Borrowing Base Reaffirmation. Pursuant to Section 2.07 of the Credit Agreement, the Borrowing Base shall be reaffirmed at $600,000,000 effective as of the Fifth Amendment Effective Date, and continuing until the next Scheduled Redetermination, Interim Redetermination or other redetermination of the Borrowing Base thereafter. Borrower Representative (on behalf of each Borrower), Parent and Lenders agree that the reaffirmation of the Borrowing Base provided for in this Section 2 shall not be considered or deemed to be an Interim Redetermination.
Borrowing Base Reaffirmation. 2.1 The Borrowing Base and the Conforming Borrowing Base shall each, pursuant to Section 2.07 of the Credit Agreement, be reaffirmed at $20,000,000, and continuing until the next Scheduled Redetermination, Interim Redetermination or other redetermination of the Borrowing Base and the Conforming Borrowing Base thereafter. The parties agree that the reaffirmation of Borrowing Base and the Conforming Borrowing Base provided herein shall not constitute an Interim Redetermination.
Borrowing Base Reaffirmation. In reliance on the covenants and agreements contained in this Amendment, and subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, the Administrative Agent and the Required Lenders hereby agree that the Borrowing Base is hereby reaffirmed at $580,000,000, and the Borrowing Base shall remain at $580,000,000 until the next Scheduled Redetermination, Interim Redetermination, or other redetermination or adjustment of the Borrowing Base thereafter, whichever occurs first pursuant to the terms of the Credit Agreement. The Borrower, the Administrative Agent and the Lenders hereby agree that the redetermination of the Borrowing Base provided for in this Section 3 shall constitute the Scheduled Redetermination scheduled for November 1, 2020 for purposes of Section 2.07(b) of the Credit Agreement. This Section 3 constitutes a New Borrowing Base Notice received by the Borrower in accordance with Section 2.07(d) of the Credit Agreement. The new Borrowing Base determined pursuant to this Section 3 shall be effective as of the Amendment Effective Date, notwithstanding the effective date that would otherwise be applicable to a redetermination pursuant to Section 2.07(d) of the Credit Agreement.
Borrowing Base Reaffirmation. Pursuant to Section 2.07 of the Credit Agreement, the Borrowing Base shall be reaffirmed at $600,000,000 effective as of the Amendment Effective Date, and continuing until the next Scheduled Redetermination or Interim Redetermination of the Borrowing Base thereafter. Borrower Representative (on behalf of each Borrower), Parent and Lenders agree that the reaffirmation of the Borrowing Base provided for in this Section 2 shall not be considered or deemed to be an Interim Redetermination. The Lenders acknowledge that the Swap Agreements listed on Schedule 1 hereto (the “Specified Swap Agreements”) have not been incorporated into any prior Borrowing Base determination or any prior Conforming Borrowing Base determination and will not be incorporated into the Borrowing Base as reaffirmed hereby and any applicable Credit Party may terminate any or all of the Specified Swap Agreements.
Borrowing Base Reaffirmation. The Administrative Agent hereby notifies the Borrowers, and the undersigned Lenders hereby agree and acknowledge, that the amount of the Borrowing Base has been reaffirmed by the Administrative Agent and the Lenders in accordance with Section 2.11(b) and (c) of the Credit Agreement, and has been set by the Administrative Agent and the Lenders at $450,000,000, effective as of the Effective Date. The Borrowing Base shall remain in effect at such level until the Borrowing Base is redetermined or otherwise adjusted in accordance with the terms of the Credit Agreement.
Borrowing Base Reaffirmation. Subject to the terms of this Amendment, the parties hereto hereby agree that, as of the Effective Date, the Borrowing Base is hereby redetermined and reaffirmed at $1,100,000,000.00, and the Borrowing Base shall remain in effect at such amount until the Borrowing Base is redetermined or adjusted in accordance with the Credit Agreement, as amended hereby. The redetermination and reaffirmation of the Borrowing Base pursuant to this Section 4 shall constitute the semi-annual Scheduled Redetermination to occur on or about May 1, 2019, as set forth in Section 2.06(b) of the Credit Agreement. For purposes the Credit Agreement, including Section 9.11 thereof, the parties hereto hereby acknowledge and agree that, until the next redetermination or adjustment of the Borrowing Base pursuant to the Credit Agreement, (a) the Borrower Base value of certain Oil and Gas Properties in the Midland Basin which the Borrower has identified to the Administrative Agent as the “Ranger Assets” and intends to dispose (the “Ranger Assets”) is $0 and (b) such Ranger Assets were not given any value in making the redetermination and reaffirmation of the Borrowing Base hereunder.
