Common use of Combination Elections Clause in Contracts

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 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 amount of the Borrowing Base deficiency 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 Section 4.06(a)(iii), then within forty-five fifteen (4515) days after Borrower’s 's receipt of the Borrowing Base Deficiency Notice, Borrower shall (or shall cause a Guarantor to) execute, acknowledge and deliver to Agent Lender security instruments acceptable to Agent Lender covering such additional oil and gas properties and pay Agent Lender 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 thirty (4530) days after Borrower’s 's receipt of the Borrowing Base Deficiency Notice, Notice or in five (y) six (65) equal consecutive monthly installments beginning within forty-five thirty (4530) days after Borrower’s 's receipt of the Borrowing Base Deficiency Notice and continuing on the same day of each month thereafter.