Common use of Prepayment or Redemption of Subordinated Indebtedness Clause in Contracts

Prepayment or Redemption of Subordinated Indebtedness. Without ----------------------------------------------------- the prior written consent of Majority Banks, Company shall not, and will not permit any Subsidiary to, prepay (in whole or in part) any principal due on the Subordinated Indebtedness or redeem (in whole or in part) the Subordinated Indebtedness or exercise Company's rights of defeasance as set forth in Article XI of the April 0000 Xxxxxxxxx or the October 1997 Indenture. If Company requests the consent of Majority Banks to do any of the foregoing, then Majority Banks shall have the right to request a redetermination of the Borrowing Base according to Section 5.04 hereof, which redetermination of the Borrowing Base shall be in addition to any other redetermination of the Borrowing Base which may be made pursuant to Section 5.04 of this Agreement. In the case of such redetermination of the Borrowing Base, Majority Banks in their discretion may require a Reserve Report prepared by a firm of petroleum engineers selected by Company and approved by Majority Banks or prepared by a petroleum engineer employed by Company. Notwithstanding the foregoing, provided that no Event of Default exists or will occur on the account of such redemption, and no Borrowing Base Deficiency exists, without the prior consent of Majority Banks, Company may use proceeds derived from the public offering of any of its common stock, other equity securities of Company or trust equity securities of Company to redeem up to 33-1/3% of the Subordinated Indebtedness issued under the April 1997 Indenture as prescribed in the April 0000 Xxxxxxxxx and to redeem up to 33 1/3% of the Subordinated Indebtedness issued under the October 1997 Indenture as prescribed in the October 0000 Xxxxxxxxx.

Prepayment or Redemption of Subordinated Indebtedness. Without ----------------------------------------------------- the prior written consent of Majority Banks, Company shall not, and will not permit any Subsidiary to, prepay (in whole or in part) any principal due on the Subordinated Indebtedness or redeem (in whole or in part) the Subordinated Indebtedness or exercise Company's rights of defeasance as set forth in Article XI of the April 0000 Xxxxxxxxx or the October 1997 Indenture. If Company requests the consent of Majority Banks to do any of the foregoing, then Majority Banks shall have the right to request a redetermination of the Borrowing Base according to Section 5.04 hereof, which redetermination of the Borrowing Base shall be in addition to any other redetermination of the Borrowing Base which may be made pursuant to Section 5.04 of this Agreement. In the case of such redetermination of the Borrowing Base, Majority Banks in their discretion may require a Reserve Report prepared by a firm of petroleum engineers selected by Company and approved by Majority Banks or prepared by a petroleum engineer employed by Company. Notwithstanding the foregoing, provided that no Event of Default exists or will occur on the account of such redemption, and no Borrowing Base Deficiency exists, without the prior consent of Majority Banks, Company may use proceeds derived from the public offering of any of its common stock, other equity securities of Company or trust equity securities of Company to redeem up to 33-1/3% of the Subordinated Indebtedness issued under the April 1997 Indenture as prescribed in the April 0000 Xxxxxxxxx and to redeem up to 33 1/3% of the Subordinated Indebtedness issued under the October 1997 Indenture as prescribed in the October 0000 Xxxxxxxxx.

Prepayment or Redemption of Subordinated Indebtedness. Without ----------------------------------------------------- the prior written consent of Majority Banks, Company shall not, and will not permit any Subsidiary to, prepay (in whole or in part) any principal due on the Subordinated Indebtedness or redeem (in whole or in part) the Subordinated Indebtedness or exercise Company's rights of defeasance as set forth in Article XI of the April 0000 Xxxxxxxxx or the October 1997 Indenture. If Company requests the consent of Majority Banks to do any of the foregoing, then Majority Banks shall have the right to request a redetermination of the Borrowing Base according to Section 5.04 hereof, which redetermination of the Borrowing Base shall be in addition to any other redetermination of the Borrowing Base which may be made pursuant to Section 5.04 of this Agreement. In the case of such redetermination of the Borrowing Base, Majority Banks in their discretion may require a Reserve Report prepared by a firm of petroleum engineers selected by Company and approved by Majority Banks or prepared by a petroleum engineer employed by Company. Notwithstanding the foregoing, provided that no Event of Default exists or will occur on the account of such redemption, and no Borrowing Base Deficiency exists, without the prior consent of Majority Banks, Company may use proceeds derived from the public offering of any of its common stock, other equity securities of Company or trust equity securities of Company to redeem up to 33-1/3% of the Subordinated Indebtedness issued under the April 1997 Indenture as prescribed in the April 0000 Xxxxxxxxx and to redeem up to 33 1/3% of the Subordinated Indebtedness issued under the October 1997 Indenture as prescribed in the October 0000 XxxxxxxxxIndenture.

Prepayment or Redemption of Subordinated Indebtedness. Without ----------------------------------------------------- the prior written consent of Majority Banks, Company shall not, and will not permit any Subsidiary to, prepay (in whole or in part) any principal due on the Subordinated Indebtedness or redeem (in whole or in part) the Subordinated Indebtedness or exercise Company's rights of defeasance as set forth in Article XI of the April 1997 Indenture, the October 0000 Xxxxxxxxx or any indenture agreement or agreements evidencing any portion of the October 1997 IndentureAdditional Sub-Debt. If Company requests the consent of Majority Banks to do any of the foregoing, then Majority Banks shall have the right to request a redetermination of the Borrowing Base according to Section 5.04 hereof, which redetermination of the Borrowing Base shall be in addition to any other redetermination of the Borrowing Base which may be made pursuant to Section 5.04 of this Agreement. In the case of such redetermination of the Borrowing Base, Majority Banks in their discretion may require a Reserve Report prepared by a firm of petroleum engineers selected by Company and approved by Majority Banks or prepared by a petroleum engineer employed by Company. Notwithstanding the foregoing, provided that no Event of Default exists or will occur on the account of such redemption, and no Borrowing Base Deficiency exists, without the prior consent of Majority Banks, Company may use proceeds derived from the public offering of any of its common stock, other equity securities of Company or trust equity securities of Company to redeem up to 33-1/3% of the Subordinated Indebtedness issued under the April 1997 Indenture as prescribed in the April 0000 Xxxxxxxxx and to redeem up to 33 1/3% of the Subordinated Indebtedness issued under the October 1997 Indenture as prescribed in the October 0000 Xxxxxxxxx.