Common use of Borrowing Base-Related Reports Clause in Contracts

Borrowing Base-Related Reports. The Lead Borrower shall deliver or cause to be delivered (at the expense of the Borrowers) to the Collateral Agent and the Administrative Agent, (a) in no event less frequently than ten (10) Business Days after the end of each month for the month most recently ended, unless the Lead Borrower elects to so deliver more frequently (provided that the Lead Borrower has delivered to Collateral Agent a roll forward calculation of the Borrowing Base, and Excess Availability from the time period covered by the delivery of the monthly Borrowing Base Certificate), a Borrowing Base Certificate accompanied by a calculation of the Borrowers’ and its Subsidiaries’ marked-to-market exposure under each Hedging Agreement, together with such supporting detail and documentation as shall be requested by the Administrative Agent in its reasonable credit judgment; provided that upon the occurrence and during the continuance of a Specified Default or at any time that Excess Availability is less than $15 million for five consecutive Business Days, such Borrowing Base Certificate shall be furnished on Wednesday of each week (or, if Wednesday is not a Business Day, on the next succeeding Business Day), as of the close of business on the immediately preceding Saturday until such Specified Default is not longer continuing or until Excess Availability is greater than or equal to $15 million for five consecutive Business Days, at which time Borrowing Base Certificates will again be furnished only monthly, (b) upon the request of the Administrative Agent, but in no event more frequently than once each fiscal quarter, a calculation of the Indenture Borrowing Base, and (c) such other information regarding the Borrowing Base or the Collateral, as the Administrative Agent may reasonably request. The delivery of the Borrowing Base Certificate and the calculation of the Indenture Borrowing Base delivered pursuant to this Section 5.15 shall constitute a representation and warranty by the Lead Borrower that the statements and information contained therein are true and correct in all material respects on and as of such date. Upon receipt of the Borrowing Base Certificate, Collateral Agent shall distribute such Borrowing Base Certificate to the Lenders.

Borrowing Base-Related Reports. The Lead Borrower shall deliver or cause to be delivered (at the expense of the Borrowers) to the Collateral Agent and the Administrative Agent, (a) (x) except as provided in clause (z) below, during the period from the First Amendment Effective Date through May 31, 2009, on Wednesday of each week (or, if Wednesday is not a Business Day, on the next succeeding Business Day), as of the close of business on the immediately preceding Saturday, a Borrowing Base Certificate accompanied by a calculation of the Borrowers’ and its Subsidiaries’ marked-to-market exposure under each Hedging Agreement, together with such supporting detail and documentation as shall be requested by the Administrative Agent in its reasonable credit judgment, and (y) except as provided in clause (z) below, after June 1, 2009, in no event less frequently than ten (10) Business Days after the end of each month for the month most recently ended, unless the Lead Borrower elects to so deliver more frequently (provided that the Lead Borrower has delivered to Collateral Agent a roll forward calculation of the Borrowing Base, and Excess Availability from the time period covered by the delivery of the monthly Borrowing Base Certificate), a Borrowing Base Certificate accompanied by a calculation of the Borrowers’ and its Subsidiaries’ marked-to-market exposure under each Hedging Agreement, together with such supporting detail and documentation as shall be requested by the Administrative Agent in its reasonable credit judgment; provided that upon the occurrence and during the continuance of a Specified Default or at any time that Excess Availability is less than $15 million for five consecutive Business Days25 million, such Borrowing Base Certificate shall be furnished on Wednesday of each week (or, if Wednesday is not a Business Day, on the next succeeding Business Day), as of the close of business on the immediately preceding Saturday until such Specified Default is not longer continuing or until Excess Availability is greater than or equal to $15 25 million for five 15 consecutive Business Daysdays, at which time Borrowing Base Certificates will again be furnished only monthly, and (z) at any time that Excess Availability is less than $15 million, such Borrowing Base Certificate shall be furnished daily as of the close of business on the immediately preceding Business Day until Excess Availability is greater than or equal to $15 million for 15 consecutive days, at which time Borrowing Base Certificates will again be furnished only weekly or monthly as set forth above, (b) upon the request of the Administrative Agent, but in no event more frequently than once each fiscal quarter, a calculation of the Indenture Borrowing Base, and (c) such other information regarding the Borrowing Base or the Collateral, as the Administrative Agent may reasonably request. The delivery of the Borrowing Base Certificate and the calculation of the Indenture Borrowing Base delivered pursuant to this Section 5.15 shall constitute a representation and warranty by the Lead Borrower that the statements and information contained therein are true and correct in all material respects on and as of such date. Upon receipt of the Borrowing Base Certificate, Collateral Agent shall distribute such Borrowing Base Certificate to the Lenders.”

