Borrowing Base Overadvance. If, on any Borrowing Base Test Date, the aggregate Revolving Credit Exposure of all Lenders exceeds the Line Cap (such amount in excess of the Line Cap, the “Overexposure Amount”), then no later than the date that is one (1) Business Day following the date which a Borrowing Base Certificate has been delivered in respect of such Borrowing Base Test Date, the Revolving Credit Borrowers shall repay such outstanding Revolving Credit Loans, Swingline Loans and Reimbursement Obligations (and thereafter Cash Collateralize such outstanding L/C Obligations, to the extent remaining) in an amount equal to 100% of such Overexposure Amount to the Administrative Agent, which such amount shall be applied to the Revolving Credit Loans ratably in accordance with Section 2.08.3; provided, however, that the Revolving Credit Borrowers shall have an additional five (5) days to make any such repayment to the extent that the Overexposure Amount results from the establishment or modification of any Reserves or the modification of any eligibility standards pursuant to Section 2.21. All such repayments shall be applied (i) first, to prepay the outstanding Swingline Loans to the full extent thereof, (ii) second, to prepay the Revolving Credit Loans to the full extent thereof, (iii) third, to prepay outstanding Reimbursement Obligations, and (v) fourth, to Cash Collateralize Letters of Credit in an amount equal to the Minimum Collateral Amount.
Borrowing Base Overadvance. In the event that the Total Outstanding Amount exceeds the Borrowing Base then in effect, the Borrower shall:
Borrowing Base Overadvance. If at any time the aggregate principal amount of all outstanding Revolving Loans exceeds the Maximum Loan Availability, the Borrower shall within 5 days of the Borrower obtaining knowledge of the occurrence of any such excess, deliver to the Agent for prompt distribution to each Lender a written plan acceptable to all of the Lenders to eliminate such excess. If such excess is not eliminated within 15 Business Days of the Borrower obtaining knowledge of the occurrence thereof, then the entire outstanding principal balance of all Loans, together with all accrued interest thereon, shall be immediately due and payable in full.
Borrowing Base Overadvance. If at any time the aggregate principal amount of all outstanding Revolving Loans, together with the aggregate amount of all Letter of Credit Liabilities, exceeds the Maximum Loan Availability, the Borrower shall, within 15 days of the Borrower obtaining knowledge of the occurrence of any such excess, deliver to the Agent for prompt distribution to each Lender a written plan acceptable to all of the Lenders to eliminate such excess. If such excess is not eliminated within 45 days of the Borrower obtaining knowledge of the occurrence thereof, then the entire outstanding principal balance of all Loans, together with all accrued interest thereon, and an amount equal to all Letter of Credit Liabilities for deposit into the Letter of Credit Collateral Account, shall be immediately due and payable in full.
Borrowing Base Overadvance. If at any time the aggregate principal amount of all outstanding Advances, exceeds the Aggregate Borrowing Base Value, Borrower shall within thirty (30) days of Borrower obtaining knowledge of the occurrence of any such excess, pay to Lender the amount of such excess. All payments under this subsection (b) shall be applied to pay principal outstanding under the Loan; provided, however, that, if an Event of Default has occurred and is continuing, then such payment(s) received by Lender may be applied to the Obligations in such manner and priority as Lender may determine in its sole discretion.
Borrowing Base Overadvance. If at any time the aggregate principal amount of all outstanding Loans exceeds the Maximum Loan Availability, the Borrower shall, within 15 days of the Borrower obtaining knowledge of the occurrence of any such excess, deliver to the Agent for prompt distribution to each Lender a written plan acceptable to all of the Lenders to eliminate such excess. If such excess is not eliminated within 45 days of the Borrower obtaining knowledge of the occurrence thereof, then the entire outstanding principal balance of all Loans, together with all accrued interest thereon, shall be immediately due and payable in full. All payments under this subsection (b) shall be applied to pay all amounts of excess principal outstanding on the applicable Loans in accordance with Section 3.2.
Borrowing Base Overadvance. If at any time the aggregate principal amount of all outstanding Revolving Loans, together with the aggregate amount of all Letter of Credit Liabilities and the aggregate principal amount of all outstanding Swingline Loans, exceeds the Borrowing Base, the Borrower shall within 5 Business Days of the Borrower obtaining knowledge of the occurrence of any such excess, eliminate such excess. If such excess is not eliminated within such time, then the entire outstanding principal balance of all Loans, together with all accrued interest thereon, and an amount equal to all Letter of Credit Liabilities for deposit into the Letter of Credit Collateral Account, shall be immediately due and payable in full. All payments under this subsection (b) shall be applied to pay all amounts of principal outstanding on the Loans and any Reimbursement Obligations pro rata in accordance with Section 3.2. and if any Letters of Credit are outstanding at such time the remainder, if any, shall be deposited into the Collateral Account for application to any Reimbursement Obligations. If the Borrower is required to pay any outstanding LIBOR Loans by reason of this Section prior to the end of the applicable Interest Period therefor, the Borrower shall pay all amounts due under Section 5.4.
Borrowing Base Overadvance. If at any time the aggregate principal amount of all outstanding Loans, together with the aggregate amount of all Letter of Credit Liabilities, exceeds the Borrowing Base, the Borrower shall within 30 days of the Borrower obtaining knowledge of the occurrence of any such excess, deliver to the Agent for prompt distribution to each Lender a written plan acceptable to all of the Lenders to eliminate such excess. If such excess is not eliminated within 90 days of the Borrower obtaining knowledge of the occurrence thereof, then the entire outstanding principal balance of all Loans, together with all accrued interest thereon, and an amount equal to all Letter of Credit Liabilities for deposit into the Letter of Credit Collateral Account, shall be immediately due and payable in full. All payments under this subsection (b) shall be applied to pay all amounts of excess principal outstanding on the applicable Loans and any applicable Reimbursement Obligations in accordance with Section 3.2., and the remainder, if any, shall be deposited into the Letter of Credit Collateral Account for application to any Reimbursement Obligations as and when due.
Borrowing Base Overadvance. From and after the date hereof, the Loan Parties shall not permit the aggregate principal amount of all Revolving Loans outstanding at any time to exceed the lesser of (A) the Borrowing Base then in effect plus $3,600,000 (less the aggregate amount of any payments hereafter made pursuant to Section 2.05(a) of the Credit Agreement) and (B) the Aggregate Revolving Commitments then in effect (such excess amount, an “Overadvance”). If, at any time, an Overadvance exists, the Loan Parties shall immediately prepay the Revolving Loans in an amount equal to the Overadvance. Any failure by the Loan Parties to timely make such prepayment shall constitute an immediate Forbearance Termination Event hereunder and Event of Default under the Credit Agreement.
Borrowing Base Overadvance. If at any time the aggregate principal amount of all outstanding Advances exceeds the Borrowing Base, the Borrower shall, within 30 days of the earlier of (A) receipt by the Borrower of notice from the Bank stating that such excess exists or (B) the date the Borrower delivers (or was required to deliver) a Borrowing Base Certificate indicating the existence of such excess, deliver to the Bank for prompt distribution to the Bank a written plan acceptable to the Bank to eliminate such excess. If such excess is not eliminated within 90 days of the earlier of receipt by the Borrower of such notice or the date the Borrower delivers (or was required to deliver) such Borrowing Base Certificate, an Event of Default shall be deemed to have occurred hereunder. All payments under this subsection (b) shall be applied to pay all amounts of excess principal outstanding on the applicable Advances, and the remainder, if any, shall be paid to the Borrower or whomever else may be legally entitled to such remainder.
