Interim Redeterminations. In addition to the scheduled Borrowing Base redeterminations provided for in clause (b) above, commencing after the First Scheduled Borrowing Base Redetermination, the Borrowing Base may be further redetermined by the Revolving Lenders or the Borrowers as follows, in each case, based on such information as the Administrative Agent and the Revolving Lenders deem relevant (but in accordance with clause (e) below):
Interim Redeterminations. In addition to the Borrowing Base redeterminations provided for in Section 2.02(b) and based on such information as the Administrative Agent and the Lenders deem relevant (but in accordance with Section 2.02(d)):
Interim Redeterminations. The Borrower may, at its option, one time during any 12-month period initiate an interim redetermination of the Borrowing Base. In addition, the Borrower may, at its option, in connection with any acquisition (or any series of acquisitions occurring since the most recent redetermination of the Borrowing Base) by the Parent, the Borrower or a Restricted Subsidiary of Oil and Gas Properties having a purchase price, either individually or in the aggregate, of $50,000,000 or more, initiate an interim redetermination of the Borrowing Base. The Administrative Agent (at the direction of the Required Lenders, in their option) may one time during any 12-month period initiate an interim redetermination of the Borrowing Base. The Borrowing Base also may be redetermined in accordance with this Agreement upon the occurrence of any of the events described in any of Sections 5.12, 5.17, 6.01(j) or 6.13.
Interim Redeterminations. With effect from the first anniversary of the Closing Date, and in addition to the scheduled redeterminations of the Borrowing Base provided for in Section 3.2, the Majority Lenders shall have the right to require one (1) interim redetermination of the Borrowing Base during any period of twelve (12) consecutive months upon giving the Technical Agent and the Borrowers at least ten (10) days’ prior written notice to such effect, and the Borrowers shall have the right to require one (1) interim determination of the Borrowing Base during any period of twelve (12) consecutive months upon giving the Technical Agent and the Lenders at least ten (10) days’ prior written notice to such effect. In connection with any redetermination of the Borrowing Base under this Section 3.3, the Borrowers shall provide the Technical Agent with such supporting information regarding the Borrowers’ business (including the Hydrocarbon Interests, the Proved Reserves, and production relating thereto) as the Technical Agent or any Lender may reasonably request, including, in the case of requests for an increase to the Borrowing Base of $1,000,000 or more, an updated Independent Reserves Report. Within thirty (30) days after the Technical Agent’s receipt of a request for an interim determination under this Section 3.3 together with such supporting information (if any) referred to in the previous sentence, the Technical Agent shall deliver to each Lender the Technical Agent’s recommendation for the redetermined Borrowing Base. Within ten (10) days after the Lenders’ receipt of the Technical Agent’s recommendation, the Technical Agent and the Majority Lenders shall redetermine the Borrowing Base in accordance with Section 3.4, and the Technical Agent shall promptly notify the Administrative Agent, the Borrowers and the Lenders of the amount of the Borrowing Base as so redetermined provided that if the Majority Lenders do not agree on a redetermined Borrowing Base, the lowest redetermined amount among the Lenders will prevail. If the redetermined amount is lower than the Borrowing Base existing prior to such redetermination, the Borrowing Base shall be equal to the redetermined amount one (1) Business Day after such notification. If the redetermined amount is greater than the Borrowing Base existing prior to such redetermination, express written approval of the Supermajority Lenders shall be required before the redetermined amount may take effect, failing which the Borrowing Base shall rema...
Interim Redeterminations. The Borrower may, at its option, one time during any 12-month period initiate an interim redetermination of the Borrowing Base. In addition, the Borrower may, at its option, in connection with any acquisition (or any series of acquisitions occurring since the most recent redetermination of the Borrowing Base) by the Borrower or a Restricted Subsidiary of Oil and Gas Properties having a purchase price, either individually or in the aggregate, of $50,000,000 or more, initiate an interim redetermination of the Borrowing Base. The Administrative Agent (at the direction of the Required Lenders, in their option) may one time during any 12-month period initiate an interim redetermination of the Borrowing Base. The Borrowing Base also may be redetermined in accordance with Section 6.2.10(i).
Interim Redeterminations. The Company may, at its option one time during a 12 month period, initiate an interim redetermination of the Borrowing Base and the Threshold Amount. The Administrative Agent (at the direction of the Required Lenders, in their option) may, one time during any 12 month period, initiate an interim redetermination of the Borrowing Base; provided however that the Agents and the Lenders hereby waive their right to do so prior to the redetermination under Section 2.09(b) occurring on or before March 31, 1999.
