Determination of Borrowing Base. The Borrowing Base shall be determined by the Agent, as follows:
Determination of Borrowing Base. The Borrowing Base at any time shall be determined by reference to the most recent Borrowing Base Certificate and Monthly Servicing Report delivered to the Administrative Agent.
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. (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. 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. (a) Upon each delivery of a Reserve Report or Alternate Reserve Report pursuant to Section 7.1 on or before the respective dates required thereby, then with respect to the annual or semi-annual, as the case may be, determination of the Borrowing Base, the Administrative Agent will propose to the Lenders a Borrowing Base for acceptance by the Required Borrowing Base Lenders. If such Borrowing Base, as proposed by the Administrative Agent is accepted by the Required Borrowing Base Lenders, then such agreed Borrowing Base shall be communicated by the Administrative Agent to the Borrower on or before (i) the next May 1st, in the case of a Reserve Report and (ii) the next November 1st, in the case of an Alternate Reserve Report, and shall remain in effect until the next November 1st or May 1st; provided that if such proposed Borrowing Base is not approved by the Required Borrowing Base Lenders prior to the applicable date then, within 30 days following the applicable date, the Required Borrowing Base Lenders will establish and agree to a Borrowing Base established using criteria agreed upon by the Required Borrowing Base Lenders, and such amount will be promptly communicated to the Borrower; provided that the then current Borrowing Base shall remain in effect until the Borrower is notified of the new Borrowing Base. The new Borrowing Base shall become effective as of the date that the Borrower receives notification from the Administrative Agent of the new Borrowing Base. The Borrowing Base, as determined and established pursuant to this Section 2.8(a) shall be subject, at all times, to the redetermination of the then effective Borrowing Base as a result of a Non-Standard Determination.
Determination of Borrowing Base. Based in part on the Reserve Reports and Related Asset Reports delivered pursuant to SECTION 4.1 (and in the case of the Scheduled Determination scheduled to occur on or around May 1, 1997 based on the Current Reserve Report), Administrative Agent shall, not later than ten (10) days prior to each Determination Date commencing with the Determination Date falling on May 1, 1997, submit a proposed Borrowing Base to become effective on such Determination Date to Banks for their approval. In the event Required Banks, or all Banks in the event of a proposed increase in the Borrowing Base, fail to promptly approve such proposed Borrowing Base, Administrative Agent shall propose one or more alternative Borrowing Bases to Banks and shall consult with Banks regarding the proposed Borrowing Base until such time as Required Banks, or all Banks in the event of a proposed increase in the Borrowing Base, approve a Borrowing Base and proposed by Administrative Agent. Promptly upon the approval by Required Banks, or all Banks in the event of a proposed increase in the Borrowing Base to become effective on a Determination Date, Administrative Agent shall provide written notice of the amount of such Borrowing Base to Borrower. In the event Administrative Agent and Required Banks, or all Banks in the event of a proposed increase in the Borrowing Base, fail to approve a Borrowing Base (and notify Borrower of the amount thereof) on or prior to any applicable Determination Date, the Borrowing Base in effect prior to such Determination Date shall remain in effect thereafter until such time as Administrative Agent and Required Banks, or all Banks in the event of a proposed increase in the Borrowing Base, approve such Borrowing Base (which shall each become effective immediately upon notice to Borrower from Administrative Agent setting forth the amounts thereof). Any determination of a proposed Borrowing Base by Administrative Agent and any decision by Banks regarding the approval or disapproval of any Borrowing Base shall be made by Administrative Agent and Banks in their sole discretion in accordance with their respective standards for oil and gas loans, which may vary between Administrative Agent and Banks and from Bank to Bank. Without limiting the right of Administrative Agent to propose the amount of any Borrowing Base or the right of Banks to approve or disapprove such proposed Borrowing Base in their sole discretion, Borrower acknowledges and agrees that subject to Administ...
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 5.1.7 (Borrowing Base Certificates), the Borrower shall not be entitled to request RC Loans until such time as the Borrowing Base Certificate is so delivered.
Determination of Borrowing Base. (a) The term "BORROWING BASE" means the designated loan value of Borrower's Oil and Gas Properties as determined by Agents in their sole discretion and approved by Required Lenders in their sole discretion, in each case in accordance with their respective then-current practices, customary procedures and standards for their respective petroleum industry customers, and utilizing (i) the pertinent economic parameters customarily used by each Lender with respect to credits of a similar size and nature, and (ii) the information that the Lenders have available to them at the time of each determination, including, without limitation, assets, liabilities, cash flow and other financial information regarding Borrower and its Subsidiaries, the Collateral and the business, properties, prospects, management, and ownership of the Borrower and its Subsidiaries. The Borrowing Base in effect under this Agreement shall be redetermined at the times set forth in SECTION 4.02, 4.03, and 4.04 and in accordance with the procedures set forth in SECTION 4.01(b). Until the Commitments of all Banks have terminated, all Letters of Credit have expired or been canceled, and all Obligations have been paid in full, amounts outstanding under this Agreement shall be subject to the then effective Borrowing Base.
