Common use of Determination of Borrowing Base Clause in Contracts

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. (a) Upon each delivery of a Reserve Report or Alternate Reserve Report pursuant to This 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 2.8 shall be communicated by the Administrative Agent to the Borrower on or before applicable at all times unless (i) the next May 1st, in Applicable Rating Level of the case of a Reserve Report Borrower is Level I and (ii) the next November 1stBorrower has elected to have availability under this Agreement no longer governed by the Borrowing Base; provided, in however, that this Section shall apply at all times prior to the case delivery of an Alternate the Reserve ReportReport dated effective as of January 1, 2005; and shall remain in effect until provided further that, if at any time availability under this Agreement is not governed by the next November 1st or May 1st; provided that if such proposed Borrowing Base is not approved by but the Applicable Rating Level of the Borrower declines to Level II or Level III, the Administrative Agent and the Required Borrowing Base Lenders prior to shall promptly but in any event not fewer than five (5) Business Days thereafter initiate 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 procedure set forth herein for a Non-Standard DeterminationDetermination of the Borrowing Base. Notwithstanding that its Applicable Rating Level is Level I and the Borrower has elected to not have availability under this Agreement governed by a Borrowing Base, the Borrower shall have the right to elect to have availability under this Agreement governed by a Borrowing Base from the date of such election to the date of the next scheduled redetermination date for such Borrowing Base by providing written notice of its election to the Administrative Agent on or before the 45th day preceding the date scheduled for the delivery of the Reserve Report applicable to the next scheduled redetermination date. Any such election shall (i) be irrevocable for such period of time, but may be changed for subsequent periods by the delivery of an additional written notice to the Administrative Agent on or before the 45th day preceding the date scheduled for the delivery of the Reserve Report applicable to the next scheduled redetermination date following such period, and (ii) automatically continue for subsequent six-month periods until such time as the Borrower elects to not have availability under this Agreement governed by a Borrowing Base in accordance with clause (i) of this sentence.

Determination of Borrowing Base. (a) Upon each delivery of a Reserve Report or Alternate Reserve Report pursuant to Section 7.1 7.2 hereof and provided, that such delivery shall be on or before the respective dates required therebytherein, 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 1stApril 30th, in the case of a Reserve Report and (ii) the next November 1stOctober 31st, in the case of an Alternate Reserve Report, and shall remain in effect until the next November 1st October 31st or May 1stApril 30th; provided that if such proposed Borrowing Base is not approved by the Required Borrowing Base Lenders prior to the applicable date then, within 30 thirty (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 LendersBase, 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(a2.6(a) shall be subject, at all times, to the redetermination of the then effective Borrowing Base as a result of a Non-Standard Determination.