Asset Disposition Adjustment. In addition to the redeterminations of the Borrowing Base pursuant to Section 4.2 and Section 4.3 and adjustments of the Borrowing Base pursuant to Section 8.11, simultaneously with the completion by any Credit Party of any Asset Disposition, the assets and/or Borrowing Base Hxxxxx subject to which, when aggregated with the assets and/or Borrowing Base Hxxxxx subject to all other Asset Dispositions since the Determination Date of the Borrowing Base then in effect, have a fair market value in excess of 5% of the Borrowing Base then in effect, the Borrowing Base shall be automatically reduced as set forth in this Section 4.6; provided, that, for purposes of this Section 4.6, a termination or other monetization, in whole or in part, of an Oil and Gas Hedge Transaction shall be deemed not to be an “Asset Disposition” to the extent that (x) such Oil and Gas Hedge Transaction is novated, in whole or in part, from the existing counterparty to another counterparty, with Borrower or the applicable Credit Party being the “remaining party” for purposes of such novation, (y) such Oil and Gas Hedge Transaction would have matured pursuant to its terms on or prior to the scheduled effective date of the next Periodic Determination or (z) upon its termination, in whole or in part, it is replaced, in a substantially contemporaneous transaction, with one or more Oil and Gas Hedge Transactions covering Hydrocarbons of the type that were hedged pursuant to such replaced Oil and Gas Hedge Transaction, with notional volumes, prices and tenors not less favorable to Borrower or such Credit Party as those set forth in such replaced Oil and Gas Hedge Transaction, and without net cash payments to any Credit Party in connection therewith (except to the extent that such cash payments are paid to the counterparties on such replacement transactions upon the relevant Credit Party entering into such replacement transactions). Such reduction shall be in an amount equal to the sum of (a) the net value given to the Borrowing Base Properties and/or Borrowing Base Hxxxxx (to the extent so terminated and not so replaced) subject to such Asset Disposition in the Borrowing Base then in effect (taking into consideration any negative Borrowing Base value attributed to any out-of-the money Borrowing Base Hxxxxx so terminated), and (b) the net reduction in the Borrowing Base value realized or resulting from any such replacement of Borrowing Base Hxxxxx (taking into consideration any negative Borrowing...
Asset Disposition Adjustment. In addition to the other Redeterminations provided for in this Article IV, (a) Required Banks shall be permitted to redetermine the Borrowing Base and the Conforming Borrowing Base in connection with, and simultaneously with, the consummation of an Asset Disposition described in the proviso of Section 9.5(c), and reduce the (i) Borrowing Base by an amount equal to the Borrowing Base value of the Borrowing Base Properties which are the subject of such Asset Disposition (which shall be the Borrowing Base value assigned thereto by Administrative Agent and approved by Required Banks) and (ii) Conforming Borrowing Base by an amount so that the ratio of the as-adjusted Borrowing Base to the previously-existing Borrowing Base is equal to the ratio of the as-adjusted Conforming Borrowing Base to the previously-existing Conforming Borrowing Base. In the event Required Banks elect to redetermine the Borrowing Base and the Conforming Borrowing Base in accordance with this Section 4.4, Administrative Agent shall notify Borrower promptly, but in any event no less than one (1) Domestic Business Day prior to the consummation of the Asset Disposition, of the amount of the Borrowing Base and the Conforming Borrowing Base as redetermined, which Borrowing Base and Conforming Borrowing Base shall be effective as of the date specified in such notice, and shall remain in effect for all purposes of this Agreement until the next Redetermination. Notwithstanding anything to the contrary contained herein, Borrower agrees that any such Redetermination pursuant to this Section 4.4 shall not be construed or deemed to be a Special Redetermination hereunder; and
Asset Disposition Adjustment. In addition to the redeterminations of the Borrowing Base pursuant to Section 4.2, Section 4.3 and Section 4.6 and adjustments of the Borrowing Base pursuant to Section 8.11, the Borrowing Base shall reduce simultaneously with the completion by any Credit Party of any Asset Disposition, the assets subject to which, when aggregated with the assets subject to all other Asset Dispositions since the Determination Date of the Borrowing Base then in effect, have a fair market value in excess of 5% of the Borrowing Base then in effect. Such reduction shall be in an amount equal to (a) the value given to the Borrowing Base Properties subject to such Asset Disposition in the Borrowing Base then in effect, or (b) in the case of any exchange, the net reduction in the Borrowing Base value realized or resulting from such exchange.
