Subsequent Determinations of Borrowing Base. (a) By each Evaluation Date, the Borrower shall furnish to the Administrative Agent and each Lender all information, reports and data which the Administrative Agent has then reasonably requested concerning the Borrower's and the Guarantors' businesses and properties (including Borrower's and the Guarantors' Oil and Gas Properties and interests and the reserves and production relating thereto), together with the Engineering Report described in Section 6.2(g), if an Engineering Report is then due. Within thirty (30) days after receiving such information, reports and data, or as promptly thereafter as practicable, the Administrative Agent shall recommend a redetermined Borrowing Base to the Lenders. Such recommended Borrowing Base shall become effective upon the receipt by the Administrative Agent of the approval of such recommended Borrowing Base by Lenders holding not less than 75% of the aggregate amount of the Credit Extensions then outstanding (or 75% of the Commitments if no Credit Extensions are outstanding). If such recommended Borrowing Base is not approved by Lenders holding not less than 75% of the aggregate amount of the Credit Extensions then outstanding (or 75% of the Commitments if no Credit Extensions are then outstanding) within ten (10) days after the Administrative Agent submits the recommended Borrowing Base to the Lenders, then each Lender shall submit in writing to the Administrative Agent, on or within ten (10) days after the Administrative Agent notifies the Lenders that the Lenders have not approved any such recommended Borrowing Base, such Lender's determination of the redetermined Borrowing Base; in such case, the redetermined Borrowing Base shall be the highest amount approved by Lenders holding not less than 75% of the aggregate amount of the Credit Extensions then outstanding (or 75% of the Commitments if no Credit Extensions are outstanding). NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, WITHOUT THE PRIOR WRITTEN APPROVAL OF ALL OF THE LENDERS, SUCH APPROVAL TO BE IN EACH LENDER'S SOLE DISCRETION, THE REDETERMINED BORROWING BASE SHALL NOT BE INCREASED ABOVE THE AMOUNT OF THE BORROWING BASE IN EFFECT IMMEDIATELY PRIOR TO SUCH REDETERMINATION. The Administrative Agent shall by notice to the Borrower and the Lenders designate the amount of the Borrowing Base (determined by Lenders holding not less than 75% of the aggregate amount of Credit Extensions then outstanding or 75% of the Commitments if no Credit Extensions are then out...
Subsequent Determinations of Borrowing Base. By April 1 and October 1 of each year, on each date on which Borrower requests that the Borrowing Base be redetermined (which request shall not be made more than two times during any Fiscal Year) and within fifteen (15) days of each date on which Agent, on behalf of Majority Lenders, requests that the Borrowing Base be redetermined, Borrower shall furnish to each Lender all information, reports and data which Agent has then requested concerning the Qualified Properties and the reserves and production relating thereto, together with the Engineering Report described in Section 5.1(b)(iv). Within thirty (30) days after receiving such information, reports and data, or as promptly thereafter as practicable, Majority Lenders shall agree upon an amount for the Borrowing Base and Agent shall by notice to Borrower designate such amount as the new Borrowing Base available to Borrower hereunder during the period beginning on and including the date such notice is sent (herein called a "DETERMINATION DATE") and continuing until but not including the next date as of which the Borrowing Base is redetermined. A Determination Date may (but need not) occur during the period beginning on the date on which a Request for Advance is submitted and ending on the date on which such Advances are to be made. If Borrower does not furnish all such information, reports and data by the date specified in the first sentence of this section, Agent may nonetheless designate the Borrowing Base at any amount which Majority Lenders determine and may redesignate the Borrowing Base from time to time thereafter until each Lender receives all such information, reports and data, whereupon Majority Lenders shall designate a new Borrowing Base as described above. Each determination of the Borrowing Base shall be made by Majority Lenders in the exercise of their sole discretion in accordance with the then current standards and practices of Lenders for similar oil and gas loans taking into account such factors as Lenders may deem appropriate, including, without limitation, (i) the nature and extent of the oil and gas reserves attributable to the oil and gas properties of Borrower and the anticipated timing and extent of net operating income therefrom, (ii) any litigation or other proceedings or facts, including, without limitation, defects in or uncertainties as to Borrower's title to such oil and gas properties or encumbrances on the title to such oil and gas properties or encumbrances on the Qualifie...
