Determination of Borrowing Base Sample Clauses

Determination of Borrowing Base. The Borrowing Base shall be determined by the Agent, as follows:
Determination of Borrowing Base. Subject to the limitations and adjustments set forth in this Article 3, the “Borrowing Base” shall equal the sum of the Borrowing Base Value allocated to each of the Qualified Properties comprising Eligible Collateral. As used herein, “Borrowing Base Value” means, with respect to each Qualified Property comprising Eligible Collateral, the lesser of (i) the Value Advance, or (ii) the Cost Advance; provided, however, in no event shall the Borrowing Base Value allocated to any one (1) Qualified Property comprising Eligible Collateral exceed twenty percent (20%) of the greater of (a) the Borrowing Base, or (b) the Aggregate Commitment.
Determination of Borrowing Base. The Borrowing Base shall be ------------------------------- determined by the Administrative Agent, as follows:
Determination of Borrowing Base. (a) Subject to Section 2.2(b) and Section 2.3(c), Revolving Loans shall not in aggregate principal amount exceed the lesser of:
Determination of Borrowing Base. Based in part on the ------------------------------- Reserve Reports delivered pursuant to Section 3.1, Banks shall determine the ----------- Borrowing Base to become effective on the next succeeding Determination Date in accordance with the procedure set forth in Section 3.5 hereof; provided, -------- that, in no event shall the Borrowing Base (a) exceed the Borrowing Base ---- requested by Borrower pursuant to Section 3.1, or (b) exceed the Maximum ----------- Borrowing Base at any time on or after the Conversion Date. Subject to the foregoing and to Banks' consistent application of their respective standards for similar credits (which may vary from Bank to Bank), the Borrowing Base shall be determined by Banks in their sole discretion, but in accordance with the procedures set forth in Section 3.5 hereof. Without limiting the discretion of ----------- Banks in determining the Borrowing Base, Borrower acknowledges and agrees that, subject as aforesaid, Banks (i) may make such assumptions regarding appropriate existing and projected pricing for hydrocarbons as they deem appropriate in their sole discretion, (ii) may make such assumptions regarding projected rates and quantities of future production of hydrocarbons from the Mineral Interests owned by Borrower and its Subsidiaries as they deem appropriate in their sole discretion, (iii) may consider the projected cash requirements of Borrower and its Subsidiaries, (iv) are not required to consider any asset other than Mineral Interests, (v) will give no consideration to any asset owned by a Person other than Borrower and Subsidiary Guarantors, and (vi) may make such other assumptions, considerations and exclusions as Banks deem appropriate in the exercise of their sole discretion. Agent shall notify Borrower of the Borrowing Base to become effective on each Determination Date no later than 2:00 p.m., Dallas, Texas time on such Determination Date.
Determination of Borrowing Base. (i) The Revolving Lenders agree, subject to the terms and conditions of this Credit Agreement, from time to time, to make loans and advances to the Borrower hereunder on a revolving basis. Such loans and advances to the Borrower (each, a "REVOLVING LOAN"; and collectively, the "REVOLVING LOANS"), 34 together with the Letter of Credit Obligations, shall not in the aggregate exceed the lesser of (A) the Revolving Credit Committed Amount then in effect and (B) the Borrowing Base.
Determination of Borrowing Base. (i) The Lenders agree, subject to the terms and conditions of this Credit Agreement, from time to time, to make Revolving Loans to the Borrower on a revolving basis. The Working Capital Obligations, shall not in the aggregate exceed the lesser of (A) the Revolving Credit Committed Amount then in effect and (B) the Borrowing Base.
Determination of Borrowing Base. (A) Subject to Subsection 2.5(B): (i) the aggregate unpaid principal amount of the Revolving Loans made to a Borrower shall not in the aggregate exceed at any time the least of (A) the Total Revolving Commitments then in effect minus the aggregate amount of all Letter of Credit Obligations with respect to all Borrowers and minus the aggregate unpaid principal amount of all Revolving Loans made to all other Borrowers, (B) the "Current Asset Base" (as defined below) of such Borrower or (C) such Borrower's Sublimit, if any, minus the aggregate amount of Letter of Credit Obligations with respect to Letters of Credit issued for the account of such Borrower; and (ii) the aggregate unpaid principal amount of all Revolving Loans shall not in the aggregate exceed at any time the least of (A) the Total Revolving Commitments then in effect minus the aggregate amount of all Letter of Credit Obligations with respect to all Borrowers, (B) the sum of the "Current Asset Base" (as defined below) of all Borrowers or (C) if there is a Sublimit for each Borrower, the sum of each Borrower's Sublimit minus the aggregate amount of all Letter of Credit Obligations with respect to all Borrowers.
Determination of Borrowing Base. The amount of the Borrowing Base shall be the amount specified on the most recently delivered Borrowing Base Certificate, absent manifest error. Notwithstanding anything to the contrary contained herein, if a Borrowing Base Certificate is not delivered at the time specified in Subsection 6.1.7 (Borrowing Base Certificate), the Borrower shall not be entitled to request RC Loans until such time as the Borrowing Base Certificate is so delivered.