Asset Disposition Adjustment. In addition to the redeterminations of the Borrowing Base pursuant to Section 4.2 and Section 4.3, the Borrowing Base shall reduce simultaneously with the completion by any Credit Party of any Asset Disposition by the Borrowing Base value of the Borrowing Base Properties which are the subject of such Asset Disposition (which shall be the Borrowing Base value assigned thereto by Administrative Agent and approved by Required Banks).
Asset Disposition Adjustment. In addition to Scheduled Redeterminations, Special Redeterminations, and Permitted Subordinate Debt adjustments, as set forth below in subsection 2.13(e), the Borrowing Base shall reduce simultaneously with the completion by any Credit Party of any Asset Disposition by the lesser of (i) the Borrowing Base value of the Borrowing Base Properties which are subject to such Asset Disposition (which shall be the Borrowing Base value assigned thereto by Administrative Agent and approved by Required Lenders, and which, in the case of any exchange, shall be the net reduction in the Borrowing Base value realized or resulting from such exchange), and (ii) the Net Cash Proceeds received by any Credit Party from such Asset Disposition.
Asset Disposition Adjustment. In addition to the Redeterminations pursuant to Section 4.2 and Section 4.3, Lender shall be permitted to redetermine the Borrowing Base in connection with, and simultaneously with, the consummation of an Asset Disposition described in the proviso of Section 9.5(b), and reduce the Borrowing Base by an amount equal to the Borrowing Base value of the Borrowing Base Properties that are the subject of such Asset Disposition (which shall be the Borrowing Base value assigned thereto by Lender). In the event Lender elects to redetermine the Borrowing Base in accordance with this Section 4.4, Lender shall notify Borrower promptly, but in any event no less than 1 Domestic Business Day prior to the consummation of the Asset Disposition, of the amount of the Borrowing Base as redetermined, which Borrowing Base shall be effective as of the date specified in such notice, and shall remain in effect for all purposes of this Agreement until the next Redetermination. Notwithstanding anything to the contrary contained herein, Borrower agrees that any such Redetermination pursuant to this Section 4.4 shall not be construed or deemed to be a Special Redetermination hereunder.
Asset Disposition Adjustment. 44 SECTION 5.5. Borrowing Base Deficiency.............................................................44
Asset Disposition Adjustment. In addition to Scheduled Redeterminations and Special Redeterminations, the Borrowing Base shall reduce simultaneously with the completion by any Credit Party of any Asset Disposition by the lesser of (a) the Borrowing Base value of the Borrowing Base Properties which are subject to such Asset Disposition (which shall be the Borrowing Base value assigned thereto by Administrative Agent and approved by Required Banks, and which, in the case of any exchange, shall be the net reduction in the Borrowing Base value realized or resulting from such exchange), and (b) the Net Cash Proceeds received by any Credit Party from such Asset Disposition.
Asset Disposition Adjustment. In addition to Scheduled Redeterminations and Special Redeterminations, the Borrowing Base shall reduce simultaneously with the completion by any Credit Party of any Asset Disposition by the Borrowing Base value of the Borrowing Base Properties which are subject to such Asset Disposition (which shall be the Borrowing Base value assigned thereto by Administrative Agent and approved by Required Lenders, and which, in the case of any exchange, shall be the net reduction in the Borrowing Base value realized or resulting from such exchange); provided, however, so long as no Borrowing Base Deficiency exists immediately prior to such Asset Disposition, such reduction in the Borrowing Base shall not occur unless and until the Borrowing Base value of all Borrowing Base Properties subject to Asset Dispositions since the most recent Redetermination of the Borrowing Base exceeds 5% of the total amount of such most recent Borrowing Base.
Asset Disposition Adjustment. In addition to the other Redeterminations provided for in this Article IV, Required Banks shall be permitted to redetermine the Borrowing Base in connection with, and simultaneously with, the consummation of an Asset Disposition described in the proviso of Section 9.5(b), and reduce the Borrowing Base by an amount equal to the Borrowing Base value of the Borrowing Base Properties which are the subject of such Asset Disposition (which shall be the Borrowing Base value assigned thereto by Administrative Agent and approved by Required Banks). In the event Required Banks elect to redetermine the Borrowing Base in accordance with this Section 4.4, Administrative Agent shall notify Borrower promptly, but in any event no less than one (1) Domestic Business Day prior to the consummation of the Asset Disposition, of the amount of the Borrowing Base as redetermined, which Borrowing Base shall be effective as of the date specified in such notice, and shall remain in effect for all purposes of this Agreement until the next
