Common use of Borrower’s Certificate as to Proved Reserves and Proved Gas Collateral Clause in Contracts

Borrower’s Certificate as to Proved Reserves and Proved Gas Collateral. With the delivery of each Reserve Report, a certificate of a Responsible Officer certifying that a Loan Party owns good and defensible title (i) to the Proved Reserves evaluated by such Reserve Report free and clear of all Liens except Permitted Liens and subject to the proviso in Section 6.8(a) [Title to Properties], and (ii) to the Proved Gas Collateral evaluated by such Reserve Report free and clear of all Liens except Permitted Liens and subject to the proviso in Section 6.8(a) [Title to Properties] and attaching thereto a schedule of the Proved Reserves (and identifying all xxxxx thereon) evaluated by such Reserve Report that are part of the Proved Gas Collateral, and demonstrating the percentage of the Borrowing Base Properties that the value of such Proved Gas Collateral represents, identifying which Borrowing Base Properties are subject to a Mortgage (in the case of Borrowing Base Properties that became subject to a Mortgage on or after July 1, 2017) and identifying the title reports and information then or previously delivered to the Administrative Agent with respect to the Proved Gas Collateral and verifying that title reports and information have been then or previously provided for Proved Reserves having PV-9 no less than the lesser of (x) 85% of the PV-9 of the Proved Reserves and (y) 2.25 multiplied by the Loan Limit. Such certificate of Responsible Officer shall also certify that the Borrower has reviewed the Reserve Report and the then-current Borrowing Base Properties that are subject to a Mortgage and has ascertained that such Borrowing Base Properties subject to a Mortgage have PV-9 at least equal to the lesser of (x) 85% of the PV-9 of the Proved Reserves and (y) 2.25 multiplied by the Loan Limit; provided that if the Borrower has ascertained that the then-current Borrowing Base Properties subject to a Mortgage do not meet these thresholds, it shall set forth the percentages that they meet and shall grant, or cause to be granted, Mortgages on additional Borrowing Base Properties within the time set forth in Section 8.1.17(a)(ii) [Collateral], such that, after giving effect thereto, the Administrative Agent shall have a Mortgage lien on Proved Reserves having PV-9 at least equal to the lesser of (x) 85% of the PV-9 of the Proved Reserves and (y) 2.25 multiplied by the Loan Limit.

Borrower’s Certificate as to Proved Reserves and Proved Gas Collateral. With the delivery of each Reserve Report, a certificate of a Responsible Officer certifying that a Loan Party owns good and defensible title (i) to the Proved Reserves evaluated by such Reserve Report free and clear of all Liens except Permitted Liens and subject to the proviso in Section 6.8(a) [Title to Properties], and (ii) to the Proved Gas Collateral evaluated by such Reserve Report free and clear of all Liens except Permitted Liens and subject to the proviso in Section 6.8(a) [Title to Properties] and attaching thereto a schedule of the Proved Reserves (and identifying all xxxxx thereon) evaluated by such Reserve Report that are part of the Proved Gas Collateral, and demonstrating the percentage of the Borrowing Base Properties that the value of such Proved Gas Collateral represents, identifying which Borrowing Base Properties are subject to a Mortgage (in the case of Borrowing Base Properties that became subject to a Mortgage on or after July 1, 2017) and identifying the title reports and information then or previously delivered to the Administrative Agent with respect to the Proved Gas Collateral and verifying that title reports and information have been then or previously provided for Proved Reserves having PV-9 no less than the lesser of (x) 85% of the PV-9 total present value of the Proved Reserves and (y) 2.25 multiplied by 85% of the Loan LimitPV10 value of the Proved Developed Producing Reserves included in the Borrowing Base Properties. Such certificate of Responsible Officer shall also certify that the Borrower has reviewed the Reserve Report and the then-current Borrowing Base Properties that are subject to a Mortgage and has ascertained that such Borrowing Base Properties subject to a Mortgage have PV-9 represent at least equal to the lesser of (x) 85% of the PV-9 total present value of the Proved Reserves and (y) 2.25 multiplied by 85% of the Loan LimitPV10 value of the Proved Developed Producing Reserves included in the Borrowing Base Properties; provided that if the Borrower has ascertained that the then-current Borrowing Base Properties subject to a Mortgage do not meet these thresholds, it shall set forth the percentages that they meet and shall grant, or cause to be granted, Mortgages on additional Borrowing Base Properties within the time set forth in Section 8.1.17(a)(ii) [Collateral], such that, after giving effect thereto, the Administrative Agent shall have a Mortgage lien on Proved Reserves having PV-9 at least equal to the lesser of (x) 85% of the PV-9 total present value of the Proved Reserves and (y) 2.25 multiplied by 85% of the Loan LimitPV10 value of the Proved Developed Producing Reserves included in the Borrowing Base Properties.

