Common use of Subsequent Deliveries Clause in Contracts

Subsequent Deliveries. Within ninety (90) days after December 31 in each year, commencing with December 31, 2009, the Borrowers shall deliver to the Technical Agent an Independent Reserves Report dated effective as of such December 31, and such other information as may be reasonably requested by the Technical Agent or any Lender with respect to the Hydrocarbon Interests included or to be included in the Borrowing Base. Within thirty (30) days after the Technical Agent’s receipt of such Independent Reserves Report and other information, the Technical Agent shall deliver to each Lender the Technical Agent’s recommendation for the redetermined Borrowing Base. Within ten (10) days after the Lenders’ receipt of the Technical Agent’s recommendation, the Technical Agent and the Majority Lenders shall redetermine the Borrowing Base in accordance with Section 3.4, and the Technical Agent shall promptly notify the Administrative Agent, the Borrowers and the Lenders of the amount of the Borrowing Base as so redetermined provided that if the Majority Lenders do not agree on a redetermined Borrowing Base, the lowest redetermined amount among the Lenders will prevail. If the redetermined amount is lower than the Borrowing Base existing prior to such redetermination, the Borrowing Base shall be equal to the redetermined amount one (1) Business Day after such notification. If the redetermined amount is greater than the Borrowing Base existing prior to such redetermination, the express written approval of the Supermajority Lenders shall be required before the redetermined amount may take effect, failing which the Borrowing Base shall remain the same as that existing prior to such redetermination.

Appears in 2 contracts

Sources: Credit Agreement (Transatlantic Petroleum Ltd.), Credit Agreement (Transatlantic Petroleum Ltd.)