Common use of Scheduled and Interim Redetermination Procedure Clause in Contracts

Scheduled and Interim Redetermination Procedure. (i) Each Scheduled Redetermination and each Interim Redetermination shall be effectuated as follows: On or before the dates required by Section 9.14, the Borrower shall deliver to the Administrative Agent the applicable Reserve Report and other information required by Section 9.14(c). Simultaneously with the delivery to the Administrative Agent of each Reserve Report, the Borrower shall notify the Administrative Agent of the amount of the Borrowing Base which the Borrower requests become effective on the next Redetermination Date. The Administrative Agent shall make its evaluation of such request based upon such information and such other reports, data and supplemental information as may, from time to time, be reasonably requested by the Required Lenders (including the status of title information with respect to the Borrowing Base Properties and the existence of any Hedge Agreements) (the Reserve Report, the Reserve Report Certificate and such other reports, data and supplemental information being the “Engineering Reports”). Based upon, the information and reports contained in the Engineering Reports, the Administrative Agent shall propose a new Borrowing Base (the “Proposed Borrowing Base”) in good faith in accordance with its usual and customary oil and gas lending criteria as they exist at the particular time.

Scheduled and Interim Redetermination Procedure. (i) Each Subject to Section 2.14(c)(iv), each Scheduled Redetermination and each Interim Redetermination shall be effectuated as follows: On or before the dates required Upon receipt by Section 9.14, the Borrower shall deliver to the Administrative Agent the applicable Reserve Report and other information required by Section 9.14(c). Simultaneously with the delivery to the Administrative Agent of each (A) the Reserve ReportReport and the Hedge Schedule, the Borrower shall notify the Administrative Agent of the amount of the Borrowing Base which the Borrower requests become effective on the next Redetermination Date. The Administrative Agent shall make its evaluation of such request based upon such information and (B) such other reports, data and supplemental information as may, from time to time, be reasonably requested by, or provided by the Borrower to, the Administrative Agent on behalf of the Required Lenders (the Reserve Report, Hedge Schedule and such other reports, data and supplemental information, including the information provided pursuant to Section 9.12 being the “Engineering Reports”), the Administrative Agent shall evaluate the information contained in the Engineering Reports and shall in good faith propose a new Borrowing Base (the “Proposed Borrowing Base”) based upon such information and such other information (including the status of title information with respect to the Borrowing Base Properties as described in the Engineering Reports, relevant Hedge Agreements and the existence of any Hedge Agreementsother Indebtedness) (the Reserve Report, the Reserve Report Certificate and such other reports, data and supplemental information being the “Engineering Reports”). Based upon, the information and reports contained in the Engineering Reports, as the Administrative Agent shall propose a new Borrowing Base (the “Proposed Borrowing Base”) deems appropriate in good faith in accordance with its usual and customary oil and gas lending criteria as they exist at the particular time.

Scheduled and Interim Redetermination Procedure. (i) Each Scheduled Redetermination and each Interim Redetermination shall be effectuated as follows: On or before the dates required upon receipt by Section 9.14, the Borrower shall deliver to the Administrative Agent the applicable Reserve Report and other information required by Section 9.14(c). Simultaneously with the delivery to the Administrative Agent of each (A) the Reserve Report, Report for such redetermination and the Borrower shall notify related Reserve Report Certificate (unless waived by the Administrative Agent in the case of the amount of the Borrowing Base which the Borrower requests become effective on the next Redetermination Date. The Administrative Agent shall make its evaluation of such request based upon such information an Interim Redetermination) and (B) such other reports, data and supplemental information, including the information provided pursuant to Section 8.11(c), as may, from time to time, be reasonably requested by the Required Lenders (including the status of title information with respect to the Borrowing Base Properties and the existence of any Hedge Agreements) Administrative Agent or a Lender (the Reserve Report, the such Reserve Report Certificate and such other reports, data and supplemental information being the “Engineering Reports”). Based upon, the information and reports contained in the Engineering Reports, the Administrative Agent shall evaluate the information contained in the Engineering Reports and shall propose a new Conforming Borrowing Base or, after the Non-Conforming Borrowing Base Maturity Date, Borrowing Base (the “Proposed Borrowing Base”) based upon such information and such other information (including the status of title information with respect to the Oil and Gas Properties as described in good faith the Engineering Reports and the existence of any other Indebtedness) as the Administrative Agent deems appropriate in accordance its sole discretion and consistent with its usual and customary oil and gas lending criteria as they exist it exists at the particular time. In no event shall the Proposed Borrowing Base plus the Non-Conforming Borrowing Base, when applicable, exceed the Aggregate Maximum Credit Amounts.

