Borrowing Base Increase. Effective as of the Effective Date, the Borrowing Base is hereby increased to $160,000,000. Once effective, the new Borrowing Base amount shall remain in effect at that level until the Borrowing Base is redetermined or adjusted in accordance with the Credit Agreement. For the avoidance of doubt, (a) the increase in the Borrowing Base pursuant to this Section 5 is a Scheduled Redetermination pursuant to Section 2.2 of the Credit Agreement and (b) pursuant to Section 2.2(c)(i) of the Credit Agreement, the Borrower has notified the Administrative Agent and the Lenders that the next Scheduled Redetermination shall be on or about January 1, 2017.
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Sources: Amendment No. 3 and Agreement (Jagged Peak Energy Inc.), Amendment No. 3 and Agreement (Jagged Peak Energy Inc.)