Common use of Borrowing Base Overadvance Clause in Contracts

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 exceeds the Maximum Loan AvailabilityBorrowing Base, the Borrower shall within 5 days five (5) Business Days of the Borrower obtaining knowledge of the occurrence of any such excess, deliver pay to the Administrative Agent for prompt distribution to each Lender a written plan acceptable to all the account of the Lenders to eliminate then holding Term Loan Commitments, the amount of such excess. If such excess is not eliminated within 15 five (5) 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, thereon shall be immediately due and payable in full.