UK Borrowing Base Amendment Clause Samples

UK Borrowing Base Amendment. The UK Borrowing Base shall be established pursuant to an amendment to, or amendment and restatement of, this Agreement among the Borrowers, the Agent and the UK Lenders, which shall be consistent with the provisions set forth in Section 2.30(a) above. The effectiveness of any such amendment shall be subject to (i) reasonably satisfactory due diligence review by the Agent and the UK Lenders, including without limitation, a field examination and inventory appraisal with respect to the UK Credit Parties, the results of which shall be reasonably satisfactory to the Agent, (ii) approval of the Agent, and credit approval of the UK Lenders, and (iii) receipt by the Agent of (x) legal opinions, board resolutions and officers’ certificates substantially consistent with those delivered on the Effective Date and (y) such amendments to the then existing Security Documents, and the execution of new Security Documents by the UK Credit Parties, as may be reasonably requested by the Agent. The Agent shall promptly notify each Lender as to the effectiveness of such amendment. Each of the parties hereto hereby agrees that this Agreement and the other Loan Documents may be amended pursuant to such an amendment, without the consent of any other Lenders (except as set forth above), to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the UK Borrowing Base (to the extent consistent with this Section 2.30, including, but not limited to, amendments to the eligibility criteria and reserves) and (ii) effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Agent and the Lead Borrower, to effect the provisions of this Section, and the Required Lenders hereby expressly authorize the Agent to enter into any such amendment.