Common use of Redetermination of Collateral Borrowing Base Clause in Contracts

Redetermination of Collateral Borrowing Base. At any time after thirty (30) days of the receipt of such information and in no event later than each May 1 and November 1 (commencing May 1, 2017) (each being a "Redetermination Date") the Bank shall (i) make a good faith determination of the present worth using such pricing and discount factor (in no event shall the present worth be discounted by a factor less than nine percent (9.0%)) and advance rate as it deems appropriate pursuant to the Bank's then applicable energy lending and engineering policies, procedures and pricing parameters, of the future net revenue estimated by the Bank to be received by the Borrower from not less than eighty percent (80%) of the oil and gas xxxxx/properties so evaluated and attributable to Borrower, multiplied by a percentage then determined by the Bank in good faith to be appropriate on the basis of the Bank's then applicable energy lending criteria, and (ii) report in writing to the Borrower such sum of the evaluation by the Bank of such evaluated oil and gas properties (the "Collateral Borrowing Base"). In addition to the scheduled semi-annual Collateral Borrowing Base redeterminations, the Bank shall have the right to require additional Collateral Borrowing Base redeterminations at any time, but not more frequently than quarterly, including acquisitions or permitted sales of oil and gas leasehold producing properties included in the most recent Collateral Borrowing Base redetermination. The initial Collateral Borrowing Base is stipulated to be $1,800,000.00 as of the Closing Date. The good faith determinations of the Bank in such respects shall be conclusive.

Redetermination of Collateral Borrowing Base. At any time after thirty (30) days of the receipt of such information the required reserve reports, and in no event later than each May 1 August 31 and November 1 February 28 (commencing May 1February 28, 20172018) (each being a "“Redetermination Date"”) the Bank shall (i) make a good faith determination of the present worth using such pricing and discount 23 factor (in no event shall the present worth be discounted by a factor less than nine percent (9.0%)) and advance rate as it deems appropriate pursuant to the Bank's ’s then applicable energy lending and engineering policiespolicies (consistently applied), procedures and pricing parameters, of the future net revenue estimated by the Bank to be received by the Borrower Borrowers from not less than eighty percent (80%) of the oil and gas xxxxx/properties so evaluated and attributable to BorrowerELLC, multiplied by a percentage then determined by the Bank in good faith to be appropriate on the basis of the Bank's ’s then applicable energy lending criteria, and (ii) promptly report in writing to the Borrower ELLC such sum of the evaluation by the Bank of such evaluated oil and gas properties (the "“Collateral Borrowing Base"”). In addition to the scheduled semi-annual Collateral Borrowing Base redeterminations, the Bank shall have the right to require additional Collateral Borrowing Base redeterminations at any time, but not more frequently than quarterly, including acquisitions or permitted sales of oil and gas leasehold producing properties included in the most recent Collateral Borrowing Base redetermination. The initial Collateral Borrowing Base is stipulated to be $1,800,000.00 30,000,000.00 as of the Closing Date. The good faith determinations of the Bank in such respects shall be conclusiveconclusive (except in the case of manifest error). Determinations of the Collateral Borrowing Base shall initially be completed by the Bank on a 12 month roll forward basis; provided that, Bank may modify this approach from time to time consistent with its then applicable energy lending policies (consistently applied).

Redetermination of Collateral Borrowing Base. At any time after within thirty (30) days of the receipt of such information third party petroleum engineering report required by Section 4.1(a), and in no event later than each May January 1 and November July 1 (commencing May January 1, 20172019) (each being a "“Redetermination Date"”) the Bank shall (i) make a good faith determination of the present worth using such pricing and discount factor (in no event shall the present worth be discounted by a factor less than nine percent (9.0%)) and advance rate as it deems appropriate pursuant to the Bank's ’s then applicable energy lending and engineering policies, procedures and pricing parameters, of the future net revenue estimated by the Bank to be received by the Borrower from not less than eighty percent (80%) of the oil and gas xxxxx/properties so evaluated and attributable to BorrowerBorrower or Mortgagor Subsidiaries, multiplied by a percentage then determined by the Bank in good faith to be appropriate on the basis of the Bank's ’s then applicable energy lending criteria, and (ii) report in writing to the Borrower such sum of the evaluation by the Bank of such evaluated oil and gas properties (the "“Collateral Borrowing Base"”). In addition to the scheduled semi-annual Collateral Borrowing Base redeterminations, the Bank shall have the right to require additional Collateral Borrowing Base redeterminations at any time, but not more frequently than quarterly, including acquisitions or permitted sales of oil and gas leasehold producing properties included in the most recent Collateral Borrowing Base redetermination and Borrower shall have the right to request an unscheduled redetermination once between each scheduled redetermination. The initial Collateral Borrowing Base is stipulated to be $1,800,000.00 12,400,000.00 as of the Closing Date. The good faith determinations of the Bank in such respects shall be conclusive.

