Common use of Mid-Year Redetermination of the Borrowing Base Clause in Contracts

Mid-Year Redetermination of the Borrowing Base. The Lenders shall have the right as of October 31st of each Year during the Term to redetermine the Borrowing Base Limit as of that date based on the most recent In-house Engineering Report delivered by the Borrower to the Agent pursuant to Section 11.1(m)(ii) to a level lower than that specified in Section 7.2. In addition to the foregoing, the Lenders shall have the right once in each fiscal Year of the Borrower (aside from the annual determination of the Borrowing Base Limit pursuant to Section 7.1 and adjustments of the Borrowing Base Limit pursuant to Sections 7.3 or 7.4) to redetermine the Borrowing Base Limit, based on the most recent In-house Engineering Report delivered by the Borrower to the Agent pursuant to Section 11.1(m)(ii). Any redetermination of the Borrowing Base Limit pursuant to this Section 7.5 shall be done in accordance with provisions of Section 7.1 mutatis mutandis. The approval of the redetermination by the Lenders shall be in accordance with Section 7.1(b).

Mid-Year Redetermination of the Borrowing Base. The Majority of the Revolving Lenders shall have the right as of October 31st of each Year during the Term to redetermine the Borrowing Base Limit as of that date based on the most recent In-house Engineering Report delivered by the Borrower to the Agent pursuant to Section 11.1(m)(ii11.1(n)(ii) to a level lower than that specified in Section 7.2. In addition to the foregoing, the Majority of the Revolving Lenders shall have the right once in each fiscal Year of the Borrower (aside from the annual determination of the Borrowing Base Limit pursuant to Section 7.1 and adjustments of the Borrowing Base Limit pursuant to Sections 7.3 or 7.4) to redetermine the Borrowing Base Limit, based on the most recent In-house Engineering Report delivered by the Borrower to the Agent pursuant to Section 11.1(m)(ii11.1(n)(ii). Any redetermination of the Borrowing Base Limit pursuant to this Section 7.5 shall be done in accordance with provisions of Section 7.1 mutatis mutandis. The approval of the redetermination by the Lenders shall be in accordance with Section 7.1(b).

Mid-Year Redetermination of the Borrowing Base. The Majority of the Revolving Credit Facility Lenders shall have the right as of October 31st of each Year during the Term to redetermine the Borrowing Base Limit as of that date based on the most recent In-house Engineering Report delivered by the Borrower to the Agent pursuant to Section 11.1(m)(ii11.1(n)(ii) to a level lower than that specified in Section 7.2. In addition to the foregoing, the Majority of the Revolving Credit Facility Lenders shall have the right once in each fiscal Year of the Borrower (aside from the annual determination of the Borrowing Base Limit pursuant to Section 7.1 and adjustments of the Borrowing Base Limit pursuant to Sections 7.3 or 7.4) to redetermine the Borrowing Base Limit, based on the most recent In-house Engineering Report delivered by the Borrower to the Agent pursuant to Section 11.1(m)(ii11.1(n)(ii). Any redetermination of the Borrowing Base Limit pursuant to this Section 7.5 shall be done in accordance with provisions of Section 7.1 mutatis mutandis. The approval of the redetermination by the Lenders shall be in accordance with Section 7.1(b).