PV-9 value of Proved Reserves

PV-9 value of Proved Reserves. If the aggregate PV-9 value of Proved Reserves (as reflected in the most recently delivered Reserve Report and net of the value of Proved Reserves received as consideration therefor, if any) sold or disposed of and Swap Agreements terminated or monetized pursuant to this clause (d) in any period between two successive Scheduled Redetermination Effective Dates exceeds (A) with respect to dispositions of Proved Undeveloped Reserves made in connection with the Sequel Joint Venture, five percent... (5%) of the PV-9 value of Proved Reserves (as reflected in the most recently delivered Reserve Report) or (B) with respect to all other dispositions of Oil and Gas Properties constituting Proved Reserves, five percent (5%) of the Borrowing Base then in effect, in each case calculated at the time of such disposition, termination or monetization, as applicable, then the Borrowing Base shall be reduced by the amount determined by the Required Lenders in good faith consistent with their normal oil and gas lending criteria to be the value, if any, of such Property attributable to the then-effective Borrowing Base and such reduction shall be effective immediately upon written notice by the Required Lenders to the Administrative Agent of their determination thereof; provided, that, for the avoidance of doubt, any such determination or Borrowing Base adjustment shall not be a condition to the Administrative Agent's release of any such Property from all Liens under Security Instruments. View More