Initial Borrowing Base and Initial Conforming Borrowing Base. For the period from and including the Effective Date to but excluding the first Redetermination Date, the amount of the Borrowing Base shall be $850,000,000 and the amount of the Conforming Borrowing Base shall be $685,000,000; provided that for the period from the Effective Date until the Borrowing Base Equalization Date the Borrowing Base shall not be less than $850,000,000. Notwithstanding the foregoing, the Borrowing Base and the Conforming Borrowing Base may be subject to further adjustments from time to time pursuant to Section 2.07(f), Section 8.13(c) or Section 9.11(d). On the Borrowing Base Equalization Date, the Borrowing Base shall be reduced to an amount equal to the Conforming Borrowing Base.
Initial Borrowing Base and Initial Conforming Borrowing Base. The Borrowing Base in effect for the period from and including the Effective Date to but excluding the First Redetermination Date shall be the Initial Borrowing Base. The Initial Borrowing Base shall remain in effect until redetermined in accordance with the procedures set forth in this Section 2.07. Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 8.13(c) or Section 9.12. The Conforming Borrowing Base in effect for the period from and including the Effective Date to but excluding the First Redetermination Date shall be the Initial Conforming Borrowing Base. The Initial Conforming Borrowing Base shall remain in effect until redetermined in accordance with the procedures set forth in this Section 2.07. Notwithstanding the foregoing, the Conforming Borrowing Base may be subject to further adjustments from time to time pursuant to Section 8.13(c) or Section 9.12.
Initial Borrowing Base and Initial Conforming Borrowing Base. For the period from and including the Effective Date to but excluding the first Redetermination Date, the amount of the Borrowing Base shall be Fifty Million Dollars and No/100 ($50,000,000.00). Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 8.13(c) or Section 9.11(d). For the period from and including the Effective Date to but excluding the first Redetermination Date, the amount of the Conforming Borrowing Base shall be Forty Million Dollars and No/100 ($40,000,000.00). Notwithstanding the foregoing, the Conforming Borrowing Base may be subject to further adjustments from time to time pursuant to Section 8.13(c) or Section 9.11(d).
Initial Borrowing Base and Initial Conforming Borrowing Base. Notwithstanding anything to the contrary contained herein, the Borrowing Base and the Conforming Borrowing Base in effect during the period commencing on the Closing Date and ending on the effective date of the first Redetermination after the Closing Date shall be the Initial Borrowing Base and the Initial Conforming Borrowing Base, respectively. The Borrowing Base in effect under this Section ------- 5.5 shall reduce (but not below the Conforming Borrowing Base) immediately upon --- the consummation of any Securities Offering by any Credit Party in an amount equal to the Net Cash Proceeds resulting from such Securities Offering. Simultaneously with any such reduction, Borrower shall make a mandatory prepayment of the Revolving Loan in an amount sufficient to eliminate any Borrowing Base Deficiency resulting from such reduction in the Borrowing Base.
Initial Borrowing Base and Initial Conforming Borrowing Base. Notwithstanding anything to the contrary contained herein, the Borrowing Base and the Conforming Borrowing Base in effect during the period commencing on the Closing Date and ending on the effective date of the first Redetermination after the Closing Date shall be the Initial Borrowing Base and the Initial Conforming Borrowing Base, respectively.
Initial Borrowing Base and Initial Conforming Borrowing Base. For the period from and including the Effective Date to but excluding April 1, 2008, the amount of the Borrowing Base shall be $1,800,000,000 and the amount of the Conforming Borrowing Base shall be $1,650,000,000. Notwithstanding the foregoing, the Borrowing Base and the Conforming Borrowing Base may be subject to further adjustments from time to time pursuant to Section 2.07(c)(iv), Section 2.07(e), Section 3.04(c)(iv), Section 8.13(c), Section 9.02(e) or Section 9.12(d). As of the Borrowing Base Equalization Date, the Conforming Borrowing Base shall equal the Borrowing Base and all references to the “Conforming Borrowing Base” in this Agreement shall mean the Borrowing Base. The Borrowing Base shall, under no circumstances, exceed the Aggregate Maximum Credit Amounts.
