Common use of Borrowing Base Increase Clause in Contracts

Borrowing Base Increase. In reliance on the representations, warranties, covenants and agreements contained in this Eighth Amendment, and subject to the satisfaction of the conditions precedent set forth in Section 5 hereof, (a) the Loan Parties, the Administrative Agent, and the Lenders hereby agree that the Borrowing Base shall be increased from $1,315,000,000 to $1,440,000,000 effective as of the Eighth Amendment Effective Date and shall remain at such level until the next Scheduled Redetermination, the next Interim Redetermination or other adjustment to the Borrowing Base thereafter, whichever occurs first. The redetermination of the Borrowing Base provided for in this Section 3 shall be considered and deemed to be the Scheduled Redetermination scheduled for on or about October 1, 2014 for purposes of Section 2.07 of the Credit Agreement.

Borrowing Base Increase. In reliance on the representations, warranties, covenants and agreements contained in this Eighth Amendment, and subject to the satisfaction of the conditions precedent set forth in Section 5 hereof, , (a) the Loan Parties, the Administrative Agent, and the Lenders hereby agree that the Borrowing Base shall be increased from $1,315,000,000 to $1,440,000,000 effective as of the Eighth Amendment Effective Date and shall remain at such level until the next Scheduled Redetermination, the next Interim Redetermination or other adjustment to the Borrowing Base thereafter, whichever occurs first. The redetermination of the Borrowing Base provided for in this Section 3 shall be considered and deemed to be the Scheduled Redetermination scheduled for on or about October 1, 2014 for purposes of Section 2.07 of the Credit Agreement.