Combination Elections. If the Borrower elects (or is deemed to have elected) to eliminate the Borrowing Base Deficiency by a combination of prepayment and mortgaging of additional Oil and Gas Properties in accordance with Section 3.03(c)(ii)(A)(3), then within thirty (30) days after the Borrower’s receipt of the Borrowing Base Deficiency Notice (or such longer time as determined by the Administrative Agent), the Borrower shall (or shall cause a Subsidiary to) execute, acknowledge and deliver to the Administrative Agent one or more Security Instruments covering such additional Oil and Gas Properties and pay the Administrative Agent the amount by which the Borrowing Base Deficiency exceeds the present values of such additional Oil and Gas Properties in three (3) equal consecutive monthly installments beginning within thirty (30) days after Borrower’s receipt of the Borrowing Base Deficiency Notice and continuing on the same day of each month thereafter; provided that all payments required to be made pursuant to this Section 3.03(c)(ii)(B)(3) must be made on or prior to the Termination Date.
Combination Elections. If the Borrower elects (or is deemed to have elected) to eliminate the Borrowing Base deficiency by a combination of prepayment and mortgaging of additional Oil and Gas Properties in accordance with Section 3.03(c)(ii)(A)(3), then within thirty (30) days after the Borrower’s designation of such properties (or such longer time as determined by the Administrative Agent), the Borrower shall (or shall cause a Subsidiary to) execute, acknowledge and deliver to the Administrative Agent one or more Security Instruments covering such additional Oil and Gas Properties and pay the Administrative Agent the amount by which the Borrowing Base deficiency exceeds the present values of such additional Oil and Gas Properties in six (6) equal consecutive monthly installments beginning within thirty (30) days after Borrower’s receipt of the Borrowing Base Deficiency Notice and continuing on the same day of each month thereafter; provided that all payments required to be made pursuant to this Section 3.03(c)(ii)(B)(3) must be made on or prior to the Termination Date.
Combination Elections. If Borrower elects (or is deemed to have elected) to eliminate the Borrowing Base Deficiency by a combination of prepayment and mortgaging of additional Oil and Gas Properties in accordance with Section 2.9(e)(i)(C), then (1) within 30 days after Borrower’s receipt of the Borrowing Base Deficiency Notice (or such longer time as determined by Administrative Agent), Borrower shall (or shall cause a Subsidiary to) execute and deliver to Administrative Agent one or more Mortgages covering such additional Oil and Gas Properties and (2) Borrower shall pay Administrative Agent the amount by which the Borrowing Base Deficiency exceeds the present values of such additional Oil and Gas Properties in one installment within 30 days after Borrower’s receipt of the Borrowing Base Deficiency Notice.
Combination Elections. If Borrower elects (or is deemed to have elected) to eliminate the Borrowing Base deficiency by a combination of prepayment and mortgaging of additional oil and gas properties in accordance with Section 4.06(a)(iii), then within forty-five (45) days after Borrower’s receipt of the Borrowing Base Deficiency Notice, Borrower shall (or shall cause a Guarantor to) execute, acknowledge and deliver to Agent security instruments acceptable to Agent covering such additional oil and gas properties and pay Agent the amount by which the Borrowing Base deficiency exceeds the present values of such additional oil and gas properties (x) in one installment within forty-five (45) days after Borrower’s receipt of the Borrowing Base Deficiency Notice, or (y) six (6) equal consecutive monthly installments beginning within forty-five (45) days after Borrower’s receipt of the Borrowing Base Deficiency Notice and continuing on the same day of each month thereafter.
Combination Elections. If Borrower elects (or is deemed to have elected) to eliminate the Borrowing Base Deficiency by a combination of prepayment and mortgaging of additional Oil and Gas Properties in accordance with clause (f)(i)(C), then within 45 days after Borrower’s notice of its election (or date of deemed election) (or such longer time as determined by Administrative Agent), Borrower shall execute, acknowledge and deliver to Administrative Agent security instruments reasonably acceptable to Administrative Agent covering such additional Oil and Gas Properties and pay Administrative Agent the amount by which the Borrowing Base Deficiency exceeds the Recognized Values of such additional Oil and Gas Properties in one installment within 45 days after Borrower’s notice of its election (or date of deemed election) or, if no Event of Default exists, in six equal consecutive monthly installments beginning within 45 days after notice of its election (or date of deemed election) and continuing on the same day of each month thereafter.