Scheduled and Interim Redetermination Procedure. (ia) Each Scheduled Redetermination and each Interim Redetermination shall be effectuated as follows: On or before the dates required Upon receipt by Section 9.14, the Borrower shall deliver to the Administrative Agent the applicable Reserve Report and other information required by Section 9.14(c). Simultaneously with the delivery to the Administrative Agent of each (A) the Reserve ReportReport and the Reserve Report Certificate, the Borrower shall notify the Administrative Agent of the amount of the Borrowing Base which the Borrower requests become effective on the next Redetermination Date. The Administrative Agent shall make its evaluation of such request based upon such information and (B) such other reports, data and supplemental information, including, without limitation, the information provided pursuant to Section 6.10, as may, from time to time, be reasonably requested by the Required Lenders (including the status of title information with respect to the Borrowing Base Properties and the existence of any Hedge Agreements) (the Reserve Report, the Reserve Report Certificate such certificate and such other reports, data and supplemental information being the “Engineering Reports”). Based upon, the information and reports contained in the Engineering Reports, the Administrative Agent shall evaluate the information contained in the Engineering Reports and shall, in good faith, propose a new Borrowing Base (the “Proposed Borrowing Base”) based upon such information and such other information (including, without limitation, the status of title information with respect to the Oil and Gas Interests as described in good faith the Engineering Reports, the existence of any other Indebtedness, the financial condition of the Credit Parties, the economic effect of the Borrower’s and its Restricted Subsidiaries’ Swap Agreements and such other credit factors) as the Administrative Agent deems appropriate in accordance its sole discretion and consistent with its usual and customary normal oil and gas lending criteria as they exist it exists at the particular time. In no event shall the Proposed Borrowing Base exceed the Maximum Facility Amount.

Scheduled and Interim Redetermination Procedure. (ia) Each Scheduled Redetermination and each Interim Redetermination shall be effectuated as follows: On or before the dates required Upon receipt by Section 9.14, the Borrower shall deliver to the Administrative Agent the applicable Reserve Report and other information required by Section 9.14(c). Simultaneously with the delivery to the Administrative Agent of each (A) the Reserve Report, the Borrower shall notify the Administrative Agent of the amount of the Borrowing Base which the Borrower requests become effective on the next Redetermination Date. The Administrative Agent shall make its evaluation of such request based upon such information Report and (B) such other reports, data and supplemental information, including, without limitation, the information provided pursuant to Section 6.10, as may, from time to time, be reasonably requested by the Required Revolving Lenders (including the status of title information with respect to the Borrowing Base Properties and the existence of any Hedge Agreements) (the Reserve Report, the Reserve Report Certificate such certificate and such other reports, data and supplemental information being the “Engineering Reports”). Based upon, the information and reports contained in the Engineering Reports, the Administrative Agent shall evaluate the information contained in the Engineering Reports and shall, in good faith, propose a new Borrowing Base (the “Proposed Borrowing Base”) based upon such information and such other information (including, without limitation, the status of title information with respect to the Oil and Gas Interests as described in good faith the Engineering Reports, the existence of any other Indebtedness, the financial condition of the Credit Parties, the economic effect of the Borrower’s and its Restricted Subsidiaries’ Swap Agreements then in accordance effect and such other credit factors) as the Administrative Agent deems appropriate in its sole discretion and consistent with its usual and customary normal oil and gas lending criteria as they exist it exists at the particular time.