Outstanding Advances under the Restated Agreement. Without any further action on the part of the Borrower or the Lenders, the parties hereto acknowledge and agree that, effective as of the date hereof, (i) all outstanding “Advances” which are “Eurodollar Rate Advances” under the Restated Agreement shall be automatically deemed to be outstanding as Eurodollar Rate Advances under this Agreement with the same Interest Period but adjusted for the Lenders’ pro rata share thereof based on the Lenders’ Commitments under this Agreement and (b) all outstanding “Advances” which are “Reference Rate Advances” under the Restated Agreement shall be automatically deemed to be outstanding as Reference Rate Advances under this Agreement but adjusted for the Lenders’ pro rata share thereof based on the Lenders’ Commitments under this Agreement. Such advances under the Restated Agreement shall be assigned, renewed, extended, and rearranged pursuant to the terms of this Agreement and the Notes and shall, for all purposes, be deemed a Borrowing hereunder. The Lenders shall make all appropriate adjustments and payments between and among themselves to account for the revised Pro Rata Shares resulting from the Lenders’ Commitments under this Agreement.
Appears in 7 contracts
Samples: Credit Agreement (Resaca Exploitation, Inc.), Credit Agreement (Resaca Exploitation, Inc.), Credit Agreement (Resaca Exploitation, Inc.)
