Investment Grade Period. Notwithstanding anything in this Agreement to the contrary, during any Investment Grade Period, the provisions of Section 2.14(a) to (k) of and Section 4.3(c) will be deemed to be inapplicable and shall be disregarded for all purposes. Upon the end of any Investment Grade Period, the Borrowing Base will be determined using the mechanics set forth in Section 2.14(c) for Interim Redeterminations using the Engineering Reports delivered to the Administrative Agent pursuant to Section 10.13(b) and shall become effective pursuant to Section 2.14(d)(ii). In addition, the Borrower shall (i) deliver to the Administrative Agent as soon as possible, but in any event no later than five (5) days after the first day of any Borrowing Base Trigger Period, the Reserve Report used to support the data and information relating to Hydrocarbon reserves included in the last annual report on Form 10-K (or any successor or comparable form) immediately prior to the Borrowing Base Trigger Event and (ii) comply with the provisions of Section 10.10(a). For the avoidance of doubt, the Available Revolving Commitment will remain unaffected by the Borrowing Base until such determination.
Investment Grade Period. If, at any time after the Effective Date, the Borrower commences an Investment Grade Period, then at all times during such Investment Grade Period, there shall be no Borrowing Base and the provisions of Section 2.07(a) through Section 2.07(e) shall not apply during such Investment Grade Period. For the avoidance of doubt, upon the termination of any Investment Grade Period, a Borrowing Base Period shall automatically commence and an Interim Redetermination shall occur in accordance with the procedures set forth in this Section 2.07.
Investment Grade Period. Notwithstanding anything in this Agreement to the contrary, during any Investment Grade Period, the provisions of clauses (a) through (f) of Section 2.14 and Section 4.3(b) will be deemed to be inapplicable and shall be disregarded for all purposes. Upon the end of any Investment Grade Period, the Borrowing Base will be determined based on the most recently delivered Reserve Report and will remain in effect until the next Redetermination Date, subject to further adjustments from time to time pursuant to Section 2.14(e).
Investment Grade Period. If an Investment Grade Period shall occur after the date hereof, the Collateral Agent shall (without notice to, or vote or consent of, any Second-Out Secured Party) take such actions as shall be required to release its security interest in the Collateral.
Investment Grade Period. If an Investment Grade Period shall occur after the date hereof, the Administrative Agent shall (without notice to, or vote or consent of, any Secured Party) take such actions as shall be required to release its security interest in the Collateral.
Investment Grade Period. Notwithstanding anything in this Agreement to the contrary, during any Investment Grade Period, the provisions of clauses (a) through (g) of this Section 2.07, Section 8.12(c) and Section 9.12(d)(iv) and any other provisions tied to the Borrowing Base and/or a Borrowing Base Deficiency will be deemed to be inapplicable and shall be disregarded for all purposes. Upon the end of any Investment Grade Period, (i) the Borrowing Base will be, until so redetermined pursuant to clause (ii), the most recent Borrowing Base that was in effect prior to such Investment Grade Period and (ii) the Borrower will provide to the Administrative Agent a Reserve Report of the type described in Section 8.11(b) no later than thirty (30) days following the end of such Investment Grade Period, and the Borrowing Base will be redetermined using the procedures for Interim Redeterminations set forth above.
Investment Grade Period. (a) At any time that is not an Investment Grade Period after the date on which the Borrower delivers the financial statements required by Section 8.01(a) for the fiscal year ending December 31, 2014 when the Borrower has either (i) an unsecured rating from Xxxxx’x of Baa3 or better or (ii) an unsecured rating from S&P of BBB- or better, the Borrower may provide written notice to the Administrative Agent of its election to enter into an Investment Grade Period, together with a certificate of an Responsible Officer of the Borrower confirming that (A) no Event of Default exists, (B) the release of the Security Instruments (other than the Guaranty Agreement) securing the Indebtedness does not violate, and would not result in an event of default, termination event or equivalent event under, the terms of any Secured Swap Agreement or Secured Bank Products Agreement, and (C) the Swap Agreements (including the Secured Swap Agreements) and the Bank Products (including any Secured Bank Products Agreements) of the Borrower and its Restricted Subsidiaries are not otherwise secured (except to the extent secured by a Lien permitted by Section 9.03), which Investment Grade Period will commence upon the Administrative Agent’s receipt of such notice.
