Common use of Borrowing Base Determinations Clause in Contracts

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. (a) The Borrowing Base as of June 1030, 1997, is acknowledged by the Borrower, the Co-Borrowers and the Lender to be $19,200,00026,000,000. Commencing on July August 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. (a) The Borrowing Base as of June 10December 1, 19971996, is acknowledged by the Borrower, the Co-Borrowers and the Lender to be $19,200,00018,000,000. Commencing on July January 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."