Common use of Calculation of Borrowing Base Clause in Contracts

Calculation of Borrowing Base. (i) The Company shall deliver to the Administrative Agent and the Revolving Lenders on or before each March 1st, beginning March 1, 2021, an Independent Reserve Report dated effective as of the immediately preceding December 31st, and such other information as may be reasonably requested by the Administrative Agent with respect to the Oil and Gas Properties included or to be included in the Borrowing Base. In the normal course of business (but in any event within 30 days after the Administrative Agent’s and the Revolving Lenders’ receipt of such Independent Reserve Report (and such additional Reserve Report, if any, required under the last sentence of subsection (iv) below) and other information), (A) the Administrative Agent shall deliver to each Revolving Lender the Administrative Agent’s recommendation for the redetermined Borrowing Base, (B) the Administrative Agent and the Revolving Lenders shall redetermine the Borrowing Base in accordance with clause (e) below, and (C) the Administrative Agent shall promptly notify the Company in writing of the amount of the Borrowing Base as so redetermined.

Calculation of Borrowing Base. (i) The Company Borrower shall deliver to the Administrative Agent and the Revolving Lenders on or before each March 1st, beginning March 1, 20212017, an Independent Reserve Engineering Report dated effective as of the immediately preceding December 31stJanuary 1st, and such other information as may be reasonably requested by the Administrative Agent any Lender with respect to the Oil and Gas Properties included or to be included in the Borrowing Base. In the normal course of business (but in any event within 30 days after the Administrative Agent’s and the Revolving Lenders’ receipt of such Independent Reserve Engineering Report (and such additional Reserve Engineering Report, if any, required under the last sentence of subsection (iv) below) and other information), (A) the Administrative Agent shall deliver to each Revolving Lender the Administrative Agent’s recommendation for the redetermined Borrowing Base, (B) the Administrative Agent and the Revolving Lenders shall redetermine the Borrowing Base in accordance with clause (e) belowSection 2.02(e), and (C) the Administrative Agent shall promptly notify the Company Borrower in writing of the amount of the Borrowing Base as so redetermined.