Borrowing Base Property definition

Borrowing Base Property means Eligible Property and/or Commercial Land that the Administrative Agent has agreed to include in calculations of the Borrowing Base pursuant to Section 4.1. A Property shall be excluded from the determination of the Borrowing Base if at any time such Property shall cease to be an Eligible Property.

Borrowing Base Property means any one of the Borrowing Base Properties.

Borrowing Base Property means an Eligible Property that is included in the Unencumbered Pool pursuant to Section 4.1. Unless otherwise approved by the Requisite Lenders, a Property shall cease to be a Borrowing Base Property if at any time such Property shall cease to be an Eligible Property.

Examples of Borrowing Base Property in a sentence

• The Borrower shall deliver to the Administrative Agent the Net Cash Proceeds related to any Involuntary Disposition with respect to any Borrowing Base Property immediately upon the receipt of such Net Cash Proceeds.

• Such Property shall become a Borrowing Base Property upon (i) satisfaction of the conditions precedent set forth in Sections 6.3 and (ii) delivery of a Borrowing Base Certificate showing the Borrowing Base after inclusion of such Property as a Borrowing Base Property.

• The Borrower shall be obligated to make such prepayment and/or deposit of such cash collateral on the second Business Day succeeding the date of the applicable Borrowing Base Property Disposition, Borrowing Base Hedge Unwind or incurrence of Indebtedness; provided, however, that in all cases, the Borrowing Base Deficiency must be eliminated on or prior to the earlier of the Maturity Date and the date of termination of the Aggregate Commitments.

• Notwithstanding anything to the contrary contained herein, upon the first occurrence of any such Disposition of a Borrowing Base Property, the percentage referenced in clause (b) of the definition of the term “Borrowing Base” contained in Section 1.01 shall, immediately upon the consummation of such Disposition, be irrevocably reduced from fifty-five percent (55.0%) to fifty percent (50.0%).

• None of the Collateral is subject to any Lien other than Permitted Liens, and no Borrowing Base Property is subject to any Lien other than Permitted Liens (excluding Permitted Liens under clauses (i) of the definition thereof).

More Definitions of Borrowing Base Property

Borrowing Base Property means, as at any date of determination, any Eligible Property which is taken into account in calculating the Borrowing Base Value.

Borrowing Base Property and “Borrowing Base Properties” shall mean, the Individual Properties initially listed in Schedule 6.14.2(i) hereto, plus any Individual Property which subsequently becomes a Borrowing Base Property in accordance with Section 3.4 hereof, but excluding (i) any Borrowing Base Property which is determined by the Administrative Agent to no longer be a Borrowing Base Property in accordance with Section 3.3, hereof, or (ii) any Borrowing Base Property which is released in accordance with Section 3.2 hereof.

Borrowing Base Property means a property that is designated as such by the Borrower in accordance with the terms of the Loan Documents and is an Eligible Property.

Borrowing Base Property means, at any time in question, any Oil and Gas Property to which Proved Reserves were attributed in the then most recent Reserve Report.

Borrowing Base Property means any one of the Borrowing Base Properties, provided that after the date that is six (6) months after a Borrowing Base Property becomes a Dark Property, said Property shall no longer constitute a Borrowing Base Property and its Borrowing Base Asset Value and Adjusted Borrowing Base NOI shall be excluded when calculating the Borrowing Base.

Borrowing Base Property means, as of any date of determination, each Real Property:

Borrowing Base Property means, as of any date of determination, each Property identified on Schedule 1.1(b) which is subject to a Mortgage, and any Property added to the Collateral pursuant to Section 8.17(b), but excluding any Parcels of the foregoing Properties now existing or in the future created and released in accordance with this Agreement.