Common use of Determination Procedure Clause in Contracts

Determination Procedure. Upon receipt of the reports required by Section 8.07 and such other reports, data and supplemental information as may from time to time be reasonably requested by Agent (the “Engineering Reports”), Agent and the Required Lenders (in the case of any reaffirmation or decrease in the Borrowing Base or reaffirmation or increase in the Monthly Reduction Amount) or Agent and all of the Lenders (in the case of any increase in the Borrowing Base or decrease in the Monthly Reduction Amount) will redetermine the Borrowing Base and the Monthly Reduction Amount. Such redetermination will be in accordance with their normal and customary practices and procedures for evaluating oil and gas reserves and other related assets as such exist at that particular time, and may also take into consideration the financial condition, Debt, and business of Borrower and its Subsidiaries and such other factors as Agent customarily deems appropriate. Agent, in its sole discretion, may make adjustments to the rates, volumes and prices and other assumptions set forth therein in accordance with its normal and customary procedures for evaluating oil and gas reserves and other related assets as such exist at that particular time. Agent shall propose to the Lenders a new Borrowing Base and Monthly Reduction Amount within 15 days following receipt by Agent and the Lenders of the Engineering Reports in a timely and complete manner. After having received notice of such proposal by Agent, the Required Lenders (in the case of any reaffirmation or decrease in the Borrowing Base or reaffirmation or increase in the Monthly Reduction Amount) or all of the Lenders (in the case of any increase in the Borrowing Base or decrease in the Monthly Reduction Amount) shall have 15 days to agree or disagree with such proposal. If the Required Lenders do not approve a proposed reaffirmation or decrease in the Borrowing Base and/or reaffirmation or increase in the Monthly Reduction Amount or if all the Lenders do not approve a proposed increase in the Borrowing Base and/or decrease in the Monthly Reduction Amount, the Required Lenders or all the Lenders, as applicable, shall, within a reasonable period of time, work to agree on a new Borrowing Base and Monthly Reduction Amount. Notwithstanding anything herein to the contrary, Agent and all of the Lenders must approve any increase in the Borrowing Base and any reduction in the Monthly Reduction Amount.

Determination Procedure. Upon receipt of the reports required by Section 8.07 and such other reports, data and supplemental information as may from time to time be reasonably requested by Agent (the “Engineering Reports”), Agent and the Required Majority Lenders (in the case of any reaffirmation or decrease in the Borrowing Base or reaffirmation or increase in the Monthly Reduction Amount) or Agent and all of the Lenders (in the case of any increase in the Borrowing Base or decrease in the Monthly Reduction Amount) will redetermine the Borrowing Base and the Monthly Reduction Amount. Such redetermination will be in accordance with their normal and customary practices and procedures for evaluating oil and gas reserves and other related assets as such exist at that particular time, and may also take into consideration the financial condition, Debt, and business of Borrower and its Subsidiaries and such other factors as Agent customarily deems appropriate. Agent, in its sole discretion, may make adjustments to the rates, volumes and prices and other assumptions set forth therein in accordance with its normal and customary procedures for evaluating oil and gas reserves and other related assets as such exist at that particular time. Agent shall propose to the Lenders a new Borrowing Base and Monthly Reduction Amount within 15 days following receipt by Agent and the Lenders of the Engineering Reports in a timely and complete manner. After having received notice of such proposal by Agent, the Required Majority Lenders (in the case of any reaffirmation or decrease in the Borrowing Base or reaffirmation or increase in the Monthly Reduction Amount) or all of the Lenders (in the case of any increase in the Borrowing Base or decrease in the Monthly Reduction Amount) shall have 15 days to agree or disagree with such proposal. If the Required Majority Lenders do not approve notify Agent within 15 days of their disapproval of a proposed reaffirmation reaffirmation, decrease or decrease in the Borrowing Base and/or reaffirmation or increase in the Monthly Reduction Amount or if all the Lenders do not approve a proposed increase in the Borrowing Base and/or reaffirmation, decrease or increase in the Monthly Reduction Amount, the Required Majority Lenders or all the Lenders, as applicable, shall, within a reasonable period of time, work to agree on a new Borrowing Base and Monthly Reduction Amount. Notwithstanding anything herein to the contrary, Agent and all of the Lenders must approve any increase in the Borrowing Base and any reduction in the Monthly Reduction Amount.

