Common use of Borrowing Base Computation Clause in Contracts

Borrowing Base Computation. The Borrowing Base shall be initially computed on the date of the Initial Credit Extension hereunder. Thereafter, until the Termination Date, (i) the Servicer shall deliver a certificate in the form set forth on Exhibit D hereto (each such certificate, a “Borrowing Base Certificate”) to the email addresses specified for such certificate on Schedule II setting forth a calculation of the Borrowing Base (A) on or before the second Business Day following each Monthly Reporting Date, (B) within two (2) Business Days after a request therefor has been delivered to the Servicer at the email address specified for such requests on Schedule II by the Administrative Agent or any Facility Agent (it being understood that any request by a Facility Agent shall be directed through the Administrative Agent) and (C) in connection with each Credit Extension hereunder and (ii) the Borrowing Base shall be automatically deemed recomputed on each other Business Day prior to the Termination Date, it being understood that the Servicer shall not be required to provide reports or evidence of such automatic computation but shall only be required to deliver computations of the Borrowing Base as provided above in this Section and in Section 3.02, and further understood that a deemed recomputation of the Borrowing Base shall not give rise to any Advance Suspension Event, Event of Termination or Potential Event of Termination hereunder or under any Facility Document. With respect to each calculation of the Borrowing Base, the Total Reserve Amount used in such calculation shall be measured using the information reported in the most recent Monthly Report.