Common use of Scheduled and Interim Redeterminations Clause in Contracts

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount shall become effective and applicable to the Borrower, the Agents, each Issuing Bank and the Lenders on April 1st and October 1st of each year, commencing October 1, 2010. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during each six month period, elect any of the foregoing amounts to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each the Issuing Bank and the Lenders on April May 1st and October November 1st of each year, commencing October November 1, 20102018. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Majority Lenders, by notifying the Borrower thereof, one time three times during each six any twelve month period, each elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the AgentsAdministrative Agent, each the Issuing Bank and the Lenders on or about April 1st and October 1st of each year, commencing October on or about April 1, 20102013. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during any calendar year, each six month period, elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each the Issuing Bank and the Lenders on April 1st and October 1st of each year, commencing October 1, 20102014. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Majority Lenders, by notifying the Borrower thereof, one time three times during each six any twelve month period, each elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 2.7 (a “Scheduled Redetermination”), and, subject to Section 2.07(d2.7(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each Issuing Bank Borrower and the Lenders on or about April 1st and October 1st of each year, commencing October 1, 20102009. In addition, one time during any 12 month period (i) the Borrower may, by notifying the Administrative Agent thereof, and (ii) the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof and (iii) the Required Lenders may, by directing the Administrative Agent to notify the Borrower thereof, one time during each six month period, elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.072.7.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each the Issuing Bank and the Lenders on April May 1st and October November 1st of each year, commencing October November 1, 20102011. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during each six any 6-month period, each elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each the Issuing Bank and the Lenders on April May 1st and October November 1st of each year, commencing October May 1, 20102009. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Majority Lenders, by notifying the Borrower thereof, one time during each six any 12 month period, each elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined on a semi-annually annual basis in accordance with this Section 2.07 (each such redetermination, a “Scheduled Redetermination”), and, subject . Subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the AgentsAdministrative Agent, each the Issuing Bank and the Lenders on or about April 1st and October 1st of each year, as applicable, commencing October 1, 20102017. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during between any two successive Scheduled Redeterminations, each six month period, elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “"Scheduled Redetermination”"), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the BorrowerBorrowers, the Agents, each the Issuing Bank and the Lenders on April 1st and October 1st of each year, commencing October April 1, 20102006. In addition, the Borrower Borrowers may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Majority Borrowing Base Lenders, by notifying the Borrower Borrowers thereof, one time during each six any 12 month period, each elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “"Interim Redetermination”") in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the AgentsAdministrative Agent, each the Issuing Bank and the Lenders on April 1st and October 1st of each year, commencing October 1, 2010. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Majority Lenders, by notifying the Borrower thereof, one time during each six any 12 month period, each elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each the Issuing Bank and the Lenders on April 1st and October 1st of each yearyear (or, in each case, such date promptly thereafter as reasonably practicable), commencing October April 1, 20102012. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during between each six month periodScheduled Redetermination, each elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined on a semi-annually annual basis in accordance with this Section 2.07 (each such redetermination, a “Scheduled Redetermination”), and, subject . Subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the AgentsAdministrative Agent, each the Issuing Bank and the Lenders on April or about June 1st and October December 1st of each year, commencing October 1, 2010as applicable. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during between each six month periodScheduled Redetermination, each elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each the Issuing Bank and the Lenders on April 1st and October 1st of each year, commencing October April 1, 20102012. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during any 6-month period between Scheduled Redeterminations, each six month period, elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Except as set forth in the following sentence, the Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the AgentsAdministrative Agent, each the Issuing Bank and the Lenders on April May 1st and October November 1st of each year, commencing October May 1, 20102011. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during each six month period, elect any of to cause the foregoing amounts Borrowing Base to be redetermined once between each Scheduled Redeterminations Redetermination (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, Threshold Amount shall be redetermined semi-annually in accordance with this Section 2.07 (a “"Scheduled Redetermination”"), and, subject to Section 2.07(d), such redetermined amount Borrowing Base and Threshold Amount shall become effective and applicable to the Borrower, the Agents, each the Issuing Bank and the Lenders on April 1st and October 1st of each year, commencing October April 1, 20102005. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Majority Lenders, by notifying the Borrower thereof, one time during each six any 12-month period, each elect any of to cause the foregoing amounts Borrowing Base and the Threshold Amount to be redetermined between Scheduled Redeterminations (an “"Interim Redetermination”") in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each the Issuing Bank and the Lenders on April 1st and October 1st of each year, commencing October 1, 20102009. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during each six any 12-month period, each elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “"Scheduled Redetermination”"), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each the Issuing Bank and the Lenders on or about April 1st and October 1st of each year, commencing October 1, 2010. In addition, the Borrower may, by notifying the Administrative Agent thereof, not more than two (2) times during any 12‑month period, and the Administrative Agent maymay at any time but not more than two (2) times during any 12‑month period by notifying the Borrower thereof, at the direction of the Required Determining Lenders, by notifying each elect to cause the Borrower thereof, one time during each six month period, elect any of the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “"Interim Redetermination”") in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be first redetermined semi-annually in accordance with this Section 2.07 2.07(b) (each such redetermination, a “Scheduled Redetermination”), and, subject . Subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the AgentsAdministrative Agent, each the Issuing Bank and the Lenders on April May 1st and October November 1st of each year, commencing October May 1, 20102018. