Borrowing Base Determinations. (a) The Borrowing Base as of the Closing Date is acknowledged by the Borrower and the Lenders to be $29,000,000 and shall reduce to a level of $27,500,000 within ten days of the Closing Date. Commencing on May 1, 1998, and continuing thereafter on the first day of each calendar month until the earlier of the date such amount is redetermined or the Commitment Termination Date, the Scheduled Reduction Amount shall be $275,000.
(b) The Borrowing Base and the Scheduled Reduction Amount shall be redetermined semi-annually by unanimous consent of the Lenders beginning October 1, 1998, on the basis of information supplied by the Borrower in compliance with the provisions of this Agreement, including, without limitation, Reserve Reports, and all other information available to the Lenders. In addition, the Lenders shall, in the normal course of business following a request of the Borrower, redetermine the Borrowing Base; provided, however, the Lenders shall not be obligated to respond to more than four such requests during any calendar year, and in no event shall the Lenders be required to redetermine the Borrowing Base more than twice in any three-month period, including, without limitation, each scheduled semi-annual redetermination provided for above. Notwithstanding the foregoing, the Lenders may at their discretion and by unanimous consent redetermine the Borrowing Base and the Scheduled Reduction Amount at any time and from time to time.
(c) Upon each determination of the Borrowing Base and the Scheduled Reduction Amount by the Lenders, the Agent shall notify the Borrower orally (confirming such notice promptly in writing) of such determination, and the Borrowing Base and the Scheduled Reduction Amount shall become effective upon such written notification and shall remain in effect until the next subsequent determination of the Borrowing Base. Upon request, Agent will furnish detailed information as to the determination of the Borrowing Base.
(d) The Borrowing Base shall represent the determination by the Lenders, in accordance with the applicable definitions and provisions herein contained and their customary lending practices for loans of this nature, of the value, for loan purposes, of the Mortgaged Properties, plus certain other Oil and Gas Properties to be determined in sole discretion of the Lenders subject, in the case of any increase in the Borrowing Base, to the credit approval process of the Lenders. Furthermore, the Borrower acknowledges that the d...
Borrowing Base Determinations. (a) The Borrowing Base as of ----------------------------- November 1, 1998 is acknowledged by the Borrower and the Lenders to be $43,000,000. Commencing as of February 1, 1999 and continuing thereafter on the first day of each calendar month through the next Borrowing Base Determination which is scheduled for May 1, 1999, the amount of the Borrowing Base shall be reduced by $450,000.
(b) The Borrowing Base shall be redetermined semi-annually on the basis of information supplied by the Borrower in compliance with the provisions of this Agreement, including, without limitation, Reserve Reports, and all other relevant information available to the Lenders. In addition, the Lenders shall, in the normal course of business following a request of the Borrower, redetermine the Borrowing Base; provided, however, the Lenders shall not be obligated to respond to more than four such requests during any calendar year, and in no event shall the Lenders be required to redetermine the Borrowing Base more than once in any two-month period, including, without limitation, each scheduled semi-annual redetermination provided for above. Notwithstanding the foregoing, the Lenders may at their discretion redetermine the Borrowing Base and the amount by which the Borrowing Base shall be reduced each calendar month as set forth in Section 2.9 (a) at any time and from time to time.
(c) Upon each determination of the Borrowing Base by the Lenders, the Agent shall notify the Borrower orally (confirming such notice promptly in writing) of such determination, and the Borrowing Base and the monthly amount by which the Borrowing Base shall be reduced so communicated to the Borrower shall become effective upon such written notification and shall remain in effect until the next subsequent determination of the Borrowing Base and the monthly amount by which the Borrowing Base shall be reduced.
(d) The Borrowing Base shall represent the determination by the Lenders, in accordance with the applicable definitions and provisions herein contained and their customary lending practices for loans of this nature, of the value, for loan purposes, of the Mortgaged Properties, subject, in the case of any increase in the Borrowing Base, to the credit approval process of the Lenders. Furthermore, the Borrower acknowledges that the determination of the Borrowing Base contains an equity cushion (market value in excess of loan value), which is acknowledged by the Borrower to be essential for the adequate prot...
Borrowing Base Determinations. (a) The Borrowing Base as of September 1, 2003, is acknowledged by the Borrower and the Lender to be $21,700,000. Commencing on October 1, 2003, and continuing thereafter on the first day of each calendar month through the next Borrowing Base review, the amount of the Borrowing Base shall be reduced by $620,000.”
Borrowing Base Determinations. (a) The initial Borrowing Base is hereby established at $6,800,000.00.
(b) The Borrowing Base shall be redetermined by the Administrative Agent at the commencement of each Borrowing Base Period, effective as of the date set forth in a notice of redetermination delivered to the Borrower and the Lenders by the Administrative Agent.
(c) Each determination of the Borrowing Base shall be made, in the sole discretion of the Administrative Agent, by reviewing the estimates of the projected rate of production and projected revenues from the Mortgaged Properties and such other credit factors (including, without limitation, the assets, liabilities, cash flow, current Derivative Contracts, business, properties, management and ownership of the Borrower) as the Administrative Agent in its sole discretion deems significant. The Administrative Agent may make adjustments, in good faith and at its sole discretion and in accordance with its customary practices, to such estimates of the projected rate of production and projected revenues.
