Common use of Interim Redetermination Clause in Contracts

Interim Redetermination. In addition to the Borrowing Base redeterminations provided for in Section 2.02(b), (i) the Borrower may request one additional redetermination of the Borrowing Base during any 12-month period and (ii) the Majority Lenders may make one additional redetermination of the Borrowing Base during any 12-month period; provided, however, that any increase in the Borrowing Base resulting from such a redetermination shall require the consent of all the Lenders; and provided further, that such redeterminations shall be in the Lenders’ sole discretion and shall be based on such information as the Administrative Agent and the Lenders deem relevant (but in accordance with Section 2.02(d)). The parties requesting the redetermination shall give the other parties at least 10 days’ prior written notice that a redetermination of the Borrowing Base pursuant to this paragraph (c) is to be performed. In connection with any redetermination of the Borrowing Base under this Section 2.02(c), the Borrower shall provide the Administrative Agent and the Lenders with such information regarding the Credit Parties’ business (including, without limitation, its Oil and Gas Properties, the Proven Reserves, and production relating thereto) as the Administrative Agent or any Lender may request. In connection with such interim redeterminations, the Administrative Agent may request the Borrower to deliver an updated Internal Engineering Report or Independent Engineering Report. The Administrative Agent shall promptly notify the Borrower in writing of each redetermination of the Borrowing Base pursuant to this Section 2.02(c) and the amount of the Borrowing Base as so redetermined.

Interim Redetermination. In addition to the Borrowing Base redeterminations provided for in Section 2.02(b), (i) the Administrative Agent and the Lenders may, either in their sole discretion or at the request of the Borrower may request one additional redetermination of the Borrowing Base during any 12-month period and (ii) the Majority Lenders may make one additional redetermination of the Borrowing Base during any 12-month period; provided, however, that any increase in the Borrowing Base resulting from such a redetermination shall require the consent of all the Lenders; and provided further, that such redeterminations shall be in the Lenders’ sole discretion and shall be based on such information as the Administrative Agent and the Lenders deem relevant (but in accordance with Section 2.02(d)), make one additional redetermination of the Borrowing Base during any six-month period between scheduled redeterminations. The parties party requesting the redetermination shall give the other parties party at least 10 days’ ' prior written notice that a redetermination of the Borrowing Base pursuant to this paragraph (c) is to be performed. In connection with any redetermination of the Borrowing Base under this Section 2.02(c), the Borrower shall provide the Administrative Agent and the Lenders with such information regarding the Credit Parties’ Borrower and its Subsidiaries' business (including, without limitation, its Oil and Gas Properties, the Proven Reserves, and production relating thereto) as the Administrative Agent or any Lender may request. In connection with such interim redeterminations, the Administrative Agent may request the Borrower to deliver including an updated Internal Engineering Report or Independent Engineering Report. The Administrative Agent shall promptly notify the Borrower in writing of each redetermination of the Borrowing Base pursuant to this Section 2.02(c) and the amount of the Borrowing Base as so redetermined.

Interim Redetermination. In addition to the Borrowing Base redeterminations provided for in Section 2.02(b), (i) the Borrower may request one additional redetermination of the Borrowing Base during any 12-month period and (ii) the Majority Lenders may make one additional redetermination of the Borrowing Base during any 12-month period; provided, however, (except that any increase in the Borrowing Base resulting from such a redetermination shall require the consent of all the Lenders; and provided further) may, that such redeterminations shall be either in the Lenders’ their sole discretion or at the request of the Borrower and shall be based on such information as the Administrative Agent and the Lenders deem relevant (but in accordance with Section 2.02(d)), make additional redeterminations of the Borrowing Base. The parties requesting the redetermination shall give the other parties at least 10 days’ prior written notice that a redetermination of the Borrowing Base pursuant to this paragraph (c) is to be performed. In connection with any redetermination of the Borrowing Base under this Section 2.02(c), the Borrower shall provide the Administrative Agent and the Lenders with such information regarding the Credit Parties’ business (including, without limitation, its Oil and Gas Properties, the Proven Reserves, and production relating thereto) as the Administrative Agent or any Lender may request. In connection with such interim redeterminations, including, in the Administrative Agent may request case of requests for an increase to the Borrower to deliver Borrowing Base of $1,000,000 or more, an updated Internal Engineering Report or Independent Engineering Report. The Administrative Agent shall promptly notify the Borrower in writing of each redetermination of the Borrowing Base pursuant to this Section 2.02(c) and the amount of the Borrowing Base as so redetermined.

Interim Redetermination. In addition to the Borrowing Base redeterminations provided for in Section 2.02(b), (i) the Borrower may request one two additional redetermination redeterminations of the Borrowing Base during any 12-month period calendar year and (ii) the Majority Supermajority Lenders may make one additional redetermination of the Borrowing Base during any 12-month periodcalendar year; provided, however, that any increase in the Borrowing Base resulting from such a redetermination shall require the consent of all the Lenders; and provided further, that such redeterminations shall be in the Lenders’ sole discretion and shall be based on such information as the Administrative Agent and the Lenders deem relevant (but in accordance with Section 2.02(d)). The parties requesting the redetermination shall give the other parties at least 10 days’ prior written notice that a redetermination of the Borrowing Base pursuant to this paragraph (c) is to be performed. In connection with any redetermination of the Borrowing Base under this Section 2.02(c), the Borrower shall provide the Administrative Agent and the Lenders with such information regarding the Credit Parties’ business (including, without limitation, its Oil and Gas Properties, the Proven Proved Reserves, and production relating thereto) as the Administrative Agent or any Lender may request. In connection with such interim redeterminations, the Administrative Agent may request the Borrower to deliver an updated Internal Engineering Report or Independent Engineering Report. The Administrative Agent shall promptly notify the Borrower in writing of each redetermination of the Borrowing Base pursuant to this Section 2.02(c) and the amount of the Borrowing Base as so redetermined.

Interim Redetermination. In addition to the Borrowing Base redeterminations provided for in Section 2.02(b), (i) the Borrower may request one two additional redetermination redeterminations of the Borrowing Base during any 12-month period and (ii) the Majority Lenders may make one additional redetermination of the Borrowing Base during any 12-month period; provided, however, that any increase in the Borrowing Base resulting from such a redetermination shall require the consent of all the Lenders; and provided further, that such redeterminations shall be in the Lenders’ ' sole discretion and shall be based on such information as the Administrative Agent and the Lenders deem relevant (but in accordance with Section 2.02(d)). The parties requesting the redetermination shall give the other parties at least 10 days’ prior written notice that a redetermination of the Borrowing Base pursuant to this paragraph (c) is to be performed. In connection with any redetermination of the Borrowing Base under this Section 2.02(c), the Borrower shall provide the Administrative Agent and the Lenders with such information regarding the Credit Parties’ business (including, without limitation, its Oil and Gas Properties, the Proven Reserves, and production relating thereto) as the Administrative Agent or any Lender may request. In connection with such interim redeterminations, the Administrative Agent may request the Borrower to deliver an updated Internal Engineering Report or Independent Engineering Report. The Administrative Agent shall promptly notify the Borrower in writing of each redetermination of the Borrowing Base pursuant to this Section 2.02(c) and the amount of the Borrowing Base as so redetermined.