Common use of Frequency of Calculations of Borrowing Base Clause in Contracts

Frequency of Calculations of Borrowing Base. Initially, the Borrowing Base shall be the amount set forth as such in the Borrowing Base Certificate delivered under Section 6.1. Thereafter, the Borrowing Base shall be the amount set forth as such in the Borrowing Base Certificate delivered from time to time under Article IX. Any increase in the Borrowing Base Value of a Borrowing Base Property shall become effective as of the next determination of the Borrowing Base as provided in this Section, provided that prior to such date of determination (a) if such increase is the result of an increase in the As-Is Appraised Value of such Borrowing Base Property, the Requisite Lenders shall have given their written approval of such increase and (b) the Borrowers deliver to the Administrative Agent the following: (i) if the Property is not located in a Tie-In Jurisdiction, an endorsement to the title insurance policy in favor of the Administrative Agent with respect to such Property increasing the coverage amount thereof as related to such Property to not less than 110% of the As-Is Appraised Value (based on the “as-is value” of such Property and excluding the value of personal property) for such Property and (ii) if the Property is located in a Tie-In Jurisdiction, an endorsement to the title insurance policy in favor of the Administrative Agent with respect to such Property increasing the coverage amount thereof as related to such Property to not less than the portion of the Borrowing Base attributable to such Property, as well as endorsements to all other existing title insurance policies issued to the Administrative Agent with respect to all other Properties located in Tie-In Jurisdictions reflecting an increase in the aggregate insured amount under the “tie-in” endorsements to an amount equal to the Borrowing Base (including the Property which experienced the increase in Borrowing Base Value) but in no event in an amount in excess of the aggregate amount of the Commitments.

Frequency of Calculations of Borrowing Base. Initially, the Borrowing Base shall be the amount set forth as such in the Borrowing Base Certificate delivered under Section 6.1. Thereafter, the Borrowing Base shall be the amount set forth as such in the Borrowing Base Certificate delivered from time to time under Article IXSection 4.2.(bb) or 9.3.(b). Any increase in the Borrowing Base Value of a Borrowing Base Collateral Property shall become effective as of the next determination of the Borrowing Base as provided in this Section, provided that prior to such date of determination (a) if such increase is the result of an increase in the As-Is Appraised Value of such applicable Borrowing Base Property, the Requisite Lenders shall have given their written approval of Certificate substantiates such increase and (b) if the Borrowers deliver increase in the Borrowing Base Value is attributable in whole or in part to an increase in the Appraised Value of a Collateral Property, the Borrower delivers to the Administrative Agent prior to the effectiveness of such increase the following: (i) if the with respect to any such Collateral Property is not located in a Tie-In Jurisdiction, an endorsement to the title insurance policy in favor of the Administrative Agent with respect to such Property increasing the coverage amount thereof as related to such Property to not less than 110100% of the As-Is Appraised Value (based on the “as-is value” of such Property and excluding the value of personal property) for such Property and (ii) if the with respect to any such Collateral Property is located in a Tie-In Jurisdiction, an endorsement to the title insurance policy in favor of the Administrative Agent with respect to such Property increasing the coverage amount thereof as related to such Property to not less than the portion Appraised Value of the Borrowing Base attributable to such Property, as well as endorsements to all other existing title insurance policies issued to the Administrative Agent with respect to all other Properties located in Tie-In Jurisdictions reflecting an increase in the aggregate insured amount under the “tie-in” endorsements to an amount equal to the Borrowing Base (including aggregate amount of the Property which experienced the increase in Borrowing Base Value) Appraised Values of all such Properties but in no event in an amount in excess of the aggregate amount of the Commitments. Any change in the Borrowing Base Value of a Collateral Property determined pursuant to an Appraisal described in Section 4.4. or Section 4.5. shall be effective immediately upon Agent’s delivery of notice to the Borrower that the Agent has accepted the applicable Appraisal, and shall be reflected in a Borrowing Base Certificate reflecting such new Borrowing Base Value, which certificate shall be delivered by the Borrower to the Agent within five (5) Business Days of Borrower’s receipt of such notice from the Agent. Notwithstanding the foregoing, to the extent that any decrease in the Borrowing Base Value of a Collateral Property resulting from an Appraisal would require the Borrower to prepay any Loan or cash collateralize any Letter of Credit pursuant to Section 2.8(b)(i), such prepayment or cash collateral shall not be due prior to five (5) Business Days after the date that the Agent has delivered to the Borrower notice that the Agent has accepted such Appraisal; provided further, however, that nothing contained in this sentence shall delay the effectiveness of such decrease in the Borrowing Base Value of a Collateral Property for the purposes of determining whether any condition is met for the making of any Loan or the issuance of any Letter of Credit.

