Common use of Elections to Mortgage Additional Oil and Gas Properties Clause in Contracts

Elections to Mortgage Additional Oil and Gas Properties. If Borrower elects to mortgage additional oil and gas properties in accordance with Section 4.06(a)(ii) above, then (1) such property shall be acceptable to Agent and Lenders with values determined by Agent and Lenders in accordance with this Article IV and (2) Borrower or such Guarantor shall execute, acknowledge and deliver to Agent security instruments acceptable to Agent within forty-five (45) days after Borrower’s receipt of the Borrowing Base Deficiency Notice; provided, however (x) if none of the additional oil and gas properties offered by Borrower are acceptable to Lenders, Borrower shall be deemed to have elected the prepayment option specified in Section 4.06(a)(i) (and Borrower shall make such prepayment in accordance with Section 4.06(b)(i)); and (y) if the aggregate present values of additional oil and gas properties which are acceptable to Lenders are insufficient to eliminate the Borrowing Base deficiency, then Borrower shall be deemed to have selected the option specified in Section 4.06(a)(iii) (and Borrower shall make prepayment and deliver security instruments as provided in Section 4.06(b)(iii)).

Elections to Mortgage Additional Oil and Gas Properties. If Borrower elects Borrowers elect to mortgage additional oil and gas properties in accordance with Section 4.06(a)(ii3.5(a)(ii) above, then (1) such property shall be acceptable to Administrative Agent and Lenders with values determined by Administrative Agent and Lenders in accordance with this Article IV Section 3 and (2) Borrower or such Guarantor Borrowers shall execute, acknowledge and deliver (or shall cause such other Mortgage Grantors to execute, acknowledge and deliver) to Administrative Agent security instruments acceptable to Administrative Agent within forty-five sixty (4560) days after Borrower’s receipt by any Borrower of the Borrowing Base Deficiency Notice; provided, however (x) if none of the additional oil and gas properties offered by Borrower Borrowers are acceptable to LendersAdministrative Agent, Borrower Borrowers shall be deemed to have elected the prepayment option specified in Section 4.06(a)(i3.5(a)(i) (and Borrower Borrowers shall make such prepayment in accordance with Section 4.06(b)(i3.5(b)(i)); and (y) if the aggregate present values of additional oil and gas properties which are acceptable to Lenders Administrative Agent are insufficient to eliminate the Borrowing Base deficiency, then Borrower Borrowers shall be deemed to have selected the option specified in Section 4.06(a)(iii3.5(a)(iii) (and Borrower Borrowers shall make prepayment and deliver security instruments as provided in Section 4.06(b)(iii3.5(b)(iii)).

Elections to Mortgage Additional Oil and Gas Properties. If Borrower elects to mortgage additional oil and gas properties in accordance with Section 4.06(a)(ii) above, then (1) such property shall be acceptable to Agent and Lenders Lender with values determined by Agent and Lenders Lender in accordance with this Article IV and (2) Borrower or such Guarantor shall execute, acknowledge and deliver to Agent Lender security instruments acceptable to Agent Lender within forty-five fifteen (4515) days after Borrower’s 's receipt of the Borrowing Base Deficiency Notice; provided, however however, that (x) if none of the additional oil and gas properties offered by Borrower are acceptable to LendersLender, Borrower shall be deemed to have elected the prepayment option specified in Section 4.06(a)(i) (and Borrower shall make such prepayment in accordance with Section 4.06(b)(i)); and (y) if the aggregate present values of additional oil and gas properties which are acceptable to Lenders Lender are insufficient to eliminate the Borrowing Base deficiency, then Borrower shall be deemed to have selected the option specified in Section 4.06(a)(iii) (and Borrower shall make prepayment and deliver security instruments as provided in Section 4.06(b)(iii)).

Elections to Mortgage Additional Oil and Gas Properties. If Borrower elects to mortgage additional oil and gas properties in accordance with Section 4.06(a)(ii) above, then (1) such property shall be acceptable to Agent and Lenders with values determined by Agent and Lenders in accordance with this Article IV and (2) Borrower or such Guarantor shall execute, acknowledge and deliver to Agent security instruments acceptable to Agent within forty-five (45) days after Borrower’s receipt of the Borrowing Base Deficiency Notice; provided, however (x) if none of the additional oil and gas properties offered by Borrower are acceptable to Lenders, Borrower shall be deemed to have elected the prepayment option specified in Section 4.06(a)(i) (and Borrower shall make such prepayment in accordance with Section 4.06(b)(i)); and (y) if the aggregate present values of additional oil and gas properties which are acceptable to Lenders are insufficient to eliminate the Borrowing Base deficiencyDeficiency, then Borrower shall be deemed to have selected the option specified in Section 4.06(a)(iii) (and Borrower shall make prepayment and deliver security instruments as provided in Section 4.06(b)(iii)).