Common use of Redetermination Dates Clause in Contracts

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. So long as any of the Commitments are in effect and until payment in full of all Loans loans hereunder, on or around the first Business Day of each April January, April, July and October (each being a "Scheduled Redetermination Date"), the Majority 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 provided that any increase in the Borrowing Base shall occur on or around July 31, 2001, which date shall be deemed a "Scheduled Redetermination Date"require approval of all the Lenders. In addition, 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(whether scheduled or unscheduled), the Borrower shall pay an engineering fee to the Administrative Agent, for its own account, of $10,000.