Common use of Redetermination of Collateral Borrowing Base Clause in Contracts

Redetermination of Collateral Borrowing Base. At any time within thirty (30) days of the receipt of such third party petroleum engineering report required by Section 4.1(a), and in no event later than each April 1 and October 1 (commencing April 1, 2019) (each being a "Redetermination Date") 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 Bank's then applicable energy lending and engineering policies, procedures and pricing parameters, of the future net revenue estimated by Bank to be received by 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 Bank in good faith to be appropriate on the basis of Bank's then applicable energy lending criteria, and (ii) report in writing to Borrower such sum of the evaluation by Bank of such evaluated oil and gas properties (the "Collateral Borrowing Base"). In addition to the scheduled semi-annual Collateral Borrowing Base redeterminations, Bank shall have the right to require additional Collateral Borrowing Base redeterminations at any time, 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 $1,350,000.00 as of the Closing Date. The good faith determinations of Bank in such respects shall be conclusive absent manifest error.

Redetermination of Collateral Borrowing Base. At any time within after thirty (30) days of the receipt of such third party petroleum engineering report the required by Section 4.1(a)reserve reports, and in no event later than each April 1 August 31 and October 1 February 28 (commencing April 1February 28, 2019) (each being a "Redetermination Date") Bank Agent shall (i) make propose to the Lenders, based on 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 Bankthe Agent's then applicable energy lending and engineering policiespolicies (consistently applied), procedures and pricing parameters, of the future net revenue estimated by Bank the Agent to be received by Borrower Borrowers from not less than eighty percent (80%) of the oil and gas xxxxxwxxxx/properties so evaluated and attributable to BorrowerELLC, multiplied by a percentage then determined by Bank the Lenders in good faith to be appropriate on the basis of Bankthe Agent's then applicable energy lending criteria, . The applicable Required Lenders (100%) must approve any increase in the Collateral Borrowing Base and the Required Lenders (ii66.66%) must approve continuation of or any decrease therein. Agent shall promptly report in writing to Borrower ELLC such sum of the evaluation by Bank the Lenders of such evaluated oil and gas properties (the "Collateral Borrowing Base"). In addition to the scheduled semi-annual Collateral Borrowing Base redeterminations, Bank the Lenders 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 $1,350,000.00 60,000,000.00 as of the Closing Date. The good faith determinations of Bank the Lenders in such respects shall be conclusive absent (except in the case of manifest error). Determinations of the Collateral Borrowing Base shall initially be completed by the Lenders consistent with its then applicable energy lending policies (consistently applied).

Redetermination of Collateral Borrowing Base. At any time within after thirty (30) days of the receipt of such third party petroleum engineering report required by Section 4.1(a), information and in no event later than each April 1 30 and October 1 31 (commencing April 130, 20192024) (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 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 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 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 $1,350,000.00 10,000,000.00 as of the Closing Date. The good faith determinations of the Bank in such respects shall be conclusive absent manifest errorconclusive.

Redetermination of Collateral Borrowing Base. At any time within after thirty (30) days of the receipt of such third party petroleum engineering report the required by Section 4.1(a)reserve reports, and in no event later than each April 1 August 31 and October 1 February 28 (commencing April 1February 28, 20192018) (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 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 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 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 $1,350,000.00 30,000,000.00 as of the Closing Date. The good faith determinations of the Bank in such respects shall be conclusive absent (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 within after thirty (30) days of the receipt of such third party petroleum engineering report required by Section 4.1(a), information and in no event later than each April May 1 and October November 1 (commencing April May 1, 20192017) (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 $1,350,000.00 1,800,000.00 as of the Closing Date. The good faith determinations of the Bank in such respects shall be conclusive absent manifest errorconclusive.

Redetermination of Collateral Borrowing Base. At any time within thirty (30) days of the receipt of such third party petroleum engineering report required by Section 4.1(a), and in no event later than each April January 1 and October July 1 (commencing April January 1, 2019) (each being a "“Redetermination Date"”) 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 Bank's ’s then applicable energy lending and engineering policies, procedures and pricing parameters, of the future net revenue estimated by Bank to be received by 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 Bank in good faith to be appropriate on the basis of Bank's ’s then applicable energy lending criteria, and (ii) report in writing to Borrower such sum of the evaluation by Bank of such evaluated oil and gas properties (the "“Collateral Borrowing Base"”). In addition to the scheduled semi-annual Collateral Borrowing Base redeterminations, Bank shall have the right to require additional Collateral Borrowing Base redeterminations at any time, 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 $1,350,000.00 12,400,000.00 as of the Closing Date. The good faith determinations of Bank in such respects shall be conclusive absent manifest errorconclusive.

Redetermination of Collateral Borrowing Base. At any time within after thirty (30) days of the receipt of such third party petroleum engineering report the required by Section 4.1(a)reserve reports, and in no event later than each April 1 August 31 and October 1 February 28 (commencing April 1February 28, 20192018) (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 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 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 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 $1,350,000.00 30,000,000.00 as of the Closing Date. The good faith determinations of the Bank in such respects shall be conclusive absent (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). 4.3