Initial Borrowing Base and Initial Conforming Borrowing Base. For the period from and including the Effective Date to but excluding the first Redetermination Date, the amount of the Borrowing Base shall be $700,000,000 and the amount of the Conforming Borrowing Base shall be $500,000,000. Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 2.08(k) [preferential purchase rights], Section 8.13(c) [title defects], Section 8.13(d) [MMS approvals] or Section 9.11(d) [asset sales]. As of April 1, 2009, the Conforming Borrowing Base shall equal the Borrowing Base and all references to “Conforming Borrowing Base” in this Agreement shall mean the Borrowing Base. The Borrowing Base shall, under no circumstances, exceed the Aggregate Maximum Credit Amounts.
Initial Borrowing Base and Initial Conforming Borrowing Base. During the period from the Closing Date until the first Redetermination after the Closing Date, the Borrowing Base shall be $475,000,000 and the Conforming Borrowing Base shall be $400,000,000. As soon as available and in any event by April 1 and October 1 of each year, beginning October 1, 2006, the Borrower shall deliver to the Administrative Agent and each Lender, in the case of the April 1 determination, an Annual Engineering Report and, in the case of the October 1 redetermination, an Interim Engineering Report, together with such other information, reports and data concerning the value of the Borrowing Base Properties as the Administrative Agent shall deem reasonably necessary to determine the value of such Borrowing Base Properties. Simultaneously with the delivery to the Administrative Agent and the Lenders of each Engineering Report, the Borrower shall submit to the Administrative Agent and each Lender the Borrower’s requested amount of the Borrowing Base as of the next Redetermination Date. Promptly after the receipt by the Administrative Agent of such Engineering Report and Borrower’s requested amount for the Borrowing Base, the Administrative Agent shall submit to the Lenders a recommended amount of the Borrowing Base and, with respect to any Redetermination prior to September 1, 2007, the Conforming Borrowing Base as of the next Redetermination Date; provided that no Redetermination of the Conforming Borrowing Base shall be required on or after September 1, 2007.
Initial Borrowing Base and Initial Conforming Borrowing Base. For the period from and including the Effective Date to but excluding the earlier of the First Redetermination Date or the first Mandatory Redetermination Date, the amount of the Borrowing Base shall be $750,000,000. The amount of the Borrowing Base shall remain at $750,000,000 until the earlier of the First Redetermination Date or the first Mandatory Redetermination Date in accordance with the procedures set forth in this Section 2.07. Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 8.13(c). For the period from and including the Effective Date to but excluding the earlier of the First Redetermination Date or the first Mandatory Redetermination Date, the amount of the Conforming Borrowing Base shall be $650,000,000. The amount of the Conforming Borrowing Base shall remain at $650,000,000 until the earlier of the First Redetermination Date or the first Mandatory Redetermination Date in accordance with the procedures set forth in this Section 2.07. Notwithstanding the foregoing, the Conforming Borrowing Base may be subject to further adjustments from time to time pursuant to Section 8.13(c).
Initial Borrowing Base and Initial Conforming Borrowing Base. Notwithstanding anything to the contrary contained herein, the Borrowing Base and the Conforming Borrowing Base in effect during the period commencing on the Closing Date and ending on the effective date of the first Redetermination after the Closing Date shall be the Initial Borrowing Base and the Initial Conforming Borrowing Base, respectively. The Mineral Interests acquired by Borrower pursuant to the terms of that certain Asset Purchase Agreement, dated as of June 19, 2002, by and between Borrower and COHO Resources, Inc., have not been evaluated for purposes of establishing the Initial Borrowing Base and Initial Conforming Borrowing Base.
