Common use of Total Reserve Value Clause in Contracts

Total Reserve Value. (a) Subject to interim adjustment under Section 8.13, Section 8.18 and Section 9.13, the initial Total Reserve Value shall be $943,359,901. The Borrower shall deliver to the Administrative Agent a Reserve Report Certificate, no later than March 1st and September 1st of each year reflecting the Total Reserve Value as of the immediately preceding January 1 and July 1, commencing September 1, 2009. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Majority Lenders, by notifying the Borrower thereof, each elect to require the Total Reserve Value to be determined one additional time on a specified “as of” date between such regular determinations (which shall be the first day of a calendar month following the date of such notice), in which event the Borrower shall deliver to the Administrative Agent a certificate, in form reasonably satisfactory to the Administrative Agent, no later than three months after such specified date reflecting the Total Reserve value as of such specified date. The Borrower shall calculate the Total Reserve Value based upon the applicable definitions of this Agreement, and provide with each such certificate the Reserve Report and other information used by the Borrower in calculating the Total Reserve Value. (b) Upon receipt of such certificate, the Administrative Agent shall promptly review such certificate and, within five (5) Business Days, confirm to the Borrower and the Lenders that (i) the calculations used to determine the Total Reserve Value were based upon the pricing and other requirements set forth in the definition of Total Reserve Value and (ii) no mathematical or other errors or omissions have been made in such calculation. If facts under (i) or (ii) are ascertained to exist, the Administrative Agent and the Borrower shall cooperate to promptly calculate the proper amount of the Total Reserve Value. Otherwise, upon confirmation of such amount as the Total Reserve Value, such amount will be the Total Reserve Value until next adjusted or redetermined in accordance with the terms of this Agreement.

Total Reserve Value. (a) Subject to interim adjustment under Section 8.13, Section 8.18 8.14 and Section 9.13, the initial Total Reserve Value shall be $943,359,901249,019,860. The Borrower In connection with each semi-annual redetermination, the Borrowers shall deliver to the Administrative Agent a Reserve Report Certificatecertificate, in form reasonably satisfactory to the Administrative Agent, no later than March 1st and September 1st of each year reflecting the year, setting forth in sufficient detail Borrower's calculation of Total Reserve Value as of the immediately preceding January 1 and July 1, commencing September March 1, 20092006. In addition, the Borrower Borrowers may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Majority Lenders, by notifying the Borrower Borrowers thereof, each elect to require the Total Reserve Value to be determined one additional time on a specified “"as of” " date between such regular determinations (which shall be the first day of a calendar month following the date of such notice), in which event the Borrower Borrowers shall deliver to the Administrative Agent a certificate, in form reasonably satisfactory to the Administrative Agent, no later than three months after such specified date reflecting the Total Reserve value as of such specified date. The Borrower Borrowers shall calculate the Total Reserve Value based upon the applicable definitions of this Agreement, and provide with each such certificate the Reserve Report and other information used by the Borrower Borrowers in calculating the Total Reserve Value. (b. In addition to the foregoing, the Total Reserve Value shall be subject to further adjustment from time to time in accordance with Section 6.01(n), Section 8.13(c) and Section 9.13(d). Upon receipt of such certificate, the Administrative Agent shall promptly review such certificate and, within five ten (510) Business Days, confirm to the Borrower Borrowers and the Lenders that (i) the calculations used to determine the Total Reserve Value were based upon the pricing and other requirements set forth in the definition of Total Reserve Value and Value, (ii) no mathematical or other errors or omissions have been made in such calculationcalculation and (iii) the engineering analysis used to determine the Total PV was based upon estimated production, pricing and costs acceptable to Administrative Agent. If facts under (i), (ii) or (iiiii) are ascertained to exist, the Administrative Agent and the Borrower Borrowers shall cooperate to promptly calculate the proper amount of the Total Reserve Value. Otherwise, upon confirmation of such amount as the Total Reserve Value, such amount will be the Total Reserve Value until next adjusted or redetermined in accordance with the terms of this Agreement.

