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 Administrative Agent may, or at the direction of the Required Lenders shall, based on such information as the Administrative Agent deems relevant (but in accordance with this Section 2.02(c)), make one additional redetermination of the Borrowing Base during any six-month period between scheduled redeterminations; (ii) the Administrative Agent shall, at the request of the Borrower and based on such information as the Administrative Agent deems relevant (but in accordance with this Section 2.02(c)), make one additional redetermination of the Borrowing Base during any six-month period between scheduled redeterminations; and (iii) the Administrative Agent and the Lenders may request an additional redetermination in connection with any sale or proposed sale of Oil and Gas Properties of the Borrower or any of its Subsidiaries having a market value of $5,000,000 or more, to the extent any such sale is permitted by this Agreement. The party requesting the redetermination shall give the other party at least 10 days’ prior written notice that a redetermination of the Borrowing Base pursuant to this Section 2.02(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 Borrower and its Subsidiaries’ business (including its Oil and Gas Properties, the Proven Reserves, and production relating thereto) as the Administrative Agent or any Lender may request, including, in the case of requests for an increase to the Borrowing Base of $1,000,000 or more, an updated 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) and the interim redetermination provided for in Section 2.02(e), (i) the Administrative Agent and the Lenders may, either in their sole discretion or at the direction of the Required Lenders shall, based on such information as the Administrative Agent deems relevant (but in accordance with this Section 2.02(c)), make one additional redetermination of the Borrowing Base during any six-month period between scheduled redeterminations; (ii) the Administrative Agent shall, at the request of the Borrower and based on such information as the Administrative Agent deems and the Lenders deem relevant (but in accordance with this Section 2.02(c2.02(d)), make one additional redetermination redeterminations of the Borrowing Base and the Conforming Borrowing Base during any six-month period between scheduled redeterminations; and (iii) provided that neither the Administrative Agent and the Lenders may request an additional redetermination in connection with any sale or proposed sale of Oil and Gas Properties of nor the Borrower or shall be permitted to request more than one such unscheduled redetermination during any of its Subsidiaries having a market value of $5,000,000 or more, to the extent any such sale is permitted by this Agreementsix-month period between scheduled redeterminations. The party requesting the redetermination shall give the other party at least 10 days’ prior written notice that a redetermination of the Borrowing Base and the Conforming Borrowing Base pursuant to this Section 2.02(cparagraph (c) is to be performed. In connection with any redetermination of the Borrowing Base and the Conforming Borrowing Base under this Section 2.02(c), the Borrower shall provide the Administrative Agent and the Lenders with such information regarding the Borrower and its Subsidiaries’ business (including its Oil and Gas Properties, the Proven Reserves, and production relating thereto) as the Administrative Agent or any Lender may reasonably request, including, in the case of requests for an increase to a proposed change in the Borrowing Base or Conforming Borrowing Base of $1,000,000 10,000,000 or more, an updated Independent Engineering Report. The Administrative Agent shall promptly notify promptly, and in any event within 45 days after the Borrower in writing receipt of each redetermination of such information, recommend to the Lenders a Borrowing Base and the Conforming Borrowing Base pursuant to this Section 2.02(c) ), and once approved by the Required Lenders or Lenders, as applicable, the Administrative Agent shall notify the Borrower in writing of the amount of the Borrowing Base and the Conforming 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 direction request of the Required Lenders shall, Borrower and based on such information as the Administrative Agent deems and the Lenders deem relevant (but in accordance with this Section 2.02(c2.02(d)), make one additional redetermination of the Borrowing Base during any six-month period between scheduled redeterminations; (ii) the Administrative Agent shallredetermination. Additionally, at the request of the Borrower and based on such information as the Administrative Agent deems relevant (but in accordance with this Section 2.02(c)), make one additional redetermination of the Borrowing Base during any six-month period between scheduled redeterminations; and (iii) the Administrative Agent and the Lenders may request an additional redetermination in connection with any sale or proposed sale of Oil and Gas Properties of the Borrower or any of its Subsidiaries (other than the ▇▇▇▇▇▇▇ Shale Properties) having a market value of $5,000,000 500,000 or more, more to the extent any such sale is permitted by this Agreement. The party requesting the redetermination shall give the other party at least 10 days’ prior written notice that a redetermination of the Borrowing Base pursuant to this Section 2.02(cparagraph (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 Borrower and its Subsidiaries’ business (including including, without limitation, its Oil and Gas Properties (other than the ▇▇▇▇▇▇▇ Shale Properties), the Proven Reserves, and production relating thereto) as the Administrative Agent or any Lender may request, including, in the case of requests for an increase to the Borrowing Base of $1,000,000 or more, an updated 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 direction request of the Required Lenders shall, Borrower and based on such information as the Administrative Agent deems and the Lenders deem relevant (but in accordance with this Section 2.02(c2.02(d)), make one additional redetermination of the Borrowing Base during any six-month period between scheduled redeterminations; (ii) the Administrative Agent shallredetermination. Additionally, at the request of the Borrower and based on such information as the Administrative Agent deems relevant (but in accordance with this Section 2.02(c)), make one additional redetermination of the Borrowing Base during any six-month period between scheduled redeterminations; and (iii) the Administrative Agent and the Lenders may request an additional redetermination in connection with any sale or proposed sale of Oil and Gas Properties of the Borrower or any of its Subsidiaries having a market value of $5,000,000 500,000 or more, more to the extent any such sale is permitted by this Agreement. The party requesting the redetermination shall give the other party at least 10 days’ prior written notice that a redetermination of the Borrowing Base pursuant to this Section 2.02(cparagraph (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 Borrower and its Subsidiaries’ business (including including, without limitation, its Oil and Gas Properties, the Proven Reserves, and production relating thereto) as the Administrative Agent or any Lender may request, including, in the case of requests for an increase to the Borrowing Base of $1,000,000 or more, an updated 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.