Common use of Effectiveness of a Redetermined Borrowing Base Clause in Contracts

Effectiveness of a Redetermined Borrowing Base. After a redetermined Borrowing Base (and prior to the Borrowing Base Equalization Date, the Conforming Borrowing Base) is approved or is deemed to have been approved by all of the Lenders or the Super-Majority Lenders, as applicable, pursuant to Section 2.07(c)(iii), the Administrative Agent shall notify the Borrower and the Lenders (the “New Borrowing Base Notice”), and such amount (or amounts, as applicable) shall become the new Borrowing Base (and prior to the Borrowing Base Equalization Date, the new Conforming Borrowing Base), effective and applicable to the Borrower, the Agents, the Issuing Bank and the Lenders: (i) in the case of a Scheduled Redetermination, (A) if the Administrative Agent shall have received the Engineering Reports required to be delivered by the Borrower pursuant to Section 8.12(a) and (c) in a timely and complete manner, then on the April 1st or October 1st, as applicable, following such notice, or (B) if the Administrative Agent shall not have received the Engineering Reports required to be delivered by the Borrower pursuant to Section 8.12(a) and (c) in a timely and complete manner, then on the Business Day next succeeding delivery of such notice; and (ii) in the case of an Interim Redetermination, on the Business Day next succeeding delivery of such notice.

Effectiveness of a Redetermined Borrowing Base. After a redetermined Borrowing Base (and prior to the Borrowing Base Equalization Date, the Conforming Borrowing Base) is approved or is deemed to have been approved by all of the Lenders or the Super-Majority Lenders, as applicable, pursuant to Section 2.07(c)(iii), the Administrative Agent shall notify the Borrower and the Lenders of the amount of the redetermined Borrowing Base (the “New Borrowing Base Notice”), and such amount (or amounts, as applicable) shall become the new Borrowing Base (and prior to the Borrowing Base Equalization Date, the new Conforming Borrowing Base), effective and applicable to the Borrower, the AgentsAdministrative Agent, the each Issuing Bank and the Lenders: (i) in the case of a Scheduled Redetermination, (A) if the Administrative Agent shall have received the Engineering Reports required to be delivered by the Borrower pursuant to Section 8.12(a) and (c) in a timely and complete manner, then on the April 1st or October 1st, as applicable, following such noticedelivery of the New Borrowing Base Notice, or (B) if the Administrative Agent shall not have received the Engineering Reports required to be delivered by the Borrower pursuant to Section 8.12(a) and (c) in a timely and complete manner, then on the Business Day next succeeding delivery of such noticethe New Borrowing Base Notice; and (ii) in the case of an Interim Redetermination, on the Business Day next succeeding delivery of such notice. Such amount shall then become the Borrowing Base until the next Scheduled Redetermination Date, the next Interim Redetermination date or the next adjustment to the Borrowing Base under Section 6.03, Section 6.04, Section 8.13(c), Section 9.02(e) or Section 9.12(d), whichever occurs first.

Effectiveness of a Redetermined Borrowing Base. After a redetermined Borrowing Base (and prior to the Borrowing Base Equalization Date, the Conforming Borrowing Base) is approved or is deemed to have been approved by all of the Lenders or the Super-Majority LendersRequired Lenders (subject to Section 2.10(b) and Section 12.02(b)(ii) with respect to any Defaulting Lender), as applicable, pursuant to Section 2.07(c)(iii), the Administrative Agent shall notify the Borrower and the Lenders (the “New Borrowing Base Notice”), ) of the amount of the redetermined Borrowing Base and such amount (or amounts, as applicable) shall become the new Borrowing Base (and prior to the Borrowing Base Equalization Date, the new Conforming Borrowing Base), effective and applicable to the Borrower, the AgentsAdministrative Agent, the Issuing Bank Bank(s) and the Lenders: (i) in the case of a Scheduled Redetermination, (A) if the Administrative Agent shall have received the Engineering Reports required to be delivered by the Borrower pursuant to Section 8.12(a) and (cSection 8.12(c) in a timely and complete manner, then on the April or about June 1, 2019 or March 1st or October 1stSeptember 1st of each year, as applicable, following such noticenotice (or as soon as possible thereafter, pursuant to the procedures set forth in Section 2.07(c)(iii)), or (B) if the Administrative Agent shall not have received the Engineering Reports required to be delivered by the Borrower pursuant to Section 8.12(a) and (cSection 8.12(c) in a timely and complete manner, then on the Business Day next succeeding delivery of such noticeNew Borrowing Base Notice; and (ii) in the case of an Interim Redetermination, on the Business Day next succeeding delivery of such noticeNew Borrowing Base Notice.

Effectiveness of a Redetermined Borrowing Base. After a redetermined Borrowing Base (and prior to the Borrowing Base Equalization Date, the Conforming Borrowing Base) is approved or is deemed to have been approved by all of the Lenders or the Super-Super Majority Lenders, as applicable, pursuant to Section 2.07(c)(iii), the Administrative Agent shall promptly (but in no event later than five Business Days after such approval or deemed approval) notify the Borrower and the Lenders of the amount of the redetermined Borrowing Base (the “New Borrowing Base Notice”), and such amount (or amounts, as applicable) shall become the new Borrowing Base (and prior to the Borrowing Base Equalization Date, the new Conforming Borrowing Base), effective and applicable to the Borrower, the AgentsAdministrative Agent, the Issuing Bank Bank, and the Lenders: (i) in the case of a Scheduled Redetermination, (A) if the Administrative Agent shall have received the Engineering Reports required to be delivered by the Borrower pursuant to Section 8.12(a8.11(a) and (cSection 8.11(c) by the applicable date specified in a timely and complete mannerSection 8.11, then on the April first to occur of May 1st or October 1st, as applicable, November 1st following such noticedelivery of the New Borrowing Base Notice, or (B) if the Administrative Agent shall not have received the Engineering Reports required to be delivered by the Borrower pursuant to Section 8.12(a8.11(a) and (cSection 8.11(c) by the applicable date specified in a timely and complete mannerSection 8.11, then on the Business Day next succeeding delivery of such noticethe New Borrowing Base Notice; and (ii) in the case of an Interim Redetermination, on the Business Day next succeeding delivery of such noticethe New Borrowing Base Notice.