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 and not more than one additional time per calendar year at the request of BOTW. BOTW shall advise Borrower of each redetermination of the Borrowing Base by providing to Borrower a Borrowing Base Notice approximately 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.

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 BOK will redetermine the Borrowing Base as of the first day of each Borrowing Base Period and not more than one additional time per calendar year at the request of BOTWsuch other times as BOK may deem appropriate. BOTW BOK shall advise Borrower of each redetermination of the Borrowing Base by providing to Borrower a Borrowing Base Notice approximately 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’ 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 BOTWBOK.