Common use of Borrowing Base Determinations Clause in Contracts

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) 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 19941998, 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.