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, in each case, one time during each six month periodperiod between any two consecutive Scheduled Redeterminations, each elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined redetermined, semi-annually (a "Semi-Annual Redetermination" or a "Scheduled Redetermination") all in accordance with this Section 2.07 (a “Scheduled Redetermination”2.06. Subject to Section 2.06(d), and, subject to Section 2.07(d), such redetermined amount a Semi-Annual Redetermination shall become effective and applicable to the Borrower, the Agents, each Issuing Bank Administrative Agent and the Revolving Lenders on April 1st September 15th and October 1st March 15th of each year, commencing October 1September 15, 20102007. In addition, after the Borrower mayfirst year anniversary of the Effective Date, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Majority Revolving Lenders, by notifying the Borrower thereof, one time during each six any 12 month period, elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Semi-Annual Redeterminations (an “"Interim Redetermination”") in accordance with this Section 2.072.06.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, and subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the AgentsAdministrative Agent, each the Issuing Bank Banks and the Lenders on April May 1st and October November 1st of each year, commencing October May 1, 20102013. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during each six month periodbetween Scheduled Redeterminations, each elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 ‎Section 2.08 (a “Scheduled Redetermination”), and, subject to Section 2.07(d‎Section 2.08(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each the Issuing Bank and the Revolving Credit Lenders on April May 1st and October November 1st of each year, commencing October 1May 1st, 20102018. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Majority Revolving Credit Lenders, by notifying the Borrower thereof, one time during each six any 12 month period, each elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07‎Section 2.08.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the AgentsAdministrative Agent, each the Issuing Bank and the Lenders on April 1st and October 1st of each year, commencing October April 1, 20102011. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Majority Lenders, by notifying the Borrower thereof, one time three times during each six any 12 month period, each elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Except as set forth in the following sentence, the Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the AgentsAdministrative Agent, each the Issuing Bank and the Lenders on April May 1st and October November 1st of each year, commencing October May 1, 20102011. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during each six month periodany period of 12 consecutive calendar months, to elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the AgentsAdministrative Agent, each the Issuing Bank and the Lenders on April 1st and October 1st of each year, commencing October 1, 2010. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during each six any 12-month period, each elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the AgentsAdministrative Agent, each the Issuing Bank and the Lenders on April 1st and October 1st of each year, commencing October 1, 20102009. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during each six any 12-month period, each elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (such redeterminations, a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each the Issuing Bank Bank(s) and the Lenders on April 1st and October 1st of each year, year commencing October 1, 20102014. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during each six month period, elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) (i) one time during each 6 month period occurring between any Scheduled Redeterminations and (ii) one additional time during any 12 month period, each in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each the Issuing Bank and the Lenders on April 1st and October 1st of each year, commencing October 1, 2010. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Majority Lenders, by notifying the Borrower thereof, one time during each six any 12-month period, each elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each the Issuing Bank and the Lenders on April or about May 1st and October November 1st of each year, commencing October 1, 2010. In addition, the Borrower may, by notifying the Administrative Agent thereof, one time during any 12-month period, and the Administrative Agent may, one time during any 12-month period, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during each six month period, elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each the Issuing Bank and the Lenders on April May 1st and October November 1st of each year, commencing October 1May 1st, 20102016. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Majority Lenders, by notifying the Borrower thereof, one time during each six any 12 month period, each elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Except as set forth in the following sentence, the Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the AgentsAdministrative Agent, each the Issuing Bank Banks and the Revolving Lenders on April May 1st and October November 1st of each year, commencing October May 1, 20102015. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Revolving Lenders, by notifying the Borrower thereof, one time during each six month periodany period of 12 consecutive calendar months, to elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 2.08 (a “Scheduled Redetermination”), and, subject to Section 2.07(d2.08(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each the Issuing Bank and the Revolving Credit Lenders on April May 1st and October November 1st of each year, commencing October 1May 1st, 20102016. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Majority Lenders, by notifying the Borrower thereof, one time during each six any 12 month period, each elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.072.08.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each the Issuing Bank and the Lenders on April 1st March 31st and October 1st September 30th of each year, commencing October 1March 31, 20102009. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time two times during each six any 12-month period, each elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each the Issuing Bank and the Lenders on or about April 1st and October 1st of each year, commencing October 1, 20102015. In addition, the Borrower may, by notifying the Administrative Agent thereof, one time during any 12-month period, and the Administrative Agent may, one time during any 12-month period, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during each six month period, elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “"Scheduled Redetermination”"), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each Issuing Bank Borrower and the Lenders on April May 1st and October November 1st of each year, commencing October November 1, 20102007. