Common use of Calculation of Borrowing Base Clause in Contracts

Calculation of Borrowing Base. (a) The Borrowing Base shall be calculated at the times and in the manner set forth in this Section 3.5(a): -------------- (i) Within forty-five (45) days after the end of each calendar quarter, and at such other times as the Majority Banks may reasonably require, the Company shall provide the Agent with a Borrowing Base Certificate showing the Company's calculations of the components of the Borrowing Base and such data supporting such calculations as the Majority Banks may require. The Majority Banks shall have a period of thirty (30) days following receipt of a Borrowing Base Certificate to notify the Company of the Majority Banks' approval or disapproval thereof. Failure of the Majority Banks to so notify the Company within such thirty (30) day period shall be deemed approval and such Borrowing Base as set forth in such Borrowing Base Certificate shall be effective as of the date approved (or deemed approved) by the Majority Banks. (ii) In the event that the Agent (as requested by the Majority Banks) timely notifies the Company of disapproval of a Borrowing Base Certificate, then the Agent shall, at the same time, notify the Company in writing of the amount of the Borrowing Base as reasonably determined by the Majority Banks and the basis of such determination, and the effective date thereof (which shall be the date of the giving of such notice by the Agent), and such amount shall thereupon and thereafter constitute the Borrowing Base which shall remain in effect until such time as the Borrowing Base is redetermined in accordance with this Section 3.5(a). The Majority Banks and the -------------- Company shall each cooperate in good faith with the other in the calculation of the Borrowing Base in circumstances where the Majority Banks disapproves a Borrowing Base Certificate prepared by the Company. (iii) Each determination of the Borrowing Base in accordance with this Section 3.5(a) shall be binding and conclusive -------------- upon the parties hereto, and provided that the Majority Banks are not bound to rely on information and figures provided by the Company if the Majority Banks determine in good faith that it would be inappropriate to do so. Nothing contained herein shall be deemed to restrict the Company from submitting additional Borrowing Base Certificates to the Agent for the Majority Banks' approval at times other than those required hereunder.

Calculation of Borrowing Base. (a) The Borrowing Base shall be calculated at the times and in the manner set forth in this Section 3.5(a): --------------): (i) Within forty-five thirty (4530) days after the end of each calendar quarter, and at such other times as the Majority Banks may reasonably requirerequire (including without limitation at any time following the removal of any property from the Borrowing Base Properties Pool), the Company shall provide the Agent with a Borrowing Base Certificate showing the Company's calculations of the components of the Borrowing Base and such data supporting such calculations as the Majority Banks may require. The Majority Banks shall have a period of thirty fifteen (3015) days following Agent's receipt of a Borrowing Base Certificate to notify the Company Agent of the Majority Banks' approval or disapproval thereof, and the Agent shall have five (5) Banking Days thereafter to notify the Company of the decision of the Majority Banks. Failure of the Majority Banks to so notify the Company Agent within such thirty fifteen (3015) day period shall be deemed approval and such Borrowing Base as set forth in such Borrowing Base Certificate shall be effective as of the date approved (or deemed approved) by the Majority Banks. (ii) In the event that the Agent (as requested by the Majority Banks) timely notifies the Company of disapproval of a Borrowing Base Certificate, then the Agent shall, at the same time, notify the Company in writing of the amount of the Borrowing Base as reasonably determined by the Majority Banks and the basis of such determination, and the effective date thereof (which shall be the date of the giving of such notice by the Agent), and such amount shall thereupon and thereafter constitute the Borrowing Base which shall remain in effect until such time as the Borrowing Base is redetermined in accordance with this Section 3.5(a). The Majority Banks and the -------------- Company shall each cooperate in good faith with the other Banks in the calculation of the Borrowing Base in circumstances where the Majority Banks disapproves a Borrowing Base Certificate prepared by the CompanyBase. (iii) Each determination of the Borrowing Base in accordance with this Section 3.5(a) shall be binding and conclusive -------------- upon the parties hereto, and hereto (i) provided that the Majority Banks are not bound to rely on information and figures provided by the Company if the Majority Banks determine in good faith that it would be inappropriate to do so. Nothing contained herein shall be deemed to restrict the Company from submitting additional Borrowing Base Certificates to the Agent (but not more often than once per calendar month) for the Majority Banks' approval at times other than those required hereunderhereunder (including, without limitation, at any time following the addition of a property to the Borrowing Base Properties Pool).

