Scheduled Redeterminations Clause Samples

Scheduled Redeterminations. Within thirty (30) days after the date on which the Parent publishes its Reserve Report, delivers such other reports, data, and supplemental information requested by the Required Lenders pursuant to ‎Section 2.01(b)(iii), and delivers the corresponding Reserve Report Certificate pursuant to ‎Section 5.01(g), the Calculation Agent shall propose in writing to the Borrower and the Lenders (with a copy to the Administrative Agent) a new or reaffirmed Borrowing Base in accordance with Section ‎2.01(b)(iii) (assuming receipt by the Calculation Agent of the foregoing in a timely and complete manner); it being understood that the Required Lenders may engage (at their sole cost and expense) an independent engineer to assist in the evaluation and analysis of any redetermination of the Borrowing Base. After having received notice of such proposal by the Calculation Agent, each Lender shall have 15 days to respond in writing, wherein such ▇▇▇▇▇▇ may agree with such proposal or disagree by proposing an alternate Borrowing Base. If, at the end of such 15-day period, any Lender has not communicated to the Calculation Agent (with a copy to the Administrative Agent) its approval or disapproval, such ▇▇▇▇▇▇’s silence shall be deemed to be a rejection of any proposed Borrowing Base that would increase the then effective Borrowing Base or an approval of any proposed Borrowing Base that would decrease or reaffirm the then effective Borrowing Base. If, however, at the end of such 15-day period, all of the Lenders or the Required Lenders, as described below, have not approved or deemed to have approved, as aforesaid, the proposed Borrowing Base, then the Borrowing Base shall be determined in accordance with Section 2.01(b)(iv). After a new or reaffirmed Borrowing Base proposed by the Calculation Agent or a counter-proposal provided by any Lender pursuant to the second sentence of this ‎Section 2.01(b)(ii) is approved by (A) all Lenders in the case of any increase in the Borrowing Base, (B) the Required Lenders in the case of any reaffirmation of the existing Borrowing Base or any decrease in the Borrowing Base or (C) as otherwise determined as provided in Section ‎‎2.01(b)(iv), the Calculation Agent shall notify the Borrower and the Lenders (with a copy to the Administrative Agent) of the amount of the redetermined Borrowing Base, and such amount shall become effective and applicable to the Borrower, the Administrative Agent and the Lenders on or about May 1 of each fiscal year ...