Borrowing Base-Related Reports. The Lead Borrower shall deliver or cause to be delivered (at the expense of the BorrowersBorrower) to the Collateral Agent and the Administrative Agent, (a) in no event less frequently than ten (10) Business Days after the end of each month for the month most recently ended, commencing with the first month most recently ended after the Funding Date, unless the Lead Borrower elects to so deliver more frequently (provided that the Lead Borrower has delivered to Collateral the Administrative Agent a roll forward calculation of the Borrowing Base, Base and Excess Availability from the time period covered by the delivery of the monthly Borrowing Base Certificate), a Borrowing Base Certificate accompanied by a calculation of the Borrowers’ and its Subsidiaries’ marked-to-market exposure under each Hedging Agreement, together with such supporting detail and documentation as shall be requested by the Administrative Agent in its reasonable credit judgment; provided that upon the occurrence and during the continuance of a Specified Default or at any time that Excess Availability is less than $15 million (x) 15% of the Borrowing Base for five consecutive Business DaysDays or (y) if 15% of the Borrowing Base is less than $9,000,000 at any time, $9,000,000, such Borrowing Base Certificate shall be furnished on Wednesday of each week (or, if Wednesday is not a Business Day, on the next succeeding Business Day), as of the close of business on the immediately preceding Saturday until such Specified Default is not no longer continuing or until Excess Availability is greater than or equal to $15 million (x) 15% of the Borrowing Base for five consecutive Business DaysDays or (y) if 15% of the Borrowing Base is less than $9,000,000 at any time, $9,000,000, at which time Borrowing Base Certificates will again be furnished only monthly, and (b) upon the request of the Administrative Agent, but in no event more frequently than once each fiscal quarter, a calculation of the Indenture Borrowing Base, and (c) such other information regarding the Borrowing Base or the Collateral, as the Administrative Agent may reasonably request. The delivery of the Borrowing Base Certificate and the calculation of the Indenture Borrowing Base delivered pursuant to this Section 5.15 shall constitute a representation and warranty by the Lead Borrower that the statements and information contained therein are true and correct in all material respects on and as of such date. Upon receipt of the Borrowing Base Certificate, Collateral Agent shall distribute such Borrowing Base Certificate to the Lenders.

Borrowing Base-Related Reports. The Lead Borrower shall deliver or cause to be delivered (at the expense of the Borrowers) to the Co-Collateral Agent and the Administrative AgentAgents (for further delivery to each Lender), (a) in no event less frequently than ten (10) Business Days after the end of each fiscal month for the fiscal month most recently ended, unless the Lead Borrower elects to so deliver more frequently (provided that the Lead Borrower has delivered to Co-Collateral Agent Agents a roll forward calculation of the Borrowing Base, and Excess Availability from the time period covered by the delivery of the monthly Borrowing Base Certificate), a Borrowing Base Certificate accompanied by a calculation of the Borrowers’ and its Subsidiaries’ marked-to-market exposure under each Hedging Agreement, together with such supporting detail and documentation as shall be requested by the Administrative Agent Co-Collateral Agents in its their reasonable credit judgment; provided that (i) upon the occurrence and during the continuance of a Specified Default or (ii) at any time that Excess Availability is less than the greater of (x) $15 25 million for five consecutive Business Daysand (y) 15% of the lesser of the Revolving Commitments of all Revolving Lenders and the Revolving Borrowing Base or (iii) at any time any FILO Loans are outstanding, in each case, such Borrowing Base Certificate shall be furnished on Wednesday of each week (or, if Wednesday is not a Business Day, on the next succeeding Business Day), as of the close of business on the immediately preceding Saturday until such Specified Default is not longer continuing or until Excess Availability is greater than or equal to the greater of (x) $25 million and (y) 15% of the lesser of the Revolving Commitments and the Revolving Borrowing Base for 15 million for five consecutive Business Daysdays and in each case, no FILO Loans are outstanding, at which time Borrowing Base Certificates will again be furnished only monthly, (b) upon the request of the Administrative AgentCo-Collateral Agents, but in no event more frequently than once each fiscal quarter, a calculation of the Indenture Borrowing Base, and (c) such other information regarding the Borrowing Base or the Collateral, as the Administrative Agent Co-Collateral Agents may reasonably request. The delivery of the Borrowing Base Certificate and the calculation of the Indenture Borrowing Base delivered pursuant to this Section 5.15 shall constitute a representation and warranty by the Lead Borrower that the statements and information contained therein are true and correct in all material respects on and as of such date. Upon receipt of the Borrowing Base Certificate, Collateral Administrative Agent shall distribute such Borrowing Base Certificate to the Lenders.