Common use of Discretionary Determination of the Borrowing Base Clause in Contracts

Discretionary Determination of the Borrowing Base. Each of Borrower and the Administrative Agent, at the request of the Required Lenders, shall have the right to redetermine the Borrowing Base in their sole discretion at any time and from time to time but not more often than one (1) time during any calendar year. If either Borrower or the Required Lenders shall elect to make a discretionary redetermination of the Borrowing Base pursuant to the provisions of this Section 2.7(e), Borrower shall, within 30 days of its delivery of a request thereto or receipt of a request therefor from the Administrative Agent, deliver to the Administrative Agent such updated engineering, production, operating and other data as the Administrative Agent or any Lender may reasonably request. The new Borrowing Base shall be approved and designated in accordance with the procedures and standards described in Section 2.7(b).

Discretionary Determination of the Borrowing Base. Each of Borrower and the Administrative Agent, at the request of the Borrowing Base Required Lenders, shall have the right to redetermine the Borrowing Base in their sole discretion at any time and from time to time but not more often than one (1) time during any calendar year. If either Borrower or the Borrowing Base Required Lenders shall elect to make a discretionary redetermination of the Borrowing Base pursuant to the provisions of this Section 2.7(e), Borrower shall, within 30 days of its delivery of a request thereto or receipt of a request therefor from the Administrative Agent, deliver to the Administrative Agent such updated engineering, production, operating and other data as the Administrative Agent or any Lender may reasonably request. The Administrative Agent and the Borrowing Base Required Lenders shall approve and designate the new Borrowing Base shall be approved and designated in accordance with the procedures and standards described in Section 2.7(b).