Subsequent Determinations of Borrowing Base. Subsequent determinations of the Borrowing Base shall be made by Banks at least semi-annually and the Banks may make a redetermination at any time and shall make a redetermination if and when requested by Borrower. In connection with each such determination of the Borrowing Base, the Banks shall also determine the Monthly Commitment Reduction. Such Borrowing Base and Monthly Commitment Reduction determinations shall be made on or before each November 20 and May 20, commencing November 20, 1998, the same to be effective as of each November 1 and May 1, commencing November 1, 1998, and at such other dates as determined at the discretion of Majority Banks. Borrower may likewise request more frequent Borrowing Base redeterminations and Banks shall make the same if and when requested. In making such determinations, Banks may utilize such reports and appraisals as Borrower may furnish to Banks through Agent under other provisions hereof with respect to the Collateral, including the information required pursuant to Section 12(a)(iii), (iv), (v) and (vi), together with such other data as Banks may deem appropriate under the then circumstance, including, without limitation, cash flow and projections of cash flow, provided that nothing herein shall be construed to require that Banks or Agent shall or should obtain and pay for any reports, appraisals or other data from third parties in connection therewith. Such determinations shall be made by Banks in accordance with their respective customary practices and standards for loans in similar amounts to borrowers similarly situated, at the times and under the circumstances then prevailing which are considered by each Bank in its discretion, subject only to the requirement that such determination shall be reasonable and made in good faith. If the Banks cannot otherwise agree on the Borrowing Base or Monthly Commitment Reduction, each Bank will submit in writing to the Agent its proposed Borrowing Base and Monthly Commitment Reduction and the Borrowing Base and Monthly Commitment Reduction shall be set on the basis of the lowest Borrowing Base and highest Monthly Commitment Reduction proposed by any Bank. If at any time any of the Collateral is sold, the Borrowing Base then in effect shall automatically be reduced by a sum equal to the amount of prepayment required to be made pursuant to Section 13(e) hereof. If a non-scheduled Borrowing Base redetermination is made, such non-scheduled redetermined Borrowing Base shall bec...
Subsequent Determinations of Borrowing Base. By March 1 and September 1 of each year, or within 30 days after notice of an Evaluation Date, Borrower shall furnish to Agent all information, reports and data which Agent has then requested concerning Restricted Persons' businesses and properties (including Borrower's oil and gas properties and interests and the reserves and production relating thereto), together with the Engineering Reports described in Section 6.2(d) or (e) as applicable. Within thirty days after receiving such information, reports and data, or as promptly thereafter as practicable, Majority Lenders shall agree upon an amount for the Borrowing Base (provided that all Lenders must agree to any increase in the Borrowing Base) and Agent shall by notice to Borrower designate such amount as the new Borrowing Base available to Borrower hereunder, which designation shall take effect immediately on the date such notice is sent (herein called a "Determination Date") and shall remain in effect until but not including the next date as of which the Borrowing Base is redetermined. If Borrower does not furnish all such information, reports and data by the date specified in the first sentence of this section, Agent may nonetheless designate the Borrowing Base at any amount which Majority Lenders determine and may redesignate the Borrowing Base from time to time thereafter until Agent receives all such information, reports and data, whereupon Majority Lenders shall designate a new Borrowing Base as described above. Majority Lenders shall determine the amount of the Borrowing Base based upon the loan
Subsequent Determinations of Borrowing Base. Subsequent determinations of the Borrowing Base shall be made by the Lenders semi-annually on or about April 1 and October 1 of each year beginning April 1, 2006, or as Unscheduled Redeterminations. No later than March 1 and September 1 of each year, beginning March 1, 2006, Borrowers shall, at their own expense, furnish to Lenders an engineering report covering the Oil and Gas Properties in form and substance satisfactory to Agent and dated effective not more than sixty (60) days prior to the delivery of the same to Lenders. Each such report shall be prepared by an independent petroleum engineering firm acceptable to Agent, utilizing economic pricing perameters used by Agent as established from time to time, together with such other information, reports and data concerning the value of the Oil and Gas Properties as Agent shall deem reasonably necessary to determine the value of such Oil and Gas Properties. Agent shall by notice to Borrowers no later than 45 days after its receipt of the engineering report and all other information requested by Lenders (herein called a "Determination Date"), notify Borrowers of the designation by Lenders of the new Borrowing Base for the period beginning on such Determination Date and continuing until, but not including, the next Determination Date.
