Common use of Scheduled and Interim Redeterminations Clause in Contracts

Scheduled and Interim Redeterminations. Except as set forth in the following sentence, the Borrowing Base shall be redetermined semi-annually in accordance with this Section 3.02 (a “Scheduled Redetermination”), and, subject to Section 3.04, such redetermined Borrowing Base shall become effective and applicable to the Borrower, the Administrative Agent, the Issuing Bank and the Lenders on or about April 1 and October 1 of each year, commencing April 1, 2014. In addition, (i) the Borrower may, by notifying the Administrative Agent thereof, elect to cause the Borrowing Base to be redetermined once between Scheduled Redeterminations, and (ii) the Administrative Agent may (either in its discretion or at the direction of the Required Revolving Lenders), by notifying the Borrower thereof, elect to cause the Borrowing Base to be redetermined at any time (each such redetermination, an “Interim Redetermination”), in the case of each of clauses (i) and (ii) above, in accordance with this Article III.

Scheduled and Interim Redeterminations. Except as set forth in the following sentence, the The Borrowing Base shall be redetermined semi-annually in accordance with this Section 3.02 2.07 (a “Scheduled Redetermination”), ) and, subject to Section 3.042.07(d), such redetermined Borrowing Base shall become effective and applicable to the Borrower, the Administrative Agent, the Issuing Bank and the Lenders on or about April 1 and October 1 of each yearyear (or, in each case, (i) with the consent of the Borrower, such earlier date or (ii) such date promptly thereafter as reasonably practicable), commencing April 1, 20142019. In addition, (i) each of the Borrower may, (by notifying the Administrative Agent thereof) and the Administrative Agent (at the direction of the Majority Lenders, by notifying the Borrower thereof) may, one time between Scheduled Redeterminations, elect to cause the Borrowing Base to be redetermined once between Scheduled Redeterminations, and Redeterminations (ii) the Administrative Agent may (either in its discretion or at the direction of the Required Revolving Lenders), by notifying the Borrower thereof, elect to cause the Borrowing Base to be redetermined at any time (each such redetermination, an “Interim Redetermination”), in the case of each of clauses (i) and (ii) above, in accordance with this Article IIISection 2.07.

Scheduled and Interim Redeterminations. Except as set forth in the following sentence, the The Borrowing Base shall be redetermined semi-annually in accordance with this Section 3.02 2.07(b) (each such redetermination, a “Scheduled Redetermination”), and, subject . Subject to Section 3.042.07(d), such redetermined Borrowing Base shall become effective and applicable to the Borrower, the Administrative Agent, the Issuing Bank and the Lenders on May 1st and November 1st of each year (or such date promptly thereafter as reasonably practical), commencing on or about April 1 and October 1 of each year, commencing April May 1, 20142020. In addition, (i) the Borrower may, by notifying the Administrative Agent thereof, and (ii) the Administrative Agent may, following the first Scheduled Redetermination hereunder, at the direction of the Required Lenders, by notifying the Borrower thereof, in each case, one time during each period between any two consecutive Scheduled Redeterminations, each elect to cause the Borrowing Base to be redetermined once between Scheduled Redeterminations, and (ii) the Administrative Agent may (either in its discretion or at the direction of the Required Revolving Lenders), by notifying the Borrower thereof, elect to cause the Borrowing Base to be redetermined at any time (each such redetermination, an “Interim Redetermination”), in the case of each of clauses (i) and (ii) above, in accordance with this Article IIISection 2.07.