Frequency of Calculations of Borrowing Base. Initially, the Borrowing Base shall be the amount set forth as such in the Borrowing Base Certificate delivered under Section 6.1. Thereafter, the Borrowing Base shall be the amount set forth as such in the Borrowing Base Certificate most recently delivered from time to time under Article IX. or Section 4.2.(b). Any increase in the Borrowing Base Value of a Borrowing Base Property shall become effective as of the next determination of the Borrowing Base as provided in this Section, provided that prior to such date of determination (a) if such increase is the result of an increase in (i) the As-Is Appraised Value of such Borrowing Base Property, the Requisite Lenders shall have given their written approval of such increase or (ii) the Permanent Loan Estimate for such Borrowing Base Property, the applicable Borrowing Base Certificate substantiates such increase and (b) the Borrowers deliver Borrower delivers to the Administrative Agent the following: (i) if the Borrowing Base Property is not located in a Tie-In JurisdictionJurisdiction and such increase is the result of an increase in the Appraised Value of such Borrowing Base Property, an endorsement to the title insurance policy in favor of the Administrative Agent with respect to such Borrowing Base Property increasing the coverage amount thereof as related to such Borrowing Base Property to not less than 110% one hundred percent (100%) of the As-Is Appraised Value (based on the “as-is "stabilized value” " of such Borrowing Base Property and excluding the value of personal property) for such Borrowing Base Property and (ii) if the Borrowing Base Property is located in a Tie-In Jurisdiction, an endorsement to the title insurance policy in favor of the Administrative Agent with respect to such Borrowing Base Property increasing the coverage amount thereof as related to such Borrowing Base Property to not less than the portion of the Borrowing Base attributable to such Borrowing Base Property, as well as endorsements to all other existing title insurance policies issued to the Administrative Agent with respect to all other Borrowing Base Properties located in Tie-In Jurisdictions reflecting an increase in the aggregate insured amount under the “"tie-in” " endorsements to an amount equal to the Borrowing Base (including the Borrowing Base Property which experienced the increase in Borrowing Base Value) but in no event in an amount in excess of the aggregate amount of the Commitments.

Frequency of Calculations of Borrowing Base. Initially, the Borrowing Base shall be the amount set forth as such in the Borrowing Base Certificate delivered under Section 6.1. Thereafter, the Borrowing Base shall be the amount set forth as such in the Borrowing Base Certificate delivered from time to time under Article IXIX or otherwise set forth in this Agreement. Any increase in the Borrowing Base Value of a Borrowing Base Property shall become effective as of the next determination of the Borrowing Base as provided in this SectionSection 4.4, provided that prior to such date of determination determination: (a) if such increase is the result of an increase in in: (i) the As-Is Appraised Value of such Borrowing Base Property, the Requisite Lenders shall have given their written approval of such increase Appraised Value; or (ii) the applicable Borrowing Base Certificate substantiates such increase; and (b) the Borrowers deliver Borrower delivers to the Administrative Agent the following: (i) if the Property is not located in a Tie-Tie In JurisdictionJurisdiction and such increase is the result of an increase in the Appraised Value of such Property, an endorsement to the title insurance policy in favor of the Administrative Agent with respect to such Property increasing the coverage amount thereof as related to such Property to not less than 110% one hundred percent (100%) of the As-Is Appraised Value (based on the “as-is stabilized value” of such Property and excluding the value of personal property) for such Property Property; and (ii) if the Property is located in a Tie-Tie In Jurisdiction, an endorsement to the title insurance policy in favor of the Administrative Agent with respect to such Property increasing the coverage amount thereof as related to such Property to not less than the portion eighty-five percent (85%) of the Borrowing Base attributable to Appraised Value (based on the “stabilized value” of such Property and excluding the value of personal property) for such Property, as well as endorsements to all other existing title insurance policies issued to the Administrative Agent with respect to all other Properties located in Tie-Tie In Jurisdictions reflecting an increase in the aggregate insured amount under the “tie-in” endorsements to an amount equal to the Borrowing Base (including the Property which experienced the increase in Borrowing Base Value) but in no event in an amount in excess of the aggregate amount of the Commitmentsas increased.