Calculation of Borrowing Base. (a) The Borrowing Base shall be calculated at the times and in the manner set forth in this Section 3.5(a): -------------- (i) Within forty-five (45) days after the end of each calendar quarter, and at such other times as the Majority Banks may reasonably require, the Company shall provide the Agent with a Borrowing Base Certificate showing the Company's calculations of the components of the Borrowing Base and such data supporting such calculations as the Majority Banks may require. The Majority Banks shall have a period of thirty (30) days following receipt of a Borrowing Base Certificate to notify the Company of the Majority Banks' approval or disapproval thereof. Failure of the Majority Banks to so notify the Company within such thirty (30) day period shall be deemed approval and such Borrowing Base as set forth in such Borrowing Base Certificate shall be effective as of the date approved (or deemed approved) by the Majority Banks. (ii) In the event that the Agent (as requested by the Majority Banks) timely notifies the Company of disapproval of a Borrowing Base Certificate, then the Agent shall, at the same time, notify the Company in writing of the amount of the Borrowing Base as reasonably determined by the Majority Banks and the basis of such determination, and the effective date thereof (which shall be the date of the giving of such notice by the Agent), and such amount shall thereupon and thereafter constitute the Borrowing Base which shall remain in effect until such time as the Borrowing Base is redetermined in accordance with this Section 3.5(a). -------------- The Majority Banks and the -------------- Company shall each cooperate in good faith with the other in the calculation of the Borrowing Base in circumstances where the Majority Banks disapproves a Borrowing Base Certificate prepared by the Company. (iii) Each determination of the Borrowing Base in accordance with this Section 3.5(a) shall be binding and conclusive -------------- upon the parties -------------- hereto, and provided that the Majority Banks are not bound to rely on information and figures provided by the Company if the Majority Banks determine in good faith that it would be inappropriate to do so. Nothing contained herein shall be deemed to restrict the Company from submitting additional Borrowing Base Certificates to the Agent for the Majority Banks' approval at times other than those required hereunder.

Calculation of Borrowing Base. (a) The Borrowing Base shall be calculated at the times and in the manner set forth in this Section SECTION 3.5(a): --------------): (i) Within forty-five thirty (4530) days after the end of each calendar quarter, and at such other times as the Majority Banks may reasonably requirerequire (including without limitation at any time following the removal of any property from the Borrowing Base Properties Pool), the Company shall provide the Agent with a Borrowing Base Certificate showing the Company's calculations of the components of the Borrowing Base and such data supporting such calculations as the Majority Banks may require. The Majority Banks shall have a period of thirty fifteen (3015) days following Agent's receipt of a Borrowing Base Certificate to notify the Company Agent of the Majority Banks' approval or disapproval thereof, and the Agent shall have five (5) Banking Days thereafter to notify the Company of the decision of the Majority Banks. Failure of the Majority Banks to so notify the Company Agent within such thirty fifteen (3015) day period shall be deemed approval and such Borrowing Base as set forth in such Borrowing Base Certificate shall be effective as of the date approved (or deemed approved) by the Majority Banks. (ii) In the event that the Agent (as requested by the Majority Banks) timely notifies the Company of disapproval of a Borrowing Base Certificate, then the Agent shall, at the same time, notify the Company in writing of the amount of the Borrowing Base as reasonably determined by the Majority Banks and the basis of such determination, and the effective date thereof (which shall be the date of the giving of such notice by the Agent), and such amount shall thereupon and thereafter constitute the Borrowing Base which shall remain in effect until such time as the Borrowing Base is redetermined in accordance with this Section SECTION 3.5(a). The Majority Banks and the -------------- Company shall each cooperate in good faith with the other Banks in the calculation of the Borrowing Base in circumstances where the Majority Banks disapproves a Borrowing Base Certificate prepared by the CompanyBase. (iii) Each determination of the Borrowing Base in accordance with this Section SECTION 3.5(a) shall be binding and conclusive -------------- upon the parties hereto, and hereto (i) provided that the Majority Banks are not bound to rely on information and figures provided by the Company if the Majority Banks determine in good faith that it would be inappropriate to do so. Nothing contained herein shall be deemed to restrict the Company from submitting additional Borrowing Base Certificates to the Agent (but not more often than once per calendar month) for the Majority Banks' approval at times other than those required hereunderhereunder (including, without limitation, at any time following the addition of a property to the Borrowing Base Properties Pool).

