Common use of Borrowing Base Procedures Clause in Contracts

Borrowing Base Procedures. Based upon the engineering reports submitted by Borrower pursuant to Section 6.1(b) below and upon such other information and data as BOTW deems relevant, BOTW will redetermine the Borrowing Base as of the first day of each Borrowing Base Period. BOTW and Borrower shall each have the option to request one (1) unscheduled interim Borrowing Base review in between each scheduled review date. BOTW shall advise Borrower of each redetermination of the Borrowing Base by providing to Borrower a Borrowing Base Notice approximately ten (10) days prior to the effectiveness of the redetermined Borrowing Base; provided that if, due to any failure by Borrower to submit in a timely manner any engineering report or other information required to be submitted by Borrower hereunder or, if requested in writing by BOTW, any additional information or data needed in connection with a redetermination of the Borrowing Base or due to any other reason beyond the control of BOTW, BOTW does not provide a Borrowing Base Notice at the time described above, then, unless BOTW gives notice to the contrary to Borrower, the Borrowing Base from the previous period shall be carried over into the new period until a Borrowing Base Notice has been sent to Borrower by BOTW. III. SECURITY; FEES; LIBOR PROVISIONS; TAXES; INCREASED CAPITAL

Borrowing Base Procedures. Based The Borrowing Base (Determined) will be re-determined semi-annually by WFBW, effective as of May 1 and November 1 of each year, commencing May 1, 2001, based upon the engineering reports submitted by Borrower pursuant to Section 6.1(b) 6.1 below, the monthly production information submitted by Borrower pursuant to Section 6.1 below and upon such other information and data as BOTW WFBW deems relevant; provided that, BOTW after the Conversion Date, WFBW will redetermine also determine or re-determine the Revenue Half-Life of the Borrowing Base Properties as of such dates. WFBW may, in its sole discretion, re-determine the first day of each Borrowing Base Period. BOTW and Borrower shall each have (Determined) (and, if applicable, the option to request one (1) unscheduled interim Revenue Half-Life of the Borrowing Base review in between Properties) not more than one additional time during each scheduled review datecalendar year prior to the Maturity Date. BOTW WFBW shall advise Borrower of each redetermination re-determination of the Borrowing Base (Determined) (and, if applicable, the Revenue Half-Life of the Borrowing Base Properties) by WFBW by providing to Borrower a Borrowing Base Notice by approximately ten (10) 10 days prior to the effectiveness effective date of the redetermined Borrowing Baseany such re-determination; provided that if, due to any failure by Borrower to submit in a timely manner any engineering report or other information required to be submitted by Borrower hereunder or, if requested in writing by BOTWWFBW, any additional information or data needed in connection with a redetermination re-determination of the Borrowing Base (Determined) or due to any other reason beyond the control of BOTWWFBW, BOTW WFBW does not provide a Borrowing Base Notice at the time described above, then, : (a) unless BOTW WFBW gives notice to the contrary to Borrower, the Borrowing Base (Determined) (and, if applicable, the Revenue Half-Life of the Borrowing Base Properties) from the previous period shall be carried over into the new period until a Borrowing Base Notice has been is sent to Borrower by BOTWWFBW and the remainder of the procedures described in this Section 2.8 have been completed, and (b) unless Borrower gives notice to the contrary to WFBW, the Borrowing Base (Elected) from the previous period shall be carried over into the new period until a Borrowing Base Notice is sent to Borrower by WFBW and the remainder of the procedures described in this Section 2.8 have been completed. III. SECURITYBorrower shall have the right, by giving notice to WFBW not later than five days prior to the commencement of any Quarterly Borrowing Base Period (or, if a Borrowing Base Notice is due, not later than five days after the effective date of such Borrowing Base Notice), to elect a lesser amount (the "Borrowing Base (Elected)"); FEES; LIBOR PROVISIONS; TAXES; INCREASED CAPITALprovided that, if Borrower fails to make such an election, the Borrowing Base (Elected) shall be deemed to be equal to the Borrowing Base (Determined).