Frequency of Calculations of Borrowing Base. Initially, the Borrowing Base shall be the amount set forth as such in the Borrowing Base Certificate delivered under Section 6.1. Thereafter, the Borrowing Base shall be the amount set forth as such in the Borrowing Base Certificate delivered from time to time under Article IXSection 4.2.(u), 4.3.(d) or 9.4.(h). Any increase in the Borrowing Base Collateral Property Value of a Borrowing Base Collateral Property shall become effective as of the next determination of the Borrowing Base as provided in this Section, provided that prior to such date of determination (a) if such increase is the result of an increase in the As-Is Appraised Value of such applicable Borrowing Base Property, the Requisite Lenders shall have given their written approval of Certificate substantiates such increase and (b) if at such time such Collateral Property is subject to a Security Deed, the Borrowers deliver Borrower delivers to the Administrative Agent the following: (i) if the Property is not located in a Tie-In Jurisdiction, an endorsement to the title insurance policy in favor of the Administrative Agent with respect to such Property increasing the coverage amount thereof as related to such Property to not less than 110100% of the As-Is Appraised Value (based on the “as-is value” of such Property and excluding the value of personal property) for such Property and (ii) if the Property is located in a Tie-In Jurisdiction, an endorsement to the title insurance policy in favor of the Administrative Agent with respect to such Property increasing the coverage amount thereof as related to such Property to not less than the portion Collateral Property Value of the Borrowing Base attributable to such Property, as well as endorsements to all other existing title insurance policies issued to the Administrative Agent with respect to all other Properties located in Tie-In Jurisdictions reflecting an increase in the aggregate insured amount under the “tie-in” endorsements to an amount equal to the Borrowing Base aggregate amount of the Collateral Property Values of all such Properties (including the Property which experienced the increase in Borrowing Base Collateral Property Value) but in no event in an amount in excess of the aggregate amount of the Commitments.

Frequency of Calculations of Borrowing Base. Initially, the Borrowing Base shall be the amount set forth as such in the Borrowing Base Certificate delivered under Section 6.1. Thereafter, the Borrowing Base shall be the amount set forth as such in the Borrowing Base Certificate delivered from time to time under Article IXSection 4.2.(w), 4.3.(d) or 9.4.(g). Any increase in the Borrowing Base Value of a Borrowing Base Property shall become effective as of the next determination of the Borrowing Base as provided in this Section, provided that prior to such date of determination (a) if such increase is the result of an increase in the As-Is Appraised Value of such applicable Borrowing Base Property, the Requisite Lenders shall have given their written approval of Certificate substantiates such increase and (b) if at such time such Collateral Property is subject to a Security Deed, the Borrowers deliver Borrower delivers to the Administrative Agent the following: (i) if the Property is not located in a Tie-In JurisdictionJurisdiction and the increase in the Borrowing Base is attributable in whole or in part to an increase in the Appraised Value of such Collateral Property, an endorsement to the title insurance policy in favor of the Administrative Agent with respect to such Collateral Property increasing the coverage amount thereof as related to such Property to not less than 110100% of the As-Is Appraised Value (based on the “as-is value” of such Property and excluding the value of personal property) for such Collateral Property and (ii) if the such Collateral Property is located in a Tie-In Jurisdiction, an endorsement to the title insurance policy in favor of the Administrative Agent with respect to such Property increasing the coverage amount thereof as related to such Property to not less than the portion Appraised Value of the Borrowing Base attributable to such Collateral Property, as well as endorsements to all other existing title insurance policies issued to the Administrative Agent with respect to all other Collateral Properties located in Tie-In Jurisdictions reflecting an increase in the aggregate insured amount under the “tie-in” endorsements to an amount equal to the Borrowing Base aggregate amount of the Appraised Values of all such Properties (including the each Collateral Property to which experienced the increase in the Borrowing Base Valueis attributable) but in no event in an amount in excess of the aggregate amount of the Commitments.

