Common use of Subsequent Funding Clause in Contracts

Subsequent Funding. On each Subsequent Funding Date after ------------------ the Effective Date, each Lender shall severally make a Loan to the Borrower in an aggregate principal amount equal to its Applicable Percentage of the amount set forth in an approved Invoice Disbursement Request relating to an approved Subsequent Funding Request, which amount shall not exceed either (i) the then unutilized amount of such Lender's Commitment or (ii) when taken together with the previously Subsequent Fundings made by the Lenders with respect to an approved Subsequent Funding Request, 110% of the amount set forth in the AFE relating to such Subsequent Funding Request. A "Subsequent Funding Date" shall ----------------------- mean any Business Day prior to the Commitment Termination Date that is designated as the funding date in an Invoice Disbursement Request, which Invoice Disbursement Request must be delivered to Administrative Agent at least five Business Days prior to the date upon which the Subsequent Funding under such Invoice Disbursement Request is requested to occur. The Lenders shall have no further obligation to fund any Loans after the Commitment Termination Date.

Subsequent Funding. On each Subsequent Funding Date after ------------------ the Effective Date, each Lender shall severally make a Loan to the Borrower in an aggregate principal amount equal to its Applicable Percentage of the amount set forth in an approved Invoice Disbursement Request relating to an approved Subsequent Funding RequestCommitment Increase, which amount shall not exceed either (i) the then unutilized amount of such Lender's ’s Commitment or (ii) with respect to any Subsequent Funding for any Development Project, when taken together with the previously previous Subsequent Fundings made by the Lenders with respect to an approved Subsequent Funding RequestCommitment Increase Request covering such Development Project, 110% of the amount set forth in the AFE any authority for expenditure relating to such Subsequent Funding Commitment Increase Request. A "“Subsequent Funding Date" ” shall ----------------------- mean any Business Day prior to the Commitment Termination Date that is designated as the funding date in an Invoice Disbursement Request, which Invoice Disbursement Request date must be delivered to Administrative Agent at least five Business Days prior to after the date upon which the Subsequent Funding under receipt of such Invoice Disbursement Request is requested and must be set forth in such Invoice Disbursement Request as the date of such Subsequent Funding. Prior to occurmaking Loans with respect to development activities on the Borrower’s Oil and Gas Properties as described in any Development Plan or any acquisition of additional Oil and Gas Properties, the Borrower will be required to submit an Invoice Disbursement Request with respect to such advances. The Lenders shall have no further obligation to fund any Loans after the Commitment Termination Date.