Scheduled and Interim Redeterminations. Except as set forth in the following sentence, the The Borrowing Base shall be redetermined semi-annually in accordance with this Section 3.02 2.07 (a “Scheduled Redetermination”), and, subject to Section 3.042.07(d), such redetermined Borrowing Base shall become effective and applicable to the Borrower, the Administrative Agent, the Issuing Bank and the Lenders on or about April 1 1st and October 1 1st of each year, commencing April October 1, 20142010. In addition, the Administrative Agent may, at the direction of the Majority Lenders, by notifying the Borrower thereof, one time during any 12-month period, each elect to cause the Borrowing Base to be redetermined between Scheduled Redeterminations (ian “Interim Redetermination”) in accordance with this Section 2.07; and the Borrower may, by notifying the Administrative Agent thereof, two times during any 12-month period, each elect to cause the Borrowing Base to be redetermined once between Scheduled Redeterminations, and (ii) the Administrative Agent may (either in its discretion or at the direction of the Required Revolving Lenders), by notifying the Borrower thereof, elect to cause the Borrowing Base to be redetermined at any time (each such redetermination, have an “Interim Redetermination”), in the case of each of clauses (i) and (ii) above, Redetermination in accordance with this Article IIISection 2.07.

Scheduled and Interim Redeterminations. Except as set forth in the following sentence, the The Borrowing Base shall be redetermined on or about July 1, 2019 and thereafter, semi-annually on or about May 1st and November 1st of each year, commencing on or about November 1, 2019, in each case in accordance with this Section 3.02 2.07 (each such redetermination, a “Scheduled Redetermination”), and, subject to Section 3.042.07(d), such redetermined Borrowing Base shall become effective and applicable to the Borrower, the Administrative Agent, the Issuing Bank Bank(s) and the Lenders on or about April 1 and October 1 the date of each year, commencing April 1, 2014such applicable redetermination. In addition, (i) the The Borrower may, by notifying the Administrative Agent thereof, elect to cause the Borrowing Base to be redetermined once one time between any Scheduled Redeterminations, and (ii) the Administrative Agent may (either in its discretion or at the direction of the Required Revolving Lenders), by notifying the Borrower thereofRedetermination, elect to cause the Borrowing Base to be redetermined in accordance with this Section 2.07. Further, the Administrative Agent may, or at the direction of the Required Lenders shall, by notifying the Borrower thereof, one time between any time Scheduled Redeterminations, elect to cause the Borrowing Base to be redetermined (each such redeterminationcollectively with the Borrower’s right set forth in the previous sentence, an “Interim Redetermination”), in the case of each of clauses (i) and (ii) above, in accordance with this Article IIISection 2.07.

Scheduled and Interim Redeterminations. Except as set forth in the following sentence, the Borrowing Base shall be redetermined semi-annually in accordance with this Section 3.02 2.09 (a “Scheduled Redetermination”), and, subject to Section 3.042.09(d), such redetermined Borrowing Base shall become effective and applicable to the Borrower, the Administrative Agent, the Issuing Bank and the Lenders on or about April January 1 and October July 1 of each year, commencing April July 1, 20142013. In addition, (i) the Borrower may, by notifying the Administrative Agent thereof, elect to cause the Borrowing Base to be redetermined once between Scheduled Redeterminations, and (ii) the Administrative Agent may (either in its discretion or at the direction of the Required Revolving Lenders), by notifying the Borrower thereof, elect to cause the Borrowing Base to be redetermined at any time once between Scheduled Redeterminations (each such redetermination, an “Interim Redetermination”), in the case of each of clauses (i) and (ii) above, in accordance with this Article IIISection 2.09.

Scheduled and Interim Redeterminations. Except as set forth in the following sentence, the Borrowing Base shall be redetermined semi-annually in accordance with this Section 3.02 (a “Scheduled Redetermination”), and, subject to Section 3.04, such redetermined Borrowing Base shall become effective and applicable to the Borrower, the Administrative Agent, the Issuing Bank and the Lenders on or about April May 1 and October November 1 of each year, commencing April November 1, 20142013. In addition, (i) the Borrower may, by notifying the Administrative Agent thereof, elect to cause the Borrowing Base to be redetermined once between Scheduled Redeterminations, and (ii) the Administrative Agent may (either in its discretion or may, at the direction of the Required Revolving Lenders), by notifying the Borrower thereof, elect to cause the Borrowing Base to be redetermined at any time (each such redetermination, an “Interim Redetermination”), in the case of each of clauses (i) and (ii) above, in accordance with this Article III.

