Subsequent Determinations of Borrowing Base. By each Evaluation Date (or in the case of an Evaluation Date pursuant to clause (a) of the definition of "Evaluation Date", within thirty days after such Evaluation Date), Borrower shall furnish to each Lender all information, reports and data which Agent has then requested concerning Restricted 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 6.2 which is then due, if any; provided that in the case of any "Evaluation Date" pursuant to clause (a) of the definition thereof, Borrower shall deliver to Agent an Engineering Report of the type described in Section 6.2(e) by such Evaluation Date. Within thirty days after receiving such information, reports and data (or in the case of a determination of the Borrowing Base with respect to an Evaluation Date described in clause (d) of the definition of "Evaluation Date", within thirty days after such Evaluation Date), Required 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, 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 Lender receives all such information, reports and data, whereupon Required Lenders shall designate a new Borrowing Base as described above. Required Lenders shall determine the amount of the Borrowing Base based upon the loan collateral value which they in their discretion assign to the various oil and gas properties included in the Collateral at the time in question and based upon such other credit factors (including without limitation the assets, liabilities, cash flow, hedged and unhedged exposure to price, foreign exchange rate, and interest rate changes, business, properties, prospects, management and ownership of Borrower and its Affiliates) as they in their discretion deem significant. It is expressly understood that Lenders and Agent hav...
Subsequent Determinations of Borrowing Base. (a) By each Evaluation Date Borrower shall furnish to each Lender all information, reports and data which Administrative Agent has then reasonably requested concerning Related Persons' businesses and properties (including Related Persons' oil and gas properties and interests and the reserves and production relating thereto), together with the Engineering Report described in Section 6.1(b)(iv), if an Engineering Report is then due. Within thirty (30) days after receiving such information, reports and data, or as promptly thereafter as practicable, all Lenders shall agree upon an amount for the Borrowing Base, which, if all Lenders do not agree on such amount, shall be the lowest amount determined by any Lender, and Administrative 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 (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, Administrative Agent may nonetheless designate the Borrowing Base at any amount which Lenders determine, and may redesignate the Borrowing Base from time to time thereafter at any amount which all Lenders redetermine, until each Lender receives all such information, reports and data, whereupon Lenders shall designate a new Borrowing Base as described above. Lenders shall determine the amount of the Borrowing Base based upon the loan collateral value which they, in their sole discretion and in accordance with their respective normal practices and standards for oil and gas loans as such practices and standards exist at the particular time, assign to the various oil and gas properties of Related Persons at the time in question and based upon such other factors (including without limitation the assets, liabilities, fixed charges, cash flow, business, properties, prospects, management and ownership of Borrower and its Related Persons) as they, in their sole discretion and in accordance with their respective normal practices and standards for oil and gas loans as such practices and standards exist at the particular time, deem significant. It is expressly understood that Lenders and Administrative Agent have no obligation to agree upon or designate the Borrowing Base...
Subsequent Determinations of Borrowing Base. Subsequent determinations of the Borrowing Base shall be made by the Bank at least semi-annually on December 1 and June 1 of each year beginning December 1, 2006, or as Unscheduled Redeterminations. The Borrower shall furnish to the Bank as soon as possible but in any event no later than May 1 and November 1 of each year, beginning November 1, 2007 with an effective date of March 31 and September 30, respectively, with an engineering report in form and substance satisfactory to the Bank prepared by an independent petroleum engineering firm acceptable to Bank and, for the May 1 report, by an in-house engineering report (a third party report is not necessary for the May 1 report) covering the Oil and Gas Properties based upon PV/9 utilizing economic and pricing parameters used by Bank as established from time to time, together with such other information concerning the value of the Oil and Gas Properties as the Bank shall deem necessary to determine the value of the Oil and Gas Properties. Within thirty (30) days after either (i) receipt of notice from Bank that the Bank require an Unscheduled Redetermination, or (ii) a Borrower gives notice to Bank of its desire to have an Unscheduled Redetermination performed, the Borrower shall furnish to the Bank an engineering report in form and substance satisfactory to Bank prepared by Borrower’ in-house engineering staff valuing the Oil and Gas Properties utilizing economic and pricing parameters used by the Bank as established from time to time, together with such other information, reports and data concerning the value of the Oil and Gas Properties as Bank shall deem reasonably necessary to determine the value of such Oil and Gas Properties. Bank shall by notice to the Borrower no later than August 1 and February 1 of each year, or within a reasonable time thereafter (herein called the “Determination Date”), notify the Borrower of the designation by the Bank of the new Borrowing Base 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 Bank, the Bank shall notify the Borrower within a reasonable time after receipt of all requested information of the new Borrowing Base and such new Borrowing Base shall continue until the next Determination Date. If the Borrower does not furnish all such information, reports and data by any date specified in this Section 4(b), the Bank may nonetheless designate the Bo...
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. Subsequent ------------------------------------------- determinations of the Borrowing Base shall be made by the Banks at least semi-annually on April 1 and October 1 of each year beginning April 1,
Subsequent Determinations of Borrowing Base. Subsections (a) and (c) of Section 2.9 of the Original Agreement are hereby amended and restated in their entirety to read as follows:
Subsequent Determinations of Borrowing Base. Reduction of --------------------------------------------------------- Borrowing Base. --------------
Subsequent Determinations of Borrowing Base. Within 90 days after each Evaluation Date commencing October 1, 2000, Borrower shall furnish to each Lender all information, reports and data which Agent has then requested concerning Restricted 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 6.2. Within forty-five days after receiving such information, reports and data, or as promptly thereafter as practicable, Required Lenders shall agree upon an amount for the Borrowing Base (provided that all Lenders must agree to any increase in the Borrowing Base) and Agent shall by
