Determinations of the Borrowing Base. (i) No later than 45 days after June 30 and December 31 of each calendar year, commencing December 31, 1995, the Borrower shall, at its own expense, furnish to the Agent and the Co-Agent a report ("Reserve Report"), in a form and substance reasonably satisfactory to the Agent and the Co-Agent which report shall be dated as of such June 30 or December 31 and shall set forth the Borrower's interest (broken down by category) in all Borrowing Base Assets and, in the case of the December 31 report only, a projection of the rate of production and net operating income with respect thereto as of such date. Each June 30 Reserve Report shall be prepared by the Borrower and each December 31 Reserve Report shall be prepared by the Independent Engineer. Each June 30 Reserve Report may be prepared in summary form and shall include a review of any material production variances, if any, from the immediately preceding December 31 Reserve Report.
(ii) At any date the Borrower may at its expense furnish additional Reserve Reports to the Agent and the Co-Agent ("Optional Reserve Reports"), which Optional Reserve Reports need not be prepared or audited by an independent petroleum engineer (unless the Agent or the Co-Agent so requests), each dated a date other than June 30 or December 31.
(iii) Notwithstanding the provisions of Section 2.6(b)(i), upon the Borrower's written request, and upon submission of an Optional Reserve Report, the Agent and the Co-Agent shall review the Borrowing Base and make any adjustments thereto they deem appropriate under the circumstances, provided that in no event shall the Agent and the Co-Agent be required to make more than two such unscheduled Borrowing Base determinations during any calendar year.
(iv) Within forty-five days after they both receive each Reserve Report or Optional Reserve Report, the Agent and the Co-Agent shall make a determination of the Borrowing Base, and shall notify the Borrower of the new Borrowing Base, if any.
(v) Within forty-five days after the Borrower has notified the Agent and the Co-Agent pursuant to subsection 2.7(c) that it has determined to sell or otherwise dispose of any of the Borrowing Base Assets (other than sales permitted by subsections 6.6(a), (b), (c), (d) and (f)), the Agent and the Co-Agent shall make a redetermination of the Borrowing Base, and shall notify the Borrower of the new Borrowing Base, if any.
(vi) The Borrower agrees to pay or reimburse the Agent and the Co-Agent for all reasonable out-...
Determinations of the Borrowing Base. (i) No later than 45 days after June 30 and December 31 of each calendar year, commencing June 30, 1998, the Borrower shall, at its own expense, furnish to the Agent, the Co-Agent and the Lenders a report ("Reserve Report"), in a form and substance reasonably satisfactory to the Agent and the Co-Agent which report shall be dated as of such June 30 or December 31 and shall set forth the Borrower's and its Subsidiary Guarantors' interest (broken down by category) in all Borrowing Base Assets and, in the case of the December 31 report only, a projection of the rate of production and net operating income with respect thereto as of such date. Each June 30 Reserve Report shall be prepared by the Borrower and each December 31 Reserve Report shall be prepared or audited by the Independent Engineer. Each June 30 Reserve Report may be prepared in summary form and shall include a review of any material production variances, if any, from the immediately preceding December 31 Reserve Report.
(ii) At any date the Borrower may at its expense furnish additional Reserve Reports to the Agent and the Co-Agent ("Optional Reserve Reports"), which Optional Reserve Reports need not be prepared or audited by an independent petroleum engineer (unless the Agent or the Co-Agent so requests), each dated a date other than June 30 or December 31.
(iii) Notwithstanding the provisions of subsection 2.6(b)(i), upon the Borrower's written request, and upon submission of an Optional Reserve Report, the Agent and the Co-Agent shall review the Borrowing Base and make any adjustments thereto they deem appropriate under the circumstances; provided that in no event shall the Agent and the Co-Agent be required to make more than two such unscheduled Borrowing Base determinations during any calendar year.
(iv) Within forty-five days after they both receive each Reserve Report or Optional Reserve Report, the Agent and the Co-Agent shall make a determination of the Borrowing Base provided that such determination shall be approved by the Required Lenders, and shall notify the Borrower of the new Borrowing Base, if any.
(v) Within forty-five days after the Borrower has notified the Agent and the Co-Agent pursuant to subsection 2.7(c) that it or any Subsidiary Guarantor has determined to sell or otherwise dispose of any of the Borrowing Base Assets (other than sales permitted by subsections 6.6(a), (b), (c), (d) and (e)), the Agent and the Co-Agent shall make a redetermination of the Borrowing Base, and...
Determinations of the Borrowing Base. The Borrowing Base shall be ------------------------------------ determined in good faith by the Borrower (subject to the reasonable approval of the Administrative Agent) as of the Effective Date and will be redetermined in good faith by the Borrower thereafter (subject to the reasonable approval of the Administrative Agent) promptly after the delivery, or required delivery, of a Borrowing Base Report in accordance with Section 8.1(k), in each case as of the -------------- applicable date (i.e., as of the date of the Notice of Borrowing, if applicable, or as of the last day of the immediately preceding fiscal quarter). In addition, the Borrowing Base shall be determined in good faith by the Borrower (subject to the reasonable approval of the Administrative Agent) prior to and in connection with each new Loan and upon the request of the Administrative Agent will be redetermined in good
Determinations of the Borrowing Base
