Determination of Borrowing Base, Etc. (a) As of the Effective Date, the Borrowing Base shall be equal to $162,500,000 and scheduled monthly reductions to the Borrowing Base shall be $0 (any monthly reductions in the Borrowing Base redetermined at any time under this Section 9.14 are defined as the "Monthly Borrowing Base Reductions").
Determination of Borrowing Base, Etc. Any redetermination of the Borrowing Base shall be made mutually by the Agent and the Documentation Agent and submitted to the Banks. The redetermined Borrowing Base shall then be effective when approved by the Required Banks, provided that if such redetermined Borrowing Base is not approved by the Required Banks within 10 days after it is submitted to the Banks, each Bank shall submit to the Agent, on or within 10 days after the Agent notifies the Banks that the Required Banks have not approved such redetermined Borrowing Base, its determination of the Borrowing Base, and the redetermined Borrowing Base will be based on the weighted average of the redetermined Borrowing Base of each Bank which properly submits such redetermination to the Agent, weighted according to each Bank's Commitment. The Borrowing Base may be redetermined from time to time as requested by the Required Banks, and will be redetermined upon the request of the Borrowers (provided that the Borrowers cannot request a redetermination of the Borrowing Base more than once between the mandatory redeterminations hereinafter provided for), and, in addition, at least twice each year as follows: upon receipt of the reserve reports referred to in Section 7.1(d)(vii) hereof (and in connection with such twice per year redeterminations of the Borrowing Base, the Agent and the Documentation Agent shall submit the redetermined Borrowing Base as required under the first sentence of this Section 9.14 on or prior to 30 days after the receipt of each (a) reserve report referred to in Section 7.1(d)(vii) (A) hereof and (b) reserve report referred to in Section 7.1(d)(vii)(B). Except for the scheduled redeterminations of the Borrowing Base, each Bank requesting a redetermination of the Borrowing Base agrees to give notice to the Agent, the Documentation Agent and the Borrowers of such request. All parties hereto acknowledge that as of the Effective Date the Borrowing Base is equal to $275,000,000; provided that the Borrowing (i) $10,000,000 when the Borrowers complete (as determined by the Agent) the acquisition of the Purchased Bois D'Arc Assets to be sold by Xxxxxxx Xxxxx pursuant to the Purchase Documents, (ii) $2,000,000 when the Borrowers complete (as determined by the Agent) the acquisition of the Purchased Bois D'Arc Assets to be sold by Sage Oil, Inc. pursuant to the Purchase Documents, and (iii) $3,000,000 when the Borrowers complete (as determined by the Agent) the acquisition of the Purchased Bois...
Determination of Borrowing Base, Etc. (a) As of the Effective Date, the Borrowing Base shall be equal to $280,000,000, the Threshold Amount shall be equal to $220,000,000 and the Borrowing Base shall reduce monthly in accordance with the following table (such monthly reductions in the Borrowing Base, and any other monthly reductions in the Borrowing Base redetermined at any time in under this Section 9.14, are defined as the "Monthly Borrowing Base Reductions"): Monthly Borrowing Effective on the last Base Reduction day of the following month -------------- -------------------------- $1,000,000 February, 1999 $2,000,000 March, 1999 $3,000,000 April, 1999 $3,000,000 May, 1999 $4,000,000 June, 1999 $4,000,000 July, 1999 $4,000,000 August, 1999 $4,000,000 September, 1999 $5,000,000 October, 1999 and each month thereafter until the Borrowing Base is equal to or less than the Threshold Amount Notwithstanding anything herein to the contrary and in addition to the above reductions to the Borrowing Base, the Borrowing Base shall further reduce as follows: (i) effective as of the scheduled redetermination of the Borrowing Base based upon the receipt of the reserve report to be delivered by the Borrowers within 90 days after July 1, 1999 pursuant to Section 7.1(d)(vii)(B), the Borrowing Base shall not exceed the Threshold Amount by more than $20,000,000 and (ii) on the first Business Day of January, 2000, the Borrowing Base shall not exceed the Threshold Amount, and the Borrowing Base shall automatically reduce on such date to the amount of the Threshold Amount and any amount by which the Advances exceed such reduced Borrowing Base shall be due and payable on the first Business Day of January, 2000.
Determination of Borrowing Base, Etc. (a) Any determination of the Borrowing Base shall be made by the Agent, and then shall be submitted to the Banks. If any Bank(s) holding not less than 20% of the aggregate principal amount of the Advances then outstanding, or 20% of the Commitments if no Advances are outstanding (the "20% Banks") determines that such determination made by the Agent is understated or overstated by more than 5% based on the determination of the Borrowing Base by each Bank, in accordance with its customary and standard practices in lending to oil and gas companies, such 20% Banks may object to such determination by the Agent provided such objection is made within fifteen Business Days of such 20% Banks receiving such determination. If the Agent and the 20% Banks cannot mutually agree upon a determination of the Borrowing Base within three days of such objection, then the Borrowing Base shall be immediately redetermined and equal to the weighted average of the determinations of the Borrowing Base of each Bank, weighted in accordance with their Pro Rata Share. Such determination of the Borrowing Base and related determinations shall then become effective, subject to any subsequent reduction that may occur pursuant to Section 9.6(b) hereof. The Borrowing Base may be re-evaluated from time to time as determined by the Banks, and will be re- evaluated upon the request of the Company (provided that the Company cannot request any re-evaluation of the Borrowing Base more than two times in any twelve month period), but
Determination of Borrowing Base, Etc. (a) The redetermination of the Borrowing Base as of November 30, 1998 shall be made by the Agent and submitted to the Banks. The redetermined Borrowing Base shall then be effective when approved by all of the Banks, provided that if such redetermined Borrowing Base is not approved by the Banks within 10 days after it is submitted to the Banks, the Banks and the Agent will negotiate a Borrowing Base acceptable to the Agent and all of the Banks.
