Periodic Determinations of Borrowing Base. (i) The Borrowing Base shall be redetermined as of May 1 and November 1 of each year, commencing May 1, 2019. On or before April 1 of each year, Borrowers shall furnish Administrative Agent a Reserve Report as of the preceding January 1 prepared by an Independent Engineer covering all of the Proved Oil and Gas Properties of the Borrowing Parties, including the Mortgaged Properties. On or before October 1 of each year, Borrowers shall furnish Administrative Agent a Reserve Report as of the preceding July 1 prepared by Borrowers’ own engineer and certified by a Responsible Officer of each Borrower covering all of the Proved Oil and Gas Properties of the Borrowing Parties, including the Mortgaged Properties. Upon receipt of each such Reserve Report, Administrative Agent shall make a determination of the Borrowing Base and the Monthly Reduction Amount (if any) which shall become effective upon approval by the Required Revolving Credit Lenders or all Revolving Credit Lenders in accordance with the procedures set forth in Section 2.9(d) and subsequent written notification from Administrative Agent to Borrowers, and which, subject to the other provisions of this Agreement, shall be the Borrowing Base until the effective date of the next redetermination as provided in this Section 2.9.
Periodic Determinations of Borrowing Base. The Borrowing Base shall be redetermined by Bank as of November 1 and May 1 of each year (each a "Determination Date") until maturity, commencing November 1, 1999. The Borrowing Base, as redetermined, shall remain in effect until the next Determination Date, provided the Borrowing Base may be redetermined between Determination Dates in accordance with Section 5.3 hereof.
Periodic Determinations of Borrowing Base. (a) On or before each April 1 and October 1, commencing April 1, 2014, until the Maturity Date, Borrower shall furnish to Agent a Reserve Report, which shall set out as of the six (6) months ending January 1 and July 1, respectively, the Proved Mineral Interests attributable to the Mortgaged Properties and such other oil and gas properties of the Loan Parties as Borrower may select. Each October 1 Reserve Report may be prepared by Borrower’s own engineers, who shall certify such Reserve Report to be true and accurate and to have been prepared in accordance with the procedures used in the immediately preceding Reserve Report prepared by independent reservoir engineers. Each April 1 Reserve Report shall be a complete report prepared by independent reservoir engineers reasonably acceptable to Agent relating to the Proved Mineral Interests attributable to the Mortgaged Properties and such other oil and gas properties of the Loan Parties as Borrower may select. In addition, Borrower may submit with each April 1 Reserve Report a separate Reserve Report prepared by Borrower’s own engineers, who shall certify such Reserve Report to be true and accurate and to have been prepared in accordance with the procedures used in the Reserve Report prepared by independent reservoir engineers submitted therewith, covering such other oil and gas properties of the Loan Parties as Borrower may select. Upon receipt of each such Reserve Report, Agent shall make a determination of the Borrowing Base and the Monthly Reduction Amount which shall become effective upon approval by the Required Lenders or all Lenders in accordance with the procedure set forth in Section 4.04 and subsequent written notification from Agent to Borrower, and which, subject to the other provisions of this Agreement shall be the Borrowing Base and the Monthly Reduction Amount until the effective date of the next redetermination as provided in this Article IV.
Periodic Determinations of Borrowing Base. (a) The Borrowing Base shall be redetermined as of April 30 and October 31 of each year until the last day of the Availability Period. On or before September 30 of each year, Borrower shall furnish Administrative Agent a Reserve Report as of the preceding June 30 prepared by one or more Approved Petroleum Engineers covering the Proved Mineral Interests in all of the oil and gas properties of Borrower and its Subsidiaries, including the Mortgaged Properties. On or before March 30 of each year, Borrower shall furnish Administrative Agent a Reserve Report as of the preceding December 31 prepared by one or more Approved Petroleum Engineers or Borrower's own engineers (as approved by Administrative Agent) and certified by the President or other Responsible Officer of the Borrower covering the Proved Mineral Interests in all of the oil and gas properties of Borrower and its Subsidiaries, including the Mortgaged Properties. Upon receipt of each such Reserve Report, Administrative Agent shall make a determination of the Borrowing Base and the Monthly Reduction Amount which shall become effective upon approval by all Lenders in accordance with the procedure set forth in Section 4.04 and subsequent written notification from Administrative Agent to Borrower, and which, subject to the other provisions of this Agreement shall be the Borrowing Base and the Monthly Reduction Amount until the effective date of the next redetermination as provided in this Article IV.
Periodic Determinations of Borrowing Base. (a) The Borrowing Base shall be redetermined as of May 15 and November 15 of each year. On or before March 1 of each year, Borrower shall furnish Lender a Reserve Report as of the preceding January 1 prepared by Borrower’s internal engineering staff covering the Proved Mineral Interests in all of the oil and gas properties of Borrower, including the Mortgaged Properties and a summary of all commodity Swap Contracts then in existence entered into by any Loan Party (including, for each commodity Swap Contract, the tenor, volume and fixed price thereof). On or before October 1 of each year beginning in 2016, Borrower shall furnish Lender a Reserve Report as of the preceding July 1 prepared by an independent reservoir engineer reasonably acceptable to Lender (an “Independent Engineer”) covering the Proved Mineral Interests in all of the oil and gas properties of Borrower, including the Mortgaged Properties and a summary of all commodity Swap Contracts then in existence entered into by any Loan Party (including, for each commodity Swap Contract, the tenor, volume and fixed price thereof). Upon receipt of each such Reserve Report, Lender shall make a determination of the Borrowing Base which shall become effective in accordance with the procedure set forth in Section 4.04 and subsequent written notification from Lender to Borrower, and which, subject to the other provisions of this Agreement shall be the Borrowing Base until the effective date of the next redetermination as provided in this Article IV.