Redetermination of Collateral Borrowing Base. At any time after thirty (30) days of the receipt of such information the required reserve reports, and in no event later than each May 1 August 31 and November 1 February 28 (commencing May 1February 28, 20172018) (each being a "“Redetermination Date"”) the Bank shall (i) make a good faith determination of the present worth using such pricing and discount factor (in no event shall the present worth be discounted by a factor less than nine percent (9.0%)) and advance rate as it deems appropriate pursuant to the Bank's ’s then applicable energy lending and engineering policiespolicies (consistently applied), procedures and pricing parameters, of the future net revenue estimated by the Bank to be received by the Borrower Borrowers from not less than eighty percent (80%) of the oil and gas xxxxx/properties so evaluated and attributable to BorrowerELLC, multiplied by a percentage then determined by the Bank in good faith to be appropriate on the basis of the Bank's ’s then applicable energy lending criteria, and (ii) promptly report in writing to the Borrower ELLC such sum of the evaluation by the Bank of such evaluated oil and gas properties (the "“Collateral Borrowing Base"”). In addition to the scheduled semi-annual Collateral Borrowing Base redeterminations, the Bank shall have the right to require additional Collateral Borrowing Base redeterminations at any time, but not more frequently than quarterly, including acquisitions or permitted sales of oil and gas leasehold producing properties included in the most recent Collateral Borrowing Base redetermination. The initial Collateral Borrowing Base is stipulated to be $1,800,000.00 30,000,000.00 as of the Closing Date. The good faith determinations of the Bank in such respects shall be conclusiveconclusive (except in the case of manifest error). Determinations of the Collateral Borrowing Base shall initially be completed by the Bank on a 12 month roll forward basis; provided that, Bank may modify this approach from time to time consistent with its then applicable energy lending policies (consistently applied).

Redetermination of Collateral Borrowing Base. At any time after within thirty (30) days of the receipt of such information third party petroleum engineering report required by Section 4.1(a), and in no event later than each May April 1 and November October 1 (commencing May April 1, 20172019) (each being a "Redetermination Date") the Bank shall (i) make a good faith determination of the present worth using such pricing and discount factor (in no event shall the present worth be discounted by a factor less than nine percent (9.0%)) and advance rate as it deems appropriate pursuant to the Bank's then applicable energy lending and engineering policies, procedures and pricing parameters, of the future net revenue estimated by the Bank to be received by the Borrower from not less than eighty percent (80%) of the oil and gas xxxxx/properties so evaluated and attributable to Borrower, multiplied by a percentage then determined by the Bank in good faith to be appropriate on the basis of the Bank's then applicable energy lending criteria, and (ii) report in writing to the Borrower such sum of the evaluation by the Bank of such evaluated oil and gas properties (the "Collateral Borrowing Base"). In addition to the scheduled semi-annual Collateral Borrowing Base redeterminations, the Bank shall have the right to require additional Collateral Borrowing Base redeterminations at any time, but not more frequently than quarterly, including acquisitions or permitted sales of oil and gas leasehold producing properties included in the most recent Collateral Borrowing Base redetermination and Borrower shall have the right to request an unscheduled redetermination once between each scheduled redetermination. The initial Collateral Borrowing Base is stipulated to be $1,800,000.00 1,350,000.00 as of the Closing Date. The good faith determinations of the Bank in such respects shall be conclusiveconclusive absent manifest error.

Redetermination of Collateral Borrowing Base. At any time after thirty (30) days of the receipt of such information and in no event later than each May 1 April 30 and November 1 October 31 (commencing May 1April 30, 20172024) (each being a "Redetermination Date") the Bank shall (i) make a good faith determination of the present worth using such pricing and discount factor (in no event shall the present worth be discounted by a factor less than nine percent (9.0%)) and advance rate as it deems appropriate pursuant to the Bank's then applicable energy lending and engineering policies, procedures and pricing parameters, of the future net revenue estimated by the Bank to be received by the Borrower Borrowers from not less than eighty percent (80%) of the oil and gas xxxxx/properties so evaluated and attributable to BorrowerBorrowers, multiplied by a percentage then determined by the Bank in good faith to be appropriate on the basis of the Bank's then applicable energy lending criteria, and (ii) report in writing to the Borrower Borrowers such sum of the evaluation by the Bank of such evaluated oil and gas properties (the "Collateral Borrowing Base"). In addition to the such scheduled semi-annual Collateral Borrowing Base redeterminations, the Bank shall have the right to require additional Collateral Borrowing Base redeterminations at any time, but not more frequently than quarterly, including after acquisitions or permitted sales of oil and gas leasehold producing properties included in the most recent Collateral Borrowing Base redetermination. The initial Collateral Borrowing Base is stipulated to be $1,800,000.00 10,000,000.00 as of the Closing Date. The good faith determinations of the Bank in such respects shall be conclusive.