Borrowing Base Reaffirmation. The Lenders hereby agree that the Borrowing Base is reaffirmed at $325,000,000, effective as of the Fourth Amendment Effective Date, and the Borrowing Base shall remain at such level until the next Scheduled Redetermination Date, Interim Redetermination Date or other redetermination or adjustment of the Borrowing Base thereafter, whichever comes first. The Borrower and Lenders agree that the redetermination of the Borrowing Base provided for in this Section 2 shall constitute the Scheduled Redetermination scheduled for on or about October 1, 2017 and shall not be construed or deemed to be an Interim Redetermination for purposes of Section 2.07(b) of the Amended Credit Agreement.
Borrowing Base Reaffirmation. Subject to the terms of this Agreement, the Borrowing Base shall be reaffirmed at $100,000,000 effective as of the Effective Date and such Borrowing Base shall remain in effect at that level until the next Borrowing Base redetermination pursuant to the terms of the Credit Agreement, as amended hereby. Each of the parties hereto acknowledge and agree that the Borrowing Base set under this Section 2 is set at such level taking into account various considerations and should not be construed as an indication or precedent for any future redetermination of the Borrowing Base or as a waiver by the Administrative Agent and the Lenders to redetermine the Borrowing Base pursuant to the terms of the Credit Agreement, as amended hereby, #5296996 including but not limited to, the standards and terms set forth in Section 2.02(e) thereof. Each Loan Party hereby further acknowledges and agrees that no course of dealing shall be established hereby. Each of the parties hereto further acknowledge and agree that the Borrowing Base redetermination effected hereby (a) is the interim redetermination under Section 2.02(c)(iv) of the Credit Agreement and (b) has an “as of” date of the Effective Date notwithstanding Section 2.02(c)(iv) of the Credit Agreement.
Borrowing Base Reaffirmation. As of the Fifteenth Amendment Closing Date, the Required Lenders and the Borrower agree that the amount of the Borrowing Base shall be reaffirmed at $75,000,000 and such Borrowing Base shall remain in effect until the Borrowing Base is otherwise redetermined or adjusted in accordance with the Credit Agreement. This provision does not limit the right of the parties to initiate interim redeterminations of the Borrowing Base in accordance with Section 2.07(b) of the Credit Agreement or further adjustments pursuant to Section 2.07(e), Section 2.07(f), Section 8.13(c) or Section 9.12(d) of the Credit Agreement. The parties hereto acknowledge and agree that the Borrowing Base reaffirmation set forth in this Section 3 is the Scheduled Redetermination for October 1, 2015 as provided in Section 2.07 of the Credit Agreement, and the next Borrowing Base Redetermination, which shall be neither a Scheduled Redetermination nor an Interim Redetermination, shall be January 1, 2016 (the “January Redetermination”). In connection with the January Redetermination, if the Borrower delivers a Reserve Report to the Administrative Agent on or prior to December 1, 2015 (an “Updated Reserve Report”), in the form required by Section 8.12(a), then such Updated Reserve Report shall be used for the January Redetermination, otherwise, the Reserve Report delivered in connection with the Scheduled Redetermination for October 1, 2015 shall be used in connection with the January Redetermination, and in each case, December 1, 2015 shall be deemed to be the date of receipt of the Engineering Reports for the purposes of the redetermination procedures set forth in Section 2.07.
Borrowing Base Reaffirmation. Subject to the satisfaction of the conditions set forth in Section 4 of this Fourth Amendment, the Consenting Lenders hereby agree that for the period from and including the Fourth Amendment Effective Date, but until the next Scheduled Redetermination Date, the next Interim Redetermination Date or the next adjustment to the Borrowing Base under Section 2.06(e), Section 8.13(c) or Section 9.11, whichever occurs first, the amount of the Borrowing Base shall remain $1,600,000,000.00. This Borrowing Base redetermination shall be deemed to constitute the Scheduled Redetermination of the Borrowing Base which is scheduled to occur on or about May 1, 2021. The parties hereto hereby agree that this Section 3 constitutes the New Borrowing Base Notice for the Scheduled Redetermination of the Borrowing Base which is scheduled to occur on or about May 1, 2021.