Subsequent Determinations of Borrowing Base. Promptly after receiving any Borrowing Notice, Revolving Credit Lenders shall, based upon the most recent Borrowing Base Report delivered to Agent and each Revolving Credit Lender pursuant to Section 6.2(e) hereof or in connection with such Borrowing Notice, and such other information, reports and data available to Revolving Credit Lenders at the time in question, redetermine the Borrowing Base to remain in effect until the next such redetermination. The amount so redetermined shall be equal to eighty percent (80%) of Eligible Receivables. In the event Agent and each Revolving Credit Lender have not received an appropriately completed Borrowing Base Report (with all attachments) within the time period specified therein, Revolving Credit Lenders shall have no obligation to redetermine the Borrowing Base or to make any additional Revolving Credit Loans until such time as Revolving Credit Lenders shall have received such information.
Subsequent Determinations of Borrowing Base. Subsequent determinations of the Borrowing Base shall be made by the Lenders at least semi-annually on April 1 and October 1 of each year beginning October 1,
Subsequent Determinations of Borrowing Base. Subsections (a) and (c) of Section 2.9 of the Original Agreement are hereby amended and restated in their entirety to read as follows:
Subsequent Determinations of Borrowing Base. Promptly after receiving each Borrowing Base Report, Agent shall determine the Working Capital Borrowing Base and the Cash Earnings Borrowing Base, which in the aggregate comprise the Borrowing Base. Such Borrowing Base shall take effect immediately on the date notice thereof is sent to Borrower (herein called a "Determination Date") and remain in effect until the Agent receives the next Borrowing Base Report and determines the next Borrowing Base. In the event Agent has not received an appropriately completed Borrowing Base Report (with all attachments) within the time period specified in Section 6.2(d), an Event of Default shall have occurred and Agent shall have no obligation to redetermine the Borrowing Base and Lenders shall have no obligation to make any additional Loans until such time as Agent shall have received such information.
Subsequent Determinations of Borrowing Base. The first sentence of Section 2.9 of the Original Agreement is hereby amended in its entirety to read as follows: "By each March 15 and September 15, of each year, beginning September 15, 2001, Borrower shall furnish to each Lender all information, reports and data which Agent has then reasonably requested concerning Restricted Persons' businesses and properties (including their oil and gas properties and interests and the reserves and production relating thereto), together with the Engineering Reports described in Section 6.2(d) or (e) as applicable."
Subsequent Determinations of Borrowing Base. The second ----------------------------------------------- sentence of Section 2.9 of the Original Agreement is hereby amended in its entirety to read as follows: "Within forty-five days after receiving such information, reports and data, Required Lenders shall agree upon an amount for the Borrowing Base (provided that all Lenders must agree to any increase in the Borrowing Base) and Agent shall by notice to Borrower designate such amount as the new Borrowing Base available to Borrower hereunder, which designation shall take effect immediately on the date such notice is sent (herein called a "Determination Date") and shall remain in effect until but not including the next date as of which the Borrowing Base is redetermined."
Subsequent Determinations of Borrowing Base. Subsequent determinations of the Borrowing Base shall be made by the Bank at least semi-annually as set forth hereinbelow or as Unscheduled Redeterminations. In connection with each such determination of the Borrowing Base, the Bank shall also determine the Monthly Commitment Reduction. Borrower shall furnish to the Bank as soon as possible but in any event no later than March 1 of each year, beginning March 1, 1997, with an engineering report in form and substance reasonably satisfactory to Bank prepared by an independent petroleum engineer acceptable to Bank covering the Oil and Gas Properties utilizing pricing parameters used by Bank in its reasonable discretion as established from time to time, together with such other information concerning the value of the Collateral as the Bank may reasonably deem necessary to determine the value of the Collateral. By September 1 of each year, beginning September 1, 1996, or within thirty (30) days after either (i) receipt of notice from Bank that it requires an Unscheduled Redetermination, or (ii) Borrower gives notice to Bank of its desire to have an Unscheduled Redetermination performed, Borrower shall furnish to Bank an engineering report
