Scheduled Redetermination. Not less than 30 days prior to each Scheduled Redetermination Date, Borrower shall furnish to Agent and the Lenders a Reserve Report. The March 1 Reserve Report of each year shall be prepared by certified independent petroleum engineers or other independent petroleum consultant(s) reasonably acceptable to Agent and the September 1 Reserve Report of each year shall be prepared by or under the supervision of the chief engineer of Borrower who shall certify such Reserve Report to be true and accurate and to have been prepared in accordance with the procedures used in the immediately preceding March 1 Reserve Report.
Scheduled Redetermination. 25 Section.......................................................................26
Scheduled Redetermination. Effective on the Amendment Effective Date, the Borrowing Base is reaffirmed at $350,000,000 until the next redetermination or adjustment thereof pursuant to the Credit Agreement. The Borrowing Base redetermination provided for by this Amendment is the Scheduled Redetermination for May 1, 2021. This Amendment shall serve as a New Borrowing Base Notice under the Credit Agreement.
Scheduled Redetermination. Each Scheduled Redetermination of the Collateral Value shall be effective when the Borrower is notified of the amount of the redetermined Collateral Value by the Administrative Agent.
Scheduled Redetermination. On or before April 1 and October 1 of each year, commencing October 1, 2023, Borrower shall furnish to Agent and the Lenders a Reserve Report evaluating the Proved Oil and Gas Properties of Borrower and its Subsidiaries as of the immediately preceding January 1 (in the case of the Reserve Report due April 1) and July 1 (in the case of the Reserve Report due October 1), respectively. The Reserve Report as of January 1 of each year shall be prepared by XxXxxxxx and XxxXxxxxxxx, or such other petroleum engineering firm approved by Agent, and the Reserve Report as of July 1 of each year shall be prepared either by XxXxxxxx and XxxXxxxxxxx or such other petroleum engineering firm approved by Agent or by Xxxxxxxx’s internal engineering staff in accordance with the procedures used in the immediately preceding January 1 Reserve Report together with a certificate of the chief engineer of Borrower certifying that such Reserve Report is true and accurate and prepared in accordance with the procedures used in the immediately preceding January 1 Reserve Report.
Scheduled Redetermination. Subject to the occurrence of the First Amendment Effective Date, the Administrative Agent hereby notifies the Borrower of the new Borrowing Base of $380,000,000 and the Lenders and the Borrower hereby agree that, from and after the First Amendment Effective Date until the next Scheduled Redetermination Date, the next Interim Redetermination Date or the next adjustment to the Borrowing Base pursuant to the Borrowing Base Adjustment Provisions, whichever occurs first, the amount of the Borrowing Base shall be $380,000,000. The parties hereto hereby agree that the foregoing redetermination constitutes the Scheduled Redetermination with respect to April 1, 2018 and this Amendment constitutes the New Borrowing Base Notice with respect thereto.
Scheduled Redetermination. Pursuant to Section 2.07(b), each Lender consents to, the Scheduled Redetermination pursuant to which the Borrowing Base shall be increased to $750,000,000, effective from May 1, 2007 to but excluding the next Redetermination Date. Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 8.13(c) or Section 9.13.
Scheduled Redetermination. On or before May 1 of each year Borrower shall furnish, or cause to be furnished, to Administrative Agent and the Lenders the as of December 31 Reserve Report, and on or before November 1 of each year Borrower shall furnish, or cause to be furnished, to Administrative Agent and the Lenders the as of June 30
Scheduled Redetermination. In consideration of the mutual covenants and agreements herein contained and of the loans, extensions of credit and commitments hereinafter referred to, the parties hereto agree as follows.
Scheduled Redetermination. On or before May 1 of each year Borrower shall furnish, or cause to be furnished, to Administrative Agent and the Lenders the as of December 31 Reserve Report, and on or before November 1 of each year Borrower shall furnish, or cause to be furnished, to Administrative Agent and the Lenders the as of June 30 Reserve Report; provided, however, the Initial Reserve Report shall satisfy the requirement for the Reserve Report required to be delivered on or before May 1, 2008. The as of December 31 Reserve Report of each year shall be prepared by certified independent petroleum engineers or other independent petroleum consultant(s) acceptable to Administrative Agent and the as of June 30 Reserve Report of each year shall be prepared by or under the supervision of the chief engineer of Borrower who shall certify such Reserve Report to be true and accurate and to have been prepared in accordance with the procedures used in the immediately proceeding as of December 31 Reserve Report; provided, however, the as of June 30 Reserve Report to be delivered on or before November 1, 2008 shall be prepared by certified independent petroleum engineers or other independent petroleum consultant(s) acceptable to Administrative Agent.