Borrowing Base Procedures. Based The Borrowing Base will be redetermined by USB as of the first day of each Borrowing Base Period (and not more than one additional time per calendar year as requested by Borrower and not more than one additional time per calendar year as requested by USB), based upon the engineering reports and other information submitted by Borrower pursuant to Section 6.1(b) below and upon such other information and data as BOTW USB reasonably deems relevant, BOTW will redetermine the Borrowing Base as of the first day of each Borrowing Base Period. BOTW and Borrower shall each have the option to request one (1) unscheduled interim Borrowing Base review in between each scheduled review date. BOTW USB shall advise Borrower of each redetermination of the Borrowing Base by providing to Borrower a Borrowing Base Notice approximately ten (10) days prior to as of the date of effectiveness of the redetermined Borrowing Base; provided that if, due to any failure by Borrower to submit in a timely manner any engineering report or other information required to be submitted by Borrower hereunder or, if requested in writing by BOTWUSB, any additional information or data needed in connection with a redetermination of the Borrowing Base or due to any other reason beyond the control of BOTWUSB, BOTW USB does not provide a Borrowing Base Notice at the time described above, then, unless BOTW USB gives notice to the contrary to Borrower, the Borrowing Base from the previous period shall be carried over into the new period until a Borrowing Base Notice has been sent to Borrower by BOTWUSB. III. SECURITYBorrower shall have the right from time to time, by giving at least three Business Days' prior notice to USB, to elect to reduce the Borrowing Base by any integral multiple of $100,000; FEESprovided that no such reduction shall reduce the Borrowing Base to an amount less than $2,000,000; LIBOR PROVISIONS; TAXES; INCREASED CAPITALprovided further that, as to any time period for which Borrower has so elected to reduce the Borrowing Base, the reduced Borrowing Base shall remain in effect until the next redetermination of the Borrowing Base hereunder (or, if sooner, the next election by Borrower to reduce the Borrowing Base pursuant to this Section).

Borrowing Base Procedures. Based The Borrowing Base will be re-determined annually by Lender, effective as of April I of each year until the occurrence of the Maturity Date (and Lender shall redetermine the Borrowing Base not more than one additional time in each annual period from April 1 through the succeeding March 31 at the request of Lender and not more than one additional time in each such annual period at the request of Borrower), based upon the engineering reports submitted by Borrower pursuant to Section 6.1(bSections 6.1(b)(vii) and 6.1(b)(viii) below and upon such other information and data as BOTW Lender deems relevant, BOTW will redetermine the Borrowing Base as of the first day of each Borrowing Base Period. BOTW and Borrower shall each have the option to request one (1) unscheduled interim Borrowing Base review in between each scheduled review date. BOTW Lender shall advise Borrower of each redetermination of the Borrowing Base by Lender by providing to Borrower a Borrowing Base Notice by approximately ten (10) 10 days prior to the effectiveness effective date of the redetermined Borrowing Baseany such re-determination; provided that if, due to any failure by Borrower to submit in a timely manner any engineering report or other information required to be submitted by Borrower hereunder or, if requested in writing by BOTWLender, any additional information or data needed in connection with a redetermination of the Borrowing Base or due to any other reason beyond the control of BOTWLender, BOTW Lender does not provide a Borrowing Base Notice at the time described above, then, unless BOTW Lender gives notice to the contrary to Borrower, the Borrowing Base from the previous period shall be carried over into the new period until a Borrowing Base Notice has been is sent to Borrower by BOTWLender and the remainder of the procedures described in this Section 2.8 have been completed. III. SECURITYBorrower shall have the right, by giving notice to Lender within five Business Days after its receipt of a Borrowing Base Notice for a Borrowing Base Period, to elect to have a Reduced Borrowing Base take effect for such Borrowing Base Period; FEESprovided that if Borrower has elected a Reduced Borrowing Base for a Borrowing Base Period, Borrower may, at any time prior to the end of such Borrowing Base Period, by giving five Business Days' prior written notice to Lender, elect to increase the Borrowing Base for that Borrowing Base Period to an amount not greater than the amount originally included by Lender in its Borrowing Base Notice; LIBOR PROVISIONS; TAXES; INCREASED CAPITALprovided further that if Borrower so elects to increase the Borrowing Base, then all commitment fees payable with respect to such Borrowing Base Period pursuant to Section 3.4 below shall be calculated (or, as to any fees paid with respect to such Borrowing Base Period prior to such election, adjusted as of the date upon which any commitment fee is next payable) as if the increased Borrowing Base had been in effect for the entire Borrowing Base Period.

