Determination of the Borrowing Base. The Borrowing Base shall be established and adjusted from time to time as follows:
(i) The amount of the Borrowing Base shall initially be established in each Borrowing Base Certificate delivered to the Administrative Agent by the Borrower Agent pursuant to Section 7.02(a). The Administrative Agent shall have the right, at any time and from time to time on and after the Closing Date in good faith and in the exercise of it Credit Judgment to establish, modify or eliminate Reserves. The Borrowing Base shall also be subject to adjustment by the Administrative Agent in its Credit Judgment (A) to reflect any determination that the amount of the Borrowing Base set forth in a Borrowing Base Certificate differs materially from the actual Borrowing Base determined by the Administrative Agent; (B) to reflect Administrative Agent’s reasonable estimate of declines in value of Borrowing Base Assets due to collections received in the Concentration Account or otherwise; (C) to reflect changes in advance rates as a result of changes in dilution, quality, mix and other factors affecting the Borrowing Base Assets; (D) to the extent any information or calculation does not comply with this Agreement and (E) to reflect other adjustments in accordance with the terms of this Agreement.
(ii) In connection with any adjustment to the Borrowing Base, the Administrative Agent shall (A) promptly notify the Borrower Agent in writing (including via e-mail) whenever the Administrative Agent determines that the amount of the Borrowing Base set forth in a Borrowing Base Certificate differs materially from the actual Borrowing Base determined by the Administrative Agent and (B) discuss with Borrower Agent (1) the basis for any such difference and (2) any changes made or proposed to be made to the amount of the Borrowing Base, including the reasons for any imposition of or changes in Reserves or any change in advance rates or eligibility criteria with respect to Borrowing Base Assets. The determination of the Borrowing Base by the Administrative Agent shall be presumptively correct and shall constitute the Borrowing Base for all purposes hereunder.
Determination of the Borrowing Base. During the period from the date hereof to the date of the next determination of the Borrowing Base pursuant to the further provisions of this Section 2.16, the initial amount of the Borrowing Base will be an amount set by the Agent on the date hereof and acknowledged by the Borrower (the “Initial Borrowing Base”).
Determination of the Borrowing Base. During the period from the date hereof to the date of the first determination of the Borrowing Base pursuant to the further provisions of this Section 2.7, the amount of the Borrowing Base shall be as set forth in a letter agreement between the Borrower and the Agent dated September 11, 1998.
SECTION 2.7.1. Annual Scheduled Determinations of the Borrowing Base. Promptly after December 31 of each calendar year commencing December 31, 1998, and in any event prior to April 1 of the following calendar year, the Borrower shall furnish to the Agent and each Lender a report in form and substance satisfactory to the Agent, prepared or audited by Netherland, Xxxxxx and Associates, Inc. or such other engineering firm as may be selected by the Borrower with the prior approval of the Required Lenders, which report shall be dated as of December 31st of such calendar year and shall set forth the proven and producing oil and gas reserves attributable to the Oil and Gas Properties and a projection of the rate of production and net operating income with respect thereto, as of such date, and a projection of the rate of production and net operating income with respect thereto, as of such date. Upon receipt of such report relating to the Oil and Gas Properties, the Agent shall make a determination within 25 days of the receipt of such report of the amount of Senior Debt which the Borrower may maintain (herein as determined and redetermined from time to time and in effect on any date called the "Borrowing Base") on account of such reserves as of such December 31st, subject to the approval of the Applicable Lenders as provided in this Section, and upon such determination the Agent shall promptly notify the Lenders in writing of its determination of the Borrowing Base. The determination of the Borrowing Base made by the Agent shall be so made by the Agent in the exercise of its sole discretion in accordance with the Agent's customary practices and standards for oil and gas loans. The Applicable Lenders may approve the Agent's determination of the Borrowing Base by written notice to the Agent within 10 days of the Agent's notification of its determination of the new Borrowing Base. If the Applicable Lenders fail to approve the determination of the Borrowing Base made by the Agent hereunder within such 10 days then, within an additional 5 days, the Applicable Lenders in their sole discretion shall determine the Borrowing Base in accordance with their respective customary practices...
Determination of the Borrowing Base. In accordance with the procedure set forth in Section 2.8 of the Credit Agreement, the Borrowing Base is increased from $100,000,000 to $150,000,000, such increase to be effective as of the Closing Date (as defined below).
Determination of the Borrowing Base. 24 3. REPAYMENTS, PREPAYMENTS, INTEREST AND FEES..........................24
Determination of the Borrowing Base. During the period from ----------------------------------- the date hereof to the date of the first determination of the Borrowing Base pursuant to the further provisions of this Section 2.7, the amount of the ----------- Borrowing Base shall be $625,000,000.
Determination of the Borrowing Base. During the period from the date ----------------------------------- hereof to the date of the first determination of the Borrowing Base pursuant to the further provisions of this SECTION 2.16, the initial amount of ------------ the Borrowing Base will be an amount set by the Agent on the Closing Date and acknowledged by the Borrower (the "INITIAL BORROWING BASE").
Determination of the Borrowing Base. During the period from the date hereof to the date of the first determination of the Borrowing Base pursuant to the further provisions of this SECTION 2.3, the amount of the Borrowing Base shall be Twenty-Six Million Dollars ($26,000,000.00) (the "Initial Borrowing Base"). The Borrowing Base may be reduced or increased from time to time pursuant to a redetermination thereof as set forth in this Section 2.3.
Determination of the Borrowing Base. During the period from the date hereof to the date of the first determination of the Borrowing Base pursuant to the provisions of Section 2.8.2 or Section 2.8.3(i), the initial amount of the Borrowing Base has been set by the Administrative Agent and acknowledged by the Borrower and agreed to by the Banks to be $500,000,000; provided, however, that (i) if the aggregate principal amount of notes issued by the Borrower under a Permitted 2002 Bond Transaction that is consummated within fifteen (15) days immediately following the Effective Date equals $250,000,000, then the initial Borrowing Base shall be reduced automatically to $325,000,000; (ii) if the aggregate principal amount of notes issued under a Permitted 2002 Bond Transaction that is consummated within fifteen (15) days immediately following the Effective Date is greater than $250,000,000, then the initial Borrowing Base shall be reduced automatically to an amount equal to $325,000,000 minus the difference between (x) the aggregate principal amount of all notes issued under any Permitted 2002 Bond Transaction and (y) $250,000,000, until a new Borrowing Base shall have been determined in accordance with Section 2.8.3(ii); and (iii) if any Permitted 2002 Bond Transaction is consummated after fifteen (15) days immediately following the Effective Date (regardless of the aggregate principal amount of notes issued thereunder), then the Borrowing Base then in effect shall be reduced automatically by an amount equal to the aggregate principal amount of all notes issued under such Permitted 2002 Bond Transaction until a new Borrowing Base shall have been determined in accordance with Section 2.8.3(ii).
Determination of the Borrowing Base. If the Required Lenders do not agree on the redetermined Borrowing Base, the Administrative Agent will poll all Lenders and establish the Borrowing Base at the largest (highest) amount approved by the Required Lenders. Notwithstanding the foregoing, in no event will the redetermined Borrowing Base be increased above the previously determined Borrowing Base without the written consent of all Lenders.