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during each six any 12-month period, each elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “"Interim Redetermination”") in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, and subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the AgentsAdministrative Agent, each the Issuing Bank Banks and the Lenders on April May 1st and October November 1st of each year, commencing October May 1, 20102011. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during each six month periodbetween Scheduled Redeterminations, each elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each the Issuing Bank and the Lenders on April 1st and October 1st of each year, commencing October 1, 20102013. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Majority Lenders, by notifying the Borrower thereof, one time during each six any 12 month period, each elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each Issuing Bank and the Lenders on April May 1st and October November 1st of each year, commencing October November 1, 20102008. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during any 6-month period between Scheduled Redeterminations, each six month period, elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “"Scheduled Redetermination”"), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each the Issuing Bank and the Lenders on April or about May 1st and October November 1st of each year, commencing October 1, 2010. In addition, the Borrower may, by notifying the Administrative Agent thereof, one time during any 12‑month period, and the Administrative Agent may, one time during any 12‑month period, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during each six month period, elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “"Interim Redetermination”") in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (such redeterminations, a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each the Issuing Bank Bank(s) and the Lenders on April 1st and October 1st of each year, year commencing October April 1, 20102013. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during each six month period, elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) (i) one time during each 6 month period occurring between any Scheduled Redeterminations and (ii) one additional time during any 12 month period, each in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount shall become effective and applicable to the Borrower, the Agents, each Issuing Bank and the Lenders on April 1st and October 1st of each year, commencing October 1, 20102006. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during each six month period, elect any of the foregoing amounts to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each Issuing Bank and the Lenders on April 1st and October 1st of each year, commencing October 1, 20102012. In addition, one time between Scheduled Redeterminations (i) the Borrower may, by notifying the Administrative Agent thereof, and (ii) the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof and (iii) the Required Lenders may, by directing the Administrative Agent to notify the Borrower thereof, one time during each six month period, elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 2.2(c)(i) (each, a “Scheduled Redetermination”), and, subject to Section 2.07(d2.2(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the AgentsAdministrative Agent, each Issuing Bank and the Lenders on April 1st 30 and October 1st 31 of each year, commencing on October 131, 20102011. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during between each six month periodScheduled Redetermination, elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (each, an “Interim Redetermination”) in accordance with this Section 2.072.2(c).

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “"Scheduled Redetermination”"), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each the Issuing Bank and the Lenders on April 1st and October 1st of each year, commencing October April 1, 20102006. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Majority Lenders, by notifying the Borrower thereof, one time during each six any 12-month period, each elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “"Interim Redetermination”") in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each the Issuing Bank and the Lenders on April 1st and October 1st of each year, commencing October April 1, 20102008. In addition, the Borrower may, by notifying the Administrative Agent thereof, not more than two (2) times during any 12-month period, and the Administrative Agent maymay at any time, at the direction of the Required Majority Lenders, by notifying the Borrower thereof, one time during each six month period, elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “"Scheduled Redetermination”"), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each the Issuing Bank and the Lenders on April 1st and October 1st of each year, commencing October April 1, 20102006. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during each six any 12-month period, each elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “"Interim Redetermination”") in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount shall become effective and applicable to the Borrower, the Agents, each Issuing Bank and the Lenders on April 1st and October 1st of each year, commencing October April 1, 20102019. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Super-Majority Lenders, by notifying the Borrower thereof, one time during each six month period, elect any of the foregoing amounts to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the AgentsAdministrative Agent, each the Issuing Bank and the Lenders on April 1st and October 1st of each year, commencing October January 1, 20102007. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Majority Lenders, by notifying the Borrower thereof, one time two times during each six any 12-month period, each elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each the Issuing Bank and the Lenders on April 1st and October 1st of each year, commencing October 1, 20102006. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Super-Majority Lenders, by notifying the Borrower thereof, two times during the 12-month period following the Effective Date, and one time during any 12-month period thereafter, each six month period, elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each the Issuing Bank and the Lenders on April 1st and October 1st of each year, commencing October April 1, 20102014. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Majority Lenders, by notifying the Borrower thereof, one time three times during each six any twelve month period, each elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 2.08 (a “Scheduled Redetermination”), and, subject to Section 2.07(d2.08(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each the Issuing Bank and the Revolving Credit Lenders on April May 1st and October November 1st of each yearyear (or thirty (30) days thereafter), commencing October 1May 1st, 20102018. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Majority Revolving Credit Lenders, by notifying the Borrower thereof, one time during each six any 12 month period, each elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.072.08.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 2.2(c)(i) (a “Scheduled Redetermination”), and, subject to Section 2.07(d2.2(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, Administrative Agent, the Agents, each Issuing Bank Lender and the Lenders on April 1st 1 and October 1st 1 of each year, commencing October 1, 2010year or otherwise as provided in Section 2.2(d)(i). In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Revolver Lenders, by notifying the Borrower thereof, one time during each six any 12 month period, each elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.072.2(c).