(d) In addition to scheduled Borrowing Base redeterminations pursuant to SECTION 2.4(B), the Administrative Agent may cause a special redetermination during any Borrowing Base Period. The Administrative Agent shall redetermine the Borrowing Base using the most recent reserve report delivered to the Administrative Agent pursuant to SECTION 5.5, as adjusted for cumulative production, any material additions to, deletions from or any other material changes in the Proved Reserves attributable to the Mortgaged Properties and changes, if any, to pricing and cost assumptions since the effective date of such reserve report and in accordance with the procedures set forth in SECTION 2.4(B) and (C) which redetermined Borrowing Base shall then be the effective Borrowing Base until further redetermination.
(e) In addition to the scheduled Borrowing Base redeterminations pursuant to SECTION 2.4(B), the Borrower may cause a special redetermination during any Borrowing Base Period. The Borrower shall furnish additional reserve reports with respect to the Mortgaged Properties, which additional reserve reports shall be in form and substance satisfactory to the Administrative Agent, prepared by an independent petroleum engineer satisfactory to the Administrative Agent, which shall set forth, as of a specific date, any material additions to, deletions from or any other material changes in the Proved Reserves attributable to the Mortgaged Properties reflected in...
Borrowing Base Determinations. (a) The Borrowing Base as of the Closing Date is acknowledged by the Borrower and the Lender to be $22,000,000.
(b) The Borrowing Base shall be redetermined semi-annually on the basis of information supplied by the Borrower in compliance with the provisions of this Agreement, including, without limitation, Reserve Reports, and all other information available to the Lender. In addition, the Lender shall, in the normal course of business following a request of the Borrower, redetermine the Borrowing Base. Notwithstanding the foregoing, the Lender may at its discretion redetermine the Borrowing Base at any time and from time to time.
(c) Upon each determination of the Borrowing Base by the Lender, the Lender shall notify the Borrower orally (confirming such notice promptly in writing) of such determination, and the Borrowing Base so communicated to the Borrower shall become effective upon such written notification and shall remain in effect until the next subsequent determination of the Borrowing Base.
(d) The Borrowing Base shall represent the determination by the Lender, in accordance with the applicable definitions and provisions herein contained and its customary lending practices for loans of this nature, of the value, for loan purposes, of the Mortgaged Properties, subject, in the case of any increase in the Borrowing Base, to the credit approval process of the Lender. Furthermore, the Borrower acknowledges that the determination of the Borrowing Base contains an equity cushion (market value in excess of loan value), which is acknowledged by the Borrower to be essential for the adequate protection of the Lender.
Borrowing Base Determinations. (a) The Borrowing Base for Facility A as of the Closing Date of this Second Amendment is acknowledged by the Borrower and the Lender to be $29,000,000 and acknowledged by Borrower and the Lender to be $5,000,000 for Facility B. The Borrowing Base for Facility A and Facility B shall be redetermined on November 1, 2005.
Borrowing Base Determinations. 31 2.10 Competitive Bid Procedure.................................31
Borrowing Base Determinations. (a) Within 45 days after receipt of the Engineering Report required to be delivered each year, commencing with the Engineering Report required to be delivered in 1994, Agent shall notify the Company, in writing, of the Oil and Gas Reserves Component Value determined on the basis of such Engineering Report and the Borrowing Base determined on the basis of such Oil and Gas Reserves Component Value, together with the determination of the Alaskan Gas Component Value. Each such determination is herein called a "Scheduled Redetermination". Each Scheduled Redetermination shall be effective when the Company is notified of the amount of the redetermined Borrowing Base by Agent.
Borrowing Base Determinations. (a) The Borrowing Base as of the Closing Date is acknowledged by the Borrower and the Lender to be $7,500,000. Commencing on January 1, 2003, and continuing thereafter on the first day of each calendar month until the next Borrowing Base review, the amount of the Borrowing Base shall be reduced by $200,000.
(b) The Borrowing Base shall be redetermined semi-annually beginning May 1, 2003, on the basis of information supplied by the Borrower in compliance with the provisions of this Agreement, including, without limitation, Reserve Reports, and all other information available to the Lender. In addition, the Lender shall, in the normal course of business following a request of the Borrower, redetermine the Borrowing Base; provided, however, the Lender shall not be obligated to respond to more than two such requests during any calendar year, and in no event shall the Lender be required to redetermine the Borrowing Base more than once in any three-month period, including, without limitation, each scheduled semi-annual redetermination provided for above. Notwithstanding the foregoing, the Lender may at its discretion redetermine the Borrowing Base and the amount by which the Borrowing Base shall be reduced each calendar month as set forth in Section 2.7(a) at any time and from time to time.
Borrowing Base Determinations. Covenants Relating to Borrowing Base Properties................ 44 ARTICLE IV CONDITIONS TO LOANS
