Borrowing Base Determinations Clause Samples
Borrowing Base Determinations. (a) The Borrowing Base as of the Closing Date is acknowledged by the Borrower and the Lenders to be $29,000,000 and shall reduce to a level of $27,500,000 within ten days of the Closing Date. Commencing on May 1, 1998, and continuing thereafter on the first day of each calendar month until the earlier of the date such amount is redetermined or the Commitment Termination Date, the Scheduled Reduction Amount shall be $275,000.
(b) The Borrowing Base and the Scheduled Reduction Amount shall be redetermined semi-annually by unanimous consent of the Lenders beginning October 1, 1998, on the basis of information supplied by the Borrower in compliance with the provisions of this Agreement, including, without limitation, Reserve Reports, and all other information available to the Lenders. In addition, the Lenders shall, in the normal course of business following a request of the Borrower, redetermine the Borrowing Base; provided, however, the Lenders shall not be obligated to respond to more than four such requests during any calendar year, and in no event shall the Lenders be required to redetermine the Borrowing Base more than twice in any three-month period, including, without limitation, each scheduled semi-annual redetermination provided for above. Notwithstanding the foregoing, the Lenders may at their discretion and by unanimous consent redetermine the Borrowing Base and the Scheduled Reduction Amount at any time and from time to time.
(c) Upon each determination of the Borrowing Base and the Scheduled Reduction Amount by the Lenders, the Agent shall notify the Borrower orally (confirming such notice promptly in writing) of such determination, and the Borrowing Base and the Scheduled Reduction Amount shall become effective upon such written notification and shall remain in effect until the next subsequent determination of the Borrowing Base. Upon request, Agent will furnish detailed information as to the determination of the Borrowing Base.
(d) The Borrowing Base shall represent the determination by the Lenders, in accordance with the applicable definitions and provisions herein contained and their customary lending practices for loans of this nature, of the value, for loan purposes, of the Mortgaged Properties, plus certain other Oil and Gas Properties to be determined in sole discretion of the Lenders subject, in the case of any increase in the Borrowing Base, to the credit approval process of the Lenders. Furthermore, the Borrower acknowledges that the d...
Borrowing Base Determinations. (a) The Tranche A Borrowing Base is acknowledged by each Borrower and each Lender to be $95,000,000. The Tranche B Borrowing Base is acknowledged by each Borrower and each Lender to be zero. Each Borrower and each Lender acknowledge that, after the acquisition of the Quaker State Properties, the Tranche A Borrowing Base shall be $116,000,000 and the Tranche B Borrowing Base shall be $22,000,000.
(b) Each Borrowing Base shall be redetermined by the Lenders semi-annually on the basis of information supplied by the Borrowers in compliance with the provisions of this Agreement, including, without limitation, Reserve Reports, Financial Statements, and all other information available to the Lenders. Notwithstanding the foregoing, any two Lenders may, in their discretion, require that a redetermination of either Borrowing Base be made at any time and from time to time. Upon such a requirement by any two Lenders, such redetermination shall be made by the Lenders as otherwise provided in this Section.
(c) Upon each determination of either Borrowing Base as provided in this Section, the Agent shall notify the Borrowers verbally (confirming such notice promptly in writing) of such determination, and the Borrowing Base so communicated shall become effective upon such verbal notification and shall remain in effect until the next subsequent determination of such Borrowing Base.
(d) Each Borrowing Base shall represent the lowest amount among the Lenders based upon the determination by each of the Lenders, in its sole discretion and in accordance with its standard engineering and lending policies and practices customary for loans of this nature, of the value, for loan purposes, of the Oil and Gas Properties of the Borrowers which are unencumbered by Liens other than Liens existing at any time for the benefit of the Lenders. Furthermore, each Borrower acknowledges that each determination of either Borrowing Base reflects a margin or discount below market value which may change from time to time, which is acknowledged by the Borrowers to be essential for the adequate protection of the Lenders."