Frequency of Calculations of Borrowing Base. InitiallyOn the Closing Date, the Borrowing Base shall be the amount set forth as such in the Borrowing Base Certificate Report delivered under Section 6.16.1(s). Thereafter, the Borrowing Base shall be the amount set forth as such in the Borrowing Base Certificate most recently delivered from time to time under Article IXSection 4.2(b), Section 6.3(h) and Section 7.2(f). Any increase in the Borrowing Base Value of a Borrowing Base Property shall become effective as of the date on which the next determination of the Borrowing Base as provided in this SectionReport is delivered pursuant to Section 6.3(h) or Section 7.2(f), provided that that, prior to such date of determination (a) the applicable Borrowing Base Report substantiates such increase and if such increase is the result of an increase in the As-Is Appraised Value of such Borrowing Base Property, the Requisite Required Lenders shall have given their written approval of such increase increase, and (b) if the Borrowers deliver Recordation Date has occurred, the Borrower delivers to the Administrative Agent the following: (i) if the Property is not located in a Tie-In Jurisdiction, an endorsement to the title insurance policy in favor of the Administrative Agent for the benefit of the Secured Parties with respect to such Property increasing the coverage amount thereof as related to such Property to not less than 110100% of the As-Is Appraised Borrowing Base Value (based on the “as-is value” of such Property and excluding the value of personal property) for such Property and (ii) if the Property is located in a Tie-In Jurisdiction, an endorsement to the title insurance policy in favor of the Administrative Agent for the benefit of the Secured Parties with respect to such Property increasing the coverage amount thereof as related to such Property to not less than the portion of the Borrowing Base attributable to Value of such Property, as well as endorsements to all other existing title insurance policies issued to the Administrative Agent with respect to all other Properties located in Tie-In Jurisdictions reflecting an increase in the aggregate insured amount under the “tie-in” endorsements to an amount equal to the aggregate amount of the Borrowing Base Values of all such Properties (including the Property which experienced the increase in Borrowing Base Value) but in no event in an amount in excess of the aggregate amount of the Commitments.

Frequency of Calculations of Borrowing Base. Initially, the The Borrowing Base shall be the amount set forth as such in the Borrowing Base Certificate delivered under Section 6.1. Thereafter, the Borrowing Base shall be the amount set forth as such in the Borrowing Base Certificate delivered (x) from time to time under Article IX., (y) from time to time under Section 4.3.(c) or (z) so long as no Default or Event of Default exists, from time to time as otherwise delivered by the Borrower. Any increase in the Borrowing Base Value of attributable to a Borrowing Base Property shall become immediately effective as of the next determination of the Borrowing Base as provided pursuant to any Borrowing Base Certificate delivered pursuant to any of clauses (x), (y) or (z) in this Sectionthe immediately preceding sentence, provided that prior to such date of determination (a) if such increase is the result of an increase in (i) the As-Is Appraised Value of such Borrowing Base Property, the Requisite Lenders shall have given their written approval of such increase or (ii) the Debt Yield for such Property, the applicable Borrowing Base Certificate substantiates such increase and (b) the Borrowers deliver Borrower delivers to the Administrative Agent the following: (i) if the Property is not located in a Tie-In JurisdictionJurisdiction and such increase is the result of an increase in the Appraised Value of such Property, an endorsement to the title insurance policy in favor of the Administrative Agent with respect to such Property increasing the coverage amount thereof as related to such Property to not less than 110125% of the As-Is Appraised Value (based on the “as-is stabilized value” of such Property and excluding the value of personal property) for such Property and (ii) if the Property is located in a Tie-In Jurisdiction, an endorsement to the title insurance policy in favor of the Administrative Agent with respect to such Property increasing the coverage amount thereof as related to such Property to not less than the portion of the Borrowing Base attributable to such Property, as well as endorsements to all other existing title insurance policies issued to the Administrative Agent with respect to all other Properties located in Tie-In Jurisdictions reflecting an increase in the aggregate insured amount under the “tie-in” endorsements to an amount equal to the Borrowing Base (including the Property which experienced the increase in Borrowing Base Value) but in no event in an amount in excess of the aggregate amount of the Commitments.