Total Reserve Value. (a) Subject to interim adjustment under Section 8.13, Section 8.18 8.14 and Section 9.13, the initial Total Reserve Value shall be $943,359,9011,156,438,200. The Borrower shall deliver to the Administrative Agent a Reserve Report Certificatecertificate, in form reasonably satisfactory to the Administrative Agent, no later than March April 1st and September October 1st of each year reflecting the Total Reserve Value as of the immediately preceding January 1 and July 1, commencing September April 1, 20092006. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Majority Lenders, by notifying the Borrower thereof, each elect to require the Total Reserve Value to be determined one additional time on a specified “"as of” " date between such regular determinations (which shall be the first day of a calendar month following the date of such notice), in which event the Borrower shall deliver to the Administrative Agent a certificate, in form reasonably satisfactory to the Administrative Agent, no later than three months after such specified date date, reflecting the Total Reserve value as of such specified date. The Borrower shall calculate the Total Reserve Value based upon the applicable definitions of this Agreement, and provide with each such certificate the Reserve Report and other information used by the Borrower in calculating the Total Reserve Value. (b) . Upon receipt of such certificate, the Administrative Agent shall promptly review such certificate and, within five (5) Business Days, confirm to the Borrower and the Lenders that (i) the calculations used to determine the Total Reserve Value were based upon the pricing and other requirements set forth in the definition of Total Reserve Value and (ii) no mathematical or other errors or omissions have been made in such calculation. If facts under (i) or (ii) are ascertained to exist, the Administrative Agent and the Borrower shall cooperate to promptly calculate the proper amount of the Total Reserve Value. Otherwise, upon confirmation by the Administrative Agent of such amount as the Total Reserve Value, such amount will be the Total Reserve Value until next adjusted or redetermined in accordance with the terms of this Agreement.

Total Reserve Value. (a) Subject to interim adjustment under Section 8.13, Section 8.18 8.13(c) and Section 9.139.12(d), the initial Total Reserve Value shall be $943,359,9014,600,000,000.00. The Borrower shall deliver to the Administrative Agent a Reserve Report Certificatecertificate, in form reasonably satisfactory to the Administrative Agent, no later than March 1st 15th and September 1st 15th of each year year, commencing March 15, 2008, reflecting the Total Reserve Value as of the immediately preceding January 1 and July 1, commencing September 1, 2009December 31st or June 30th. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Majority Lenders, by notifying the Borrower thereof, each elect to require the Total Reserve Value to be determined one additional time on a specified “as of” date between such regular determinations (which shall be the first day of a calendar month following the date of such notice), in which event the Borrower shall deliver to the Administrative Agent a certificate, in form reasonably satisfactory to the Administrative Agent, no later than three months after such specified date reflecting the Total Reserve value Value as of such specified date. The Borrower shall calculate the Total Reserve Value based upon the applicable definitions of this Agreement, and provide with each such certificate the Reserve Report and other information used by the Borrower in calculating the Total Reserve Value. (b) . Upon receipt of such certificate, the Administrative Agent shall promptly review such certificate and, within five (5) Business Days, confirm to the Borrower and the Lenders that (i) the calculations used to determine the Total Reserve Value were based upon the pricing and other requirements set forth in the definition of Total Reserve Value and (ii) no mathematical or other errors or omissions have been made in such calculation. If facts discrepancies or errors under (i) or (ii) are ascertained to exist, the Administrative Agent and the Borrower shall cooperate to promptly calculate the proper amount of the Total Reserve Value. Otherwise, upon confirmation of such amount as the Total Reserve Value, such amount will be the Total Reserve Value until next adjusted or redetermined in accordance with the terms of this Agreement.

Total Reserve Value. (a) Subject to interim adjustment under Section 8.136.01(r), Section 8.18 8.14 and Section 9.13, the initial Total Reserve Value shall be $943,359,9011,050,000,000. The Borrower shall deliver to the Administrative Agent a Reserve Report Certificatecertificate, in form reasonably satisfactory to the Administrative Agent, no later than March April 1st and September October 1st of each year reflecting the Total Reserve Value as of the immediately preceding January 1 and July 1, commencing September April 1, 20092006; and, on or before October 30, 2005, the Borrower shall deliver to the Administrative Agent a Reserve Report with an “as of” date of September 30, 2005 (the “September Reserve Report”) together with a certificate in form reasonably satisfactory to the Administrative Agent reflecting the Total Reserve Value as of September 30, 2005. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Majority Lenders, by notifying the Borrower thereof, each elect to require the Total Reserve Value to be determined one additional time on a specified “as of” date between such regular determinations (which shall be the first day of a calendar month following the date of such notice), in which event the Borrower shall deliver to the Administrative Agent a certificate, in form reasonably satisfactory to the Administrative Agent, no later than three months after such specified date reflecting the Total Reserve value as of such specified date. The Borrower shall calculate the Total Reserve Value based upon the applicable definitions of this Agreement, and provide with each such certificate the Reserve Report and other information used by the Borrower in calculating the Total Reserve Value. (b) . Upon receipt of such certificate, the Administrative Agent shall promptly review such certificate and, within five (5) Business Days, confirm to the Borrower and the Lenders that (i) the calculations used to determine the Total Reserve Value were based upon the pricing and other requirements set forth in the definition of Total Reserve Value and (ii) no mathematical or other errors or omissions have been made in such calculation. If facts under (i) or (ii) are ascertained to exist, the Administrative Agent and the Borrower shall cooperate to promptly calculate the proper amount of the Total Reserve Value. Otherwise, upon confirmation of such amount as the Total Reserve Value, such amount will be the Total Reserve Value until next adjusted or redetermined in accordance with the terms of this Agreement.