Procedures if Borrowing Base Deficiency Occurs Sample Clauses

Procedures if Borrowing Base Deficiency Occurs. Each time the aggregate unpaid principal amount of the Obligations and the Bank Obligations at any time exceeds the Borrowing Base then most recently determined (the date on which such a Borrowing Base Deficiency occurs is referred to herein as the "Borrowing Base Deficiency Date"), the Company shall (a) promptly notify the holders of such occurrence and the amount of the Borrowing Base Deficiency on such date and (b) the Company shall eliminate the entire unpaid balance of such Borrowing Base Deficiency within five Business Days of such Borrowing Base Deficiency Date by, in each case, only to the extent necessary to eliminate such excess, (i) prepaying the Bank Revolving Loan until the Bank Revolving Loan shall have been paid in full, (ii) and if the action specified in clause (i) above shall not eliminate such excess, by prepaying the Bank Swingline Loan, (iii) and if the action specified in clause (ii) above shall not eliminate such excess, by cash collateralizing the Bank Letter of Credit Exposure, and (iv) if the action specified in clause (iii) above shall not eliminate such excess, by posting additional Eligible Cash and Cash Equivalents. If a Borrowing Base Deficiency occurs, the Company shall not make any Distributions until such Borrowing Base Deficiency has been eliminated. The Company shall not be permitted to cure a Borrowing Base Deficiency by reducing the amount of Bank Obligations other than in accordance with this paragraph 5V(iii).
Sample 1
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Procedures if Borrowing Base Deficiency Occurs. Each time the aggregate principal amount of all outstanding Loans plus the Letter of Credit Exposure plus the outstanding principal amount of the Notes exceed the Borrowing Base then in effect, the Company shall (i) promptly notify the holders of the Notes of such occurrence and the amount of the Borrowing Base Deficiency on such date and (ii) the Company shall immediately eliminate the entire unpaid balance of such Borrowing Base Deficiency by, only to the extent necessary to eliminate such excess, prepaying the Loans outstanding under the Credit Agreement until such loans shall have been paid in full. Failure to immediately eliminate the entire unpaid balance of such Borrowing Base Deficiency shall be an Event of Default. If a Borrowing Base Deficiency occurs, the Company shall not take any action otherwise permitted under this Agreement which is conditioned upon the non-occurrence or non-existence of any Default or Event of Default until such Borrowing Base Deficiency has been eliminated. The Company shall not be permitted to cure a Borrowing Base Deficiency by any action prohibited by this Agreement or any of the other Note Documents.
Sample 1

Related to Procedures if Borrowing Base Deficiency Occurs

  • Borrowing Base Deficiency If at any time there exists a Borrowing Base Deficiency the Borrower shall cure same in accordance with Section 2.06 hereof.

  • Mandatory Prepayments due to Borrowing Base Deficiency In the event that at any time any Borrowing Base Deficiency shall exist, the Borrower shall, within five Business Days after delivery of the applicable Borrowing Base Certificate, prepay the Loans (or provide Cash Collateral for Letters of Credit as contemplated by Section 2.05(k)) or reduce Other Covered Indebtedness or any other Indebtedness that is included in the Covered Debt Amount at such time in such amounts as shall be necessary so that such Borrowing Base Deficiency is cured; provided that (i) the aggregate amount of such prepayment of Loans (and Cash Collateral for Letters of Credit) shall be at least equal to the Revolving Percentage times the aggregate prepayment of the Covered Debt Amount, and (ii) if, within five Business Days after delivery of a Borrowing Base Certificate demonstrating such Borrowing Base Deficiency, the Borrower shall present the Lenders with a reasonably feasible plan acceptable to the Required Lenders in their sole discretion to enable such Borrowing Base Deficiency to be cured within 30 Business Days (which 30-Business Day period shall include the five Business Days permitted for delivery of such plan), then such prepayment or reduction shall not be required to be effected immediately but may be effected in accordance with such plan (with such modifications as the Borrower may reasonably determine), so long as such Borrowing Base Deficiency is cured within such 30-Business Day period.

  • Borrowing Base If, at any time, (A) the Revolver Usage on such date exceeds (B) the lesser of (x) the Borrowing Base reflected in the Borrowing Base Certificate most recently delivered by Borrowers to Agent, or (y) the Maximum Revolver Amount, in all cases as adjusted for Reserves established by Agent in accordance with Section 2.1(c), then Borrowers shall immediately prepay the Obligations in accordance with Section 2.4(f)(i) in an aggregate amount equal to the amount of such excess.

  • Borrowing Base Redetermination Pursuant to Section 2.07, the Administrative Agent and the Lenders agree that for the period from and including the First Amendment Effective Date to but excluding the next Redetermination Date, the amount of the Borrowing Base shall be equal to $450,000,000. Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 2.07(e), Section 2.07(f) or Section 8.12(c). For the avoidance of doubt, the redetermination herein shall constitute the April 1, 2017 Scheduled Redetermination and the next Scheduled Redetermination shall be the October 1, 2017 Scheduled Redetermination.

  • Calculation of Borrowing Base For purposes of this Agreement, the “Borrowing Base” shall be determined, as at any date of determination, as the sum of the products obtained by multiplying (x) the Value of each Eligible Portfolio Investment by (y) the applicable Advance Rate; provided that:

  • Determination of Borrowing Base The Borrowing Base at any time shall be determined by reference to the most recent Borrowing Base Certificate and Monthly Servicing Report delivered to the Administrative Agent.

  • Payment Permitted If No Default Nothing contained in this Article XII or elsewhere in this Indenture or in any of the Securities shall prevent (a) the Company, at any time, except during the pendency of the conditions described in paragraph (a) of Section 12.2 or of any Proceeding referred to in Section 12.2, from making payments at any time of principal of and any premium or interest (including any Additional Interest) on the Securities or (b) the application by the Trustee of any moneys deposited with it hereunder to the payment of or on account of the principal of and any premium or interest (including any Additional Interest) on the Securities or the retention of such payment by the Holders, if, at the time of such application by the Trustee, it did not have knowledge (in accordance with Section 12.8) that such payment would have been prohibited by the provisions of this Article XII, except as provided in Section 12.8.

  • Borrowing Base Report The Agent shall have received from the Borrower the initial Borrowing Base Report dated as of the Closing Date.

  • Borrowing Base Determination Until the Revolving Credit Termination Date:

  • No Default Under First Lien To the best of Seller’s knowledge, the related first lien loan is in full force and effect, and there is no default lien, breach, violation or event which would permit acceleration existing under such first lien mortgage or mortgage note, and no event which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a default, breach, violation or event which would permit acceleration under such first lien loan;

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