Borrowing Base Procedures. Based upon the engineering reports submitted by Borrower pursuant to Section 6.1(b) below and upon such other information and data as BOTW deems relevant, BOTW will redetermine the Borrowing Base as of the first day of each Borrowing Base Period. BOTW and Borrower shall each have the option to request one (1) unscheduled interim Borrowing Base review in between each scheduled review date. BOTW shall advise Borrower of each redetermination of the Borrowing Base by providing to Borrower a Borrowing Base Notice approximately ten (10) days prior to the effectiveness of the redetermined Borrowing Base; provided that if, due to any failure by Borrower to submit in a timely manner any engineering report or other information required to be submitted by Borrower hereunder or, if requested in writing by BOTW, any additional information or data needed in connection with a redetermination of the Borrowing Base or due to any other reason beyond the control of BOTW, BOTW does not provide a Borrowing Base Notice at the time described above, then, unless BOTW gives notice to the contrary to Borrower, the Borrowing Base from the previous period shall be carried over into the new period until a Borrowing Base Notice has been sent to Borrower by BOTW. III. SECURITY; FEES; LIBOR PROVISIONS; TAXES; INCREASED CAPITAL
Borrowing Base Procedures. The Borrowing Base (Determined) will be re-determined semi-annually by WFBW, effective as of May 1 and November 1 of each year, commencing May 1, 2001, based upon the engineering reports submitted by Borrower pursuant to Section 6.1 below, the monthly production information submitted by Borrower pursuant to Section 6.1 below and such other information and data as WFBW deems relevant; provided that, after the Conversion Date, WFBW will also determine or re-determine the Revenue Half-Life of the Borrowing Base Properties as of such dates. WFBW may, in its sole discretion, re-determine the Borrowing Base (Determined) (and, if applicable, the Revenue Half-Life of the Borrowing Base Properties) not more than one additional time during each calendar year prior to the Maturity Date. WFBW shall advise Borrower of each re-determination of the Borrowing Base (Determined) (and, if applicable, the Revenue Half-Life of the Borrowing Base Properties) by WFBW by providing to Borrower a Borrowing Base Notice by approximately 10 days prior to the effective date of any such re-determination; provided that if, due to any failure by Borrower to submit in a timely manner any engineering report or other information required to be submitted by Borrower hereunder or, if requested in writing by WFBW, any additional information or data needed in connection with a re-determination of the Borrowing Base (Determined) or due to any other reason beyond the control of WFBW, WFBW does not provide a Borrowing Base Notice at the time described above, then: (a) unless WFBW gives notice to the contrary to Borrower, the Borrowing Base (Determined) (and, if applicable, the Revenue Half-Life of the Borrowing Base Properties) from the previous period shall be carried over into the new period until a Borrowing Base Notice is sent to Borrower by WFBW and the remainder of the procedures described in this Section 2.8 have been completed, and (b) unless Borrower gives notice to the contrary to WFBW, the Borrowing Base (Elected) from the previous period shall be carried over into the new period until a Borrowing Base Notice is sent to Borrower by WFBW and the remainder of the procedures described in this Section 2.8 have been completed. Borrower shall have the right, by giving notice to WFBW not later than five days prior to the commencement of any Quarterly Borrowing Base Period (or, if a Borrowing Base Notice is due, not later than five days after the effective date of such Borrowing Base Notice), to...
Borrowing Base Procedures. Based upon the engineering reports submitted by Borrower pursuant to Section 6.1(b) below and upon such other information and data as BOTW deems relevant, BOTW will redetermine the Borrowing Base as of the first day of each Borrowing Base Period and not more than one additional time per calendar year at the request of BOTW. BOTW shall advise Borrower of each redetermination of the Borrowing Base by providing to Borrower a Borrowing Base Notice approximately 10 days prior to the effectiveness of the redetermined Borrowing Base; provided that if, due to any failure by Borrower to submit in a timely manner any engineering report or other information required to be submitted by Borrower hereunder or, if requested in writing by BOTW, any additional information or data needed in connection with a redetermination of the Borrowing Base or due to any other reason beyond the control of BOTW, BOTW does not provide a Borrowing Base Notice at the’ time described above, then, unless BOTW gives notice to the contrary to Borrower, the Borrowing Base from the previous period shall be carried over into the new period until a Borrowing Base Notice has been sent to Borrower by BOTW.
Borrowing Base Procedures. (a) The Borrowing Base (Oil and Gas) will be re-determined by USB, based upon the information submitted by Borrowers pursuant to Section 6.1 below and upon such other information and data as USB deems relevant, semi-annually effective as of May 1 and November 1 of each year, and at such other times as USB may determine. USB shall advise Borrowers of each re-determination of the Borrowing Base (Oil and Gas) by USB by providing to Borrowers a Borrowing Base Notic
(b) The Borrowing Base (Securities) will be calculated by Borrowers monthly, and, not later than five days prior to the end of each calendar month, Borrowers will give notice to USB, showing full details as to how such calculation was made and of the amount of the Borrowing Base (Securities) so calculated; provided that, if, as to any calendar month, the calculation of the Borrowing Base (Securities) has not changed from the prior calendar month, Borrowers shall not be required to give such notice to
Borrowing Base Procedures. The Borrowing Base Reports are subject to the procedures set forth on Schedule 2.14. Notwithstanding anything to the contrary contained in this Agreement, the Administrative Agent, in its Permitted Discretion, shall have the right to adjust the procedures and methodologies used to determine the applicable Borrowing Base and/or prepare Borrowing Base Reports to reflect the result of any commercial finance examination.