Frequency of Calculations of Borrowing Base. Initially, the Borrowing Base shall be the amount set forth as such in the Borrowing Base Certificate delivered under Section 6.1. Thereafter, the Borrowing Base shall be the amount set forth as such in the Borrowing Base Certificate most recently delivered from time under Section 9.4.(b) or 4.2.(b). Subject to time under Article IX. Any Section 9.4.(b), any increase in the Borrowing Base Value of a Borrowing Base Property shall become effective as of the next determination of the Borrowing Base as provided in this Section, provided that prior to such date of determination (a) if such increase is the result of an increase in (i) the As-Is Appraised Value of such Borrowing Base a Collateral Property, the Requisite Lenders shall have given their written approval of such increase or (ii) the Permanent Loan Estimate of a Collateral Property, the applicable Borrowing Base Certificate substantiates such increase and (b) the Borrowers deliver Borrower delivers to the Administrative Agent the following: (i) if such increase is the result of an increase in the Appraised Value of any Collateral Property that is not located in a Tie-In Jurisdiction, an endorsement to the title insurance policy in favor of the Administrative Agent with respect to each such Collateral Property increasing the coverage amount thereof as related to such Collateral Property to not less than 110100% of the As-Is Appraised Value (based on the “as-is value” of such Property and excluding the value of personal property) for such Collateral Property and (ii) if the any such Collateral Property is located in a Tie-In Jurisdiction, an endorsement to the title insurance policy in favor of the Administrative Agent with respect to each such Collateral Property increasing the coverage amount thereof as related to such Collateral Property to not less than the portion of the Borrowing Base attributable to such Collateral Property, as well as endorsements to all other existing title insurance policies issued to the Administrative Agent with respect to all other Collateral Properties located in Tie-In Jurisdictions reflecting an increase in the aggregate insured amount under the “"tie-in” " endorsements to an amount equal to the Borrowing Base (including the each Collateral Property to which experienced the increase in the Borrowing Base Valueis attributable) but in no event in an amount in excess of the aggregate amount of the Commitments.

Frequency of Calculations of Borrowing Base. Initially, the Borrowing Base shall be the amount set forth as such in the Borrowing Base Certificate delivered under Section 6.1. Thereafter, the Borrowing Base shall be the amount set forth as such in the Borrowing Base Certificate delivered from time to time under Article IX. or 4.2.(b). Any increase in the Borrowing Base Value of a Borrowing Base Collateral Property shall become effective as of the next determination of the Borrowing Base Value as provided in this Section, provided that prior to such date of determination (a) if such increase is the result of an increase in (i) the As-Is Appraised Value of such Borrowing Base Collateral Property, the Requisite Lenders Agent shall have given their its written approval of such increase or (ii) the Adjusted Net Operating Income for such Property, the applicable Borrowing Base Certificate substantiates such increase and (b) the Borrowers deliver Borrower delivers to the Administrative Agent the following: (i) if the Property is not located in a Tie-In JurisdictionJurisdiction and such increase is the result of an increase in the Appraised Value of such Property, an endorsement to the title insurance policy in favor of the Administrative Agent with respect to such Property increasing the coverage amount thereof as related to such Property to not less than 110100% of the As-Is Appraised Value (based on the “as-is value” of such Property and excluding the value of personal property) for such Property and (ii) if the Property is located in a Tie-In Jurisdiction, an endorsement to the title insurance policy in favor of the Administrative Agent with respect to such Property increasing the coverage amount thereof as related to such Property to not less than the portion of the Borrowing Base attributable to such Property, as well as endorsements to all other existing title insurance policies issued to the Administrative Agent with respect to all other Properties located in Tie-In Jurisdictions reflecting an increase in the aggregate insured amount under the “tie-in” endorsements to an amount equal to the Borrowing Base (including the Property which experienced the increase in Borrowing Base Value) but in no event in an amount in excess of the aggregate amount of the Commitments.

