Common use of Compliance with Borrowing Base Clause in Contracts

Compliance with Borrowing Base. If at any time during the term of this Agreement, the Borrower obtains knowledge that the total principal amount of all Advances outstanding exceeds the Line of Credit Limit, the Borrower shall immediately reduce the principal amount of the Advance outstanding at that time by an amount equal to the excess.

Compliance with Borrowing Base. If at any time during the term of this Agreement, the Borrower obtains knowledge that the total principal amount of all Advances outstanding exceeds the Line of Credit LimitLimit or the Borrowing Base whichever is less, the Borrower shall immediately reduce the principal amount of the Advance Advances outstanding at that time by an amount equal to the such excess.