Borrowing Base Procedures. Based upon the engineering reports submitted by Borrower Borrowers pursuant to Section 6.1(b) below and upon such other information and data as BOTW deems relevant, BOTW will redetermine the Borrowing Base Base: (a) as of the first day of each Borrowing Base Period. BOTW , and Borrower shall each have the option (b) up to request one (1) unscheduled interim additional time per Borrowing Base review in between each scheduled review datePeriod at the discretion of BOTW, and (c) up to one additional time per Borrowing Base Period at the discretion of Borrowers. BOTW shall advise Borrower Borrowers of each redetermination of the Borrowing Base by providing to Borrower Borrowers a Borrowing Base Notice approximately ten (10) 10 days prior to the effectiveness of the redetermined Borrowing Base; provided that if, due to any failure by Borrower Borrowers to submit in a timely manner any engineering report or other information required to be submitted by Borrower Borrowers hereunder or, if requested in writing by BOTW, any additional information or data needed in connection with a redetermination of the Borrowing Base or due to any other reason beyond the control of BOTW, BOTW does not provide a Borrowing Base Notice at the time described above, then, unless BOTW gives notice to the contrary to BorrowerBorrowers, the Borrowing Base from the previous period shall be carried over into the new period until a Borrowing Base Notice has been sent to Borrower Borrowers by BOTW. III. SECURITY; FEES; LIBOR PROVISIONS; TAXES; INCREASED CAPITAL.

Borrowing Base Procedures. Based (a) The Borrowing Base will be redetermined by BOK as of the first day of each Borrowing Base Period, based upon the engineering reports submitted by Borrower pursuant to Section 6.1(b) below, the production information submitted by Borrower pursuant to Section 6.1(b) below and upon such other information and data as BOTW deems ▇▇▇ ▇▇▇▇▇ relevant. BOK may, BOTW will in its sole discretion, redetermine the Borrowing Base as of not more than one additional time during each calendar year prior to the first day of each Borrowing Base PeriodMaturity Date. BOTW and Borrower shall each have the option to request one (1) unscheduled interim Borrowing Base review in between each scheduled review date. BOTW BOK shall advise Borrower of each redetermination of the Borrowing Base by providing to Borrower a Borrowing Base Notice approximately ten (10) 10 days prior to the effectiveness of the redetermined Borrowing Base; provided that if, due to any failure by Borrower to submit in a timely manner any engineering report or other information required to be submitted by Borrower hereunder or, if requested in writing by BOTWBOK, any additional information or data needed in connection with a redetermination of the Borrowing Base or due to any other reason beyond the control of BOTWBOK, BOTW BOK does not provide a Borrowing Base Notice at the time described above, then, unless BOTW BOK gives notice to the contrary to Borrower, the Borrowing Base from the previous period shall be carried over into the new period until a Borrowing Base Notice has been sent to Borrower by BOTW. III. SECURITY; FEES; LIBOR PROVISIONS; TAXES; INCREASED CAPITALBOK. (b) In addition to the Borrowing Base redeterminations described in Section 2.9(a) above, upon any sale, transfer or other disposition of any Borrowing Base Property by Borrower, BOK may reduce the Borrowing Base by the amount that the transferred Borrowing Base Property had previously been credited in determining the Borrowing Base.