Scheduled Determination definition
Examples of Scheduled Determination in a sentence
Upon each designation of a new Borrowing Base on a Scheduled Determination or a Special Determination, the Administrative Agent shall notify the Borrower of the new Borrowing Base which designation shall take effect immediately on the date such notice is sent (each such date (including the Closing Date), a “Determination Date”) and shall remain in effect until, but not including, the next Determination Date.
SECTION 2.7.2. Semi-Annual Scheduled Determination of the Borrowing Base.
Upon each designation of a new Borrowing Base on a Scheduled Determination or a Special Determination, the Administrative Agent shall notify the Borrower of the new Borrowing Base which designation shall take effect immediately on the date such notice is sent (each such date, a “Determination Date”) and shall remain in effect until, but not including, the next Determination Date.
For the avoidance of doubt, in the case of an Interim Redetermination, the Administrative Agent may utilize the Engineering Reports delivered in connection with the last Scheduled Determination, provided, however, the Administrative Agent may in its sole discretion request Borrower-generated supplemental Engineering Reports in connection with such Interim Redetermination.
For the purposes of Section 4.2 of the Credit Agreement, the redetermination set forth in this Section 2 will constitute the Periodic Determination for the June 30, 2011 Scheduled Determination Date and shall not be construed or deed to be a Special Determination for purposes of Section 4.3 of the Credit Agreement.
The Borrowing Base, as redetermined, shall remain in effect until the next Determination Date, provided the Borrowing Base may be redetermined between Determination Dates in accordance with Section 4.4. 4.3 Engineering Data to be Provided Prior to Scheduled Determination Dates.
Both the Borrower, on the one hand, and the Administrative Agent and the Lenders party hereto, on the other hand, agree that the foregoing redetermination of the Borrowing Base pursuant to this Section 2 shall constitute the regularly scheduled fall 2020 Scheduled Determination of the Borrowing Base and shall not constitute a Special Determination.
For the sake of clarity, the next Scheduled Determination of the Borrowing Base shall be based on a Reserve Report as of June 30, 2014 (or July 1, 2014), which Reserve Report shall be delivered by September 1, 2014 in accordance with Section 8.12(a)(ii) of the Credit Agreement.
For the sake of clarity, the next Scheduled Determination of the Borrowing Base shall be based on a Reserve Report as of December 31, 2013 (or January 1, 2014), which Reserve Report shall be delivered by March 1, 2014 in accordance with Section 8.12(a)(i) of the Credit Agreement.
For the sake of clarity, the next Scheduled Determination of the Borrowing Base shall be based on a Reserve Report as of June 30, 2015 (or July 1, 2015), which Reserve Report shall be delivered by September 1, 2015 in accordance with Section 8.12(a)(ii) of the Credit Agreement.