Borrowing Base Redeterminations. The Borrowing Base shall be redetermined semi-annually in accordance with this Section 2.08 (a “Scheduled Redetermination”), and subject to Section 2.08(d), such redetermined Borrowing Base shall become effective and applicable to the Borrower, the Agents, any Issuing Bank and the Lenders on April 1st and October 1st of each year, commencing April 1, 2008. In addition, (a) the Borrowing Base shall be redetermined as required by Section 9.02(h) and Section 9.02(m) and (b) the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, elect to cause the Borrowing Base to be redetermined one time each between Scheduled Redeterminations, in the case of clauses (a) and (b), in accordance with this Section 2.08 (each such redetermination, an “Interim Redetermination”).
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Borrowing Base Redeterminations. The Borrowing Base shall be redetermined semi-annually in accordance with this Section 2.08 2.08(b) (a “Scheduled Redetermination”), and subject to Section 2.08(d), such redetermined Borrowing Base shall become effective and applicable to the Borrower, the Agents, any Issuing Bank and the Lenders on April 1st and October 1st of each year, commencing with the first Scheduled Redetermination following the Fifth Amendment Effective Date occurring on April 1, 20082015. In addition, (a) the Borrowing Base shall be redetermined as required by Section 9.02(h) and Section 9.02(m) and (b) the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Majority Lenders, by notifying the Borrower thereof, elect to cause the Borrowing Base to be redetermined one time each between Scheduled Redeterminations, in the case of clauses (a) and (b), Redeterminations in accordance with this Section 2.08 2.08(b) (each such redetermination, an “Interim Redetermination”).
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