Frequency of Calculations of Borrowing Base. Initially, the Borrowing Base shall be the amount set forth as such in the Borrowing Base Certificate delivered under Section 6.17.1. Thereafter, the Borrowing Base shall be the amount set forth as such in the Borrowing Base Certificate delivered from time to time under Article IXSection 9.1.(g), 4.1.(g), 4.1.(h) or 4.2.; provided, however, any change in the Borrowing Base Value of a Property attributable to a change in the Permanent Loan Estimate for such Property shall only be effected with respect to Borrowing Base Certificates delivered following the first and third fiscal quarters of each fiscal year of the Parent. Any increase change in the Borrowing Base resulting from a change in the Borrowing Base Value of a Borrowing Base Property shall become effective as of the next determination of the Borrowing Base as provided in this Section, ; provided that prior to such date of determination any increase in the Borrowing Base shall not become effective unless and until (a) if such increase is the result of an increase in (i) the As-Is Appraised Value (as approved by the Requisite Lenders, which approval shall be deemed to have been made by a Lender if such Lender has not rejected such Appraised Value within 10 Business Days of the date on which such Lender received such Appraised Value) of such Borrowing Base Property or (ii) the Permanent Loan Estimate for such Borrowing Base Property, the Requisite Lenders shall have given their written approval of applicable Borrowing Base Certificate substantiates such increase and (b) the Borrowers deliver Borrower delivers to the Administrative Agent the following: (i) if the Property is not located in a Tie-In JurisdictionJurisdiction and such increase is the result of an increase in the Appraised Value of such Property, an endorsement to the title insurance policy in favor of the Administrative Agent with respect to such Property increasing the coverage amount thereof as related to such Property to not less than 11070% of the As-Is Appraised Value (based on the “as-is "stabilized value” " of such Property and excluding the value of personal property) for such Property and Borrowing Base Property, (ii) if the Property is located in a Tie-In Jurisdiction, an endorsement to the title insurance policy in favor of the Administrative Agent with respect to such Property increasing the coverage amount thereof as related to such Property to not less than the portion of the Borrowing Base attributable to Value of such Borrowing Base Property, as well as endorsements to all other existing title insurance policies issued to the Administrative Agent with respect to all other Properties located in Tie-In Jurisdictions reflecting an increase in the aggregate insured amount under the “"tie-in” " endorsements to an amount equal to the aggregate amount of the Borrowing Base Values of all such Properties (including the Property which experienced the increase in Borrowing Base Value) but in no event in an amount in excess of the aggregate amount of the Revolving Commitments, and (iii) if for any reason the amount of the Obligations secured by the Security Documents relating to such Property have been limited (in an effort to minimize recording, documentary stamp, intangibles or similar taxes) to an amount less than the full amount of the Loans (other than Construction Loans) and Letter of Credit Liabilities, such modifications of the applicable Security Documents, in recordable form if applicable, effectuating an appropriate increase to the amount secured thereby based on the increase in the new Appraised Value, together with payment of all applicable additional recording, documentary stamp, intangibles or similar taxes payable in connection therewith, and an endorsement to applicable title policy reflecting recordation of such modifications and no adverse change in such coverage.

Frequency of Calculations of Borrowing Base. Initially, the Borrowing Base shall be the amount set forth as such in the Borrowing Base Certificate delivered under Section 6.1. Thereafter, the Borrowing Base shall be the amount set forth as such in the Borrowing Base Certificate delivered from time to time under Article IXSection 9.4.(b) or 4.2.(b). Any increase in the Borrowing Base Value of a Borrowing Base an Eligible Property shall become effective as of the next determination of the Borrowing Base as provided in this Section, provided that prior to such date of determination (a) if such increase is the result of an increase in the As-Is Appraised Value of such applicable Borrowing Base Property, the Requisite Lenders shall have given their written approval of Certificate substantiates such increase and (b) if at such time such Borrowing Base Property is subject to a Security Deed, the Borrowers deliver Borrower delivers to the Administrative Agent the following: (i) if the Property is not located in a Tie-In Jurisdiction, an endorsement to the title insurance policy in favor of the Administrative Agent with respect to such Property increasing the coverage amount thereof as related to such Property to not less than 110100% of the As-Is Appraised Borrowing Base Value (based on the “as-is value” of such Property and excluding the value of personal property) for such Property and (ii) if the Property is located in a Tie-In Jurisdiction, an endorsement to the title insurance policy in favor of the Administrative Agent with respect to such Property increasing the coverage amount thereof as related to such Property to not less than the portion of the Borrowing Base attributable to Value of such Property, as well as endorsements to all other existing title insurance policies issued to the Administrative Agent with respect to all other Properties located in Tie-In Jurisdictions reflecting an increase in the aggregate insured amount under the “"tie-in” " endorsements to an amount equal to the aggregate amount of the Borrowing Base Values of all such Properties (including the Property which experienced the increase in Borrowing Base Value) but in no event in an amount in excess of the aggregate amount of the Commitments.

