Borrowing Base Reaffirmation Clause Samples
The Borrowing Base Reaffirmation clause requires the borrower to periodically confirm or update the value of the assets that secure a loan, known as the borrowing base. Typically, this involves submitting updated financial statements or asset schedules to the lender at specified intervals, such as monthly or quarterly, to demonstrate that the collateral remains sufficient to support the outstanding loan balance. This clause ensures that the lender has ongoing assurance of adequate collateral coverage, thereby managing credit risk and maintaining the integrity of the lending arrangement.
Borrowing Base Reaffirmation. Pursuant to Section 2.07 of the Credit Agreement, and subject to the satisfaction of the conditions precedent set forth in Section 3 hereof, the Borrowing Base shall be reaffirmed at $375,000,000 effective as of the Fourth Amendment Effective Date, and continuing until the next Scheduled Redetermination, Interim Redetermination or other redetermination of the Borrowing Base thereafter. Borrower Representative (on behalf of each Borrower), Parent and Lenders agree that the reaffirmation of the Borrowing Base provided for in this Section 2 shall be considered and deemed to be the May 1, 2011 Scheduled Redetermination.
Borrowing Base Reaffirmation. Subject to the satisfaction of the conditions set forth in Section 4 of this Fifth Amendment, the Consenting Lenders (which constitute at least the Required Revolving Credit Lenders) hereby agree that for the period from and including the Fifth Amendment Effective Date, but until the next Scheduled Redetermination Date, the next Interim Redetermination Date or the next adjustment to the Borrowing Base under Section 2.06(e), Section 8.13(c) or Section 9.11, whichever occurs first, the amount of the Borrowing Base shall remain $1,600,000,000.00. This Borrowing Base redetermination shall be deemed to constitute the Scheduled Redetermination of the Borrowing Base which is scheduled to occur on or about November 1, 2021. The parties hereto hereby agree that this Section 3 constitutes the New Borrowing Base Notice for the Scheduled Redetermination of the Borrowing Base which is scheduled to occur on or about November 1, 2021 and the Borrower hereby confirms receipt of the New Borrowing Base Notice pursuant to Section 2.07(d).
Borrowing Base Reaffirmation. Pursuant to Section 2.07 of the Credit Agreement, the Borrowing Base shall be reaffirmed at $600,000,000 effective as of the Amendment Effective Date, and continuing until the next Scheduled Redetermination or Interim Redetermination of the Borrowing Base thereafter. Borrower Representative (on behalf of each Borrower), Parent and Lenders agree that the reaffirmation of the Borrowing Base provided for in this Section 2 shall not be considered or deemed to be an Interim Redetermination. The Lenders acknowledge that the Swap Agreements listed on Schedule 1 hereto (the “Specified Swap Agreements”) have not been incorporated into any prior Borrowing Base determination or any prior Conforming Borrowing Base determination and will not be incorporated into the Borrowing Base as reaffirmed hereby and any applicable Credit Party may terminate any or all of the Specified Swap Agreements.
Borrowing Base Reaffirmation. Pursuant to Section 2.08(d) of the Credit Agreement, Administrative Agent hereby notifies Borrower and Revolving Lenders that, in satisfaction of the Scheduled Redetermination of the Borrowing Base required to take place on or about April 1, 2021 pursuant to Section 2.08(c) of the Credit Agreement, from and after the date hereof until the next redetermination of the Borrowing Base, the amount of the Borrowing Base shall be reaffirmed at $400,000,000.