Scheduled and Interim Redeterminations. Except as set forth in the following sentence, the Borrowing Base shall be redetermined semi-annually in accordance with this Section 3.02 2.08 (a “Scheduled Redetermination”), and, subject to Section 3.042.08(d), such redetermined Borrowing Base shall become effective and applicable to the Borrower, the Administrative Agent, the Issuing Bank and the Lenders on or about April May 1 and October November 1 of each year, commencing April NovemberMay 1, 201420132015. In addition, (i) the Borrower may, by notifying the Administrative Agent thereof, elect to cause the Borrowing Base to be redetermined once between Scheduled Redeterminations, and (ii) the Administrative Agent may (either in its discretion or may, at the direction of the Required Revolving Lenders), by notifying the Borrower thereof, elect to cause the Borrowing Base to be redetermined at any time once between Scheduled Redeterminations (each such redetermination, an “Interim Redetermination”), in the case of each of clauses (i) and (ii) above, in accordance with this Article IIISection 2.08.

Scheduled and Interim Redeterminations. Except as set forth in the following sentence, the The Borrowing Base shall be redetermined semi-annually in accordance with this Section 3.02 2.07 (each such scheduled redetermination, a “Scheduled Redetermination”), and, subject to Section 3.042.07(d), such redetermined Borrowing Base shall become effective and applicable to the Borrower, the Administrative Agent, the Issuing Bank and the Lenders on or about April 1 May 1st and October 1 November 1st of each yearyear (or, in each case, such date promptly thereafter as reasonably practicable), commencing April November 1, 20142021. In addition, (i) the Borrower may, by notifying the Administrative Agent thereof, one time between successive Scheduled Redeterminations and (ii) the Administrative Agent may, and shall at the direction of the Required Lenders, by notifying the Borrower thereof, one time between successive Scheduled Redeterminations, each elect to cause the Borrowing Base to be redetermined once between Scheduled Redeterminations, and (ii) the Administrative Agent may (either in its discretion or at the direction of the Required Revolving Lenders), by notifying the Borrower thereof, elect to cause the Borrowing Base to be redetermined at any time (each such redetermination, an “Interim Redetermination”), in the case of each of clauses (i) and (ii) above, in accordance with this Article IIISection 2.07.

Scheduled and Interim Redeterminations. Except as set forth in the following sentence, the Borrowing Base shall be redetermined semi-annually in accordance with this Section 3.02 2.08 (a “Scheduled Redetermination”), and, subject to Section 3.042.08(d), such redetermined Borrowing Base shall become effective and applicable to the Borrower, the Administrative Agent, the Issuing Bank and the Lenders on or about April May 1 and October November 1 of each year, commencing April November 1, 20142013. In addition, (i) the Borrower may, by notifying the Administrative Agent thereof, elect to cause the Borrowing Base to be redetermined once between Scheduled Redeterminations, and (ii) the Administrative Agent may (either in its discretion or may, at the direction of the Required Revolving Lenders), by notifying the Borrower thereof, elect to cause the Borrowing Base to be redetermined at any time once between Scheduled Redeterminations (each such redetermination, an “Interim Redetermination”), in the case of each of clauses (i) and (ii) above, in accordance with this Article IIISection 2.08.

Scheduled and Interim Redeterminations. Except as set forth in the following sentence, the The Borrowing Base shall be redetermined on a semi-annually annual basis in accordance with this Section 3.02 2.07 (each such redetermination, a “Scheduled Redetermination”), and, subject . Subject to Section 3.042.07(d), such redetermined Borrowing Base shall become effective and applicable to the Borrower, the Administrative Agent, the Issuing Bank and the Lenders on or about April 1 1st and October 1 1st of each year, as applicable, commencing April 1, 20142022. In addition, (i) the Borrower may, by notifying the Administrative Agent thereof, elect to cause the Borrowing Base to be redetermined once thereof one time between any two successive Scheduled Redeterminations, and (ii) the Administrative Agent may (either in its discretion or may, at the direction of the Required Revolving Lenders), by notifying the Borrower thereofthereof one time between any two successive Scheduled Redeterminations, each elect to cause the Borrowing Base to be redetermined at any time (each such redetermination, an “Interim Redetermination”), in the case of each of clauses (i) and (ii) above, in accordance with this Article IIISection 2.07.

