Collateral Deficiency. All security held by the Bank under the terms of this Agreement and the other Loan Documents shall be available as Collateral for the Loans and may be applied to satisfy the Borrower's Obligations and to otherwise perform its duties and obligations under the Loan Documents. The Borrower shall remain liable for any deficiency remaining after such application.
Collateral Deficiency. Should the unpaid outstanding principal balance of the Note plus the unfunded portion of outstanding Letters of Credit issued pursuant hereto at any time prior to the Conversion Date be greater than the Revolving Credit Borrowing Base in effect at such time, the Bank may notify the Borrowers in writing of the deficiency. Within fifteen (15) days from and after the date of any such deficiency notice the Borrowers shall notify the Bank in writing of their election to:
(a) Make a prepayment upon the Note in an amount sufficient to reduce the unpaid principal amount of the Note to an amount equal to or less than the amount of the Revolving Credit Borrowing Base;
(b) Make mandatory equal monthly principal prepayments on the Note due on the next six (6) successive monthly interest installment due dates on the Note equal in an aggregate amount that will reduce the outstanding principal balance of the Note to the projected Revolving Credit Borrowing Base as of the next immediate semi-annual redetermination thereof in accordance with the provisions of Section 4.1(a) hereof; or
(c) Convert the then outstanding principal balance of the Note to the five (5) year term loan contemplated by Section 2.2 hereof, commencing as of the last day of the next succeeding calendar month. If the Borrowers shall have elected to make a prepayment on the Note under Section 4.2(a) hereof, such prepayment shall be due within fifteen (15) days after the Borrowers shall have notified the Bank of such election, and the prepayment shall be applied at the Bank's option, to the principal payments of the Note in inverse order of maturity. If Borrowers shall elect to execute and deliver one or more supplemental oil and gas mortgages and deeds of trust to the Bank under Section 4.2(b) hereof, the Borrowers shall provide the Bank with descriptions of the additional properties to be mortgaged (together with any title opinions, current valuations and engineering reports applicable thereto which may be requested by the Bank) at the time of the Borrowers notice of such election and shall execute, acknowledge and deliver to the Bank the appropriate supplemental mortgages and deeds of trust within five (5) Business Days after such collateral documents shall be tendered to the Borrowers by the Bank for execution, all in compliance with the provisions of clauses (i), (ii) and (iii) of subsection 3.1(a) above.
Collateral Deficiency. If at any point in time Trust determines the estimated number of oz. of Certified 99.99% Pure Gold contained in the Pre-Recycled Gold Ore comprising the Property is less than 10-times the total Physical Ounces of Gold purchased by all gold-ore owners (e.g., collateralization ratio of less than a 10:1), then Trust shall promptly notify Gold-Ore Owner of the current amount of the deficiency, any expected additional increases in the deficiency, and the amount of time it anticipates to cure the deficiency (“Notice of Collateralization Deficiency”). Gold-Ore Owner shall between ninety (90) days and one hundred twenty (120) days after Notice of Collateralization Deficiency have the option of requesting the return of all or part of the remaining balance of its Gold Purchase payments held in Trust Account in certified funds (USD) and terminating its purchase for that corresponding portion of its Physical Ounces of Gold Purchased (“Collateral Deficiency Gold Purchase Termination”), or continuing with this Gold-Ore Purchase Agreement until such time as another Notice of Collateralization Deficiency may be received from Trust.
Collateral Deficiency. If at any point in time Trust determines the estimated number of oz. of Certified 99.99% Pure Gold contained in the Pre-Recycled Gold Ore is less than 10-times the total Physical Ounces of Gold purchased by all gold-ore owners (e.g., collateralization ratio of less than a 10:1), then Trust shall promptly notify Gold-Ore Owner of the current amount of the deficiency, any expected additional increases in the deficiency, and the amount of time it anticipates to cure the deficiency (“Notice of Collateralization Deficiency”). Upon Notice of Collateralization Deficiency Gold-Ore Owner shall have the option of requesting the immediate return of all or part of the remaining balance of its Gold Purchase payments held in Trust Account in certified funds (USD) and/or continuing with the project until such time as another Notice of Collateralization Deficiency may be received from Trust.
Collateral Deficiency. If, as of any Calculation Date, a Collateral Deficiency exists, the Borrower shall by the third Payment Date immediately following such Calculation Date do either or both of the following: (x) pay an amount to the Collections Account sufficient so that, after application of funds on such third Payment Date in accordance with Section 2.18, such Collateral Deficiency no longer exists or (y) pledge Eligible Aircraft, in such amounts so that such Collateral Deficiency no longer exists.
Collateral Deficiency. (a) The Lender shall notify the Borrower of any Collateral Deficiency Event.
(b) If a Collateral Deficiency Event occurs the Borrower shall within 2 Business Days of such notification:
(i) specify additional Mortgage Loans to be added to the Mortgage Pool so as to ensure that the Loan falls below the Collateral Threshold (and charge such additional Mortgage Loans in favour of the Lender pursuant to Clause 4 of the Deed of Charge as security for the Secured Obligations (as defined therein)); or
(ii) prepay the whole or part of the Loan such that the Loan falls below the Collateral Threshold, provided that if the Borrower chooses to add additional Mortgage Loans to the Mortgage Pool under paragraph (i) above, the Borrower shall procure that the Electronic Collateral Information and a Trust Receipt (including with respect to Exceptions) in form satisfactory to the Lender relating to the additional Mortgage Loans are provided to the Lender at least one Business Day prior to such Mortgage Loan becoming part of the Mortgage Pool.
Collateral Deficiency. 14 SECTION 2.04. Addition, Substitution and Removal of Financed Student Loans; Release of Collateral...................................................14 SECTION 2.05. Effect of Release.......................................................16
Collateral Deficiency. Any Collateral Deficiency is not cured within the time limit specified in Section 2.04(b).
Collateral Deficiency. If any Collateral Deficiency exists on the November 15, 2003 Settlement Date after giving effect to the payments made on such Settlement Date pursuant to Section 2.07(c), the Borrower shall, on such November 15, 2003 Settlement Date either (A) pay the amount of such Collateral Deficiency together with accrued interest thereon and the amount, if any, owed to each Lender pursuant to Section 3.04 hereof to the Collection Account, and on the following Settlement Date, or at the sole discretion of the Agent upon receipt, such payment shall be applied by the Agent in accordance with the then applicable provisions of Section 2.07(c) or (B) pledge additional Eligible Railcars and/or Eligible Leases approved by the Agent in its sole discretion pursuant to Section 2.02 and/or other collateral acceptable to the Agent so that such Collateral Deficiency no longer exists."
17. Article VI of the Agreement is hereby amended by inserting the following Section 6.18 at the end thereof:
Collateral Deficiency. If on any Business Day, the Collateral Amount on such Business Day is less than the Class A Note Principal Amount, then a "Collateral Deficiency" shall be deemed to exist on such Business Day. The Issuer shall cure such Collateral Deficiency by completing one or some combination of both of the following within 10 Business Days of obtaining actual knowledge of such Collateral Deficiency: (a) delivering or substituting additional Eligible Financed Student Loans to the Indenture Trustee for inclusion in the Collateral pursuant to Section 2.04(a) or delivering other collateral acceptable to the Class A Noteholder and the Insurer to the Indenture Trustee for the benefit of the Class A Noteholders, and/or (b) paying to the Indenture Trustee cash for deposit into the Collection Account for prepayment of the Class A Note Principal Amount on the next Payment Date in an amount sufficient to reduce the Collateral Deficiency to zero.
