Common use of Scheduled and Interim Redeterminations Clause in Contracts

Scheduled and Interim Redeterminations. The Borrowing Base shall be redetermined semi-annually in accordance with this Section 2.07(b) (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined Borrowing Base shall become effective and applicable to the Borrower, the Agents, the Issuing Bank and the Lenders on April 1st and October 1st of each year (or, in each case, such date promptly thereafter as reasonably practicable), commencing April 1, 2021. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required 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 (an “Interim Redetermination”) in accordance with this Section 2.07; provided that, neither the Borrower nor the Administrative Agent acting at the direction of the Required Lenders may elect to cause an Interim Redetermination during the period commencing on the Effective Date and ending on April 1, 2021.

Scheduled and Interim Redeterminations. The Borrowing Base shall be redetermined semi-annually in accordance with this Section 2.07(b) 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined Borrowing Base shall become effective and applicable to the Borrower, the Agents, the Issuing Bank and the Lenders on or about April 1st and October 1st of each year (or, in each case, such date promptly thereafter as reasonably practicable), commencing April October 1, 20212014. In addition, (i) the Borrower may, by notifying the Administrative Agent thereof, elect to cause the Borrowing Base to be redetermined between Scheduled Redeterminations (A) up to two times per fiscal year and (B) in addition to the unscheduled redeterminations the Borrower may request pursuant to the foregoing clause (A), contemporaneously with the consummation of any Material Acquisition, and (ii) the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during any 12-month period, each per fiscal year elect to cause the Borrowing Base to be redetermined between Scheduled Redeterminations (each such redetermination, an “Interim Redetermination”) in accordance with this Section 2.07; provided that, neither the Borrower nor the Administrative Agent acting at the direction of the Required Lenders may elect to cause an Interim Redetermination during the period commencing on the Effective Date and ending on April 1, 2021.

Scheduled and Interim Redeterminations. The Borrowing Base shall be redetermined on November 1, 2017 and semi-annually thereafter in accordance with this Section 2.07(b) 2.07 (each such redetermination, a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined Borrowing Base shall become effective and applicable to the Borrower, the AgentsAdministrative Agent, the Issuing Bank Bank(s) and the Lenders on April May 1st and October November 1st of each year (or, in each case, such date promptly or as soon as possible thereafter as reasonably practicablecontemplated by Section 2.07(d)(i), commencing April 1, 2021). In addition, the The Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during any 12-month period(i) prior to the first Scheduled Redetermination and (ii) between each Scheduled Redetermination, each elect to cause the Borrowing Base to be redetermined in accordance with this Section 2.07 and the Administrative Agent may, or at the direction of the Required Lenders shall, by notifying the Borrower thereof, one-time (A) prior to the first Scheduled Redetermination and (B) between any Scheduled Redeterminations elect to cause the Borrowing Base to be redetermined (each such redetermination, an “Interim Redetermination”) in accordance with this Section 2.07; provided that, neither the Borrower nor the Administrative Agent acting at the direction of the Required Lenders may elect to cause an Interim Redetermination during the period commencing on the Effective Date and ending on April 1, 2021.

Scheduled and Interim Redeterminations. The Borrowing Base shall be redetermined semi-annually in accordance with this Section 2.07(b) (a “Scheduled Redetermination”), and, 2.07 and subject to Section 2.07(d), such redetermined Borrowing Base shall become effective and applicable to the Borrower, the AgentsAdministrative Agent, the each Issuing Bank and the Lenders on March 15, 2018 (the “March 2018 Redetermination”), and thereafter semi-annually on April 1st and October 1st of each year (or, in each case, such date promptly thereafter as reasonably practicable)year, commencing April October 1, 20212018 (together with the March 2018 Redetermination, each a “Scheduled Redetermination”). In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during any 12-month periodeach calendar year, each elect to cause the Borrowing Base to be redetermined between Scheduled Redeterminations (each, an “Interim Redetermination”) in accordance with this Section 2.07; provided that. In addition, neither the Borrower nor may, by notice to the Administrative Agent acting at the direction thereof, request an additional Interim Redetermination upon any acquisition of proved Oil and Gas Properties whose purchase price is greater than five percent (5%) of the Required Lenders may elect to cause an Interim Redetermination during the period commencing on the Effective Date and ending on April 1, 2021Borrowing Base then in effect.

