Common use of Borrowing Base Report Approval Clause in Contracts

Borrowing Base Report Approval. Administrative Agent shall have the right to review and approve or disapprove (and to make appropriate adjustments as contemplated in this Agreement for approval) each Borrowing Base Report; provided, however, until such Borrowing Base Report is approved or adjusted by Administrative Agent, the most recent Borrowing Base Report submitted by Borrower and approved or adjusted, from time to time as herein contemplated, by Administrative Agent shall be in effect. The funding of a Borrowing based upon a Borrowing Base Report submitted to Administrative Agent shall not be deemed to be an unconditional approval thereof. If Administrative Agent reasonably believes that any current or prior Borrowing Base Report is incomplete or inaccurate in any respect which causes the Credit Facility to be funded in excess of what is specified in this Agreement, then the Borrowing Base shall be limited to such amount as Administrative Agent reasonably determines to be applicable in accordance with the provisions of this Agreement until such time as the Borrowing Base Report is reasonably determined by Administrative Agent to be true, correct and complete.

Borrowing Base Report Approval. Administrative Agent shall have the right to review and approve or disapprove (and to make appropriate adjustments as contemplated in this Agreement for approval) each Borrowing Base Report; provided, however, until such Borrowing Base Report is approved or adjusted by Administrative Agent, the most recent Borrowing Base Report submitted by Borrower and approved or adjusted, from time to time as herein contemplated, by Administrative Agent shall be in effect. The funding of a Borrowing based upon a Borrowing Base Report submitted to Administrative Agent shall not be deemed to be an unconditional approval thereof. If Administrative Agent reasonably believes that any current or prior Borrowing Base Report is incomplete or inaccurate in any respect which causes the Credit Facility to be funded in excess of what is specified in this Agreement, then the Borrowing Base shall be limited to such amount as Administrative Agent reasonably determines to be applicable in accordance with the provisions of this Agreement until such time as the Borrowing Base Report is reasonably determined by Administrative Agent to be true, correct and complete.. SECOND AMENDED AND RESTATED CREDIT AGREEMENT – Page 49