Scheduled Redetermination

Scheduled Redetermination. On April 1st and October 1st of each year, commencing October 1, 2002. In addition (i) the Company may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Company thereof, one time during any 12-month period, elect to cause, and (ii) if any refinancing of the Debt of the Company under or in respect of... (X) the Indenture or any Senior Subordinated Note permitted by the terms of this Agreement results in the Company receiving net proceeds in excess of the aggregate principal amount of the Senior Subordinated Notes outstanding on the Closing Date or (Y) the 2003 Indenture or any 2003 Senior Subordinated Note permitted by the terms of this Agreement results in the Company receiving net proceeds in excess of the aggregate principal amount of the 2003 Senior Subordinated Notes outstanding on the first Business Day following the First Amendment Effective Date, the Administrative Agent shall cause, the Borrowing Base to be redetermined between Scheduled Redeterminations (a redetermination pursuant to clause (i) or (ii) of this Section 2.09(b), called an "Interim Redetermination") in accordance with this Section. The Borrowing Base shall be subject to further adjustments from time to time pursuant to Section 9.15. View More

Scheduled Redetermination. Scheduled and Interim Redeterminations. The Borrowing Base shall be redetermined semi-annually in accordance with this Section 2.07 (a "Scheduled Redetermination"), and, subject to Section 2.07(d), such redetermined Borrowing Base shall become effective and applicable to the Borrower, the Agents, the Issuing Bank and the Lenders on May 1st and November 1st of each year, commencing with a one-time redetermination on December 1, 2011, followed by semi-annual redeterminations commencing on May 1,... 2012. In addition, 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, one time during any 6 month period, each elect to cause the Borrowing Base to be redetermined between Scheduled Redeterminations (an "Interim Redetermination") in accordance with this Section 2.07. View More