Calculation of the Borrowing Base. The Borrowing Base (the "Borrowing Base") shall be calculated as the aggregate of:
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 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 Agents 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 Agents 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 Borrower shall deliver to the Administrative Agent and each of the Lenders on or before each March 1, beginning March 1, 2015, an Independent Engineering Report dated effective as of the immediately preceding December 31, 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 15 days to agree or disagree with the Proposed Borrowing Base. If at the end of the 15 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 15 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 15 day period the Administrative Agent has not received the requisite number of approvals from the Lenders, the Borrowing Base shall be redetermined at the highest amount approved by the requisite Lenders. The Borrower shall deliver to the Administrative Agent and each Lender on or before (A) May 30, 2014, an Internal Engineering Report dated effective as of a date mutually agreed by the Borrower and the Administrative Agent and (B) each September 1, beginning September 1, 2014, an Internal Engineering Report dated effective as of the immediately preceding June 30, and such other information as may be reasonably requested by the Administrative Agent 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 15 days to agree or disagree with the Pr...
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 7.1.(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. 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.
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. 1. Agree the aggregate Asset Value of Borrowing Base Eligible Assets and the aggregate Adjusted Asset Value of Borrowing Base Eligible Assets to the Calculations worksheet. Additionally, agree Cash to the Borrower's supporting documentation.
Calculation of the Borrowing Base. The Agent and the Lenders shall determine the amount of the Borrowing Base based upon the loan collateral value which the Agent and the Lenders in their discretion (using such methodology, assumptions and discounts rates as they customarily use in assigning collateral value to oil and gas properties for similarly situated customers of the Lenders) assign to the Oil and Gas Real Properties of the Borrowers and their Restricted Subsidiaries 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 Borrowers and their Restricted Subsidiaries) as the Agent and the Lenders customarily consider in evaluating similar oil and gas credits.