Combination Elections. If Borrower elects (or is deemed to have elected) to eliminate the Borrowing Base deficiency by a combination of prepayment and mortgaging of additional oil and gas properties in accordance with Section 4.06(a)(iii), then within thirty (30) days after Borrower's receipt of the Borrowing Base Deficiency Notice (or such longer time as determined by Administrative Agent), Borrower shall (or shall cause a Guarantor to) execute, acknowledge and deliver to Administrative Agent security instruments acceptable to Administrative Agent covering such additional oil and gas properties and pay Administrative Agent the amount by which the Borrowing Base deficiency exceeds the present values of such additional oil and gas properties in one installment within thirty (30) days after Borrower's receipt of the Borrowing Base Deficiency Notice or in six (6) equal consecutive monthly installments beginning within thirty (30) days after Borrower's receipt of the Borrowing Base Deficiency Notice and continuing on the same day of each month thereafter.
Combination Elections. If Borrower elects (or is deemed to have elected) to eliminate the Borrowing Base Deficiency by a combination of prepayment and mortgaging of additional Oil and Gas Properties in accordance with Section 2.8(e)(i)(C), then within 30 days after Borrower’s receipt of the Borrowing Base Deficiency Notice (or such longer time as determined by Administrative Agent), Borrower shall (or shall cause another Loan Party to) execute, acknowledge and deliver to Administrative Agent one or more Mortgages covering such additional Oil and Gas Properties and pay Administrative Agent the amount by which the Borrowing Base Deficiency exceeds the present values of such additional Oil and Gas Properties in one (1) installment within 30 days after Borrower’s receipt of the Borrowing Base Deficiency Notice and if any Borrowing Base Deficiency remains after prepaying all Loans as a result of L/C Obligations, Cash Collateralize such excess as provided in Section 2.5 or in six (6) equal consecutive monthly installments beginning within 30 days after Xxxxxxxx’s receipt of the Borrowing Base Deficiency Notice and continuing on the same day of each month thereafter. Notwithstanding anything to the contrary contained herein, if any Periodic Determination or Special Determination is made hereunder during any period when a Borrowing Base Deficiency (referred to herein as the “Original Deficiency”) is being paid in installments pursuant to Section 2.8(e)(ii)(A) or (C), and such determination results in a Borrowing Base that is less than the amount of the Borrowing Base determined pursuant to the immediately previous Borrowing Base determination hereunder (the positive difference thereof being referred to herein as the “Additional Deficiency”), then (x) the Original Deficiency shall continue to be paid in installments accordance with Xxxxxxxx’s original election or deemed election hereunder with respect thereto and (y) the Additional Deficiency shall be paid in accordance with Xxxxxxxx’s election or deemed election hereunder with respect thereto.
Combination Elections. If Borrowers elect (or are deemed to have elected) to eliminate the Borrowing Base deficiency by a combination of prepayment and mortgaging of additional oil and gas properties in accordance with Section 1.3(d)(i)(C), then within thirty (30) days after Borrowers’ receipt of the Borrowing Base deficiency notice (or such longer time as determined by Bank), the applicable Borrower(s) shall execute, acknowledge and deliver to Bank one or more mortgages or deeds of trust covering such additional oil and gas properties and pay Bank the amount by which the Borrowing Base deficiency exceeds the present values of such additional oil and gas properties in one installment within thirty (30) days after Borrower’s receipt of the Borrowing Base deficiency notice or, provided no default or event of default has occurred and is continuing hereunder, in three (3) equal consecutive monthly installments beginning within thirty (30) days after Borrowers’ receipt of the Borrowing Base deficiency notice and continuing on the same day of each month thereafter.
Combination Elections. If the Borrowers elect (or are deemed to have elected) to eliminate the Borrowing Base deficiency by a combination of prepayment and mortgaging of additional oil and gas properties in accordance with Section 2.7(d)(i)(C), then within thirty (30) days after the Borrowers’ receipt of the Borrowing Base deficiency notice (or such longer time as determined by the Lender), the applicable Borrower(s) shall execute, acknowledge and deliver to the Lender one or more mortgages or deeds of trust, in form and substance satisfactory to the Lender, covering such additional oil and gas properties and pay the Lender the amount by which the Borrowing Base deficiency exceeds the present values of such additional oil and gas properties in one installment within thirty (30) days after the Borrowers’ receipt of the Borrowing Base deficiency notice or, provided no Event of Default has occurred and is continuing hereunder, in three (3) equal consecutive monthly installments beginning within thirty (30) days after the Borrowers’ receipt of the Borrowing Base deficiency notice and continuing on the same day of each month thereafter.
Combination Elections. If Borrowers elect (or is deemed to have elected) to eliminate the Borrowing Base deficiency by a combination of prepayment and mortgaging of additional oil and gas properties in accordance with Section 3.5(a)(iii), then within sixty (60) days after receipt by any Borrower of the Borrowing Base Deficiency Notice, Borrowers shall execute, acknowledge and deliver to Administrative Agent security instruments acceptable to Administrative Agent covering such additional oil and gas properties and pay Administrative Agent the amount by which the Borrowing Base deficiency exceeds the present values of such additional oil and gas properties.
