Redetermination Dates Clause Samples
The Redetermination Dates clause establishes specific points in time when certain terms, such as pricing, rates, or obligations, are reviewed and potentially adjusted. In practice, this clause might set annual or periodic dates on which the parties revisit key contract elements to ensure they remain fair and reflective of current conditions, such as market rates or performance metrics. Its core function is to provide a structured mechanism for updating contract terms, thereby reducing the risk of outdated or inequitable provisions and ensuring ongoing alignment with external factors.
Redetermination Dates. The dates, shown in Section 1, Contract Data, upon which the guaranteed interest rate for the fixed account will be redetermined.
Redetermination Dates. So long as any of the Commitments are in effect and until payment in full of all Loans hereunder, on or around the first Business Day of each April and October (each being a "Scheduled Redetermination Date"), the Lenders shall redetermine the amount of the Borrowing Base and the Monthly Reduction Amount in accordance with Section 2.08(b); provided, however, an interim redetermination of the Borrowing Base shall occur on or around July 31, 2001, which date shall be deemed a "Scheduled Redetermination Date". In addition, (i) the Borrower may initiate a redetermination of the Borrowing Base and the Monthly Reduction Amount at any other time as it so elects by specifying in writing to the Administrative Agent (who will promptly notify the Lenders) the date by which the Borrower will furnish to the Administrative Agent and the Lenders a Reserve Report in accordance with Section 8.07(b) and the date by which such redetermination is requested to occur; provided, however, that the Borrower may initiate only one such unscheduled redetermination per calendar year and (ii) the Administrative Agent may initiate a redetermination of the Borrowing Base and the Monthly Reduction Amount at any other time as it so elects by specifying in writing to the Borrower the date by which the Borrower is to furnish a Reserve Report in accordance with Section 8.07(b) and the date on which such redetermination is to occur; provided, however, that the Administrative Agent may initiate only one such unscheduled redetermination between each Scheduled Redetermination Date. Concurrently with the delivery of each Reserve Report delivered in connection with each unscheduled Borrowing Base redetermination requested by the Borrower, the Borrower shall pay an engineering fee to the Administrative Agent, for its own account, of $10,000.
Redetermination Dates. (a) The Borrowing Base and the Conforming Borrowing Base shall be Redetermined on July 1, 1998 and on each October 1 and April 1 thereafter commencing October 1, 1998, or, in each such case, on a date as promptly thereafter as reasonably possible based on the engineering and other information available to the Banks.
(b) In addition to Scheduled Redeterminations, Borrower and Required Banks shall each be entitled to require a Special Redetermination of the Borrowing Base and Conforming Borrowing Base once in each Fiscal Year. Any request for a Special Determination shall be made pursuant to a written notice to the other parties to this Agreement, and, in the case of a request by Borrower, such notice shall be accompanied by a Reserve Report. Any Special Redetermination shall be made twenty (20) days following delivery of the notice requesting such Special Redetermination or on a date as promptly thereafter as reasonably possible based on the engineering and other information available to the Banks.
Redetermination Dates. 27 SECTION 4.5. Borrowing Base Deficiency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 SECTION 4.6. Initial Borrowing Base . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28