Borrowing Base Deficiency and Minimum Equity Test Payments Clause Samples

Borrowing Base Deficiency and Minimum Equity Test Payments. (a) In addition to and without limitation of any obligation of the Borrower to cure any Borrowing Base Deficiency or satisfy the Minimum Equity Test pursuant to the terms of this Agreement, on any day prior to the Collection Date that a Borrowing Base Deficiency exists or on any Measurement Date on which the Minimum Equity Test is not satisfied, the Borrower shall, within two (2) Business Days from the date of such Borrowing Base Deficiency or Minimum Equity Test failure, eliminate such Borrowing Base Deficiency in its entirety or cause the Minimum Equity Test to be satisfied, as applicable, by effecting one or more (or any combination thereof) of the following actions in order to eliminate such Borrowing Base Deficiency or satisfy the Minimum Equity Test, as applicable, as of such date of determination: (i) deposit cash in Dollars into the Principal Collection Account, (ii) repay Advances Outstanding, and/or (iii) subject to the approval of the Administrative Agent in its sole discretion, Pledge additional Eligible Collateral Obligations and/or Permitted Investments; provided that, if the Borrower (or the Collateral Manager on behalf of the Borrower) shall have delivered and the Administrative Agent shall have accepted (in its sole discretion) a Cure Notice within two (2) Business Days from the date of such Borrowing Base Deficiency or Minimum Equity Test failure, as applicable, then the two (2) Business Day grace period hereunder shall be extended to twelve (12) Business Days. (b) No later than 12:00 noon on the Business Day prior to the proposed repayment of Advances Outstanding or Pledge of additional Eligible Collateral Obligations pursuant to Section 2.06(a), the Borrower (or the Collateral Manager and/or the Equityholder on behalf of the Borrower, as applicable) shall deliver (i) to the Administrative Agent (with a copy to the Collateral Agent and the Collateral Custodian) notice of such repayment or Pledge and a duly completed Borrowing Base Certificate or a calculation of the Minimum Equity Test demonstrating compliance therewith, as applicable, updated as of the date such repayment or Pledge is being made and giving pro forma effect to such repayment or Pledge, and (ii) to the Administrative Agent, if applicable, a description of any Eligible Collateral Obligation and each Obligor of such ‑83‑ Eligible Collateral Obligation to be Pledged and added to the updated Collateral Obligation Tape. Any notice pertaining to any cure, repayment or any Pledg...