Calculation of Borrowing Base. (a) The Borrowing Base shall be calculated at the times and in the manner set forth in this Section 3.5(a): -------------- (i) Within forty-five (45) days after the end of each calendar quarter, and at such other times as the Majority Banks may reasonably require, the Company shall provide the Agent with a Borrowing Base Certificate showing the Company's calculations of the components of the Borrowing Base and such data supporting such calculations as the Majority Banks may require. The Majority Banks shall have a period of thirty (30) days following receipt of a Borrowing Base Certificate to notify the Company of the Majority Banks' approval or disapproval thereof. Failure of the Majority Banks to so notify the Company within such thirty (30) day period shall be deemed approval and such Borrowing Base as set forth in such Borrowing Base Certificate shall be effective as of the date approved (or deemed approved) by the Majority Banks. (ii) In the event that the Agent (as requested by the Majority Banks) timely notifies the Company of disapproval of a Borrowing Base Certificate, then the Agent shall, at the same time, notify the Company in writing of the amount of the Borrowing Base as reasonably determined by the Majority Banks and the basis of such determination, and the effective date thereof (which shall be the date of the giving of such notice by the Agent), and such amount shall thereupon and thereafter constitute the Borrowing Base which shall remain in effect until such time as the Borrowing Base is redetermined in accordance with this Section 3.5(a). ------ 3.5 (a) The Majority Banks and the -------------- Company shall each cooperate in good ------ faith with the other in the calculation of the Borrowing Base in circumstances where the Majority Banks disapproves a Borrowing Base Certificate prepared by the Company. (iii) Each determination of the Borrowing Base in accordance with this Section 3.5(a) shall be binding and conclusive -------------- upon the parties -------------- hereto, and provided that the Majority Banks are not bound to rely on information and figures provided by the Company if the Majority Banks determine in good faith that it would be inappropriate to do so. Nothing contained herein shall be deemed to restrict the Company from submitting additional Borrowing Base Certificates to the Agent for the Majority Banks' approval at times other than those required hereunder.

Calculation of Borrowing Base. (a) The Borrowing Base shall be calculated at the times and in the manner set forth in this Section 3.5(a): -------------- (i) Within forty-five (45) days after the end of each calendar quarter, and at such other times as the Majority Banks may reasonably require, the Company shall provide the Agent with a Borrowing Base Certificate showing the Company's calculations of the components of the Borrowing Base and such data supporting such calculations as the Majority Banks may require. The Majority Banks shall have a period of thirty (30) days following receipt of a Borrowing Base Certificate to notify the Company of the Majority Banks' approval or disapproval thereof. Failure of the Majority Banks to so notify the Company within such thirty (30) day period shall be deemed approval and such Borrowing Base as set forth in such Borrowing Base Certificate shall be effective as of the date approved (or deemed approved) by the Majority Banks. (ii) In the event that the Agent (as requested by the Majority Banks) timely notifies the Company of disapproval of a Borrowing Base Certificate, then the Agent shall, at the same time, notify the Company in writing of the amount of the Borrowing Base as reasonably determined by the Majority Banks and the basis of such determination, and the effective date thereof (which shall be the date of the giving of such notice by the Agent), and such amount shall thereupon and thereafter constitute the Borrowing Base which shall remain in effect until such time as the Borrowing Base is redetermined in accordance with this Section 3.5(a). The -------------- Majority Banks and the -------------- Company shall each cooperate in good faith with the other in the calculation of the Borrowing Base in circumstances where the Majority Banks disapproves a Borrowing Base Certificate prepared by the Company. (iii) Each determination of the Borrowing Base in accordance with this Section 3.5(a) shall be binding and conclusive -------------- upon the parties -------------- hereto, and provided that the Majority Banks are not bound to rely on information and figures provided by the Company if the Majority Banks determine in good faith that it would be inappropriate to do so. Nothing contained herein shall be deemed to restrict the Company from submitting additional Borrowing Base Certificates to the Agent for the Majority Banks' approval at times other than those required hereunder.