Borrower’s Certificate as to Proved Reserves and Proved Gas Collateral. With the delivery of each Reserve Report, a certificate of a Responsible Officer certifying that a Loan Party owns good and defensible title (i) to the Proved Reserves evaluated by such Reserve Report free and clear of all Liens except Permitted Liens and subject to the proviso in Section 6.8(a) [Title to Properties], and (ii) to the Proved Gas Collateral evaluated by such Reserve Report free and clear of all Liens except Permitted Liens and subject to the proviso in Section 6.8(a) [Title to Properties] and attaching thereto a schedule of the Proved Reserves (and identifying all xxxxx thereon) evaluated by such Reserve Report that are part of the Proved Gas Collateral, and demonstrating the percentage of the Borrowing Base Properties that the value of such Proved Gas Collateral represents, identifying which Borrowing Base Properties are subject to a Mortgage (in the case of Borrowing Base Properties that became subject to a Mortgage on or after July 1, 2017) and identifying the title reports and information then or previously delivered to the Administrative Agent with respect to the Proved Gas Collateral and verifying that title reports and information have been then or previously provided for Proved Reserves having PV-9 no less than the lesser of (x) 8580% of the PV-9 total present value of the Proved Reserves and (y) 2.25 multiplied by 80% of the Loan LimitPV10 value of the Proved Developed Producing Reserves included in the Borrowing Base Properties. Such certificate of Responsible Officer shall also certify that the Borrower has reviewed the Reserve Report and the then-current Borrowing Base Properties that are subject to a Mortgage and has ascertained that such Borrowing Base Properties subject to a Mortgage have PV-9 represent at least equal to the lesser of (x) 8580% of the PV-9 total present value of the Proved Reserves and (y) 2.25 multiplied by 80% of the Loan LimitPV10 value of the Proved Developed Producing Reserves included in the Borrowing Base Properties; provided that if the Borrower has ascertained that the then-current Borrowing Base Properties subject to a Mortgage do not meet these thresholds, it shall set forth the percentages that they meet and shall grant, or cause to be granted, Mortgages on additional Borrowing Base Properties within the time set forth in Section 8.1.17(a)(ii) [Collateral]), such that, after giving effect thereto, the Administrative Agent shall have a Mortgage lien on Proved Reserves having PV-9 at least equal to the lesser of (x) 8580% of the PV-9 total present value of the Proved Reserves and (y) 2.25 multiplied by 80% of the Loan LimitPV10 value of the Proved Developed Producing Reserves included in the Borrowing Base Properties.

Borrower’s Certificate as to Proved Reserves and Proved Gas Collateral. With the delivery of each Reserve Report, a certificate of a Responsible Officer certifying that a Loan Party owns good and defensible title (i) to the Proved Reserves evaluated by such Reserve Report free and clear of all Liens except Permitted Liens and subject to the proviso in Section 6.8(a) [Title to Properties], and (ii) to the Proved Gas Collateral evaluated by such Reserve Report free and clear of all Liens except Permitted Liens and subject to the proviso in Section 6.8(a) [Title to Properties] and attaching thereto a schedule of the Proved Reserves (and identifying all xxxxx thereon) evaluated by such Reserve Report that are part of the Proved Gas Collateral, and demonstrating the percentage of the Borrowing Base Properties that the value of such Proved Gas Collateral represents, identifying which Borrowing Base Properties are subject to a Mortgage (in the case of Borrowing Base Properties that became subject to a Mortgage on or after July 1, 2017) and identifying the title reports and information then or previously delivered to the Administrative Agent with respect to the Proved Gas Collateral and verifying that title reports and information have been then or previously provided for Proved Reserves having PV-9 for, no less than the lesser of (x) 85% of the PV-9 total present value of the Proved Reserves and (y) 2.25 multiplied by Proved Developed Producing Reserves constituting no less than 85% of the Loan LimitPV10 value of the Proved Developed Producing Reserves included in the Borrowing Base Properties. Such certificate of Responsible Officer shall also certify that the Borrower has reviewed the Reserve Report and the then-current Borrowing Base Properties that are subject to a Mortgage and has ascertained that such Borrowing Base Properties subject to a Mortgage have PV-9 represent at least equal to the lesser of (x) 85% of the PV-9 total present value of the Proved Reserves and (y) 2.25 multiplied by 85% of the Loan LimitPV10 value of the Proved Developed Producing Reserves included in the Borrowing Base Properties; provided that if the Borrower has ascertained that the then-current Borrowing Base Properties subject to a Mortgage do not meet these thresholds, it shall set forth the percentages that they meet and shall grant, or cause to be granted, Mortgages on additional Borrowing Base Properties within the time set forth in Section 8.1.17(a)(ii) [Collateral], such that, after giving effect thereto, the Administrative Agent shall have a Mortgage lien on Proved Reserves having PV-9 at least equal to the lesser of (x) 85% of the PV-9 total present value of the Proved Reserves and (y) 2.25 multiplied by 85% of the Loan LimitPV10 value of the Proved Developed Producing Reserves included in the Borrowing Base Properties.