Interim Redeterminations. In addition to the Borrowing Base redeterminations provided for in Section 2.02(b) and 2.02(e), (i) the Administrative Agent and the Lenders in their sole discretion may, or at the request of the Borrower Representative shall, 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 period between scheduled redeterminations; (ii) the Lenders may request an additional redetermination in connection with any sale or proposed sale or disposition of Oil and Gas Properties of any Obligor or any Subsidiary of an Obligor having a market value which, when taken together with the market value of all other sales or other dispositions of Oil and Gas Properties of any Obligor or any Subsidiary of an Obligor occurring since the date of the most recent redetermination, equals or exceeds 5% of the Borrowing Base then in effect; provided that, such request shall not constitute nor be construed as a consent to any sale or proposed sale that would not be permitted under the terms of this Agreement; and (iii) the Lenders may request an additional redetermination if the net aggregate amount of gas imbalances with respect to the Oil and Gas Properties of the Parent and its Subsidiaries exceeds $50,000,000 at any time; provided that, such request shall not constitute nor be construed as a consent to or a waiver of any Default or Event of Default occurring as a result of any such gas imbalance. The party requesting the redetermination under the foregoing clauses (i), (ii) or (iii) shall give the other 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 Representative shall provide the Administrative Agent and the Lenders with such information regarding the Parent 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, including, in the case of requests for an increase to the Borrowing Base of $10,000,000 or more, an updated Independent Engineering Report. The Administrative Agent shall promptly, and in any event within 45 days after the Administrative Agent and the Lenders’ receipt of such information, and to the ex...
Interim Redeterminations. In addition to the Borrowing Base redeterminations provided for in Section 2.02(b), the Administrative Agent and the Lenders may (i) at the request of the Borrower make one additional redetermination of the Borrowing Base during any six-month period between scheduled redeterminations, and (ii) in their sole discretion make additional redeterminations of the Borrowing Base at any time and for any reason between scheduled redeterminations, and in any case, based on such information as the Administrative Agent and the Lenders deem relevant (but in accordance with Section 2.02(d)). 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 paragraph (c) is to be performed. In connection with any redetermination of the Borrowing Base under this Section 2.02(c), the Borrower Representative shall promptly, and in any event with 14 days after a request is made by the Administrative Agent or a Lender, provide the Administrative Agent and the Lenders with such information regarding each Borrower’s and its respective 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. The Administrative Agent shall promptly, and in any event within 45 days after the Administrative Agent and the Lenders’ receipt of such information, and to the extent applicable, an updated Engineering Report, notify the Borrower Representative 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 Redeterminations. If (i) the Borrower terminates any Commodity Hedging Agreements that were previously the basis for an increase in the Borrowing Base, or (ii) so requested by the Majority Banks or the Borrower at any time after any change in commodity prices, applicable laws, contracts, material reserve additions, drilling results or the Hydrocarbon Properties as a result of acquisitions or Dispositions or the pricing parameters that the Banks apply to similar production loans for similarly situated companies, that are reasonably expected to result in a change of the Borrowing Base by more than 5% or the Borrower or any of its Restricted Subsidiaries enters into a Commodity Hedging Agreement and requests the Banks to evaluate the effect of such Commodity Hedging Agreements on the Borrowing Base (provided that the Majority Banks (collectively) pursuant to this clause (ii) and the Borrower may each only make one such request in any 12-month period), or (iii) so requested by the Majority Banks at any time (provided that the Majority Banks (collectively) pursuant to this clause (iii) may only make one such request in any 12-month period), the Administrative Agent shall, as promptly as reasonably practicable after the receipt of such request or in the case of clause (i) above, receives notice of the occurrence of the applicable event, endeavor to redetermine (in consultation with the Majority Banks) the Borrowing Base as then in effect on the basis of the then most recent Reserve Evaluation Report or such new Reserve Evaluation Report, which in the case of material reserve additions or acquisitions shall be prepared by an Independent Petroleum Engineer, delivered with such request (subject, however, to such additional adjustments to the rates, factors, values, estimates, assumptions and computations as set forth therein as the Administrative Agent, with the concurrence of the Majority Banks, may determine to be appropriate in accordance with their current parameters for similar production loans for similarly situated companies) and any other relevant information and factors, including, without limitation, any additional Indebtedness or other obligations that have been or are reasonably anticipated to be incurred by the Borrower and its Restricted Subsidiaries and any Hydrocarbon Properties (and assets relating thereto) acquired by the Borrower and its Restricted Subsidiaries (which are not subject to any Lien other than Liens created under the Security Documents or Permitted Li...
Interim Redeterminations. (1) In addition to the Borrowing Base redeterminations provided for in Section 2.05(b), the Administrative Agents and the Banks may, either in their sole discretion or at the request of the Borrowers and based on such information as the Administrative Agents and the Banks deem relevant (but in accordance with Section 2.05(d)), make one additional redetermination of the Borrowing Bases during any 12-month period. The party requesting the redetermination shall give the other party at least 10 days' prior written notice that a redetermination of the Borrowing Bases pursuant to this paragraph (c) is to be performed.