Scheduled and Interim Redeterminations. The Except as set forth in the following sentence, the Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the AgentsAdministrative Agent, each the Issuing Bank Banks and the Lenders on April May 1st and October November 1st of each year, commencing October November 1, 20102018. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during each six month periodany period of twelve (12) consecutive calendar months, to elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each the Issuing Bank and the Lenders on April 1st and October 1st of each year, commencing October ; provided that the initial Scheduled Redetermination shall be November 1, 20102011. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during each six any 12 month period, each elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each Issuing Bank and the Lenders on April May 1st and October November 1st of each year, commencing October 1provided that the initial Scheduled Redetermination shall occur on November 30, 20102008. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during each six any 12-month period, each elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “"Scheduled Redetermination”"), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each the Issuing Bank and the Lenders on April 1st and October 1st of each year, commencing October 1, 20102009. In addition, the Borrower may, by notifying the Administrative Agent thereof, not more than two (2) times during any 12-month period, and the Administrative Agent maymay at any time, at the direction of the Required Majority Lenders, by notifying the Borrower thereof, one time during each six month period, elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “"Interim Redetermination”") in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each Issuing Bank and the Lenders on April May 1st and October November 1st of each year, commencing October November 1, 20102011. In addition, one time between Scheduled Redeterminations (i) the Borrower may, by notifying the Administrative Agent thereof, and (ii) the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof and (iii) the Required Lenders may, by directing the Administrative Agent to notify the Borrower thereof, one time during each six month period, elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 2.2(c)(i) (a “Scheduled Redetermination”), and, subject to Section 2.07(d2.2(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, Administrative Agent, the Agents, each Issuing Bank Lender and the Lenders on April 1st March 15th and October 1st September 15th of each year, commencing October 1September 15, 20102006. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Revolver Lenders, by notifying the Borrower thereof, one time during each six any 12 month period, each elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.072.2(c).

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each the Issuing Bank and the Lenders on April or about May 1st and October 1st November1st of each year, commencing October 1, 2010. In addition, the Borrower may, by notifying the Administrative Agent thereof, one time during any 12-month period, and the Administrative Agent may, one time during any 12-month period, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during each six month period, elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the AgentsAdministrative Agent, each the Issuing Bank and the Lenders on April 1st and October 1st 15th of each year, commencing October 1April 15th, 20102012. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during each six any 12-month period, each elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Except as set forth in the following sentence, the Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the AgentsAdministrative Agent, each the Issuing Bank and the Lenders on April May 1st and October November 1st of each year, commencing October November 1, 20102009. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during each six month periodany period of 12 consecutive calendar months, to elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the AgentsAdministrative Agent, each the Issuing Bank and the Lenders on April May 1st and October November 1st of each year, commencing October November 1, 20102011. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during any calendar year, each six month period, elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each Issuing Bank and the Lenders on April May 1st and October November 1st of each year, commencing October November 1, 2010. In addition, one time between Scheduled Redeterminations (i) the Borrower may, by notifying the Administrative Agent thereof, and (ii) the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof and (iii) the Required Lenders may, by directing the Administrative Agent to notify the Borrower thereof, one time during each six month period, elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 2.2(c)(i) (a “Scheduled Redetermination”), and, subject to Section 2.07(d2.2(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, Administrative Agent, the Agents, each Issuing Bank Lender and the Lenders on April 1st March 15th and October 1st September 15th of each year, commencing October 1March 15, 20102008. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Revolver Lenders, by notifying the Borrower thereof, one time during each six any 12 month period, each elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.072.2(c).

Scheduled and Interim Redeterminations. The Borrowing Base and each portion of the Borrowing Base, shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined amount Borrowing Base shall become effective and applicable to the Borrower, the Agents, each the Issuing Bank and the Lenders on April May 1st and October November 1st of each year, commencing October November 1, 20102006. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Majority Lenders, by notifying the Borrower thereof, one time during each six any 12-month period, each elect any of to cause the foregoing amounts Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07.