day of each calendar month pursuant to Section 2.04.
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Monthly Borrowing Base Reduction means the amount of the automatic monthly reduction to the Borrowing Base, as determined by the Bank from time to time in accordance with Section 2.05 of this Agreement.
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Monthly Borrowing Base Reduction is defined in Section 2.7(a).
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Examples of Monthly Borrowing Base Reduction in a sentence

  • The Borrowing Base and the Monthly Borrowing Base Reduction shall be re-determined from time to time pursuant to the provisions of this Section.

  • Notwithstanding the foregoing provisions of this section, the Borrower shall pay the amount of any Loan Excess that would result from the application of each Monthly Borrowing Base Reduction on or before the day that such Monthly Borrowing Base Reduction becomes applicable.

  • Every Canadian jurisdiction contains an exception for internal deliberations, and every one of them is overly broad, fails to identify the specific interests that are being protected, and lacks a proper requirement of harm.

  • Borrower and Lender now desire to amend the Agreement for the third time in order to (i) reset the Borrowing Base, (ii) reset the Monthly Borrowing Base Reduction figure, (iii) restate the Debt Service Coverage ratio, and (iv) document such other amendments and waivers as set forth herein.

  • If the next Borrowing Base redetermination has not occurred on or before February 1, 2002, the Monthly Borrowing Base Reduction will be established as $200,000.00 commencing February 1, 2002.

  • Borrower and Lender now desire to amend the Agreement for the sixth time in order to: (i) include a new $2,000,000 term loan facility, (ii) reset the Borrowing Base and the Monthly Borrowing Base Reduction, and (iii) document such other amendments, extensions and waivers as set forth herein.

  • The Monthly Borrowing Base Reduction as of the Closing Date is equal to $0.00.

  • The Borrowing Base in effect subsequent to the Initial Period shall automatically be reduced on the first day of each month by the Monthly Borrowing Base Reduction.

  • Beginning with the delivery of the Borrowing Base Property Data due by October 1, 1996, and continuing as and when Borrower is required to provide to Bank each semi-annual report, as required by the provisions of this Section, Borrower shall contemporaneously pay an engineering fee of $5,000.00 to Bank for Bank's analysis of such report and redetermination of the Borrowing Base and the Monthly Borrowing Base Reduction.

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More Definitions of Monthly Borrowing Base Reduction

Monthly Borrowing Base Reduction means the amount of the automatic monthly reduction to the Borrowing Base, as determined by the Lender from time to time in accordance with this Agreement. The Monthly Borrowing Base Reduction may be revised by Lender at any time, and from time to time. The Lender shall notify the Borrower of each Monthly Borrowing Base Reduction redetermination by the Lender, which redetermination shall become effective upon written notification from the Lender to the Borrower and shall remain in effect until redetermined by the Lender in accordance with this Agreement. Without limiting the foregoing, the Lender shall redetermine the Monthly Borrowing Base Reduction as part of each redetermination of the Borrowing Base under this Agreement. On the Closing Date, the Monthly Borrowing Base Reduction is established at $50,000.00.
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Monthly Borrowing Base Reduction means those certain monthly -------------------------------- reductions, if necessary, to the Borrowing Base established or adjusted, as the case may be, pursuant to Section 2.9(b), by Lender in its total discretion based upon Lender's projection, at any point in time, of the Borrowing Base six months in the future. No such reductions shall occur until, at the earliest, June 1, 1998.
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Related to Monthly Borrowing Base Reduction

  • Aggregate Borrowing Base means as of any date of determination, an amount equal to (i) the sum of the SMP Borrowing Base and the SI Borrowing Base; less (ii) any Reserves except to the extent already deducted therefrom.

  • U.S. Borrowing Base means, as of any date of determination, the result of:

  • Borrowing Base Amount means, as of any date, an amount equal to the sum of:

  • Tranche A Borrowing Base means, at any time of calculation, an amount equal to:

  • Domestic Borrowing Base means, at any time of calculation, an amount equal to:

  • Borrowing Base means, at any time of calculation, an amount equal to:

  • New Borrowing Base Notice has the meaning assigned such term in Section 2.07(d).

  • Borrowing Base Value means, with respect to any Oil and Gas Property of a Credit Party or any Swap Agreement in respect of commodities, the value the Administrative Agent attributed to such asset in connection with the most recent determination of the Borrowing Base as confirmed by Required Lenders.

  • Adjusted Borrowing Base means the Borrowing Base minus the aggregate amount of Cash and Cash Equivalents included in the Borrowing Base.

  • Foreign Borrowing Base means, as of any date, an amount equal to:

  • Borrowing Base Deficit means, at any time of determination, the amount, if any, by which (a) the Aggregate Capital at such time, exceeds (b) the Borrowing Base at such time.

  • Canadian Borrowing Base means, at any time, an amount in Dollars equal to:

  • Overadvance Amount has the meaning specified therefor in Section 2.4(f).

  • Borrowing Base Test means as of any date, a determination that (a) the lesser of (i) the Borrowing Base and (ii) the Facility Amount shall be equal to or greater than (b) the Advances Outstanding.

  • 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 Availability means, at the time of any determination, an amount equal to the lesser of the Borrowing Base at such time and the aggregate amount of the Commitments at such time.

  • Maximum Revolving Advance Amount means $25,000,000.

  • Borrowing Base Deficiency means, at any date on which the same is determined, the amount, if any, that (a) the aggregate Covered Debt Amount as of such date exceeds (b) the Borrowing Base as of such date.

  • Accelerated Borrowing Base Delivery Event means either (i) the occurrence and continuance of any Event of Default, or (ii) the failure, for a period of at least three (3) consecutive Business Days, of the Borrowers to maintain Availability at least equal to the greater of (a) fifteen percent (15%) of the Loan Cap, or (b) $9,750,000.00. For purposes of this Agreement, the occurrence of an Accelerated Borrowing Base Delivery Event shall be deemed continuing (i) so long as such Event of Default has not been waived, and/or (ii) if the Accelerated Borrowing Base Delivery Event arises as a result of the Borrowers’ failure to achieve Availability as required hereunder, until Availability has exceeded the greater of (x) fifteen percent (15%) of the Loan Cap, or (y) $9,750,000.00 for thirty (30) consecutive calendar days, in which case an Accelerated Borrowing Base Delivery Event shall no longer be deemed to be continuing for purposes of this Agreement. The termination of an Accelerated Borrowing Base Delivery Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Accelerated Borrowing Base Delivery Event in the event that the conditions set forth in this definition again arise.

  • Proposed Borrowing Base Notice has the meaning assigned to such term in Section 2.07(c)(ii).

  • Proposed Borrowing Base has the meaning assigned to such term in Section 2.07(c)(i).

  • Borrowing Base Report means a Borrowing Base Report for the Borrower signed by an Authorized Signatory of the Borrower and in substantially the form of Exhibit D attached hereto.

  • Borrowing Availability means as of any date of determination the Maximum Amount less the sum of (i) the Revolving Loan and Swing Line Loan then outstanding and (ii) the Reserves as then in effect.

  • Revolving Facility Borrowing means a Borrowing comprised of Revolving Facility Loans of the same Class.

  • ABR Revolving Facility Borrowing means a Borrowing comprised of ABR Revolving Loans.

  • Advances Outstanding On any day, the aggregate principal amount of all Advances outstanding on such day, after giving effect to all repayments of Advances and the making of new Advances on such day.