Borrowing Base Reduction Sample Clauses

Borrowing Base Reduction. For the period from and including the Fourth Amendment Effective Date to but excluding the next Redetermination Date, the amount of the Borrowing Base shall be equal to $90,000,000. Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time to the extent required by Section 2.07(e), Section 2.07(f) or Section 8.12(c). For avoidance of doubt, this Borrowing Base increase shall constitute the October 1, 2019 Scheduled Redetermination.

Borrowing Base Reduction. The Borrower has informed the Administrative Agent that it plans to issue up to $250.0 million of Permitted Unsecured Indebtedness and has requested that the Required Lenders waive, and the Required Lenders do hereby waive, the reduction in the Borrowing Base upon such issuance; provided that the Borrower issues such Permitted Unsecured Indebtedness on or before February 19, 2018.

Borrowing Base Reduction. At the time of any periodic or special redetermination of the Borrowing Base, the Revolving Credit Lenders reserve the right to establish the Monthly Reduction Amount. The Revolving Credit Lenders’ determination of the Monthly Reduction Amount shall be made in accordance with the standards specified in Section 2.9 and the procedures specified in Section 2.9(d). On the Third Amendment Effective Date, the Monthly Reduction Amount initially will be set as follows for each Monthly Reduction Date: Monthly Reduction Date Monthly Reduction Amount February 28, 2020 $ 1,000,000 March 31, 2020 $ 1,000,000 April 30, 2020 $ 2,000,000 May 1, 2020 $ 2,000,000 If the total Aggregate Revolving Credit Exposure of the Revolving Credit Lenders shall exceed the Borrowing Base solely because of the reduction of the Borrowing Base by the Monthly Reduction Amount, Borrower shall, on or prior to the date of such occurrence, make a single lump sum payment in an amount sufficient to reduce the total Aggregate Revolving Credit Exposure of the Revolving Credit Lenders to or below the Borrowing Base. (g) Amendment to Section 7.1(a)(ii) of the Credit Agreement. Section 7.1(a)(ii) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

Borrowing Base Reduction. (a) At the time of any periodic or special redetermination of the Borrowing Base, Lenders reserve the right to establish an amount (the "Monthly Reduction Amount") by which the Borrowing Base shall be automatically reduced effective on the first day of each successive calendar month until the next Borrowing Base redetermination. Lenders' determination of the Monthly Reduction Amount shall be made in accordance with the standards specified in Section 4.01 hereof and the procedures specified in Section 4.04 hereof. Initially, the Monthly Reduction Amount will be set at zero dollars ($0). If the Total Outstandings shall exceed the Borrowing Base solely because of the reduction of the Borrowing Base by the Monthly Reduction Amount, Borrower shall make a single lump sum payment within 30 days of Borrower receiving notice from Lenders in an amount sufficient to reduce the Total Outstandings to or below the Borrowing Base. (b) If any Swap Contract is terminated or not fully performed for any reason, the Borrowing Base shall be reduced by the amount of the Recognized Value given such Swap Contract in the then current Borrowing Base as determined by the Required Lenders in their discretion in accordance with the standards set forth in Section 4.01. Any redetermination pursuant to this Section 4.05(b) shall not be considered a special determination requested by Administrative Agent within the meaning specified in Section 4.03. (c) The Borrowing Base shall be reduced if the aggregate value of Asset Dispositions in any calendar year exceeds 5% of the then existing Borrowing Base as provided in Section 8.05(i). The amount of the reduction shall equal the Recognized Value of the assets included in such Asset Disposition, as determined by Administrative Agent, in the then current Borrowing Base. Any redetermination pursuant to this Section 4.05(c) shall not be considered a special determination requested by Administrative Agent within the meaning of Section 4.03.