Periodic Determinations of Borrowing Base. Until the Borrowing Base Equalization Date, the Conforming Borrowing Base, and after the Borrowing Base Equalization Date, the Borrowing Base shall be redetermined by Lenders as of May 1 and November 1 of each year (each a “Determination Date”) until maturity, commencing November 1, 2012. The Conforming Borrowing Base or Borrowing Base, as applicable, as redetermined shall remain in effect until the next Determination Date, provided the Borrowing Base may be redetermined between Determination Dates in accordance with Section 4.4.
Periodic Determinations of Borrowing Base. The Maximum Borrowing ----------------------------------------- Base shall be redetermined by the Lender as of September 30 and March 31 of each year (each a "Determination Date") commencing March 31, 1998, until the Final ------------------ Termination Date. Upon notification by Lender to Borrowers of the amount of the Maximum Borrowing Base, Borrowers shall notify Lender of the amount of the Borrowing Base requested by them which shall not exceed the amount of the Maximum Borrowing Base. The Borrowing Base selected by Borrower shall be the Borrowing Base which shall remain in effect until the next Determination Date, provided that the Borrowing Base may be redetermined between Determination Dates -------- in accordance with SECTION 2.2(c) hereof, and provided further Borrowers may -------------- -------- ------- designate a different Borrowing Base pursuant to SECTION 2.11(a). If Borrowers --------------- fail to notify Lender of the amount of the requested Borrowing Base within ten (10) days after they are notified of the amount of the Maximum Borrowing Base, Borrowers will be deemed to have selected the Maximum Borrowing Base.
Periodic Determinations of Borrowing Base. After the Fifth Amendment Effective Date, the Borrowing Base shall be redetermined by Xxxxxxx as of May 1 and November 1 of each year (each a “Determination Date”) until maturity, commencing MayNovember 1, 20222024 . The Borrowing Base, as redetermined, shall remain in effect until the next Determination Date, provided the Borrowing Base may be redetermined between Determination Dates in accordance with Section 4.4.
Periodic Determinations of Borrowing Base. (i) The Borrowing Base shall be redetermined (A) as of the Seventh Amendment Effective Date, and (B) thereafter, semi-annually as of April 1 and October 1 of each year, commencing April 1, 2021. On or before March 15 of each year, Borrower shall furnish Administrative Agent a Reserve Report as of the preceding January 1 prepared by an Independent Engineer covering all of the Proved Oil and Gas Properties of Borrower and its Subsidiaries, including the Mortgaged Properties. On or before September 1 of each year, Borrower shall furnish Administrative Agent a Reserve Report as of the preceding July 1 prepared by Borrower’s own engineer and certified by a Responsible Officer of Borrower covering all of the Proved Oil and Gas Properties of Borrower and its Subsidiaries, including the Mortgaged Properties. Upon receipt of each such Reserve Report, Administrative Agent shall make a determination of the Borrowing Base which shall become effective upon approval by the Required Lenders or all Lenders in accordance with the procedures set forth in Section 2.9(d) and subsequent written notification from Administrative Agent to Borrower, and which, subject to the other provisions of this Agreement, shall be the Borrowing Base until the effective date of the next redetermination as provided in this Section 2.9.
Periodic Determinations of Borrowing Base. (a) On each April 1 and October 1 commencing April 1, 2011, until the Maturity Date, Borrower shall furnish to Agent a Reserve Report, which shall set out as of the six (6) months ending January 1 and July 1, respectively, the Proved Mineral Interests attributable to the Mortgaged Properties and such other oil and gas properties of the Loan Parties as Borrower may select. Each October 1 Reserve Report may be prepared by Borrower’s own engineers and shall be certified by the President or other Responsible Officer of Borrower. Each April 1 Reserve Report shall be a complete report prepared by independent reservoir engineers reasonably acceptable to Agent relating to the Proved Mineral Interests attributable to the Mortgage Properties known as “West Xxxx Xxxxxxx Bay” and “Permian Basin”, and such other oil and gas properties of the Loan Parties as Borrower may select. In addition, Borrower may submit with each April 1 Reserve Report a separate Reserve Report prepared by Borrower’s own engineers and certified by the President or other Responsible Officer of Borrower covering such other oil and gas properties of the Loan Parties as Borrower may select. Upon receipt of each such Reserve Report, Agent shall make a determination of the Borrowing Base and the Monthly Reduction Amount which shall become effective upon approval by the Required Lenders or all Lenders in accordance with the procedure set forth in Section 4.04 and subsequent written notification from Agent to Borrower, and which, subject to the other provisions of this Agreement shall be the Borrowing Base and the Monthly Reduction Amount until the effective date of the next redetermination as provided in this Article IV.