Scheduled and Interim Redeterminations. Except as set forth in the following sentence, the The Borrowing Base shall be redetermined on a semi-annually annual basis, in each case in accordance with this Section 3.02 2.07 (a “Scheduled Redetermination”), and, subject . Subject to Section 3.042.07(d), such redetermined Borrowing Base shall become effective and applicable to the Borrower, the Administrative Agent, the Issuing Bank and the Lenders on or about April 1 the first Business Day of May and October 1 November of each yearyear (commencing with the first Scheduled Redetermination anticipated to occur on the first Business Day of November, commencing April 12018), 2014as applicable. In addition, (i) the Borrower may, by notifying the Administrative Agent in writing thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower in writing thereof, one time in between (i) the Effective Date and the initial Scheduled Redetermination and (ii) subsequent Scheduled Redeterminations, each elect to cause the Borrowing Base to be redetermined once between Scheduled Redeterminations, and Redeterminations (ii) the Administrative Agent may (either in its discretion or at the direction of the Required Revolving Lenders), by notifying the Borrower thereof, elect to cause the Borrowing Base to be redetermined at any time (each such redetermination, an “Interim Redetermination”), in the case of each of clauses (i) and (ii) above, in accordance with this Article IIISection 2.07.

Scheduled and Interim Redeterminations. Except as set forth in the following sentence, the The Borrowing Base shall be redetermined semi-annually in accordance with this Section 3.02 2.07 (each such scheduled redetermination, a “Scheduled Redetermination”), and, subject to Section 3.042.07(d), such redetermined Borrowing Base shall become effective and applicable to the Borrower, the Administrative Agent, the Issuing Bank and the Lenders on or about April 1 May 1st and October 1 November 1st of each yearyear (or, in each case, such date promptly thereafter as reasonably practicable), commencing April November 1, 20142021. In addition, (i) the Borrower may, by notifying the Administrative Agent thereof, one time between successive Scheduled Redeterminations and (ii) the Administrative Agent may, and shall at the direction of the Required Lenders, by notifying the Borrower thereof, one time between successive Scheduled Redeterminations, each elect to cause the Borrowing Base to be redetermined once between Scheduled Redeterminations, and (ii) the Administrative Agent may (either in its discretion or at the direction of the Required Revolving Lenders), by notifying the Borrower thereof, elect to cause the Borrowing Base to be redetermined at any time (each such redetermination, an “Interim Redetermination”), in the case of each of clauses (i) and (ii) above, in accordance with this Article III.Section 2.07. (c)

Scheduled and Interim Redeterminations. Except The Borrowing Base shall be redetermined as set forth provided in the following sentenceaccordance with this Section 2.06, the and, subject to Section 2.06(d). The Borrowing Base shall be redetermined semi-annually in accordance with this Section 3.02 (each a “Scheduled Redetermination”), and, subject to Section 3.04, such redetermined Borrowing Base and shall become effective and applicable to the Borrower, the Administrative Agent, the Issuing Bank and the Revolving Credit Lenders on or about May 1 (with respect to the Reserve Report delivered on April 1) and on or about November 1 and (with respect to the Reserve Report delivered on October 1 1) of each year, year commencing April on or about November 1, 20142017. In addition, (i) the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Revolving Credit Lenders, by notifying the Borrower thereof, two times per year, each elect to cause the Borrowing Base to be redetermined once between Scheduled Redeterminations, and (ii) the Administrative Agent may (either in its discretion or at the direction of the Required Revolving Lenders), by notifying the Borrower thereof, elect to cause the Borrowing Base to be redetermined at any time Redeterminations (each such redetermination, an “Interim Redetermination”), in the case of each of clauses (i) and (ii) above, in accordance with this Article III.