Borrowing Base Reduction. 34 3.7 Use of Proceeds of Revolving Credit Loans................ 34 3.8

Borrowing Base Reduction. As of the Fourteenth Amendment Closing Date, the Required Lenders and the Borrower agree that the amount of the Borrowing Base shall be $75,000,000 and such Borrowing Base shall remain in effect until the Borrowing Base is otherwise redetermined or adjusted in accordance with the Credit Agreement. This provision does not limit the right of the parties to initiate interim redeterminations of the Borrowing Base in accordance with Section 2.07(b) or further adjustments pursuant to Section 2.07(e), Section 2.07(f), Section 8.13(c) or Section 9.12(d). The parties hereto acknowledge and agree that the Borrowing Base reduction set forth in this Section 3 is neither a Scheduled Redetermination nor Interim Redetermination as provided in Section 2.07 and the next Scheduled Redetermination shall be October 2015.

Borrowing Base Reduction. At the time of any periodic or special redetermination of the Borrowing Base, Lender reserves the right to establish the Monthly Reduction Amount. Lender’s determination of the Monthly Reduction Amount shall be made in accordance with the standards specified in Section 2.9(a) and the procedures specified in Section 2.9(d). On the Closing Date, the Monthly Reduction Amount initially will be set at zero dollars ($0). If the total Revolving Credit Exposure of Lender shall exceed the Borrowing Base solely because of the reduction of the Borrowing Base by the Monthly Reduction Amount, Borrower shall, on or prior to the date of such occurrence, make a single lump sum payment in an amount sufficient to reduce the total Revolving Credit Exposure of Lender to or below the Borrowing Base.

Borrowing Base Reduction. In reliance on the representations, warranties, covenants and agreements contained in this Letter Agreement, and subject to the terms and conditions set forth in this Section 3 and subject to the conditions precedent set forth in Section 4, the Lenders party hereto hereby agree that (a) pursuant to Section 2.07(f) of the Credit Agreement, upon the consummation of the Marmaton Sale, the Borrowing Base shall be automatically reduced, without any further action required on the part of the Administrative Agent or the Lenders, on the date that the Marmaton Sale is consummated by an amount equal to $20,000,000, and (b) so long as the reduction in the Borrowing Base provided for in the foregoing clause (a) occurs, the Borrowing Base value of the Marmaton Properties, the DPMS Properties and the PO&G Properties shall be disregarded for future calculations of the aggregate Borrowing Base value of Oil and Gas Properties sold or otherwise disposed of during any period for purposes of determining whether a Triggering Disposition has occurred; provided, that each of the following conditions is satisfied: (i) The Marmaton Sale shall be consummated on or prior to August 31, 2018; (ii) The Marmaton Sale shall be consummated in accordance with the Marmaton Sale Agreement in all material respects and no term or condition of the Marmaton Sale Agreement shall have been amended, modified or waived in a manner adverse to the Administrative Agent or the Lenders in any material respect; provided that, for the avoidance of doubt, any amendment, modification or waiver that results in the addition of any property to the Marmaton Properties to be sold by a Credit Party pursuant to the Marmaton Sale Agreement shall be deemed to be adverse to the Administrative Agent and the Lenders in a material respect; and (iii) The Administrative Agent shall have received final, executed copies of the Marmaton Sale Agreement (including all amendments thereto, if any) and all other material agreements, assignments or other conveyance documents executed in connection therewith, which copies shall be certified as being true and correct in all material respects by a Responsible Officer of the Borrower. Notwithstanding anything to the contrary contained in this Letter Agreement, the agreements set forth herein are limited solely to the matters set forth above, and nothing contained in this Letter Agreement shall be deemed a consent to, or waiver of, any other action or inaction of the Borrower or any oth...

Borrowing Base Reduction. Subject to the provisions of this Letter Agreement, the initial monthly Borrowing Base reduction of $300,000 shall commence on February 28, 2001 and shall continue monthly thereafter on the last day of each calendar month until the next Borrowing Base redetermination occurs. The modifications provided for in this Section 1 shall be effective as of the date of this Letter Agreement (a) upon the payment by the Borrowers of all costs, fees and expenses which have been invoiced and are payable pursuant to Sections 5.14 and 5.15 of the Credit Agreement, and (b) if the statements set forth in clauses (a)(i) and (a)(ii) of Section 3.2 of the Credit Agreement shall be true and correct.