Unscheduled Redeterminations. In addition to the redeterminations of the Borrowing Base and the Monthly Reduction Amount described in Section 2.08(d), (i) Borrower may initiate a redetermination of the Borrowing Base and/or the Monthly Reduction Amount at any other time as it so elects by specifying in writing to Agent (who will promptly notify the Lenders) the date by which Borrower will furnish to 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 Borrower may initiate such unscheduled redetermination (x) once per fiscal year and (y) from time to time, pursuant to an acquisition of additional Oil and Gas Properties by Borrower or any of its Subsidiaries, and (ii) the Required Lenders or Agent may initiate a redetermination of the Borrowing Base and/or the Monthly Reduction Amount at any other time they so elect by specifying in writing to Borrower the date by which Borrower is to furnish a Reserve Report in accordance with Section 8.07(b) and the date on which such redetermination is to occur.
Unscheduled Redeterminations. Not later than the date 45 days after any Redetermination Event, the Administrative Agent may (and (i) if requested by (x) Banque Paribas (at any time that Banque Paribas' Commitment equals or exceeds $35,000,000) or (y) the Required Lenders as provided in paragraph (a) of the definition of such term in Section 1.01 hereof, (ii) if such Redetermination Event is an event referred to in paragraph (b) of the definition of such term in Section 1.01 hereof or (iii) if such Redetermination Event is an event referred to in paragraphs (c), (d), or (e) of such term in Section 1.01 hereof and the Borrower so requests, shall), by notice to the Borrower and the Lenders, redetermine the Borrowing Base and the Threshold Amount (in the case of paragraphs (b) and (e) of the definition of Redetermination Event) in accordance with the provisions of Section 1.04(b)(ii) hereof with the approval of the Lenders. In determining the Borrowing Base and the Threshold Amount pursuant to this Section 1.04(c), the Administrative Agent shall (with the approval of the Lenders) be entitled to give effect to the occurrence of any events or circumstances giving rise to or constituting the relevant Redetermination Event. Any determination of the Borrowing Base and Threshold Amount following a Redetermination Event referred to in paragraph (e) of the definition of such term in Section 1.01 hereof shall be made by the Administrative Agent and the Lenders in their sole discretion based on such factors as they deem relevant using the criteria generally employed by the Administrative Agent and each such Lender, respectively, on the date of determination with respect to borrowers similar to the Borrower. The effective date of the redetermined Borrowing Base and Threshold Amount (if applicable) shall be established in accordance with Section 1.04(b) hereof, provided that no Reserve Evaluation Report shall be required for a determination of the Borrowing Base following a Redetermination Event referred to in paragraph (c), (d) and (e) of the definition of such term in Section 1.01 hereof. Notwithstanding anything herein to the contrary, upon the occurrence of any of the events specified in clauses (c), (d) and (e) of the definition of Redetermination Event, if the Borrower has not requested a redetermination of the Borrower Base and Threshold Amount, as provided for above, the Borrowing Base and Threshold Amount shall automatically be reduced only by 100% (but not below zero) of the Net Available Pr...
Unscheduled Redeterminations. Within thirty (30) days after either (i) receipt of notice from the Agent that the Agent requires an Unscheduled Redetermination, or (ii) the Borrower giving notice to the Agent of the Borrower's desire to have an Unscheduled Redetermination performed, the Borrower shall furnish to the Lenders an engineering report prepared by a representative of the Borrower in form and substance satisfactory to the Agent valuing the Borrower's and the other Restricted Persons' Oil and Gas Real Properties using the same methodology used by the Borrower's representative under Section 9(b) and shall include such other information concerning the value of the Oil and Gas Real Properties in question as the Agent shall deem reasonably necessary to determine the value of such Oil and Gas Real Properties. The Agent and the Borrower may each request no more than one Unscheduled Redetermination between regularly scheduled determinations under Section 9(b).
