Common use of Reserve Reports; Proposed Borrowing Base Clause in Contracts

Reserve Reports; Proposed Borrowing Base. As soon as available and in any event by (a) June 30, 2019, September 30, 2019 and December 31, 2019, and (b) each March 31 and September 30 of each year thereafter, Borrower shall deliver to each Bank a Reserve Report prepared (i) in the case of the Reserve Reports required to be delivered on the dates in the foregoing clause (a), as of the immediately preceding March 31, 2019, June 30, 2019 and September 30, 2019, respectively, and (ii) in the case of the Reserve Reports required to be delivered on the dates in the foregoing clause (b), as of the immediately preceding December 31 and June 30, respectively. Simultaneously with the delivery to Administrative Agent and each Bank of each Reserve Report, Borrower shall notify Administrative Agent of the Borrowing Base which Borrower requested become effective for the period commencing on the next Determination Date.

Reserve Reports; Proposed Borrowing Base. As soon as available and in any event by (a) June 30, 2019, September 30, 2019 and December 31, 2019, and (b) each March 31 and September 30 of each year thereafter, Borrower Xxxxxxxx shall deliver to each Bank a Reserve Report prepared (i) in the case of the Reserve Reports required to be delivered on the dates in the foregoing clause (a), as of the immediately preceding March 31, 2019, June 30, 2019 and September 30, 2019, respectively, and (ii) in the case of the Reserve Reports required to be delivered on the dates in the foregoing clause (b), as of the immediately preceding December 31 and June 30, respectively. Simultaneously with the delivery to Administrative Agent and each Bank of each Reserve Report, Borrower shall notify Administrative Agent of the Borrowing Base which Borrower requested become effective for the period commencing on the next Determination Date.