Borrowing Base Procedures. The Borrowing Base will be re-determined at least annually by Norwest, as of April 1 of each year through April 1, 2002 (and, at Norwest's sole discretion, Norwest may re-determine the Borrowing Base at such other times as Norwest may elect to do so), in accordance with the "Borrowing Base Calculations" described in Exhibit E attached hereto and made a part hereof, based upon the engineering reports submitted by Borrower pursuant to Article V below, the production information submitted by Borrower pursuant to Article V below and such other information and data as Norwest deems relevant, and using such assumptions as to pricing, discount factors, discount rates, expenses, oil and gas prices and price escalators, operating expense escalators and other factors as Norwest customarily uses as to borrowing-base oil and gas loans at the time such re-determination is made. If any such re-determination of the Borrowing Base by Norwest results in a change in the Borrowing Base from the Borrowing Base previously in effect, Norwest shall advise Borrower of such change by providing to Borrower written notice thereof; provided that if Norwest does not provide such a notice, then, unless Norwest gives notice to the contrary to Borrower, the Borrowing Base from the previous period shall be carried over into the new period until a notice is sent to Borrower by Norwest.
Borrowing Base Procedures. The Borrowing Base will be re-determined semi-annually by CNB, as of approximately May l and November 1 of each year until the Loan has been repaid in full (and up to one additional time per calendar year at the option of CNB), based upon the engineering reports submitted by Borrower pursuant to this Agreement and upon such other information and data as CNB deems relevant. CNB shall advise Borrower of each re-determination of the Borrowing Base by CNB by providing to Borrower a Borrowing Base Notice by April 22 and September 22 of each year (and, as to any additional re determination of the Borrowing Base by CNB, approximately ten days prior to the effective date of any such re-determination); provided that if, due to any failure by Borrower to submit in a timely manner any engineering report or other information required to be submitted by Borrower hereunder or, if requested in writing by CNB, any additional information or data needed in connection with a re-determination of the Borrowing Base or due to any other reason beyond the control of CNB, CNB does not provide a Borrowing Base Notice at the time described above, then, unless CNB gives notice to the contrary to Borrower, the Borrowing Base from the previous period shall be carried over into the new period until a Borrowing Base Notice has been sent to Borrower by CNB.
Borrowing Base Procedures. Based upon the engineering reports submitted by Borrowers pursuant to Section 6.1(b) below and upon such other information and data as BOTW deems relevant, BOTW will redetermine the Borrowing Base: (a) as of the first day of each Borrowing Base Period, and (b) up to one additional time per Borrowing Base Period at the discretion of BOTW, and (c) up to one additional time per Borrowing Base Period at the discretion of Borrowers. BOTW shall advise Borrowers of each redetermination of the Borrowing Base by providing to Borrowers a Borrowing Base Notice approximately 10 days prior to the effectiveness of the redetermined Borrowing Base; provided that if, due to any failure by Borrowers to submit in a timely manner any engineering report or other information required to be submitted by Borrowers hereunder or, if requested in writing by BOTW, any additional information or data needed in connection with a redetermination of the Borrowing Base or due to any other reason beyond the control of BOTW, BOTW does not provide a Borrowing Base Notice at the time described above, then, unless BOTW gives notice to the contrary to Borrowers, the Borrowing Base from the previous period shall be carried over into the new period until a Borrowing Base Notice has been sent to Borrowers by BOTW.
Borrowing Base Procedures. At the times described below, Lenders will perform a review of the Borrowing Base Properties and will determine the Borrowing Base (Conforming) and, if applicable, the Borrowing Base (Supplemental), based upon their then-current customary practices and standards in making conforming and supplemental borrowing base determinations applied generally to their substantial energy credits (which will be substantially similar to their present practices, except for market-induced changes relating to pricing, costs and risk factors relating to types of oil and gas reserves) and taking into account such other factors as Lenders in their reasonable discretion deem appropriate. The timing of Borrowing Base determinations will be as follows:
(a) regular quarterly or semi-annual determinations: (1) on or before the Commitment Expiration Date (Facility B), as of approximately March 1, June 1, September 1 and December 1 of each year, commencing in March, 1999, and (2) after the Commitment Expiration Date (Facility B), as of approximately June 1 and December 1 of each year;
(b) at the option of Lenders, at any time that Borrower has sold properties having an aggregate value in excess of $5,000,000 since the previous determination of the Borrowing Base;
(c) at the option of Lenders, at any time that Borrower issues Subordinated Debt;
(d) at the option of Lenders, up to one additional time per calendar year; and
(e) at the option of Borrower, up to one additional time per calendar year. Promptly after each such determination of the Borrowing Base (Conforming) and/or the Borrowing Base (Supplemental), Lenders shall advise Borrower of the new Borrowing Base (Conforming) and/or the new Borrowing Base (Supplemental). If, at the time of any such determination or at any other time:
Borrowing Base Procedures. The Borrowing Base will be ------------------------- redetermined by USB as of the first day of each Borrowing Base Period, up to one additional time during each calendar year upon the request of USB, and up to one additional time during each calendar year upon the request of Borrower, based upon the engineering reports and other information submitted by Borrower pursuant to Section 6.1 below and upon such other information and data as USB deems relevant. USB shall advise Borrower of each redetermination of the Borrowing Base by providing to Borrower a Borrowing Base Notice approximately three days prior to the effectiveness of the redetermined Borrowing Base; provided that if, due to any failure by Borrower to submit in a timely manner any engineering report or other information required to be submitted by Borrower hereunder or, if requested in writing by USB, any additional information or data needed in connection with a redetermination of the Borrowing Base or due to any other reason beyond the control of USB, USB does not provide a Borrowing Base Notice at the time described above, then, unless USB gives notice to the contrary to Borrower, the Borrowing Base from the previous period shall be carried over into the new period until a Borrowing Base Notice has been sent to Borrower by USB.
