Common use of Engineering Report Clause in Contracts

Engineering Report. The determination of the Borrowing Base on May 31 of any year will be based upon the Independent Engineering Report provided under Section 9.1(d)(i). The determination of the Borrowing Base on November 30 of any year will be based upon the Internal Reserves Change Report or Independent Engineering Report provided under Section 9.1(d)(ii). The determination of the Borrowing Base at any other times may be based upon an Internal Reserves Change Report unless an updated Independent Engineering Report is otherwise available.