Borrowing Base Deficiency. (i) Other than as provided in clause (ii) below, if the aggregate outstanding amount of the Advances plus the Letter of Credit Exposure ever exceeds the lesser of the (y) Borrowing Base and (z) the aggregate Commitments, the Borrower shall, after receipt of written notice from the Administrative Agent regarding such deficiency, take any of the following actions (and the failure of the Borrower to take such actions to remedy such Borrowing Base deficiency shall constitute an Event of Default):
Appears in 6 contracts
Samples: Credit Agreement (Resaca Exploitation, Inc.), Credit Agreement (Resaca Exploitation, Inc.), Credit Agreement (Resaca Exploitation, Inc.)
Borrowing Base Deficiency. (i) Other than as provided in clause (ii) below, if If the aggregate outstanding amount of the Advances plus the Letter of Credit Exposure ever exceeds the lesser of (x) the (y) Borrowing Base and (zy) the aggregate Commitments, the Borrower shall, shall after receipt of written notice from the Administrative Agent regarding such deficiency, take any of the following actions (and the failure of the Borrower to take such actions to remedy such Borrowing Base deficiency shall constitute an Event of Default):
Appears in 3 contracts
Samples: Credit Agreement (Callon Petroleum Co), Credit Agreement (Callon Petroleum Co), Security Agreement (Callon Petroleum Co)
Borrowing Base Deficiency. (i) Other than as provided in clause clauses (ii), (iii) and (iv) below, if the aggregate outstanding amount of the Advances plus the Letter of Credit Exposure ever exceeds the lesser of the (y) a Borrowing Base and (z) the aggregate CommitmentsDeficiency exists, the Borrower shall, after receipt of written notice from the Administrative Agent regarding such deficiency, take any of the following actions (and the failure of the Borrower to take such actions to remedy such Borrowing Base deficiency Deficiency shall constitute an Event election of Defaultclause (C) below):
Appears in 2 contracts
Samples: Credit Agreement (Penn Virginia Corp), Credit Agreement (Penn Virginia Corp)
Borrowing Base Deficiency. (i) Other i)Other than as provided in clause (ii) through (iv) below, if the aggregate outstanding amount of the Advances plus the Letter of Credit Exposure ever exceeds the lesser of the (y) a Borrowing Base and (z) the aggregate CommitmentsDeficiency exists, the Borrower shall, after receipt of written notice from the Administrative Agent regarding such deficiency, take any of the following actions (and the failure of the Borrower to take such actions to remedy such Borrowing Base deficiency Deficiency shall constitute an Event of Default):
Appears in 1 contract
Borrowing Base Deficiency. (i) Other than as provided in clause (iiSection 2.7(b)(ii) below, if the aggregate outstanding amount of the Revolving Loan Advances plus the Letter of Credit Exposure ever exceeds the lesser of the (y) the Borrowing Base and (z) the aggregate Commitments, the Borrower shall, after receipt of written notice from the Administrative Agent regarding such deficiency, take any of the following actions (and the failure of the Borrower to take such actions to remedy such Borrowing Base deficiency shall constitute an Event of Default):
Appears in 1 contract
