Common use of Asset Disposition Adjustment Clause in Contracts

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 other Redeterminations provided for in this Article IVpursuant to Section 4.2 and Section 4.3, (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(c9.5(b), 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 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 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(c9.5(b), and reduce the (i) Borrowing Base and the Conforming 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.