Reserve Based Lending Facility definition
Reserve Based Lending Facility means any senior secured borrowing base revolving credit facility between, the Issuer as borrower and banks and financial institutions as lenders and arranged by commercial banks regularly engaged in arranging financing for E&P activities and assets on the Norwegian Continental Shelf, and which as a whole is generally on customary terms for such lending facilities. This shall include any bridge financing to such senior secured borrowing base revolving facility, with the Issuer as borrower and one or more commercial banks as lenders. Any such bridge financing shall have a final maturity date and termination date not occurring later than 12 months after the first utilisation therefrom. Furthermore, such bridge facility shall only be refinanced with a senior secured borrowing base revolving credit facility on terms as mentioned above.
Reserve Based Lending Facility means an up to USD 150,000,000 (plus a USD 150,000,000 accordion option) senior secured based revolving credit facility between, among others, reputable commercial banks as lenders and the Issuer as borrower.