Subsequent Determinations of Borrowing Base. At least 30 days before each Evaluation Date Borrower shall furnish to Lender all information, reports and data which Lender has then requested concerning the Related Persons' businesses and properties (including their oil and gas properties and interests and the reserves and production relating thereto), together with the Engineering Report most recently delivered to Lender pursuant to Section 5.l(b)(iv) or Section 5.l(b)(v). On each Evaluation Date, or as promptly thereafter as practicable, Lender shall by notice to Borrower designate the new Borrowing Base available to Borrower hereunder, which designation shall take effect immediately on the date such notice is sent (herein called a "Determination Date") and shall remain in effect until but not including the next date as of which the Borrowing Base is redetermined. If Borrower does not furnish all such information, reports and data by the date specified in the first sentence of this Section 2.12, Lender may nonetheless designate the Borrowing Base at any amount which Lender determines and may redesignate the Borrowing Base from time to time thereafter until Lender receives all such information, reports and data, whereupon Lender shall designate a new Borrowing Base as described above. Lender shall determine the amount of the Borrowing Base based upon the loan collateral value which it in its discretion assigns to the various items of Collateral at the time in question in accordance with their respective customary practices and standards applied generally to loans of this type and size and based upon such other credit factors (including without limitation the assets, liabilities, cash flow, business, properties, prospects, management and ownership of Borrower and its Affiliates) as Lender in its discretion
Subsequent Determinations of Borrowing Base. Subsequent determinations of the Borrowing Base shall be made by the Banks at least semi-annually on May 1 and November 1 of each year beginning November 1, 1998 or as Unscheduled Redeterminations. In connection with, and as of, each determination of the Borrowing Base, the Banks shall also redetermine the Monthly Commitment Reduction. The Borrowers shall furnish to the Banks as soon as possible but in any event no later than April 1 of each year, beginning April 1, 1999, with an engineering report in form and substance satisfactory to the Agent prepared by an independent petroleum engineering acceptable to Agent covering the Oil and Gas Properties utilizing economic and pricing parameters used by Agent as established from time to time, together with such other information concerning the value of the Oil and Gas Properties as the Agent shall deem necessary to determine the value of the Oil and Gas Properties. By October 1 of each year, or within thirty (30) days after either (i) receipt of notice from Agent that the Banks require an Unscheduled Redetermination, or (ii) the Borrowers give notice to Agent of their desire to have an Unscheduled Redetermination performed, the Borrowers shall furnish to the Banks an engineering report in form and substance satisfactory to Agent prepared by Borrowers' in-house engineering staff valuing the Oil and Gas Properties utilizing economic and pricing parameters used by the Agent as established from time to time, together with such other information, reports and data concerning the value of the Oil and Gas Properties as Agent shall deem reasonably necessary to determine the value of such Oil and Gas Properties. Agent shall by notice to the Borrowers no later than May 1 and November 1 of each year, or within a reasonable time thereafter (herein called the "Determination Date"), notify the Borrowers of the designation by the Banks of the new Borrowing Base and Monthly Commitment Reduction for the period beginning on such Determination Date and continuing until, but not including, the next Determination Date. If an Unscheduled Redetermination is made by the Banks, the Agent shall notify the Borrowers within a reasonable time after receipt of all requested information of the new Borrowing Base and Monthly Commitment Reduction, and such new Borrowing Base and Monthly Commitment Reduction shall continue until the next Determination Date. If the Borrowers do not furnish all such information, reports and data by any date specifi...