Unscheduled Redeterminations. In addition to the redeterminations of the Borrowing Base and the Monthly Reduction Amount described in Section 2.08(d), (i) Borrower may initiate a redetermination of the Borrowing Base and/or the Monthly Reduction Amount at any other time as it so elects by specifying in writing to Administrative Agent (who will promptly notify the Lenders) the date by which Borrower will furnish to 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 Borrower may initiate only one such unscheduled redetermination between Scheduled Redetermination Dates, (ii) the Majority Lenders or Administrative Agent may initiate a redetermination of the Borrowing Base and/or the Monthly Reduction Amount at any other time as they so elect by specifying in writing to Borrower the date by which 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 Majority Lenders or Administrative Agent may initiate only one such unscheduled redetermination between Scheduled Redetermination Dates, and (iii) Administrative Agent may initiate a redetermination of the Borrowing Base and/or the Monthly Reduction Amount upon the occurrence of (A) an early termination or a material amendment or modification of the Aspen Operations Agreement or (B) the transfer of any interest in any Oil and Gas Properties of Borrower to Sigma pursuant to the terms of the Sigma Consulting Agreement.
Unscheduled Redeterminations. Not later than the date 45 days after (x) a request by the Borrower accompanied by a new Reserve Report (provided no more than 2 of such requests may be made by the Borrower in any fiscal year) or (y) any Redetermination Event, the Agent may (and (i) if requested by the Required Lenders or the Borrower as aforesaid or (ii) if such Redetermination Event is an event referred to in paragraph (b) of the definition of such term in Section 1.02 hereof, shall), by notice to the Borrower and the Lenders, re-establish the Borrowing Base and, if prior to the first anniversary of the Closing Date, the Threshold Amount, with the approval of the Required Lenders. In determining the Borrowing Base and, if prior to the first anniversary of the Closing Date, the Threshold Amount, pursuant to this Section 2.09(c), the Agent shall (with the approval of the Required Lenders) be entitled to give effect to the occurrence of any events or circumstances giving rise to or constituting the relevant Redetermination Event. Any determination of the Borrowing Base following a Redetermination Event referred to in paragraph (d) of the definition of such term in Section 1.02 hereof shall be made by the Agent and the Required Lenders in their sole discretion based on such factors as
Unscheduled Redeterminations. In addition to the redeterminations of the Borrowing Base described in Section 2.08(d), (i) Borrower may initiate a redetermination of the Borrowing Base at any other time as it so elects by specifying in writing to Administrative Agent (who will promptly notify the Lenders) the date by which Borrower will furnish to 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 Borrower may initiate only one such unscheduled redetermination between Scheduled Redetermination Dates, (ii) the Majority Lenders or Administrative Agent may initiate a redetermination of the Borrowing Base at any other time as they so elect by specifying in writing to Borrower the date by which 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 Majority Lenders or Administrative Agent may initiate only one such unscheduled redetermination between Scheduled Redetermination Dates.
Unscheduled Redeterminations. In addition to the redetermination of the Borrowing Base described in Section 2.2(b)(ii), Borrower may initiate a redetermination of the Borrowing Base at any other time as it so elects by specifying in writing to Administrative Agent the date by which Borrower will furnish to Administrative Agent a Reserve Report in accordance with Section 5.6 and the date by which such redetermination is requested to occur and Lender may also initiate such a redetermination in its sole discretion; provided, however, that Borrower and Lender may each initiate only two such unscheduled redeterminations each between scheduled redetermination dates.
Unscheduled Redeterminations. In addition to the redeterminations of the Borrowing Base described in Section 2.08(b), (i) Borrower may initiate Unscheduled Redeterminations at any other time as it so elects by specifying in writing to Agent (who will promptly notify the Lenders) the date by which Borrower will furnish to 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 Borrower may initiate such unscheduled redetermination (x) only one time between each Scheduled Redetermination Date and (y) from time to time, pursuant to a Material Acquisition of additional Oil and Gas Properties by Borrower or any of its Subsidiaries, and (ii) Agent, at the direction of the Required Lenders, may initiate a redetermination of the Borrowing Base at any other time they so elect by specifying in writing to Borrower the date by which Xxxxxxxx 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 Agent, at the direction of the Required Lenders, may initiate such unscheduled redetermination only one time between each Scheduled Redetermination Date.
