Common use of Unscheduled Redeterminations Clause in Contracts

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. 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 the Borrower or any of its Subsidiaries, and (ii) the Required Majority 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.