Common use of Periodic Determinations of Borrowing Base Clause in Contracts

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. (i) The Borrowing Base shall be redetermined as of May 1 and November 1 of each year, commencing with the first May 1, 20191 or November 1 following the First Redetermination Date. On or before April 1 of each year, Borrowers 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 the Borrowing PartiesBorrower and its Subsidiaries, including the Mortgaged Properties. On or before October 1 of each year, Borrowers Borrower shall furnish Administrative Agent a Reserve Report as of the preceding July 1 prepared by Borrowers’ Borrower’s own engineer and certified by a Responsible Officer of each Borrower covering all of the Proved Oil and Gas Properties of the Borrowing PartiesBorrower 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 (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 BorrowersBorrower, 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. (i) The Borrowing Base shall be redetermined as of May 1 and November 1 of each year, commencing May 1, 20192017. On or before April 1 of each year, Borrowers 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 the Borrowing PartiesBorrower and its Subsidiaries, including the Mortgaged Properties. On or before October 1 of each year, Borrowers Borrower shall furnish Administrative Agent a Reserve Report as of the preceding July 1 prepared by Borrowers’ Borrower’s own engineer and certified by a Responsible Officer of each Borrower covering all of the Proved Oil and Gas Properties of the Borrowing PartiesBorrower 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 (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 BorrowersBorrower, 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. (i) The Borrowing Base shall be redetermined as of May 1 and November 1 of each year, commencing May 1, 20192017. On or before April 1 of each year, Borrowers 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 the Borrowing PartiesBorrower CREDIT AGREEMENT – Page 45 and its Subsidiaries, including the Mortgaged Properties. On or before October 1 of each year, Borrowers Borrower shall furnish Administrative Agent a Reserve Report as of the preceding July 1 prepared by Borrowers’ Borrower’s own engineer and certified by a Responsible Officer of each Borrower covering all of the Proved Oil and Gas Properties of the Borrowing PartiesBorrower 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 (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 BorrowersBorrower, 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. (i) The Borrowing Base shall be redetermined as on or about March 31 and September 30 of May 1 and November 1 each year until the Maturity Date. On or before February 28 of each year, commencing May 1, 2019. On or before April 1 of each year, Borrowers Borrower shall furnish Administrative Agent Lender 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 and the Borrowing other Obligated Parties, including the Mortgaged Properties. On or before October 1 August 31 of each year, Borrowers Borrower shall furnish Administrative Agent Lender a Reserve Report as of the preceding July 1 prepared by Borrowers’ Borrower’s own engineer or an Independent Engineer and certified by a Responsible Officer of each Borrower covering all of the Proved Oil and Gas Properties of Borrower and its Subsidiaries and the Borrowing other Obligated Parties, including the Mortgaged Properties. Upon receipt of each such Reserve Report, Administrative Agent Lender 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 Lender to BorrowersBorrower, 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 Section 2.9.