Subsequent Determinations of Borrowing Base. (a) By each Evaluation Date, Borrower shall furnish to each Lender the Engineering Report described in Section 5.1(b)(iv), together with all other information and data which Administrative Agent has then reasonably requested concerning the Related Persons' businesses and properties. Within thirty days after receiving such reports and other information and data, or as promptly thereafter as practicable, Administrative Agent shall propose to Lenders an amount for the Borrowing Base, and within thirty days thereafter each Lender will notify Administrative Agent of whether or not it accepts such proposed amount. Failure of any Lender to give such notice within such time period shall be deemed to constitute acceptance of such proposed amount by such Lender. If such proposed amount is not accepted by Majority Lenders (or, if Administrative Agent has proposed an increase in the Borrowing Base, by Supermajority Lenders), Administrative Agent and Lenders shall continue to discuss a new Borrowing Base until such time as Administrative Agent and Majority Lenders (or, if the Borrowing Base is to be increased, Supermajority Lenders) shall have agreed upon an amount for the new Borrowing Base, and promptly thereafter Administrative Agent shall notify Borrower of such amount.
Subsequent Determinations of Borrowing Base. Subsequent determinations of the Borrowing Base shall be made by the Lenders semi-annually on or about April 1 and October 1 of each year beginning April 1, 2006, or as Unscheduled Redeterminations. No later than March 1 and September 1 of each year, beginning March 1, 2006, Borrowers shall, at their own expense, furnish to Lenders an engineering report covering the Oil and Gas Properties in form and substance satisfactory to Agent and dated effective not more than sixty (60) days prior to the delivery of the same to Lenders. Each such report shall be prepared by an independent petroleum engineering firm acceptable to Agent, utilizing economic pricing perameters used by Agent as established from time to time, together with such other information, reports and data concerning the value of the Oil and Gas Properties as Agent shall deem reasonably necessary to determine the value of such Oil and Gas Properties. Agent shall by notice to Borrowers no later than 45 days after its receipt of the engineering report and all other information requested by Lenders (herein called a "Determination Date"), notify Borrowers of the designation by Lenders of the new Borrowing Base for the period beginning on such Determination Date and continuing until, but not including, the next Determination Date.
Subsequent Determinations of Borrowing Base. Promptly after receiving any Borrowing Notice, Revolving Credit Lenders shall, based upon the most recent Borrowing Base Report delivered to Agent and each Revolving Credit Lender pursuant to Section 6.2(e) hereof or in connection with such Borrowing Notice, and such other information, reports and data available to Revolving Credit Lenders at the time in question, redetermine the Borrowing Base to remain in effect until the next such redetermination. The amount so redetermined shall be equal to eighty percent (80%) of Eligible Receivables. In the event Agent and each Revolving Credit Lender have not received an appropriately completed Borrowing Base Report (with all attachments) within the time period specified therein, Revolving Credit Lenders shall have no obligation to redetermine the Borrowing Base or to make any additional Revolving Credit Loans until such time as Revolving Credit Lenders shall have received such information.
Subsequent Determinations of Borrowing Base. Section 2.9 of the Original Agreement is hereby amended in its entirety to read as follows:
Subsequent Determinations of Borrowing Base. Subsequent determinations of the Borrowing Base shall be made by the Lenders at least semi-annually on April 1 and October 1 of each year beginning October 1,
Subsequent Determinations of Borrowing Base. By March 1 and July 15 of each year Borrower shall furnish to each Bank all information, reports and data which Agent has then requested concerning Related Persons' businesses and properties (including their oil and gas properties and interests and the reserves and production relating thereto), together with the Engineering Report described in Section C.1(d) or C.1(e) of Annex C, as applicable. Within thirty days after receiving such information, reports and data, Required Lenders shall agree upon an amount for the Borrowing Base (provided that all Banks must agree to any increase in the Borrowing Base) and Agent shall by notice to Borrower designate such amount as the new Borrowing Base available to Borrower hereunder, which designation shall take effect immediately on the date such notice is sent (herein called a "Determination Date") and shall remain in effect until but not including the next date as of which the Borrowing Base is redetermined. If Borrower does not furnish all such information, reports and data by the date specified in the first sentence of this section, Agent may nonetheless designate the Borrowing Base at any amount which Required Lenders determine and may redesignate the Borrowing Base from time to time thereafter until each Bank receives all such information, reports and data, whereupon Required Lenders shall
