Common use of Subsequent Determinations of Borrowing Base Clause in Contracts

Subsequent Determinations of Borrowing Base. (a) By each Evaluation Date, Borrower shall furnish to each Lender the Engineering Report described in Section 5.1(b)(iv), together with all other information and data which Administrative Agent has then reasonably requested concerning the Related Persons' businesses and properties. Within thirty days after receiving such reports and other information and data, or as promptly thereafter as practicable, Administrative Agent shall propose to Lenders an amount for the Borrowing Base, and within thirty days thereafter each Lender will notify Administrative Agent of whether or not it accepts such proposed amount. Failure of any Lender to give such notice within such time period shall be deemed to constitute acceptance of such proposed amount by such Lender. If such proposed amount is not accepted by Majority Lenders (or, if Administrative Agent has proposed an increase in the Borrowing Base, by Supermajority Lenders), Administrative Agent and Lenders shall continue to discuss a new Borrowing Base until such time as Administrative Agent and Majority Lenders (or, if the Borrowing Base is to be increased, Supermajority Lenders) shall have agreed upon an amount for the new Borrowing Base, and promptly thereafter Administrative Agent shall notify Borrower of such amount.

Subsequent Determinations of Borrowing Base. (a) By each Evaluation Date, Borrower shall furnish to each Lender the Engineering Report described in Section 5.1(b)(iv), together with all other information and data which Administrative Agent has then reasonably requested concerning the Related Persons' businesses and properties. Within thirty days after receiving such reports and other information and data, or as promptly thereafter as practicable, Administrative Agent shall propose to Lenders an amount for the Borrowing Base, and within thirty days thereafter each Lender will notify Administrative Agent of whether or not it accepts such proposed amount. Failure of any Lender to give such notice within such time period shall be deemed to constitute acceptance of such proposed amount by such Lender. If such proposed amount is not accepted by Majority Lenders (or, if Administrative Agent has proposed an increase in the Borrowing Base, by Supermajority LendersLenders and, if the Maximum Loan Amount is concurrently being increased, by Supermajority Lenders calculated both immediately prior to and immediately following such increase in the Maximum Loan Amount), Administrative Agent and Lenders shall continue to discuss a new Borrowing Base until such time as Administrative Agent and Majority Lenders (or, if the Borrowing Base is to be increased, Supermajority Lenders) shall have agreed upon an amount for the new Borrowing Base, and promptly thereafter Administrative Agent shall notify Borrower of such amount.