Common use of Redetermined Borrowing Base Clause in Contracts

Redetermined Borrowing Base. Pursuant to Section 2.07(c) of the Credit Agreement and notwithstanding any requirement in the Credit Agreement that in connection with the Scheduled Redetermination of the Borrowing Base to be effective January 1, 2014 based on the Reserve Report required to be delivered by November 15, 2013 evaluating the Oil and Gas Properties of the Borrowers and their Subsidiaries as of September 30, 2013 (or October 1, 2013) and any requirement that the Administrative Agent notify the Borrowers and Lenders of the Proposed Borrowing Base in a Proposed Borrowing Base Notice or advise the Borrowers and Lenders of a redetermined Borrowing Base in a New Borrowing Base Notice, the Administrative Agent hereby notifies the Borrowers that, from the Fourth Amendment Effective Date until the next Borrowing Base has been approved in accordance with Section 2.07(c) of the Credit Agreement, the Borrowing Base shall be $300,000,000. This Fourth Amendment constitutes notice to the Borrowers of the redetermined Borrowing Base for purposes of Section 2.07(c) and by its signature to this Agreement each Lender consents to the $300,000,000 redetermined Borrowing Base and acknowledges that from the Fourth Amendment Effective Date until the next Borrowing Base redetermination such Lender’s Commitment is such Lender’s Applicable Percentage of the redetermined Borrowing Base. For the sake of clarity, the next Scheduled Determination of the Borrowing Base shall be based on a Reserve Report as of December 31, 2013 (or January 1, 2014), which Reserve Report shall be delivered by March 1, 2014 in accordance with Section 8.12(a)(i) of the Credit Agreement.

Redetermined Borrowing Base. Pursuant to Section 2.07(c) of the Credit Agreement and notwithstanding any requirement in the Credit Agreement that in connection with the Scheduled Redetermination of the Borrowing Base to be effective January April 1, 2014 based on the Reserve Report required to be delivered by November 15March 1, 2013 2014 evaluating the Oil and Gas Properties of the Borrowers and their Subsidiaries as of September 30December 31, 2013 (or October January 1, 20132014) and any requirement that the Administrative Agent notify the Borrowers and Lenders of the Proposed Borrowing Base in a Proposed Borrowing Base Notice or advise the Borrowers and Lenders of a redetermined Borrowing Base in a New Borrowing Base Notice, the Administrative Agent hereby notifies the Borrowers that, from the Fourth Fifth Amendment Effective Date until the next Borrowing Base has been approved in accordance with Section 2.07(c) of the Credit Agreement, the Borrowing Base shall be $300,000,000400,000,000. This Fourth Fifth Amendment constitutes notice to the Borrowers of the redetermined Borrowing Base for purposes of Section 2.07(c) and by ). As of the Fifth Amendment Effective Date the Aggregate Elected Commitment is $325,000,000. By its signature to this Agreement each Lender consents to the $300,000,000 400,000,000 redetermined Borrowing Base and acknowledges that the $325,000,000 Aggregate Elected Commitment. Each Lender agrees that, subject to any changes in such Lender’s Applicable Percentage and/or Elected Commitment pursuant to Section 2.06(c) of the Credit Agreement, from the Fourth Fifth Amendment Effective Date until the next Borrowing Base redetermination such Lender’s Commitment is shall be the least of (i) such Lender’s Maximum Credit Amount, (ii) such Lender’s Applicable Percentage of the redetermined Borrowing BaseBase and (iii) such Lender’s Elected Commitment. For the sake of clarity, the next Scheduled Determination of the Borrowing Base shall be based on a Reserve Report as of December 31June 30, 2013 2014 (or January July 1, 2014), which Reserve Report shall be delivered by March September 1, 2014 in accordance with Section 8.12(a)(i8.12(a)(ii) of the Credit Agreement.

Redetermined Borrowing Base. Pursuant to Section 2.07(c) of the Credit Agreement and notwithstanding any requirement in the Credit Agreement that in connection with the Scheduled Redetermination of the Borrowing Base to be effective January April 1, 2014 2015 based on the Reserve Report required to be delivered by November 15March 1, 2013 2015 evaluating the Oil and Gas Properties of the Borrowers and their Subsidiaries Loan Parties as of September 30December 31, 2013 2014 (or October January 1, 20132015) (excluding therefrom the Oil and Gas Properties and Swap Agreements to be disposed of by Borrower pursuant to the SPP PSA Transaction) or any requirement that the Administrative Agent notify the Borrowers Borrower and Lenders of the Proposed Borrowing Base in a Proposed Borrowing Base Notice or advise the Borrowers Borrower and Lenders of a redetermined Borrowing Base in a New Borrowing Base Notice, the Administrative Agent hereby notifies the Borrowers Borrower that, from the Fourth Second Amendment Effective Date until the next Borrowing Base has been approved in accordance with Section 2.07(c) of the Credit Agreement, the Borrowing Base shall be $300,000,000550,000,000 (the “Second Amendment Effective Date Borrowing Base”). This Fourth Second Amendment constitutes notice to the Borrowers Borrower of the redetermined Borrowing Base for purposes of Section 2.07(c) and by its signature ). By their signatures to this Agreement each Lender consents Agreement, Lenders comprising Required Lenders consent to the $300,000,000 redetermined Second Amendment Effective Date Borrowing Base and acknowledges that Base. Subject to any changes in a Lender’s Applicable Percentage and/or Elected Commitment pursuant to Section 2.06(c) of the Credit Agreement, from the Fourth Second Amendment Effective Date until the next Borrowing Base redetermination such Lender’s Commitment is shall be the least of (i) such Lender’s Maximum Credit Amount, (ii) such Lender’s Applicable Percentage of the redetermined Second Amendment Effective Date Borrowing BaseBase and (iii) such Lender’s Elected Commitment. For the sake of clarity, the next Scheduled Determination of the Borrowing Base shall be based on a Reserve Report as of December 31June 30, 2013 2015 (or January July 1, 20142015), which Reserve Report shall be delivered by March September 1, 2014 2015 in accordance with Section 8.12(a)(i8.12(a)(ii) of the Credit Agreement.