Common use of Borrowing Base Reduction Events Clause in Contracts

Borrowing Base Reduction Events. (i) If the Borrower or any Subsidiary novates, sells, assigns, unwinds, terminates, restructures, modifies, amends or otherwise affects (“Unwinds”) any Borrowing Base Hedging Agreement, the Borrowing Base then in effect shall automatically be reduced by an amount equal to the ▇▇▇▇-to-market value (as determined by the Administrative Agent) of such Borrowing Base Hedging Agreement as of the date of such Unwind, if any, resulting from such event (which right shall be in addition to the Administrative Agent’s right to request Interim Redetermination between each Scheduled Redetermination). (ii) If the Borrower or any Subsidiary sells any of the Oil and Gas Properties during any period between two successive Scheduled Redetermination Dates having a fair market value in excess of 2.5% of the then effective Borrowing Base, individually or in the aggregate, the Borrowing Base then in effect shall automatically be reduced by an amount equal to the value, if any, assigned such Property in the most recently delivered Reserve Report (which reduction shall be in addition to the Administrative Agent’s right to request an Interim Redetermination between each Scheduled Redetermination). Such amount shall then become the Borrowing Base until the next Scheduled Redetermination Date, the next Interim Redetermination Date or the next adjustment to the Borrowing Base under Section 2.07(f), Section 8.13(c) or Section 9.11, whichever occurs first.

Borrowing Base Reduction Events. (i) If the Borrower or any Subsidiary novates, sells, assigns, unwinds, terminates, restructures, modifies, amends or otherwise affects (“"Unwinds”") any Borrowing Base Hedging Agreement, the Borrowing Base then in effect shall automatically be reduced by an amount equal to the ▇m▇▇▇-to-market value (as determined by the Administrative Agent) of such Borrowing Base Hedging Agreement as of the date of such Unwind, if any, resulting from such event (which right shall be in addition to the Administrative Agent’s 's right to request Interim Redetermination between each Scheduled Redetermination). (ii) If the Borrower or any Subsidiary sells any of the Oil and Gas Properties during any period between two successive Scheduled Redetermination Dates having a fair market value in excess of 2.5% of the then effective Borrowing Base, individually or in the aggregate, the Borrowing Base then in effect shall automatically be reduced by an amount equal to the value, if any, assigned such Property in the most recently delivered Reserve Report (which reduction shall be in addition to the Administrative Agent’s 's right to request an Interim Redetermination between each Scheduled Redetermination). Such amount shall then become the Borrowing Base until the next Scheduled Redetermination Date, the next Interim Redetermination Date or the next adjustment to the Borrowing Base under Section 2.07(f), Section 8.13(c) or Section 9.11, whichever occurs first.