Borrowing Base Limit. The Borrower and the Lenders agree:
Borrowing Base Limit. Each Remaining Lender agrees pursuant to Section 7.1 of the Credit Agreement to increase the Borrowing Base Limit from Cdn. $275,000,000 to Cdn. $300,000,000.
Borrowing Base Limit. 7.1 Annual Determination of Borrowing Base Limit
Borrowing Base Limit. Each Lender confirms pursuant to Section 7.1 of the Credit Agreement that the Borrowing Base Limit, after giving effect to the dispositions consented to in Article 3 of this Amending Agreement, continues to be Cdn. $525,000,000.
Borrowing Base Limit. The total aggregate outstanding principal of all facilities to the Borrower, the U.S. Guarantors, and/or the European Subsidiaries created by or under the Loan Documents, including all advance payment guarantees issued by the Bank's London Branch, shall be subject to an overall limitation equal to the sum of: (i) eighty percent (80%) of the appraised fair market value of the Pennsylvania Property, the Minnesota Property and the Ohio Property (based upon appraisals prepared for the Bank and completed in December 2001), (ii) seventy-five percent (75%) of the Orderly Liquidation Value of machinery and equipment (based upon appraisals prepared for the Bank and completed in December 2001); (iii) seventy-five percent (75%) of Eligible Accounts as reflected on the most recent borrowing base certificate delivered by Borrower pursuant to Section 2.1.10(c) hereof, and (iv) forty percent (40%) of Eligible Inventory.
Borrowing Base Limit. At any time, permit the aggregate amount of the Obligations to exceed an amount equal to the Borrowing Base, less outstanding Consolidated Senior Unsecured Debt other than the Facility.
Borrowing Base Limit. Notwithstanding any other provision of this Agreement, and except as permitted under Section 4.2 below, at no time will the amount advanced by the Bank under Facility Number 1 or the face amount of Documentary Letters of Credit issued under Facility Number 2 exceed the lesser of (i) the Excess Borrowing Base Amount or (ii) the stated amount of each Facility (i.e., $17,500,000 under Facility 1 and $15,000,000 under Facility 2). The Bank may reject any request for advances or issuance of letters of credit if, as a result of such advance or letter of credit issuance, the amount outstanding under either Facility Number 1 or Facility Number 2 exceeds the limits stated above. The Bank may also demand payment of any amount necessary to place the Company in compliance with the above limits, in which event the Company shall immediately pay such amount to the Bank.
Borrowing Base Limit. 7.1 Annual Determination of Borrowing Base Limit Within 30 days following delivery of the Independent Engineering Report required by Section 11.1(n)(i) and of all such other information (including, without limitation, all annual statements required to be provided by the Borrower to the Agent pursuant to the terms of this Agreement and the most recent operating statements and production reports referred to in Section 11.1(o)(iii)) as the Agent reasonably requires in order to evaluate the Engineering Report and the Enterra Reserves which are the subject matter of those Engineering Reports, the Agent shall make a preliminary determination of the aggregate limit on Advances under the Revolving Credit Facility and under the Operating Credit Facility based on the Agent's evaluation of the Borrowing Base Properties in accordance with the Agent's standard petroleum and natural gas production loan financing parameters then in effect (the "Borrowing Base Limit"). The Agent shall consult with the Lenders regarding the preliminary determination of the Borrowing Base Limit (and advise the Borrower thereof) and shall seek approval of a new Borrowing Base Limit by a Majority of the Revolving Credit Facility Lenders. The determination of the new Borrowing Base Limit shall be made by the Revolving Credit Facility Lenders based on each Revolving Credit Facility Lender's assessment of the Borrowing Base Limit determined in its absolute discretion but in accordance with its customary practices for comparable oil and gas production loans, taking into consideration such factors as each Revolving Credit Facility Lender determines relevant, including the estimated future net revenue, after Taxes (excluding income taxes), from the Borrowing Base Properties (after taking into account Risk Management Transactions and any royalties, other burdens or other Permitted Encumbrances applicable to the Borrowing Base Properties), each Revolving Credit Facility Lender using its then current projection of Hydrocarbon prices, direct operating and capital costs and other assumptions affecting such estimated future net reserve. Each Revolving Credit Facility Lender, within 30 days of being provided with the Agent's preliminary determination of the Borrowing Base Limit and the Engineering Report, shall advise the Agent as to whether it agrees with the Agent's preliminary determination of the Borrowing Base Limit or whether it proposes a different Borrowing Base Limit and, if so, the amount of the...
Borrowing Base Limit. Should the aggregate principal amount of the outstanding Loans at any time exceed the Borrowing Base at such time, the Company shall immediately repay such excess to the Administrative Agent, for the account of the Banks. (b)
Borrowing Base Limit. The Company will not permit, as of the end of each fiscal month, an Adjusted Borrowing Base Limit II of not less than $10,000,000.