Frequency of Calculations of Borrowing Base. Initially, the Borrowing Base shall be the amount set forth as such in the Borrowing Base Certificate delivered under Section 6.1. Thereafter, the Borrowing Base shall be the amount set forth as such in the Borrowing Base Certificate delivered from time to time under Article IXSection 4.2.(bb), 4.3.(e) or 9.3.(b). Any increase in the Borrowing Base Value of a Borrowing Base Collateral Property shall become effective as of the next determination of the Borrowing Base as provided in this Section, provided that prior to such date of determination (a) if such increase is the result of an increase in the As-Is Appraised Value of such applicable Borrowing Base Property, the Requisite Lenders shall have given their written approval of Certificate substantiates such increase and (b) if the Borrowers deliver increase in the Borrowing Base Value is attributable in whole or in part to an increase in the Appraised Value of a Collateral Property, the Borrower delivers to the Administrative Agent prior to the effectiveness of such increase the following: (i) if the with respect to any such Collateral Property is not located in a Tie-In Jurisdiction, an endorsement to the title insurance policy in favor of the Administrative Agent with respect to such Property increasing the coverage amount thereof as related to such Property to not less than 110100% of the As-Is Appraised Value (based on the “as-is value” of such Property and excluding the value of personal property) for such Property and (ii) if the with respect to any such Collateral Property is located in a Tie-In Jurisdiction, an endorsement to the title insurance policy in favor of the Administrative Agent with respect to such Property increasing the coverage amount thereof as related to such Property to not less than the portion Appraised Value of the Borrowing Base attributable to such Property, as well as endorsements to all other existing title insurance policies issued to the Administrative Agent with respect to all other Properties located in Tie-In Jurisdictions reflecting an increase in the aggregate insured amount under the “tie-in” endorsements to an amount equal to the Borrowing Base (including aggregate amount of the Property which experienced the increase in Borrowing Base Value) Appraised Values of all such Properties but in no event in an amount in excess of the aggregate amount of the Commitments.

Frequency of Calculations of Borrowing Base. Initially, the Borrowing Base shall be the amount set forth as such in the Borrowing Base Certificate delivered under Section 6.1. Thereafter, the Borrowing Base shall be the amount set forth as such in the Borrowing Base Certificate delivered from time to time under Article IXSection 4.2.(w), 4.3.(d) or 9.4.(b). Any increase in the Borrowing Base Collateral Property Value of a Borrowing Base an Eligible Property shall become effective as of the next determination of the Borrowing Base as provided in this Section, provided that prior to such date of determination (a) if such increase is the result of an increase in the As-Is Appraised Value of such applicable Borrowing Base Property, the Requisite Lenders shall have given their written approval of Certificate substantiates such increase and (b) if at such time such Collateral Property is subject to a Security Deed, the Borrowers deliver Borrower delivers to the Administrative Agent the following: (i) if the Property is not located in a Tie-In Jurisdiction, an endorsement to the title insurance policy in favor of the Administrative Agent with respect to such Property increasing the coverage amount thereof as related to such Property to not less than 110100% of the As-Is Appraised Collateral Property Value (based on the “as-is value” of such Property and excluding the value of personal property) for such Property and (ii) if the Property is located in a Tie-In Jurisdiction, an endorsement to the title insurance policy in favor of the Administrative Agent with respect to such Property increasing the coverage amount thereof as related to such Property to not less than the portion Collateral Property Value of the Borrowing Base attributable to such Property, as well as endorsements to all other existing title insurance policies issued to the Administrative Agent with respect to all other Properties located in Tie-In Jurisdictions reflecting an increase in the aggregate insured amount under the “tie-in” endorsements to an amount equal to the Borrowing Base aggregate amount of the Collateral Property Values of all such Properties (including the Property which experienced the increase in Borrowing Base Collateral Property Value) but in no event in an amount in excess of the aggregate amount of the Commitments.