Borrowing Base Determinations. (a) The Borrowing Base as of June 1, 2003, is acknowledged by the Borrower and the Lender to be $24,500,000. Commencing on July 1, 2003, and continuing thereafter on the first day of each calendar month through the next Borrowing Base, the amount of the Borrowing Base shall be reduced by $670,000.”
Borrowing Base Determinations. (a) The initial Borrowing Base is hereby established at $4,000,000.00.
(b) The Borrowing Base shall be redetermined by the Lender for each Borrowing Base Period commencing September 1, 2007, and effective as of the date set forth in a notice of redetermination delivered to the Borrower.
(c) The determination of the Borrowing Base shall be made, at the sole discretion of the Lender, by reviewing the estimates of the projected rate of production and projected revenues from the Borrowing Base Properties and such other credit factors (including, without limitation, the assets, liabilities, cash flow, current Derivative Contracts, business, properties, prospects, management and ownership of the Borrower) as the Lender in its sole discretion deems significant. The Lender may make adjustments, in good faith and at its sole discretion and in accordance with its customary practices, to such estimates of the projected rate of production and projected revenues.
(d) In addition to scheduled Borrowing Base redeterminations pursuant to Subsection 2.6(b), the Lender or the Borrower may cause a redetermination of the Borrowing Base at any one time during each Borrowing Base Period. In the event the Borrower requests such a Borrowing Base redetermination, the Borrower shall deliver written notice of such request to the Lender with (i) a report, in form and substance satisfactory to the Lender, prepared by Scotia Group, Inc. or another independent petroleum engineer or firm of engineers reasonably acceptable to the Lender, which report shall set forth, as of a date not more than sixty (60) calendar days prior to the date of such request, projections of future net income from hydrocarbons classified as "Proved Reserves" attributable to all of the Borrowing Base Properties, (ii) such other information concerning such Oil and Gas Properties as the Lender may reasonably request, including, without limitation, engineering, geological and performance data, and (iii) the amount of the Borrowing Base requested by the Borrower to become effective. Likewise, in the event the Lender exercises its option for a Borrowing Base redetermination pursuant to this Subsection 2.6(d), upon written request and notification by the Lender to the Borrower, the Borrower shall furnish the information described above within thirty (30) days of such request. The Lender shall redetermine the Borrowing Base in accordance with the procedures set forth in Subsection 2.6(c) which redetermined Borrowing Base...
Borrowing Base Determinations. (a) The Borrowing Base as of June 10, 1997, is acknowledged by the Borrower, the Co-Borrowers and the Lender to be $19,200,000. Commencing on July 1, 1997, and continuing thereafter on the first day of each calendar month until the earlier of the date such amount is redetermined or the Commitment Termination Date, the amount of the Borrowing Base shall be reduced by $300,000."
Borrowing Base Determinations. Covenants Relating to Borrowing Base Properties................ 44 ARTICLE IV CONDITIONS TO LOANS
Borrowing Base Determinations. (a) Within 45 days after receipt of the Engineering Report required to be delivered each year, commencing with the Engineering Report required to be delivered in 1994, Agent shall notify the Company, in writing, of the Oil and Gas Reserves Component Value determined on the basis of such Engineering Report and the Borrowing Base determined on the basis of such Oil and Gas Reserves Component Value, together with the determination of the Alaskan Gas Component Value. Each such determination is herein called a "Scheduled Redetermination". Each Scheduled Redetermination shall be effective when the Company is notified of the amount of the redetermined Borrowing Base by Agent.
Borrowing Base Determinations. (a) The Borrowing Base as of June 30, 2001, is acknowledged by the Borrower and the Lender to be $43,000,000."
Borrowing Base Determinations. 30 2.10 Competitive Bid Procedure..................................30
Borrowing Base Determinations. (a) The Borrowing Base for Facility A as of the Closing Date of this Third Amendment is acknowledged by the Borrower and the Lender to be $24,000,000 and acknowledged by Borrower and the Lender to be $5,000,000 for Facility B. The Borrowing Base for Facility A and Facility B shall be redetermined on February 1, 2006."