Borrowing Base Reaffirmation. Subject to the terms of this Amendment, the parties hereto hereby agree that, as of the Effective Date, the Borrowing Base is hereby redetermined and reaffirmed at $1,100,000,000.00, and the Borrowing Base shall remain in effect at such amount until the Borrowing Base is redetermined or adjusted in accordance with the Credit Agreement, as amended hereby. The redetermination and reaffirmation of the Borrowing Base pursuant to this Section 4 shall constitute the semi-annual Scheduled Redetermination to occur on or about May 1, 2019, as set forth in Section 2.06(b) of the Credit Agreement. For purposes the Credit Agreement, including Section 9.11 thereof, the parties hereto hereby acknowledge and agree that, until the next redetermination or adjustment of the Borrowing Base pursuant to the Credit Agreement, (a) the Borrower Base value of certain Oil and Gas Properties in the Midland Basin which the Borrower has identified to the Administrative Agent as the “Ranger Assets” and intends to dispose (the “Ranger Assets”) is $0 and (b) such Ranger Assets were not given any value in making the redetermination and reaffirmation of the Borrowing Base hereunder.
Borrowing Base Reaffirmation. The Lenders hereby agree that the Borrowing Base is reaffirmed at $325,000,000, effective as of the Fourth Amendment Effective Date, and the Borrowing Base shall remain at such level until the next Scheduled Redetermination Date, Interim Redetermination Date or other redetermination or adjustment of the Borrowing Base thereafter, whichever comes first. The Borrower and Lenders agree that the redetermination of the Borrowing Base provided for in this Section 2 shall constitute the Scheduled Redetermination scheduled for on or about October 1, 2017 and shall not be construed or deemed to be an Interim Redetermination for purposes of Section 2.07(b) of the Amended Credit Agreement.
Borrowing Base Reaffirmation. Subject to the satisfaction of the conditions set forth in Section 4 of this Fourth Amendment, the Consenting Lenders hereby agree that for the period from and including the Fourth Amendment Effective Date, but until the next Scheduled Redetermination Date, the next Interim Redetermination Date or the next adjustment to the Borrowing Base under Section 2.06(e), Section 8.13(c) or Section 9.11, whichever occurs first, the amount of the Borrowing Base shall remain $1,600,000,000.00. This Borrowing Base redetermination shall be deemed to constitute the Scheduled Redetermination of the Borrowing Base which is scheduled to occur on or about May 1, 2021. The parties hereto hereby agree that this Section 3 constitutes the New Borrowing Base Notice for the Scheduled Redetermination of the Borrowing Base which is scheduled to occur on or about May 1, 2021.
Borrowing Base Reaffirmation. Subject to the terms of this Agreement, the parties hereto hereby agree that, as of the Effective Date, the Borrowing Base shall continue to be $900,000,000, and the Borrowing Base shall remain in effect at such amount until the Borrowing Base is redetermined or adjusted in accordance with the Credit Agreement, as amended hereby. The reaffirmation and redetermination of the Borrowing Base pursuant to this Section 3 shall constitute the scheduled Semi-Annual Redetermination to occur on or about April 1, 2019, as set forth in Section 2.2(b)(i) of the Credit Agreement, as amended hereby. For the avoidance of doubt, the Aggregate Elected Commitments shall remain at $540,000,000.
Borrowing Base Reaffirmation. The Borrowing Base is hereby reaffirmed, effective as of the Seventh Amendment Effective Date, at $750,000,000, and shall remain at $750,000,000 until the next Scheduled Redetermination, Interim Redetermination or other redetermination or adjustment of the Borrowing Base thereafter, whichever occurs first pursuant to the Credit Agreement as amended hereby. The Loan Parties, the Administrative Agent and the Lenders agree that the redetermination of the Borrowing Base provided for in this Section 3 shall constitute the Scheduled Redetermination of the Borrowing Base scheduled for on or about July 1, 2015 and shall not be considered or deemed to be an Interim Redetermination for purposes of Section 2.07 of the Credit Agreement.
Borrowing Base Reaffirmation. The Borrowing Base and the Conforming Borrowing Base shall each, pursuant to Section 2.07 of the Credit Agreement, be reaffirmed at $160,000,000, and continuing until the next Scheduled Redetermination, Interim Redetermination or other redetermination of the Borrowing Base and the Conforming Borrowing Base thereafter. The parties agree that the reaffirmation of Borrowing Base and the Conforming Borrowing Base provided herein shall not constitute an Interim Redetermination but instead constitutes the May 1, 2009 Scheduled Redetermination.