Borrowing Base Reduction Amount

Borrowing Base Reduction Amount. (a) for each month commencing November 1, 2004 until the next semi-annual Borrowing Base redetermination pursuant to Section 2.2.2, $1,500,000, and (b) for each month thereafter, such amount as designated by 100% of the Lenders from time to time in connection with each successive scheduled semi-annual Borrowing Base redetermination pursuant to Section 2.2.2 or successive unscheduled Borrowing Base redetermination pursuant to Section 2.2.3.; provided however, if the Required Lenders fail to... timely designate a new Borrowing Base Reduction Amount, then the Borrowing Base Reduction Amount most recently in effect will continue in effect until the Required Lenders designate a new Borrowing Base Reduction Amount. View More