Reserve Report; Proposed Borrowing Base. During the period from the Effective Date until the first Redetermination after the Effective Date, the Borrowing Base shall be $415,000,000 (the “Initial Borrowing Base”). As soon as available and in any event by April 1 and October 1 of each year, beginning October 1, 2014, the Borrower shall deliver to the Administrative Agent and each Lender a Reserve Report, prepared as of the immediately preceding December 31 and June 30, respectively, in form and substance reasonably satisfactory to the Administrative Agent and prepared by an Approved Petroleum Engineer (or, in the case of the Reserve Report due on October 1 of each year, by one or more petroleum engineers employed by the Borrower), said Reserve Report to utilize economic and pricing parameters established from time to time by the Administrative Agent, 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 Reserve 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 Reserve Report and the Borrower’s requested amount for the Borrowing Base, the Administrative Agent shall submit to the Lenders a recommended amount of the Borrowing Base to become effective for the period commencing on the next Redetermination Date.
Reserve Report; Proposed Borrowing Base. The aggregate amount of credit available to Borrower under this Agreement shall be limited by a Borrowing Base (herein so called) which shall be determined by Banks at the times and in accordance with the standards and procedures set forth in this Article IV. As soon as available and in any event by February 15 and August 15 of each year, commencing February 15, 2013, Borrower shall deliver to Administrative Agent and each Bank a Reserve Report prepared as of the immediately preceding December 31 and June 30, respectively. Simultaneously with the delivery to Administrative Agent and each Bank of each Reserve Report, Borrower shall notify Administrative Agent and each Bank of the amount of the Borrowing Base which Borrower requests become effective on the next Redetermination Date (or such date promptly following such Redetermination Date as Required Banks shall elect).
Reserve Report; Proposed Borrowing Base. As soon as available and in any event by March 31 and September 30 of each year commencing September 30, 1999, Borrower shall deliver to each Bank a Reserve Report prepared as of the immediately preceding December 31 and June 30 respectively. Simultaneously with the delivery to Administrative Agent and each Bank of each Reserve Report, Borrower shall notify each Bank of the amount of the Borrowing Base which Borrower requests become effective on the next Redetermination Date (or such date promptly following such Redetermination Date as Required Banks shall elect).
Reserve Report; Proposed Borrowing Base. As soon as available and in any event by February 28 and August 31 of each year, commencing August 31, 2007, the Borrower shall deliver to the Administrative Agent and each Lender a Reserve Report prepared as of the immediately preceding December 31 and June 30, respectively. Simultaneously with the delivery to the Administrative Agent and each Lender of each Reserve Report, the Borrower shall notify the Administrative Agent and each Lender of the amount of the Borrowing Base which the Borrower requests become effective on the next Redetermination Date (or such date promptly following such Redetermination Date as the Required Lenders shall elect).
Reserve Report; Proposed Borrowing Base. 39 SECTION 6.2. Scheduled Redeterminations of the Borrowing Base and the Conforming Borrowing Base; Procedures and Standards 39 SECTION 6.3.
Reserve Report; Proposed Borrowing Base. The aggregate amount of credit available to Borrower under this Agreement shall be limited by a Borrowing Base which shall be determined by Administrative Agent and Banks at the times and in accordance with the standards and procedures set forth in this Article IV. As soon as available and in any event by March 31 and September 30 of each year commencing September 30, 2010, Borrower shall deliver to Administrative Agent and each Bank a Reserve Report prepared as of the immediately preceding December 31 and June 30 respectively. Each Reserve Report required to be delivered by March 31 of each year shall be prepared by the Approved Petroleum Engineer. Each other Reserve Report shall be prepared by either (a) the Approved Petroleum Engineer, or (b) Borrower’s in-house staff. Notwithstanding the foregoing, in connection with any Special Redetermination requested by Borrower, the Reserve Report shall be in form and scope mutually acceptable to Borrower and Administrative Agent. Simultaneously with the delivery to Administrative Agent and each Bank of each Reserve Report (other than the Initial Reserve Report), Borrower (a) shall notify Administrative Agent and each Bank of the amount of the Borrowing Base which Borrower requests become effective on the next Redetermination Date (or such date promptly following such Redetermination Date as Required Banks shall elect), as applicable, and (b) acknowledges and agrees that it shall be deemed to have represented and warranted on the date of such delivery (i) that the information contained in such Reserve Report and any other information delivered in connection therewith complies with the last sentence of Section 7.12 in all material respects, (ii) that none of any Credit Party’s Borrowing Base Properties have been sold since the date of the last Borrowing Base determination except as otherwise previously disclosed to Administrative Agent, (iii) that Borrower and the other Credit Parties are in material compliance with Section 5.1(b), and (iv) as to the facts specified in Section 7.9(a) and Section 7.22.
Reserve Report; Proposed Borrowing Base. Section 3.01 of the Credit Agreement shall be and it hereby is amended in its entirety to read as follows:
Reserve Report; Proposed Borrowing Base. The aggregate amount of credit available to Borrowers under this Agreement shall be limited by a borrowing base (“Borrowing Base”) that shall be determined by Lender at the times and in accordance with the standards and procedures set forth in this Article IV. As soon as available and in any event by December 31 and June 30 of each year, commencing June 30, 2012, Borrowers shall deliver to Lender a Reserve Report prepared as of the immediately preceding October 31 and April 30, respectively. Simultaneously with the delivery to Lender of each Reserve Report, Borrowers shall notify Lender of the amount of the Borrowing Base that Borrowers request become effective on the next Redetermination Date (or such date promptly following such Redetermination Date as Lender shall elect).
Reserve Report; Proposed Borrowing Base. During the period from the Effective Date until the first Redetermination after the Effective Date, the Borrowing Base shall be $125,000,000 (the “Initial Borrowing Base”). During the period from the Second Amendment Effective Date until the first Redetermination after the Second Amendment Effective Date, the Borrowing Base shall be $275,000,000. As soon as available and in any event by April 1 and October 1 of each year, beginning April 1, 2008, the Borrower shall deliver to the Administrative Agent and each Lender a Reserve Report, prepared as of the immediately preceding December 31 and June 30, respectively, in form and substance reasonably satisfactory to the Administrative Agent and prepared by an Approved Petroleum Engineer (or, in the case of the Reserve Report due on October 1 of each year, by petroleum engineers employed by the Borrower), said Reserve Report to utilize economic and pricing parameters established from time to time by the Administrative Agent, 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 Reserve 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 Reserve Report and the Borrower’s requested amount for the Borrowing Base, the Administrative Agent shall submit to the Lenders a recommended amount of the Borrowing Base to become effective for the period commencing on the next Redetermination Date.
Reserve Report; Proposed Borrowing Base. 22- SECTION 3.2. Determination of Borrowing Base............................ -23- SECTION 3.3. Borrowing Base Deficiency.................................. -23- SECTION 3.4. Initial Borrowing Base..................................... -23- SECTION 3.5. Procedure for Determining Borrowing Base................... -24- ARTICLE IV GENERAL PROVISIONS
