Common use of Updated Development Plan Clause in Contracts

Updated Development Plan. Contemporaneous with the delivery of each Reserve Report bearing an effective date as of December 31st of any year, Borrower will prepare and deliver to Administrative Agent a revised, proposed Development Plan covering at least the next 6 months and setting forth all capital expenditure development projects proposed for that period, the anticipated timing of those projects, the net cost of each of those projects to Borrower and any other information that Administrative Agent may reasonably request. But, if there are no Obligations outstanding under the Term Loan, Borrower will not be required to provide a Development Plan. Each proposed modification to the Development Plan will be subject to the Approval of Administrative Agent, which Approval shall not be unreasonably withheld or delayed. Until Administrative Agent has Approved a revised Development Plan or until there are no Obligations outstanding under the Term Loan, the most recent Approved Development Plan (and all AFEs or Reimbursement Requests Approved in connection with that most recently Approved Development Plan) will remain in effect.

Updated Development Plan. Contemporaneous with the delivery of each Reserve Report bearing an effective date as of December 31st of any year, Borrower will prepare and deliver to Administrative Agent a revised, proposed Development Plan covering at least the next 6 months and setting forth all capital expenditure development projects proposed for that period, the anticipated timing of those projects, the net cost of each of those projects to Borrower and any other information that Administrative Agent may reasonably request. But, if there are no Obligations outstanding under the Term Loan, Borrower will not be required to provide a Development Plan. Each proposed modification to the Development Plan will be subject to the Approval of Administrative Agent, which Approval shall not be unreasonably withheld or delayedwithheld. Until Administrative Agent has Approved a revised Development Plan or until there are no Obligations outstanding under the Term LoanPlan, the most recent Approved Development Plan (and all AFEs or Reimbursement Requests Approved in connection with that most recently Approved Development Plan) will remain in effect.