Frequency of Calculations of Borrowing Base. InitiallyOn the Closing Date, the Borrowing Base shall be the amount set forth as such in the Borrowing Base Certificate Report delivered under Section 6.16.1(s). Thereafter, the Borrowing Base shall be the amount set forth as such in the Borrowing Base Certificate most recently delivered from time to time under Article IXSection 4.2(b), Section 6.3(h) and Section 7.2(f). Any increase in the Borrowing Base Value of a Borrowing Base Property shall become effective as of the date on which the next determination of the Borrowing Base as provided in this SectionReport is delivered pursuant to Section 6.3(h) or Section 7.2(f), provided that that, prior to such date of determination (a) the 44 applicable Borrowing Base Report substantiates such increase and if such increase is the result of an increase in the As-Is Appraised Value of such Borrowing Base Property, the Requisite Required Lenders shall have given their written approval of such increase increase, and (b) if the Borrowers deliver Recordation Date has occurred, the Borrower delivers to the Administrative Agent the following: (i) if the Property is not located in a Tie-In Jurisdiction, an endorsement to the title insurance policy in favor of the Administrative Agent with respect to such Property increasing the coverage amount thereof as related to such Property to not less than 110100% of the As-Is Appraised Borrowing Base Value (based on the “as-is value” of such Property and excluding the value of personal property) for such Property and (ii) if the Property is located in a Tie-In Jurisdiction, an endorsement to the title insurance policy in favor of the Administrative Agent with respect to such Property increasing the coverage amount thereof as related to such Property to not less than the portion of the Borrowing Base attributable to Value of such Property, as well as endorsements to all other existing title insurance policies issued to the Administrative Agent with respect to all other Properties located in Tie-In Jurisdictions reflecting an increase in the aggregate insured amount under the “"tie-in” " endorsements to an amount equal to the aggregate amount of the Borrowing Base Values of all such Properties (including the Property which experienced the increase in Borrowing Base Value) but in no event in an amount in excess of the aggregate amount of the Commitments.

Frequency of Calculations of Borrowing Base. Initially, the Borrowing Base shall be the amount set forth as such in the Borrowing Base Certificate delivered under Section 6.1. Thereafter, the Borrowing Base shall be the amount set forth as such in the Borrowing Base Certificate delivered from time to time under Article IXSection 4.2.(t), 4.3.(e), 4.7., 4.8.(b)(iv) or 9.4.(h). Any increase in the Borrowing Base Value of a Borrowing Base Property shall become effective as of the next determination of the Borrowing Base as provided in this Section, provided that prior to such date of determination (a) if such increase is the result of an increase in the As-Is Appraised Value of such applicable Borrowing Base Property, the Requisite Lenders shall have given their written approval of Certificate substantiates such increase and (b) if the Borrowers deliver increase in the Borrowing Base is attributable in whole or in part to an increase in the Appraised Value of a Collateral Property, the Borrower delivers to the Administrative Agent prior to the effectiveness of such increase the following: (i) if the with respect to any such Collateral Property is not located in a Tie-In Jurisdiction, an endorsement to the title insurance policy in favor of the Administrative Agent with respect to such Property increasing the coverage amount thereof as related to such Property to not less than 110100% of the As-Is Appraised Value (based on the “as-is value” of such Property and excluding the value of personal property) for such Property and (ii) if the with respect to any such Collateral Property is located in a Tie-In Jurisdiction, an endorsement to the title insurance policy in favor of the Administrative Agent with respect to such Property increasing the coverage amount thereof as related to such Property to not less than the portion Appraised Value of the Borrowing Base attributable to such Property, as well as endorsements to all other existing title insurance policies issued to the Administrative Agent with respect to all other Properties located in Tie-In Jurisdictions reflecting an increase in the aggregate insured amount under the “tie-in” endorsements to an amount equal to the Borrowing Base aggregate amount of the Appraised Values of all such Properties (including the any Collateral Property to which experienced the increase in the Borrowing Base Valueis attributable) but in no event in an amount in excess of the aggregate amount of the Commitments.