Redetermined Borrowing Base Sample Clauses
The Redetermined Borrowing Base clause defines the process and criteria for periodically reassessing the maximum amount a borrower can draw under a credit facility, typically based on the value of specified collateral such as oil and gas reserves. In practice, this clause outlines the timing and methodology for these reassessments, which may occur semi-annually or upon certain triggering events, and details the information the borrower must provide for the lender’s evaluation. Its core function is to ensure that the lender’s risk is managed by aligning the available credit with the current value of the underlying collateral, thereby protecting both parties from changes in asset value over time.
Redetermined Borrowing Base. This Amendment shall constitute a notice of the Redetermination of the Borrowing Base pursuant to Section 4.2 of the Agreement, and the Administrative Agent hereby notifies the Borrowers that, as of the date of this Amendment and until the next Redetermination, the redetermined Borrowing Base is $250,000,000.
Redetermined Borrowing Base. This Amendment shall constitute notice of the Redetermination of the Borrowing Base and the Monthly Reduction pursuant to Section 3.05 of the Credit Agreement, and the Administrative Agent, the Lenders and the Borrower hereby acknowledge that effective as of May 27, 2008, the Borrowing Base is $300,000,000, the Monthly Reduction is $0.00 and notwithstanding anything to the contrary contained in the Credit Agreement as in effect prior to the Third Amendment Effective Date, the Aggregate Revolving Commitment is $234,100,000.
Redetermined Borrowing Base. This Amendment shall constitute notice of a Scheduled Redetermination of the Borrowing Base pursuant to Section 2.14 of the Credit Agreement, and the Administrative Agent, the Required Lenders and the Borrower hereby acknowledge that effective as of the date hereof, the Borrowing Base shall be reaffirmed at $3,000,000,000 and such redetermined Borrowing Base shall remain in effect until the earlier of (a) the next redetermination of the Borrowing Base pursuant to Section 2.14 of the Credit Agreement or (b) the date such Borrowing Base is otherwise adjusted pursuant to the terms of the Credit Agreement. The Borrower and the Required Lenders agree that the redetermination of the Borrowing Base provided for in this Section 2 shall be the redetermination of the Borrowing Base scheduled to occur on May 1, 2015 and shall not be construed or deemed to be an Interim Redetermination for purposes of Section 2.14 of the Credit Agreement.
Redetermined Borrowing Base. This Amendment shall constitute notice of the Redetermination of the Borrowing Base pursuant to Section 3.04 of the Credit Agreement, and the Administrative Agent, the Lenders, Borrower and the Guarantors hereby acknowledge that effective as of the Fourth Amendment Effective Date, the Borrowing Base is $725,000,000, and such redetermined Borrowing Base shall remain in effect until the earlier of (i) the Scheduled Redetermination to occur on or about August 1, 2015 pursuant to Section 3.02 and Section 3.03 of the Credit Agreement and (ii) the date such Borrowing Base is otherwise adjusted pursuant to the terms of the Credit Agreement. For the avoidance of doubt, the redetermination of the Borrowing Base contained in this Section 3 constitutes the Scheduled Redetermination, which otherwise would have occurred on or about April 15, 2015 pursuant to Section 3.03 of the Credit Agreement.
Redetermined Borrowing Base. This Amendment shall constitute a notice of the redetermination of the Borrowing Base pursuant to Section 3.04 of the Credit Agreement and Administrative Agent hereby notifies Borrower that, as of the Third Amendment Effective Date, the redetermined Borrowing Base is $1,500,000,000 until the next redetermination of the Borrowing Base pursuant to Article III of the Credit Agreement.
Redetermined Borrowing Base. Pursuant to Section 2.07(c) of the Credit Agreement and notwithstanding any requirement in the Credit Agreement that in connection with the Scheduled Redetermination of the Borrowing Base to be effective January 1, 2014 based on the Reserve Report required to be delivered by November 15, 2013 evaluating the Oil and Gas Properties of the Borrowers and their Subsidiaries as of September 30, 2013 (or October 1, 2013) and any requirement that the Administrative Agent notify the Borrowers and Lenders of the Proposed Borrowing Base in a Proposed Borrowing Base Notice or advise the Borrowers and Lenders of a redetermined Borrowing Base in a New Borrowing Base Notice, the Administrative Agent hereby notifies the Borrowers that, from the Fourth Amendment Effective Date until the next Borrowing Base has been approved in accordance with Section 2.07(c) of the Credit Agreement, the Borrowing Base shall be $300,000,000. This Fourth Amendment constitutes notice to the Borrowers of the redetermined Borrowing Base for purposes of Section 2.07(c) and by its signature to this Agreement each Lender consents to the $300,000,000 redetermined Borrowing Base and acknowledges that from the Fourth Amendment Effective Date until the next Borrowing Base redetermination such Lender’s Commitment is such Lender’s Applicable Percentage of the redetermined Borrowing Base. For the sake of clarity, the next Scheduled Determination of the Borrowing Base shall be based on a Reserve Report as of December 31, 2013 (or January 1, 2014), which Reserve Report shall be delivered by March 1, 2014 in accordance with Section 8.12(a)(i) of the Credit Agreement.
Redetermined Borrowing Base. This Amendment shall constitute notice of the Scheduled Borrowing Base Determination to occur on or about November 1, 2013 pursuant to Section 2.08 of the Credit Agreement, and the Administrative Agent, the Lenders, the Borrower and the Guarantors hereby acknowledge that effective as of the date of this Amendment, the Borrowing Base shall be increased from $8,000,000 to $16,000,000 and such redetermined Borrowing Base, which shall be deemed to be the November 1, 2013 Scheduled Borrowing Base Determination, shall remain in effect until the earlier of (a) the next redetermination of the Borrowing Base or (b) the date such Borrowing Base is otherwise adjusted pursuant to the terms of the Credit Agreement.
Redetermined Borrowing Base. Pursuant to Section 3.03 of the Credit Agreement, the Borrower has requested a Special Redetermination of the Borrowing Base to increase the Borrowing Base as provided herein. This Amendment shall constitute notice of such Special Redetermination of the Borrowing Base pursuant to Section 3.04 of the Credit Agreement, and the Administrative Agent, the Lenders, the Borrower and the Guarantors hereby acknowledge that effective as of the date of this Amendment, the Borrowing Base shall be increased to $525,000,000 and such redetermined Borrowing Base shall remain in effect until the earlier of (a) the next Redetermination of the Borrowing Base or (b) the date such Borrowing Base is otherwise adjusted pursuant to the terms of the Credit Agreement.
Redetermined Borrowing Base. Pursuant to Section 2.9 of the Credit Agreement, Administrative Agent and Lenders hereby notify Borrower that, from the Effective Date until and including the next Determination Date, the Borrowing Base shall be $100,000,000. This Agreement constitutes notice to Borrower of the redetermined Borrowing Base for purposes of Section 2.9 and by its signature to this Agreement each Lender consents to the $100,000,000 redetermined Borrowing Base.
Redetermined Borrowing Base. This Amendment shall constitute notice of the Redetermination of the Borrowing Base pursuant to Section 3.02 of the Credit Agreement, and the Administrative Agent, the Lenders and the Borrower hereby acknowledge that the Borrowing Base is $3,000,000,000 as of the Tenth Amendment Effective Date and shall remain at $3,000,000,000 until the next Redetermination of the Borrowing Base. The Borrowers and the Lenders agree that the Redetermination provided for in this Section 2 shall be the October 1, 2012 Scheduled Redetermination and shall not be construed or deemed to be a Special Redetermination for purposes of Section 3.03 of the Credit Agreement.