Borrowing Base Shortfall. If a Borrowing Base Shortfall occurs and is not eliminated in accordance with Section 2.8(k).
Borrowing Base Shortfall. If at any time there exists a Borrowing Base Shortfall and such Borrowing Base Shortfall is not remedied pursuant to Section 2.5.
Borrowing Base Shortfall for certainty, if a Borrowing Base Shortfall exists and is not remedied in accordance with Section 2.23(5);
Borrowing Base Shortfall. If at any time there occurs a Borrowing Base Shortfall, the Agent may, at the direction of the Majority Lenders, deliver to the Borrower a notice setting out the amount of the Borrowing Base Shortfall (the “Shortfall Notice”). Upon receipt of the Shortfall Notice, the Borrower will do one of the following or a combination thereof:
(i) reduce the Obligations under the Credit Facilities by the amount of the Borrowing Base Shortfall within 60 days of receipt of the Shortfall Notice, with the proceeds of such reduction to be paid to the Syndicated Facility Lenders and the Operating Lender on a pro rata basis based on the Canadian Dollar Exchange Equivalent of the Aggregate Principal Amount of each such Credit Facility;
(ii) eliminate the Borrowing Base Shortfall by providing in favour of the Agent for and on behalf of the Lenders and the Swap Lenders additional security, such security to be in form and substance acceptable to the Lenders, in their discretion, to be delivered by the Borrower to the Agent for and on behalf of the Lenders within 60 days of receipt of the Shortfall Notice; or
(iii) eliminate the Borrowing Base Shortfall within 60 days of receipt of the Shortfall Notice by such other means as are acceptable to the Lenders, including adding additional P&NG Rights acceptable to the Lenders to the Borrowing Base Properties or by making a prepayment in accordance with Section 3.6(f). Notwithstanding the foregoing provisions of this Section 3.6(c), nothing herein contained will affect or modify the rights of the Lenders under the Documents or the obligations of the Borrower thereunder.
Borrowing Base Shortfall. (a) The Borrower shall ensure at all times that the Outstandings do not exceed the Borrowing Base.
(b) The Borrower shall notify the Lender of any BB Shortfall promptly upon becoming aware of its occurrence (unless the Borrower is notified of the BB Shortfall by the Lender).
Borrowing Base Shortfall. (a) On the first Business Day after a BB Shortfall Remedy Period the Lender determines that there is still a BB Shortfall and (a) the balance on any Collection Account is not positive, or (b) following a transfer from the Collection Account(s) to be applied in prepayment or repayment of the Loan referred to in clause 7.3(c) (Mandatory prepayment – Borrowing Base), the Shortfall is not remedied.
(b) Without prejudice to clause 7.3 (Mandatory prepayment – Borrowing Base), the Borrower does not comply with its obligations under clause 21.27 (Borrowing Base Shortfall).
Borrowing Base Shortfall. The Borrowers may make a prepayment in order to comply with the provisions of Section 5.11.
Borrowing Base Shortfall. If at any time there occurs a Borrowing Base Shortfall, the Agent shall promptly deliver to the Borrower a notice setting out the amount of the Borrowing Base Shortfall (the “Shortfall Notice”). Upon receipt of the Shortfall Notice, the Borrower will do one of the following or a combination thereof:
(i) reduce the Aggregate Principal Amount under the Borrowing Base Facilities by the amount of the Borrowing Base Shortfall within 30 days (or from and after the Repayment of the Tranche B Facility, 60 days) of receipt of the Shortfall Notice with the proceeds of such reduction to be paid to the Borrowing Base Lenders in accordance with Section 17.3;
(ii) eliminate the Borrowing Base Shortfall by providing in favour of the Agent for and on behalf of the Lenders and the Swap Lenders additional security, such security to be in form and substance acceptable to the Lenders, to be delivered by the Borrower to the Agent for and on behalf of the Lenders within 30 days (or from and after the Repayment of the Tranche B Facility, 60 days) of receipt of the Shortfall Notice; or
(iii) eliminate the Borrowing Base Shortfall within 30 days (or from and after the Repayment of the Tranche B Facility, 60 days) of receipt of the Shortfall Notice by such other means as are acceptable to the Lenders, including adding additional P&NG Rights acceptable to the Lenders to the Borrowing Base Properties or by making a prepayment in accordance with Section 3.7.
Borrowing Base Shortfall. Subject to the proviso contained in ------------------------ Section 9.01(j), at any time that a reduction in the Borrowing Base causes the sum of the aggregate amount of Revolving Loans then outstanding, plus the aggregate amount of Swing Loans then outstanding, plus the Dollar Equivalent of the aggregate L/C Liabilities then outstanding, less the amount of any L/C cover that shall have been provided and not yet returned to exceed the Borrowing Base then in effect (after giving effect to the aforementioned reduction), Borrower shall immediately prepay Swing Loans and the Revolving Loans (and/or provide cover for L/C Liabilities as specified in Section 2.10(d)), such prepayment to be applied, first, to the Swing Loans, second, to Revolving Loans outstanding ----- ------ and, third, as cover for L/C Liabilities outstanding as specified in Section ----- 2.10(d). If at any time following the provision of cover for L/C Liabilities pursuant to this Section 2.10(c) the Borrowing Base then in effect shall exceed the sum of the aggregate amount of Revolving Loans then outstanding, plus the aggregate amount of Swing Loans then outstanding, plus the Dollar Equivalent of the aggregate L/C Liabilities then outstanding, less the amount of any L/C cover that shall have been provided and not yet returned, Administrative Agent shall release and return to Borrower L/C cover in an amount equal to the lesser of (i) such excess and (ii) all such cover then held by Administrative Agent.
Borrowing Base Shortfall. (a) If at any time, other than as provided by Section 5.8, any determination of the Borrowing Base results in the Aggregate Principal Amount exceeding the Borrowing Base (such difference being the "Borrowing Base Shortfall") then, the Borrower will
(i) in the case of any redetermination of the Credit Facilities as set out in Section 3.10(b)(v), immediately following the occurrence of such Borrowing Base Shortfall and
(ii) in all other cases, within 60 days of the occurrence of such Borrowing Base Shortfall (each, a "Shortfall Period"), repay such Aggregate Principal Amount as is required to eliminate such Borrowing Base Shortfall.
(b) Until a Borrowing Base Shortfall is eliminated as required by Section 3.11(a):
(i) no Advances (other than Conversions and Rollovers) under the Credit Facilities will be available without the prior consent of all of the Lenders;
(ii) notwithstanding Section 14.2(j)(i) and Section 14.3(g), no assets of the Borrower and any other Loan Party used in the determination of the Borrowing Base may be disposed of without the prior consent of all of the Lenders; and
(iii) the interest rates then applicable to Canadian Prime Rate Loans, SOFR Loans, U.S. Base Rate Loans, BA Stamping Fees and Letter of Credit Fees will each increase by 200.0
