Common use of Initial Borrowing Bases Clause in Contracts

Initial Borrowing Bases. As of the Section 3 Effective Date, the parties hereto agree that the Borrowing Base shall be equal to $500,000,000 until such time as the Borrowing Base is redetermined in accordance with this Agreement and the EPL Borrowing Base shall be equal to $150,000,000 until such time as the EPL Borrowing Base is redetermined in accordance with this Agreement. The foregoing shall be deemed to be the Borrowing Base determination pursuant to Section 2.8.3 for March 2015.”