Common use of Borrowing Base Determinations Clause in Contracts

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 Borrowing Base as of June February 1, 20032004, is acknowledged by the Borrower and the Lender to be $24,500,00023,000,000. Commencing on July March 1, 20032004, and continuing thereafter on the first day of each calendar month through the next Borrowing BaseBase review, the amount of the Borrowing Base shall be reduced by $670,000520,000.”

Borrowing Base Determinations. (a) The Borrowing Base as of June April 1, 20032002, is acknowledged by the Borrower and the Lender to be $24,500,00022,000,000. Commencing on July May 1, 20032002, and continuing thereafter on the first day of each calendar month through the next Borrowing BaseBase review, the amount of the Borrowing Base shall be reduced by $670,000475,000.”"

Borrowing Base Determinations. (a) The Borrowing Base as of June October 1, 20032004, is acknowledged by the Borrower and the Lender to be $24,500,00019,000,000. Commencing on July November 1, 20032004, and continuing thereafter on the first day of each calendar month through the next Borrowing BaseBase review, the amount of the Borrowing Base shall be reduced by $670,000595,000.”

Borrowing Base Determinations. (a) The Borrowing Base as of June September 1, 2003, is acknowledged by the Borrower and the Lender to be $24,500,00021,700,000. Commencing on July October 1, 2003, and continuing thereafter on the first day of each calendar month through the next Borrowing BaseBase review, the amount of the Borrowing Base shall be reduced by $670,000620,000.”