Determination Procedure. Upon receipt of the reports required by Section 8.07 and such other reports, data and supplemental information as may from time to time be reasonably requested by Administrative Agent (the “"Engineering Reports”"), Administrative Agent and the Required Lenders (in the case of any reaffirmation or decrease in the Borrowing Base or reaffirmation or increase in the Monthly Reduction Amount) or Agent and all of the Lenders (in the case of any increase in the Borrowing Base or decrease in the Monthly Reduction Amount) will redetermine the Borrowing Base and the Monthly Reduction Amount. Such redetermination will be in accordance with their its normal and customary practices and procedures for evaluating oil and gas reserves and other related assets as such exist at that particular time, and may also take into consideration the financial condition, Debt, and business of Borrower and its Subsidiaries and such other factors as Administrative Agent customarily deems appropriate. Administrative Agent, in its sole discretion, may make adjustments to the rates, volumes and prices and other assumptions set forth therein in accordance with its normal and customary procedures for evaluating oil and gas reserves and other related assets as such exist at that particular time. Administrative Agent shall propose to the Lenders a new Borrowing Base and Monthly Reduction Amount within 15 days following receipt by Administrative Agent and the Lenders of the Engineering Reports in a timely and complete manner. After having received notice of such proposal by Administrative Agent, the Required Lenders (in the case of any reaffirmation or decrease in the Borrowing Base or reaffirmation or increase in the Monthly Reduction Amount) or all of the Lenders (in the case of any increase in the Borrowing Base or decrease in the Monthly Reduction Amount) shall have 15 days to agree or disagree with such proposal. If at the Required end of the 15 days, the Lenders do have not approve a proposed reaffirmation communicated their approval or decrease in disapproval, such silence shall be deemed to be an approval and Administrative Agent's proposal shall be the new Borrowing Base and/or reaffirmation or increase in the Monthly Reduction Amount or if all the Lenders do not approve a proposed increase in the Borrowing Base and/or decrease in the and Monthly Reduction Amount. If however, the Required Lenders or all notify Administrative Agent within 15 days of their disapproval, the Lenders, as applicable, Lenders shall, within a reasonable period of time, work to agree on a new Borrowing Base and Monthly Reduction Amount. Notwithstanding anything herein to the contrary, Administrative Agent and all of the Lenders must approve any increase in the Borrowing Base and any reduction decrease in the Monthly Reduction Amount, and Administrative Agent and Majority Lenders must approve any reaffirmation of or decrease in the Borrowing Base and any reaffirmation of or increase in the Monthly Reduction Amount.

Determination Procedure. Upon receipt of the reports required by Section 8.07 and such other reports, data and supplemental information as may from time to time be reasonably requested by Administrative Agent (the “Engineering Reports”), Administrative Agent and the Required Lenders (in the case of any reaffirmation or decrease in the Borrowing Base or reaffirmation or increase in the Monthly Reduction Amount) or Agent and all of the Lenders (in the case of any increase in the Borrowing Base or decrease in the Monthly Reduction Amount) will redetermine the Borrowing Base and the Monthly Reduction AmountBase. Such redetermination will be in accordance with their its normal and customary practices and procedures for evaluating oil and gas reserves and other related assets as such exist at that particular time, and may also take into consideration the financial condition, Debt, and business of Borrower and its Subsidiaries and such other factors as Administrative Agent customarily deems appropriate. Administrative Agent, in its sole discretion, may make adjustments to the rates, volumes and prices and other assumptions set forth therein in accordance with its normal and customary procedures for evaluating oil and gas reserves and other related assets as such exist at that particular time. Administrative Agent shall propose to the Lenders a new Borrowing Base and Monthly Reduction Amount within 15 days following receipt by Administrative Agent and the Lenders of the Engineering Reports in a timely and complete manner. After having received notice of such proposal by Administrative Agent, the Required Lenders (in the case of any reaffirmation or decrease in the Borrowing Base or reaffirmation or increase in the Monthly Reduction Amount) or all of the Lenders (in the case of any increase in the Borrowing Base or decrease in the Monthly Reduction Amount) shall have 15 days to agree or disagree with such proposal. If at the Required Lenders do not approve a proposed reaffirmation or decrease in end of the Borrowing Base and/or reaffirmation or increase in the Monthly Reduction Amount or if all 15 days, the Lenders do have not approve a proposed increase in communicated their approval or disapproval, such silence shall be deemed to be an approval and Administrative Agent’s proposal shall be the new Borrowing Base and/or decrease in the Monthly Reduction AmountBase. If however, the Required Lenders or all notify Administrative Agent within 15 days of their disapproval, the Lenders, as applicable, Lenders shall, within a reasonable period of time, work to agree on a new Borrowing Base and Monthly Reduction AmountBase. Notwithstanding anything herein to the contrary, Administrative Agent and all of the Lenders must approve any increase in the Borrowing Base Base, and Administrative Agent and Majority Lenders must approve any reduction reaffirmation of or decrease in the Monthly Reduction AmountBorrowing Base. If Borrower does not timely furnish the Engineering Reports as required, the Lenders may nevertheless determine a new Borrowing Base in good faith and based upon information previously supplied by Borrower or otherwise available to Administrative Agent and the Lenders. It is expressly understood that the Lenders have no obligation to determine the Borrowing Base for any particular amount, either in relation to the Aggregate Maximum Revolving Credit Amount or otherwise.