Calculation of the Borrowing Base. 1. Eligible Project Back-Log (appraised fair market value) (see Attachment 1 hereto) $_____________
Calculation of the Borrowing Base. The Borrowing Base shall be calculated as the aggregate (calculated in USD) of:
Calculation of the Borrowing Base. (i) The Borrower shall deliver to the Administrative Agent and each of the Lenders on or before each March 1, beginning March 1, 2013, an Independent Engineering Report dated effective as of the immediately preceding January 1, and such other information as may be reasonably requested by any Lender with respect to the Borrowing Base Properties included or to be included in the Borrowing Base. Upon receipt of such information, the Administrative Agent shall, in the normal course of business (but in any event within 30 days after receipt of such information), propose to the Lenders a new Borrowing Base (for purposes of this subsection, the "Proposed Borrowing Base"). After having received notice of such proposal, the Lenders shall have 14 days to agree or disagree with the Proposed Borrowing Base. If at the end of the 14 days, any Lender has not communicated its approval or disapproval to the Administrative Agent, such silence shall be deemed to be an approval of the Proposed Borrowing Base. If at the end of such 14 days, the Required Lenders (or all of the Lenders if the Borrowing Base is to be increased) have approved or have been deemed to have approved the Proposed Borrowing Base, then the Proposed Borrowing Base shall become the new Borrowing Base, effective on the date specified in Section 2.02(b)(iii). To the extent that within such 14 day period the Administrative Agent has not received the requisite number of approvals from the Lenders, the requisite number of Lenders shall, within a reasonable period of time, agree on a new Borrowing Base.
Calculation of the Borrowing Base. The Borrowing Base shall be calculated by reference to the most recent Borrowing Report delivered by the Company under Section 6.1.(c) hereof. The Company shall calculate the Borrowing Base on a quarterly basis and the Company shall immediately notify the Agent when the Outstanding Amount exceeds the available Borrowing Base and shall pay any excess in accordance with Section 2.1.15. hereof. The Company may request that it receive a Revolving Loan in excess of the amount which would be available under the most recent Borrowing Report delivered by the Company; provided, however, that the Company shall provide the Agent with evidence set forth in a new Borrowing Report to be delivered with such request that, on a pro forma basis, the inclusion of the value of new or reappraised Facilities will be sufficient to increase the Borrowing Base so as to permit the requested borrowing. The acceptance or rejection of any such request or any calculation of the Borrowing Base shall be within the reasonable discretion of the Majority Banks.
Calculation of the Borrowing Base. The Borrowing Base shall be calculated by reference to the most recent Borrowing Report delivered by the Company under Section 6.1.(c) hereof. The Company shall calculate the Borrowing Base on a quarterly basis and the Company shall immediately notify the Bank when the Outstanding Amount exceeds the available Borrowing Base and shall pay any excess in accordance with Section 2.1.11. hereof. The Company may request that it receive a Revolving Loan in excess of the amount which would be available under the most recent Borrowing Report delivered by the Company; provided, however, that the Company shall provide the Bank with evidence set forth in a new Borrowing Report to be delivered with such request that, on a pro forma basis, the inclusion of the value of new or reappraised Facilities will be sufficient to increase the Borrowing Base so as to permit the requested borrowing. The acceptance or rejection of any such request or any calculation of the Borrowing Base shall be within the reasonable discretion of the Bank.
Calculation of the Borrowing Base. 1. Agree the Aggregate Asset Value of Borrowing Base Eligible Assets and the Aggregate Adjusted Asset Value of Borrowing Base Eligible Assets to the System Download worksheet. Additionally, agree Cash to the Fund’s supporting documentation.
Calculation of the Borrowing Base. The Agent shall determine the amount of the Borrowing Base based upon the loan collateral value which the Agent in its discretion (using such methodology, assumptions and discounts rates as the Agent customarily uses in assigning collateral value to oil and gas properties for similarly situated customers of the Agent) assigns to the Oil and Gas Real Properties of the Borrower and the other Restricted Persons at the time in question and based upon such other credit factors consistently applied (including, without limitation, the assets, liabilities, cash flow, business, properties, and prospects of the Borrower and its Recourse Subsidiaries) as the Agent customarily considers in evaluating similar oil and gas credits.
Calculation of the Borrowing Base on a quarterly basis and the Company shall immediately notify the Bank when the Outstanding Amount exceeds the available Borrowing Base and shall pay any excess in accordance with Section 2.1.12. hereof. The Company may request that it receive a Revolving Loan in excess of the amount which would be available under the most recent Borrowing Report delivered by the Company; provided, however, that the Company shall provide the Bank with evidence set forth in a new Borrowing Report to be delivered with such request that, on a pro forma basis, the inclusion of the value of new or reappraised Facilities will be sufficient to increase the Borrowing Base so as to permit the requested borrowing. The acceptance or rejection of any such request or any calculation of the Borrowing Base shall be within the reasonable discretion of the Bank.
Calculation of the Borrowing Base. (a) Subject to clause 20.2(b) below, the Borrowing Base shall be calculated as the aggregate (calculated in USD) of:
Calculation of the Borrowing Base. Each of the Parties agrees that (a) in all cases, the determination of the Aggregate Borrowing Base (and all component and sub-component definitions thereof), Overadvance Loan (and all component and sub-component definitions thereof), and Protective Advances (and all component and sub-component definitions thereof) shall be based upon the most recent Borrowing Base Certificate received by the Agent pursuant to the Loan Agreement prior to the funding of any Tranche A Loan or the issuance, renewal or amendment of a Letter of Credit (it being understood and agreed that the use of cash collateral in an Insolvency Proceeding shall not constitute a funding of a Loan or other advance) and (b) the Agent shall have a three (3) Business Day period of time to implement such Borrowing Base Certificate.
