Common use of Borrowing Base and Monthly Reduction Amount Clause in Contracts

Borrowing Base and Monthly Reduction Amount. The Borrowing Base and the Monthly Reduction Amount shall be determined in accordance with Section 2.08(b) by Administrative Agent with the concurrence of the Lenders and are subject to redetermination in accordance with Sections 2.08(d), (e) and (f). Upon any redetermination of the Borrowing Base or the Monthly Reduction Amount, such redetermination shall remain in effect until the next successive Redetermination Date; provided, however, the then effective Borrowing Base shall reduce on the last day of each month by the then effective Monthly Reduction Amount. So long as any of the Commitments are in effect or any LC Exposure or Loans are outstanding hereunder, this facility shall be governed by the then effective Borrowing Base and Monthly Reduction Amount. During the period from and after the Closing Date until the next redetermination pursuant to Sections 2.08(d), (e) or (f) or adjusted pursuant to Section 8.08(c), the amount of the Borrowing Base shall be $35,300,000, as reduced on a cumulative basis on the last day of each month following such effective date by the applicable Monthly Reduction Amount. The Monthly Reduction Amount shall be $0.00, (or the outstanding principal balance of the Loans, if such balance is less than such Monthly Reduction Amount) each month until the next redetermination thereof pursuant to Sections 2.08(d), (e) or (f). No delay for any reason whatsoever in a redetermination of the Monthly Reduction Amount shall affect Borrower's obligations under Section 2.07(b)(iii).

Borrowing Base and Monthly Reduction Amount. The Borrowing Base and the Monthly Reduction Amount shall be determined in accordance with Section 2.08(b) by Administrative Agent with and the concurrence Majority Lenders (in the case of any reaffirmation or decrease in the Borrowing Base or reaffirmation or increase in the Monthly Reduction Amount) or Agent and all of the Lenders (in the case of any increase in the Borrowing Base or decrease in the Monthly Reduction Amount) and are subject to redetermination in accordance with Sections 2.08(d), (e) and (f). Upon any redetermination of the Borrowing Base or the Monthly Reduction Amount, such redetermination shall remain in effect until the next successive Redetermination Date; provided, however, the then effective Borrowing Base shall reduce on the last day of each month by the then effective Monthly Reduction Amount. So long as any of the Commitments are in effect or any LC Exposure or Loans are outstanding hereunder, this facility shall be governed by the then effective Borrowing Base and Monthly Reduction Amount. During the period from and after the Closing Date until the next redetermination pursuant to Sections 2.08(d), (e) or (f) or adjusted pursuant to Section 8.08(c), the amount of the Borrowing Base shall be $35,300,00080,000,000, as reduced on a cumulative basis on the last day of each month following such effective date by the applicable Monthly Reduction Amount. The Monthly Reduction Amount shall be $0.00, (or the outstanding principal balance of the Loans, if such balance is less than such Monthly Reduction Amount) each month until the next redetermination thereof pursuant to Sections 2.08(d), (e) or (f). No delay for any reason whatsoever in a redetermination of the Monthly Reduction Amount shall affect Borrower's obligations under Section 2.07(b)(iii).applicable

Borrowing Base and Monthly Reduction Amount. The Borrowing Base and the Monthly Reduction Amount shall be determined in accordance with Section 2.08(b) by Administrative Agent with and the concurrence Required Lenders (in the case of any reaffirmation or decrease in the Borrowing Base or reaffirmation or increase in the Monthly Reduction Amount) or Agent and all of the Lenders (in the case of any increase in the Borrowing Base or decrease in the Monthly Reduction Amount) and are subject to redetermination in accordance with Sections 2.08(d), (e) and (f). Upon any redetermination of the Borrowing Base or the Monthly Reduction Amount, such redetermination shall remain in effect until the next successive Redetermination Date; provided, however, the then effective Borrowing Base shall reduce on the last day of each month by the then effective Monthly Reduction Amount. So long as any of the Commitments are in effect or any LC Exposure or Loans are outstanding hereunder, this facility shall be governed by the then effective Borrowing Base and Monthly Reduction Amount. During the period from and after the Closing Date until the next redetermination pursuant to Sections 2.08(d), (e) or ), (f) or adjusted (g) or adjustment pursuant to Section 8.08(c), the amount of the Borrowing Base shall be $35,300,000150,000,000, as reduced on a cumulative basis on the last day of each month following such effective date by the applicable Monthly Reduction Amount. The Monthly Reduction Amount shall be $0.00, 0 (or the outstanding principal balance of the Loans, if such balance is less than such Monthly Reduction Amountzero dollars) each month until the next redetermination thereof pursuant to Sections 2.08(d), (e) or (fe). No delay for any reason whatsoever in a redetermination of the Monthly Reduction Amount shall affect Borrower's ’s obligations under Section 2.07(b)(iii).