Common use of Effective Upon Notice Clause in Contracts

Effective Upon Notice. Promptly following any redetermination of the Borrowing Base, Agent shall notify in writing Borrower and the Lenders of the new Borrowing Base and/or Monthly Reduction Amount. Any such redetermination of the Borrowing Base and/or Monthly Reduction Amount shall not be effective until Borrower receives written notice thereof.

Effective Upon Notice. Promptly following any redetermination of the Borrowing Base, Agent shall notify in writing Borrower and the Lenders of the new Borrowing Base and/or Monthly Reduction AmountBase. Any such redetermination of the Borrowing Base and/or Monthly Reduction Amount shall not be effective until Borrower receives written notice thereof.