Borrowing Base Shortfall. If a Borrowing Base Shortfall occurs and is not eliminated in accordance with Section 2.8(k).
Borrowing Base Shortfall if a Borrowing Base Shortfall exists and is not remedied in accordance with Section 2.23(5) hereof;
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 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. (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, the Borrowing Base is, or any redetermination thereof hereunder by the Lenders results in it being, less than the aggregate of the Advances (determined in Cdn.$ with all Advances in U.S.$ being converted to the Canadian Dollar Equivalent thereof, and with such deficiency amount being referred to as the "Borrowing Base Shortfall"), then any undrawn portion of the Facility shall cease to be available to the Borrower and the Total Commitment shall be reduced to an amount equal to the Borrowing Base. In addition, the Borrower shall within sixty (60) days from their receipt of notice in writing from the Agent (the "BBS Cure Period") eliminate the Borrowing Base Shortfall by:
(a) providing the Agent, or causing a Material Subsidiary to provide the Agent, with additional security for the Obligations in form, substance, amount and in respect of assets satisfactory to the Required Lenders in their sole discretion (provided that any additional oil and gas assets offered as security will be evaluated by the Lenders in accordance with their normal oil and gas evaluation parameters); and/or
(b) by effecting a permanent repayment of Advances under the Syndicated Facility or the Working Capital Facility, as applicable. During the BBS Cure Period,
(c) except as provided in Section 9.6, the Borrower shall not be entitled to make any royalty payments or any payment on inter-company notes or any other Distributions to the Trust without the prior written consent of the Lenders; and
(d) the Lenders shall not be obligated to make any further Advances available under this Agreement (other than Conversions or Rollovers which do not increase the Outstandings or, without the prior written consent of the Required Lenders, extend any Outstandings beyond the end of the BBS Cure Period); provided however, if in order to comply with (ii) above, it is necessary to repay a Bankers' Acceptance or Notional Bankers' Acceptances prior to its maturity date, the Borrower shall be entitled to pay such amount to the Agent for deposit into a cash collateral account, such account to be maintained by and in the name of the Agent, to be held as Security for the payment of the Borrowing Base Shortfall, or any portion thereof. If the Borrower fails to comply with the foregoing within the BBS Cure Period, such failure shall be an Event of Default for the purposes of this Agreement. If the Borrower complies with the foregoing to the satisfaction of the Required Lenders within the BBS Cure...
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. Fourth, the amount of any Borrowing Base Shortfall, first (A) to the Note Holders (to their respective Note Holder’s Account and in accordance with such Note Holder’s Pro Rata Share), until the outstanding principal balances of the Purchase Money Notes have been reduced to zero, and (B) the remainder, if any, to the Lenders (to their respective Lender’s Account and in accordance with such Xxxxxx’s Pro Rata Share);
