Redetermination Procedure Sample Clauses
Redetermination Procedure. (i) Each Redetermination shall be effectuated as follows. Upon receipt by the Administrative Agent and the Holders of the Reserve Report and the certificate required to be delivered by the Company to the Administrative Agent and the Holders pursuant to Section 10.15 (a) and (c), and, in the case of an Interim Redetermination, pursuant to Section 10.15(b) and (c), and such other reports, data and supplemental information as may, from time to time, be reasonably requested by the Required Holders (the Reserve Report, such certificate and such other reports, data and supplemental information being the “Engineering Reports”), the Administrative Agent shall evaluate the information contained in the Engineering Reports and shall, in good faith, propose a new Risk Adjusted Present Value (the “Proposed Risk Adjusted Present Value”) based upon such information and such other information (including, without limitation, the status of title information with respect to the Oil and Gas Properties as described in the Engineering Reports and the existence of any other Debt) as the Administrative Agent deems appropriate in its sole discretion and consistent with the General Parameters set forth in Section 7.10(d) below.
(ii) The Administrative Agent shall notify the Company and the Holders of the Proposed Risk Adjusted Present Value (the “Proposed RAPV Notice”):
(A) in the case of a Scheduled Redetermination, (1) if the Administrative Agent shall have received the Engineering Reports required to be delivered by the Company pursuant to Section 10.15 (a) and (c) in a timely and complete manner, then on or before March 10th and September 10th of such year following the date of delivery or (2) if the Administrative Agent shall not have received the Engineering Reports required to be delivered by the Company pursuant to Section 10.15 (a) and (c) in a timely and complete manner, then promptly after the Administrative Agent has received complete Engineering Reports from the Company and has had a reasonable opportunity to determine the Proposed Risk Adjusted Present Value in accordance with Section 7.10(b)(i); and
(B) in the case of an Interim Redetermination, promptly, and in any event, within fifteen (15) days after the Administrative Agent has received the required Engineering Reports.
(iii) Any Proposed Risk Adjusted Present Value must be approved or deemed to have been approved by the Required Holders as provided in this Section 7.10(b)(iii). Upon receipt of the Proposed RAPV ...
Redetermination Procedure. Upon receipt of the reports required by Section 8.07 and such other reports, data and supplemental information as may from time to time be reasonably requested by the Administrative Agent (the "Engineering Reports"), the Administrative Agent will redetermine the Borrowing Base and the Monthly Reduction Amount. Such redetermination will be in accordance with its normal and customary procedures for evaluating oil and gas reserves and other related assets as such exist at that particular time. The Administrative Agent, in its sole discretion, may make adjustments to the rates, volumes and prices and other assumptions set forth therein in accordance with its normal and customary procedures for evaluating oil and gas reserves and other related assets as such exist at that particular time. The Administrative Agent shall propose to the Lenders a new Borrowing Base and Monthly Reduction Amount within 15 days following receipt by the Administrative Agent and the Lenders of the Engineering Reports in a timely and complete manner. After having received notice of such proposal by the Administrative Agent, the Lenders shall have 15 days to agree or disagree with such proposal. If at the end of the 15 days, the Lenders have not communicated their approval or disapproval, such silence shall be deemed to be an approval and the Administrative Agent's proposal shall be the new Borrowing Base and Monthly Reduction Amount. If however, the Lenders notify the Administrative Agent within 15 days of their disapproval, the Lenders shall, within a reasonable period of time, agree on a new Borrowing Base and Monthly Reduction Amount. The Administrative Agent and all of the Lenders must approve a new Borrowing Base and Monthly Reduction Amount.