Scheduled and Interim Redeterminations. The Borrowing Base shall be redetermined semi-annually in accordance with this Section 2.07(b) 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined Borrowing Base shall become effective and applicable to the Borrower, the Agents, the Issuing Bank and the Lenders on or about April 1st and October 1st of each year (or, in each case, such date promptly thereafter as reasonably practicable), commencing April 1, 20212017. In addition, (i) the Borrower may, by notifying the Administrative Agent thereof, elect to cause the Borrowing Base to be redetermined between Scheduled Redeterminations (A) up to two times per fiscal year and (B) in addition to the unscheduled redeterminations the Borrower may request pursuant to the foregoing clause (A), contemporaneously with the consummation of any Material Acquisition, and (ii) the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during any 12-month period, each up to two times per fiscal year elect to cause the Borrowing Base to be redetermined between Scheduled Redeterminations (each such redetermination, an “Interim Redetermination”) in accordance with this Section 2.07; provided that, neither the Borrower nor the Administrative Agent acting at the direction of the Required Lenders may elect to cause an Interim Redetermination during the period commencing on the Effective Date and ending on April 1, 2021.

Scheduled and Interim Redeterminations. The Borrowing Base shall be redetermined semi-annually in accordance with this Section 2.07(b) 2.07 (a “Scheduled 37 Redetermination”), and, subject to Section 2.07(d), such redetermined Borrowing Base shall become effective and applicable to the Borrower, the Agents, the Issuing Bank and the Lenders on April May 1st and October November 1st of each year (or, in each case, such date promptly thereafter as reasonably practicable), commencing April May 1, 20212018. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during any 12-month periodbetween Scheduled Redeterminations, each elect to cause the Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07; provided that, neither the Borrower nor the Administrative Agent acting at the direction of the Required Lenders may elect to cause an Interim Redetermination during the period commencing on the Effective Date and ending on April 1, 2021.

Scheduled and Interim Redeterminations. The Borrowing Base and the Conforming Borrowing Base shall be redetermined semi-annually in accordance with this Section 2.07(b) 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined Borrowing Base and Conforming Borrowing Base shall become effective and applicable to the Borrower, the Agents, the Issuing Bank and the Lenders on April 1st and October 1st of each year (or, in each case, such date promptly thereafter as reasonably practicable), commencing April year; provided that the initial Scheduled Redetermination shall be November 1, 20212007. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during any 12-12 month period, each elect to cause the Borrowing Base and the Conforming Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07; provided that, neither the Borrower nor the Administrative Agent acting at the direction of that the Required Lenders may elect shall not have the right to cause make such a request for an Interim Redetermination during calendar year 2007 for the period commencing on thirty (30) days following the Effective Date and ending on April 1, 2021Date.

Scheduled and Interim Redeterminations. The Borrowing Base shall be first redetermined on May 1, 2017 and semi-annually thereafter in accordance with this Section 2.07(b) (each such redetermination, a “Scheduled Redetermination”), and, subject . Subject to Section 2.07(d), such redetermined Borrowing Base shall become effective and applicable to the Borrower, the AgentsAdministrative Agent, the Issuing Bank and the Lenders on April May 1st and October November 1st of each year (or, in each case, such date promptly thereafter as reasonably practicable)year, commencing April May 1, 20212017. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, in each case, one time during each period between any 12-month periodtwo consecutive Scheduled Redeterminations, each elect to cause the Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07; provided that, that neither the Borrower Borrower, nor the Administrative Agent acting at the direction of and the Required Lenders may elect Lenders, shall have a right to cause request an Interim Redetermination during prior to the period commencing on the Effective Date and ending on April 1, 2021first Scheduled Redetermination.