Revolver Commitment. Bank agrees, upon the terms and subject to the conditions hereinafter set forth, to make revolving loan advances (the "Revolver Loan") to Borrowers from the Closing Date until the Revolver Final Maturity Date, or until such later date as Bank shall have extended its Revolver Commitment in writing unless the Revolver Commitment shall be sooner terminated pursuant to the provisions of this Agreement, in such amounts as may from time to time be requested by Borrowers for payment of their existing secured indebtedness, development of oil and gas reserves, working capital needs, capital expenditures of Borrowers and for the issuance of standby letters of credit. In no event shall the aggregate unpaid principal amount of the Revolver Loan advanced, outstanding and unpaid at any time under the Revolver Note plus the amount of the requested Revolver Loan advance plus the amount of Letter of Credit Exposure at any time exceed the lesser of # the Collateral Borrowing Base (as calculated in accordance with the provisions of [Article V] of this Agreement) or # the Revolver Commitment Amount, notwithstanding the face principal amount of the Revolver Note from time to time.
Revolver Commitment. BankSECTION #Commitments to Make Advances. (a) Each Lender severally agrees, uponon the terms and subjectconditions set forth herein, to make Revolver Advances to the conditions hereinafter set forth, to make revolving loan advances (the "Revolver Loan") to Borrowers from the Closing Date until the Revolver Final Maturity Date, or until such later date as Bank shall have extended its Revolver Commitment in writing unless the Revolver Commitment shall be sooner terminated pursuant to the provisions of this Agreement, in such amounts as mayBorrower from time to time be requested by Borrowers for payment of their existing secured indebtedness, development of oil and gas reserves, working capital needs, capital expenditures of Borrowers and forbefore the issuance of standby letters of credit. In no event shallTermination Date; provided that, immediately after each such Revolver Advance is made, the aggregate unpaidoutstanding principal amount of Revolver Advances by such Lender shall not exceed the amount of the Revolver Loan advanced, outstanding and unpaidCommitment of such Lender at any time undersuch time, provided further that the Revolver Note plus theaggregate principal amount of the requestedall Revolver Loan advance plus the amount of Letter of Credit Exposure at any timeAdvances shall not exceed thethe: lesser ofof: # the Collateral Borrowing Base (as calculated in accordance with the provisions of [Article V] of this Agreement) orBase; and # the Revolver Commitment Amount, notwithstanding the face principalaggregate amount of the Revolver NoteCommitments of all of the Lenders at such time. Each Revolver Advance shall be in an aggregate principal amount of β or any larger multiple of β (except that any such Revolver Advance may be in the aggregate amount of the Total Unused Revolver Commitments) and shall be made from the several Lenders ratably in proportion to their respective Revolver Commitments. Within the foregoing limits, the Borrower may borrow under this Section, repay or, to the extent permitted by [Section 2.10], prepay Revolver Advances and reborrow under this [Section 2.01] at any time to time.before the Termination Date.
Revolver Commitment. Bank agrees, uponNote. On the termsClosing Date, Borrowers shall execute and subjectdeliver to the conditions hereinafter set forth, to make revolving loan advancesorder of the Bank a promissory note instrument in the stated face principal amount of β (the "Revolver Loan"Note") to Borrowers from. The Revolver Note shall be dated as of the Closing Date untiland shall bear interest on unpaid balances of principal from time to time outstanding at a variable annual rate equal from day to day to the Base Rate plus one hundred and fifty basis points (1.50%), and in no event lower than 8.50%. The Revolver Note shall be payable as set forth therein. After maturity (whether by acceleration or otherwise), the Revolver Note shall bear interest at a per annum rate equal from day to day to the Default Rate payable on demand, unless there has been no default in Borrowers' payment obligations (other than Borrowers' failure to pay all unpaid principal and all accrued but unpaid interest due and payable at the Revolver Final Maturity Date, or until such later date as Bank shall have extended its Revolver Commitment in writing unless the Revolver Commitment shall be sooner terminated pursuant to the provisions of this Agreement, in such amounts as may from time to time be requested by Borrowers for payment of their existing secured indebtedness, development of oilDate) and gas reserves, working capital needs, capital expenditures of Borrowers and for the issuance of standby letters of credit. In no event shall the aggregate unpaid principal amountBank are negotiating a renewal or extension of the Revolver Loan advanced, outstanding and unpaid at any time underNote, in which circumstance the Revolver Note plusnon-Default Rate specified herein shall continue to apply, but only until the amountBank deems negotiations complete, in its sole discretion. Interest shall be calculated on the basis of a year of 360 days, but assessed for the requested Revolver Loan advance plusactual number of days elapsed in each accrual period. Notwithstanding the amount of Letter of Credit Exposure at any time exceed the lesser of # the Collateral Borrowing Base (as calculated in accordance with the provisions of [Article V] of this Agreement) or # the Revolver Commitment Amount, notwithstanding thestated face principal amount of the Revolver Note from time to time.time, in no event shall Borrowers request nor shall Bank be obligated to make any Revolver Loan advance that causes or results in the aggregate outstanding principal amount of the Revolver Note plus Letters of Credit Exposure to exceed the lesser of the then applicable Revolver Commitment Amount or the Collateral Borrowing Base then in effect.
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